China Xinhua Education Group Limited 中國新華教育集團有限公司 (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限公司 ) Stock Code 股份代號 : 02779 Annual Report 2017 年報

2017 1 2 3 4 6 19 27 65 75 80 81 83 84 85 123

2 2017 Yang Zhanjun Yang Zhanjun Yang Zhanjun 555 28 18 10 8 Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive, P. O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands 183 17 1712-1716 Cricket Square Hutchins Drive, P. O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands http://www.chinaxhedu.com 02779

2017 3 12 31 2017 2016 2015 2014 337,958 303,262 281,646 250,114 192,477 179,230 157,795 138,691 174,041 174,982 151,019 140,542 171,958 172,548 149,971 133,177 12 31 2017 2016 2015 2014 541,038 468,150 403,723 383,416 326,170 268,628 348,582 460,699 214,868 199,522 55,141 (77,283) 785,560 567,470 539,777 522,762 999,925 766,614 594,662 444,027 12 31 2017 2016 2015 2014 (%) 50.9% 56.9% 53.2% 53.2% 1.7 1.7 1.2 0.8 19.5% 25.4% 28.9% 30.0% 14.6% 17.4% 16.2% 14.7%

4 2017 2017 12 31 2016 12 31 2016 12 31 2018 3 26 338.0 11.4%172.0 0.3% 2017 12 31 2017 GDP82.7 6.9% 25,974 9.0% 2017 12 3122,6645,3585,663 2016-201794.4%2016-2017 96.8% 2017 9

2017 5 2017 12 31 65 2017 11 20 2018-2019 2018-20192018 9 20162021 7.8% 2021 24.2% 2018 4 30

6 2017 2016 12 31 2016 12 31 2016 12 3127,836 2017 12 3128,022 2016 12 31 303.3 2017 12 31 338.0 2016 12 31 172.52017 12 31 172.02017 2017 12 31

2017 7 12 31 2017 2016 337,958 303,262 (145,481) (124,032) 192,477 179,230 53,796 44,371 (5,375) (5,677) (66,857) (42,942) 174,041 174,982 174,041 174,982 (2,083) (2,434) 171,958 172,548 12 31 2017 2016 271,849 243,775 29,034 26,619 300,883 270,394 32,389 27,972 4,686 4,896 37,075 32,868 337,958 303,262

8 2017 2016303.311.4% 2017338.02016 12 31 270.4 2017 12 31300.92016 12 31 32.9 2017 12 3137.1(i) (ii) 2017-2018(iii) 2016-201727,8362016 12 31 2017-2018 28,0302017 9 30 2016-2017 2017-2018 12 31 2017 2016 74,136 68,702 36,584 30,862 11,607 10,027 8,153 5,228 9,849 4,310 4,085 3,892 1,067 1,011 145,481 124,032 2016124.017.3% 2017145.5(i) 2017 5.7(ii) 5.5(iii) 5.4(iv)2.9

2017 9 2016179.27.4% 2017192.52016 12 3159.1%2017 12 3157.0% 12 31 2017 2016 (1) 21,311 20,850 (2) 14,931 14,863 (3) 6,193 1,657 (4) 9,262 5,368 (5) 756 696 (6) 1,343 937 53,796 44,371 (1) (2) (3) (4) (5) (6) 201644.421.2% 201753.8(i)4.5 (ii) 3.9 2017

10 2017 20165.75.3% 20175.4 201642.955.9% 201766.9 (i) 2017 26.2(ii)2017 1.3(iii) 0.93.1 2017 2017 12 31174.02016 12 31 175.0 2017 12 3151.5%2016 12 3157.7% 2017 12 31 2.12016 12 31 2.4 2017 12 312016 12 31 2016 12 311.4%2017 12 311.2% 2017 12 31172.02016 12 31 172.5

