Editorial Summary

Chinese private education company Universal Education Group signed a US$10 million fundraising deal with Legend Capital and Sequoia Capital on February 22, reports China Business News. The total investment accounts for a 20 percent stake in Universal Education. Each new investor has agreed to invest $5 million in the company, said the report. Universal Education plans to spend the new capital on expansions and updates including the acquisition of 5-6 training institutions by the end of the year, reports The Economic Observer. Universal Education has trained over 100,000 students in its 29 test training institutions and has a 300-employee teaching project research and development team, according to the Observer report. Universal Education president Zhang Rui said the company intends to expand its teaching database to cover 12 knowledge categories in 2008. The company received a RMB1 million investment from China Renaissance CEO Bao Fan in 2007. Universal Education Group has 23 directly-operated companies in China, reports Beijing Times. Established in 2006, Universal Education provides consulting and test training for graduate school hopefuls.