Wah Fu is a China-based provider of online exam preparation and training services. The company primarily serves the national self-study examination system, which allows students to earn college degrees through standardized testing. Wah Fu operates through two main delivery models. In its B2B2C segment, the company provides cloud-based education platforms to universities and training institutions. These partners use the platforms to deliver courses to students, and Wah Fu generates revenue based on the volume of courses consumed. In its B2C segment, Wah Fu sells exam preparation programs directly to students, offering online-only and hybrid online-to-offline training packages. The company also provides technology research and development services, constructing custom online platforms for government agencies and private clients. Wah Fu utilizes an asset-light business model by hosting its services on third-party cloud infrastructure while maintaining a labor-intensive internal software development team. Wah Fu concentrates operations across 14 Chinese provinces. Due to Chinese regulatory restrictions on foreign ownership in telecommunications, Wah Fu controls its domestic operating entities through a VIE structure. The company uses a dual-class share structure that provides the CEO with majority voting control.