2017 11 12 31 2017 2016 201 1,199 12,293 3,532 237,477 235,521 120,068 293,023 105,874 541,038 468,150 191,773 166,878 130,932 87,009 511 9,182 881 633 2,073 4,926 326,170 268,628 214,868 199,522 2017 12 31214.9 2016 12 31 199.5 2017 12 312016 12 31 7.7%(i)2016 12 31105.92017 12 31293.0(ii) 2017 115.5(i)237.52017 12 31 (ii) 2017-201824.9(iii) 43.912.7 25.8

12 2017 20162017 12 311.20.2 12 31 2017 2016 201 1,182 17 201 1,199 2016 12 31 1.22017 12 31 0.2 (i) (ii) (iii) 12 31 2017 2016 1,129 1,209 11,164 2,323 12,293 3,532 2016 12 313.52017 12 3112.3 8.8 (i) (ii)

2017 13 12 31 2017 2016 235,521 120,068 2016120.196.1% 2017235.52017 2016 12 31105.9 2017 12 31293.0 12 31 2017 2016 165,174 146,581 26,599 20,297 191,773 166,878 12 31 2016166.914.9% 2017191.82017-2018

14 2017 (i) (ii)(iii) (iv)(v) (vi) 12 31 2017 2016 31,300 30,199 5,943 9,565 29,173 16,460 13,032 12,256 25,682 18,529 25,802 130,932 87,009 2016 12 3187.050.5% 2017 12 31130.9 (i) 25.8(ii) 2017 12.7(iii) 7.2 3.6 20162017 12 31 1.01.4 20162017 12 314.92.1

2017 15 20162017 12 31 62.3 258.3 2017 196.0 12 31 2017 2016 15,261 39,690 107,500 122,761 39,690 2017 12 31 2016 12 312017 12 31 216.02016 12 31230.0 2017 12 31 2017 12 31

16 2017 12 31 2017 2016 (1) 50.9% 56.9% (2) 1.7 1.7 (3) 19.5% 25.4% (4) 14.6% 17.4% (1) (2) (3) (4) 2016 12 3156.9%2017 12 3150.9% 2016 12 312017 12 31 1.7 2017 12 31 14.6%2017 12 31 19.5%2017 12 312016 12 31(i) (ii)

2017 17

18 2017 2017 12 31 130,932 130,932 130,932 511 511 511 131,443 131,443 131,443 2016 12 31 87,009 87,009 87,009 9,182 9,182 9,182 96,191 96,191 96,191

2017 19 52 2017 10 27 18 1999 9 2017 9 1999 9 2000 6 2004 7 2003 12

20 2017 42 2014 10 2017 10 27 2015 10 2017 5 8 1999 7 2005 2 2005 2 2009 2 2009 8 2011 11 2013 12 2014 10 2011 11 2013 11 2014 10 2015 3 1999 72009 3

2017 21 60 2003 3 2017 10 27 2004 12 2011 6 14 2003 3 2004 12 2008 121989 7 2011 10 40 2000 72017 10 27 2016 1 17 2000 7 2008 8 2012 6 2015 3 2008 8 2011 1 2014 5

22 2017 2005 122008 7 2000 7 68 2017 10 27 1976 81980 1 1980 11984 12 1984 121988 8 1988 82002 12 2002 122003 6 2003 62005 7 2005 122014 10 1980 41992 6 1994 12 2009 11

2017 23 Yang Zhanjun 48 2017 10 27 Yang 2008 32017 12 2018 2 Yang 2002 12 41 2017 10 27 2001 12002 6 Andersen & Co. 2002 62003 8 Shanghai Hawei New Material and Technology Co., Ltd. 2003 82005 4 1668 2005 102007 10 8006 2010 52013 6 RI B Software AG RSTAG 2014 5 6198 2015 10 Th e9 Limited NCTY 2007 11 712

24 2017 1998 5 2002 6 2005 7 2003 9 54 2015 1 2015 12015 3 15 2002 92004 3 2004 32008 4 2008 42015 1 2015 1 2015 3 2008 11

