China’s largest online education startup, Zuoyebang has hired a senior executive from Nasdaq-listed Joyy Inc. (NASDAQ: YY) to become its CFO, people familiar with the matter said. Previously, Zuoyebang was rumored to be preparing for an IPO.

Zuoyebang, the leading startup in Chinese online education market, originally is a Q&A learning platform for K12 incubated within “Baidu Knows” team. In June 2015, it was officially split from Baidu. And in that September, Zuoyebang raised a total of $25 million in Series A funding from Sequoia China and Legend Capital.

At the end of 2020, Zuoyebang announced the completion of Series E+ financing, raising over $1.6 billion, which is by far the largest funding round in the online education market.

As of today, Zuoyebang has completed six rounds of financing, and its investors include Sequoia Capital, Baidu, Legend Capital, Alibaba, and other well-known investment institutions, with a cumulative financing amount of $3.41 billion.