Rumor: Tencent, New Oriental to Form Online Education JV

Sina Tech, 3/18/14

Multiple sources at Chinese internet and mobile services firm Tencent (0700.HK) have revealed that the company is planning to establish a joint-venture online education company in cooperation with Chinese education services provider New Oriental (NYSE: EDU). The cooperation is reportedly already underway.

New Oriental will appoint a CEO to the new company, which is expected to develop online education products using video conferencing services on Tencent's QQ messaging platform. The new services may also expand to Tencent's WeChat (Weixin) mobile messaging application.

Chinese internet company Baidu (Nasdaq: BIDU) is reportedly also seeking a cooperation with New Oriental. No comment has been offered from any of the parties involved.

Keywords: Internet New Oriental online education Tencent QQ EDU WeChat mobile IM JV

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