2017 25 41 2012 122017 10 312017 7 4 2012 122016 4 2017 7 2016 42017 7 2016 82017 1 2017 12017 7 2017 7 2000 72017 6

26 2017 59 1998 22017 10 31 2009 62016 4 15 2002 82004 6 2005 3 2004 72005 3 2014 62016 4 2016 4 2004 62010 10 20072013 12 1986 7 25

2017 27 2017 12 31 2017 8 302018 3 26 2017 12 31 1 2017 12 31 15 2017 12 31 80 2017 12 31 2017 12 31 201223,148201631,3737.9% 2016 4.2% 2016 12 31 80.7% 2015 20164.2%(6.0%) (5.5%) (5.3%) 20128202016 1,0706.9% 201620216.8% 20211,487

28 2017 201220162 5,0302 5,3700.3% 20122,56020162,890 3.1% 2021 3,300 1,440 2 2,9202.7% -0.3% 1.7% 201269620169548.2% 201695420211,3907.8% 2016 12 319549.4% 20122016 530630 4.4% 20162021 4.8% 800 20122016 340390 3.5% 20162021 4.2% 48020122016190 240 6.0%20162021 5.7% 320 201220.8% 201621.9% 2021 24.2% 2016 12 31 40.8% 50.0%2015

2017 29 (i) (ii) 2016 12 31 2016 12 31 2016 12 31 2016 12 3140.8% 64.0% 87.0% 2015-2016 2016-201796.1% 94.4%77.9% 78.4%20152016 96.0% 96.8%

30 2017 2017 12 31 61782.0% 2017 12 31 53.2%22.5% 2017 12 31 56.2% 24%

2017 31

32 2017 2017 12 312016 12 31 303.3 2017 12 31 338.0 2017 12 31 89% 2017 12 31 2016 12 31 271,849 243,775 28,074 11.5% 29,034 26,619 2,415 9.1% 300,883 270,394 30,489 11.3% 37,075 32,868 4,207 12.8% 2017 12 31 2016 12 31 2017 12 31 2016 12 31 11,995 11,305 1,429 1,297 5,419 4,244 875 781 10,737 9,714 1,323 1,181

2017 33 (2) (3) 2016-2017 21,564 23,988 89.9% 6,272 4,902 86.1% 27,836 28,890 89.2% 2017-2018 22,664 27,056 83.8% 5,358 4,446 89.1% 28,030 31,502 84.5% (1) (2) 2016-2017 2017-2018 2016-2017 2017-2018 4,2193,961 86.1% 89.1% (3) 2016-2017 6,272 2017-2018 5,358

34 2017 2017 12 311,800 (i) 10,000 (ii) 2016 12 31 16.7% 15.8%3.7%2016 13980 5983.0%10,00031 15 1687.0%10,000 720.0

2017 35 3 1239.82017 12 31 2017 12 31 5% 2017 12 31 40.1201636.335.9% 201637.1% 12.8201615.511.5% 2016 15.9%5% 2017 12 3111 2017 12 31 1,285,194,000 36,972,810

36 2017 23 2017 12 31 83 23 2017 12 31 2017 12 31 2016 12 3126 Yang Zhanjun 84 ) 19 26

2017 37 3.13 2017 12 31 2017 12 31 486 2017 12 31486 2017 12 31 2017 12 31

38 2017 VI-21 8 9 6 2017 12 31 2017 12 31 XV78 352 XV XV78 352 10 (%) 1,148,491,879 71.78 (1)

2017 39 XVXV78 352 2017 12 31 2017 12 31XV23 336 336XV23 (%) 1,148,491,879 71.78 1,148,491,879 71.78 (1) XV2 3 336 18

40 2017 2018 3 8 (a) (b) (c) (d) (e) (f) (g)(a) (f) 10%40,000,000 10% 12 1% 12 1% 10 28 28 1.00

2017 41 (a)(b) (c) 5 10 2017 12 31 2017 12 31 (i) (ii)(i) 2018 3 8

42 2017 2017 12 31 2017 12 31 14A 14A (1) 2018 3 8 50% 2020 12 31 30

2017 43 (2) A. 2017 10 31 2010 1 12020 12 31 2018 1 17 2018 2 7 2018 1 12020 12 31 2018 2 6

44 2017 100% (3) (6) (7) (4) (5) (1) (2) (8) 100% 1. (2) 2. (2) 3. (3) 4. (4) (5) 5. (4) (6) 6. (7) (8) 7. (10) 8. (11) 9.

