(Yicai Global) Aug. 9 -- Tencent-backed VipKid, a Chinese online English teaching platform for teenagers, has said it will end courses taught by foreign teachers based outside of the country following new regulations to limit homework and ease the off-campus study burden on students.

The regulations do not affect the Beijing-based firm’s courses for overseas students and related international businesses, it said in a statement on Aug. 7. VipKid is also developing courses for adults, bilingual courses on intangible cultural heritage, and oral English courses by Chinese teachers, TMT Post reported.

Formed in 2013, VipKid specializes in one-on-one tutoring by foreign teachers. It has more than 70,000 North American teachers and 800,000 paying students in 63 countries and regions.

Companies that provide education and training are not allowed to offer courses that have foreign teachers who reside outside of China, the authorities said in a new policy unveiled on July 24.

VipKid has raised over USD1 billion in financing, including USD150 million in its E round from investors led by Tencent Holdings in 2019. That has raised the company’s valuation to USD4.5 billion, according to corporate information platform Tianyancha.

Editor: Tom Litting