DOMESTIC online tutoring platform Zuoyebang has recruited a senior executive from Nasdaq-listed Joyy Inc. to become its chief financial officer (CFO) as the high-flying startup prepares for an initial public offering (IPO), according to sources familiar with the matter.

Jin Bing, who is scheduled to step down as CFO of the livestreaming firm next month, is expected to shepherd Beijing-based Zuoyebang through its possible stock market debut, the sources said.

The education startup backed by Alibaba Group Holding Ltd. is particularly interested in Jin’s experience in American capital markets, its preferred listing venue, the sources said.

Changes to the hiring could still occur as Jin hasn’t formally left Joyy yet. Zuoyebang and Jin declined to comment on the hiring and IPO plans.

Loosely translated as “homework assistant,” Zuoyebang is a spinoff of China’s search engine titan Baidu Inc.

Founded by former Baidu executive Hou Jianbin in 2015, the startup has raised at least US$3.4 billion from investors including SoftBank Vision Fund, Goldman Sachs Group Inc. and Sequoia Capital China.

It offers livesteaming classes as well as other remote study services to more than 170 million monthly active users throughout China. On any given day, at least 50 million students — the equivalent of the entire population of Spain — are using its platform.

Distance learning has become a red hot market for investors as more students embrace online education, a trend that was accelerated by school closures amid the pandemic. (SD-Agencies)