(Yicai Global) March 1 -- Sunlands Online Education Group has applied to float on the New York Stock Exchange to become the first listed online adult learning platform in the United States in an initial public offering worth up to USD300 million.

Sunlands' revenue grew quickly over the 30 months through June, but it hasn't managed to translate this to profit, Chinese news agency National Business Daily reported. The Beijing-based firm plans to take on the stock ticker NYSE:STG, but has not disclosed share prices for the IPO, which names Goldman Sachs Asia, JPMorgan and Credit Suisse as joint bookrunners.

Many loss-making Chinese companies turn to overseas capital markets to raise funds, as China's A-share market doesn't permit them to go public and has been tightening regulations over the past six months. Regulators had processed 27 IPO applications as of Jan. 20, but only approved 12 at a 44-percent pass rate. The average approval rate last year was 79 percent.

Sunlands will use the funds for its curriculum and content development, its computer systems and marketing. It may also use the cash to make acquisitions, its prospectus says.

The company pulled in net revenue of CNY361 million (USD57 million) over the first half of 2017, doubling its revenue from the same period a year earlier after a 163-percent rise from the first two quarters of 2015. However, the company lost over CNY800 million over the 30-month period.

Sunlands was founded in 2003 as an offline education provider. It made a complete shift to online in June 2014, and has more than 550,000 students enrolled.