On March 3, 20 17, Ma Xiao, a startup company in the field of online education, crossed the river and confirmed that the company was poorly managed, suspended its business, went into bankruptcy liquidation and still had outstanding debts. Employees crossing the river in Ma Xiao are holding placards to ask for salary in Shanling SOHO, Zhongguancun, Beijing.

On March 3rd, Xu Jianjun, the founder of Pony Crossing the River, issued the Statement on the Bankruptcy Crisis of Pony Crossing the River, saying that he would repay the wages owed to employees as soon as possible. In fact, since Ma Xiao crossed the river on March 1, after all employees canceled attendance and left their jobs without pay, the company has suspended business, set up a liquidation team, entered the liquidation stage, and applied for cancellation of company registration.

Ma Xiao kicked down the ladder and started as a forum for studying abroad. 20 13, 10 In June, he received angel investment from Cao Yundong, co-founder of Xueersi and founder of Treasures.com, and then made efforts to 1 offline education and training. In 20 14, Chen Xiaohong, the former president of China Tiger Fund, received a round of financing, and in early 20 15, she received a round of financing from Shunwei Capital, with annual revenue reaching 1 100 million yuan. Since 20 14, Ma Xiao has been fully transformed into an online business. It has successively launched a fragmented online practice and learning management platform, and released products such as Ma Xiao River Crossing App and Universe TOEFL App. However, its business model has not been well verified, and the company is poorly managed, unable to make ends meet, unable to complete financing and go bankrupt.