New Oriental Education & Technology Group, the Chinese behemoth in private education, announced last night that it had established a joint venture with Chinese Internet giant Tencent on online education. Pan Xin, vice president at New Oriental’s online business will be the JV’s CEO and Yu Minhong (aka. The announcement by New Oriental said they would offer content and other educational resources to the JV and Tencent would help with product development and online marketing. Big Chinese Internet companies have entered China’s online education market in a big way. The company has been actively seeking to ride the new wave of online education too.