2017 45 B. (1) (i) (ii) (i) (ii) (iii)

46 2017 (2) (a)(b) (c) (d) (e)(f)(g)(h) (a) (b)(c) (d) (e)(f) (g) (h)(i)(j)(k) (l) (m) (3)

2017 47 (4) (a) (b)(c) (d)(e) (f) (g)(h) (i) (a) (b)(c) (d) (e) (f) (g) (h) (i) (ii)

48 2017 (5) (4) (6) (7) (a) (b)(c) (d) (e) (f)(g) (h) (i)

2017 49 (i) (ii) (8) (7) (9) (a) (b) (c) (d)

50 2017 (e) (f) (10) (a) (b) (c)

2017 51 (a) (b) (c) (a) (i) (ii) (1) (b) (3)

52 2017 (c) (11) (i)(ii) (iii) (iv) (v) C.

2017 53 2018 2 6 D. E. 12 31 12 31 12 31 2017 2016 2017 2016 2017 2016 337,958 303,262 171,958 172,548 1,326,598 1,035,620 F. (i)(ii) 2017 12 31 2017 12 31 337,958 1,326,598 G.

54 2017 1. (a) (b) (a) (b) 50% 2017 6 26 (i) (ii)

2017 55 (iii) 2003 9 1 (iv) (v)

56 2017 2. 2017 8 22 2017 10 24BVI 2017 8 29 2017 12 27 2017 9 14 16,800

2017 57 (i) (ii) 3. 2015 1 2015 (i) 50% (ii) 50%(a) 50% (b) 50%(c) (iii) 19

58 2017 (a)

2017 59 (b) (c) 144145147 148 100,000110% 100,000110% 50,000500,0005%

60 2017 (i)71.78% (ii) (iii) H. 1. 50% 2016

2017 61 2. (a) (b) (c) (d) (e) (a) (b) (c)

62 2017 (d) I. J. (3) (i) (ii) (iii) (4) 2018 3 26 3000 740

2017 63 2017 12 3126 2018 3 26 14A 2017 12 31 2017 12 31 2017 12 31 164(1)

64 2017 2017 12 31 29 2017 12 31 65 74 25% 2017 12 31 2018 4 30

2017 65 2018 3 262017 12 3114 Yang Zhanjun

66 2017 3.10(1) 3.10(2) 3.10A 3.13

2017 67 C/D C/D C/D C/D Yang Zhanjun C/D C/D C/D A B C D A.2.1

68 2017 (3) 2017 12 31 2/2 2/2 2/2 2/2 2/2 Yang Zhanjun 2/2 2/2

2017 69 2017 12 31 2017 12 31 10 (a) (b) (c) (d) (e) (f)

70 2017 1. 2. 3. 2018 3 262018 3 82017 12 31 Yang Zhanjun 1. 2. 3. 4. 5.

2017 71 2018 3 262018 3 82017 12 31 Yang Zhanjun 1. 2. 3. 4. 5. 6. 7. 8. 2018 3 262018 3 82017 12 31

72 2017 2017 12 31 19 26 260,000 6 2017 12 31 78 2017 12 31 2,171 2,171

2017 73 2017 12 31 3.29 15 (www.chinaxhedu.com) 21

74 2017 28 18 2018 3 8

2017 75 80 122 2017 12 31 2017 12 31

76 2017 794 2017 12 31 2017

2017 77 495

78 2017 405

2017 79 10 8 2018 4 30

80 2017 2017 12 31 2017 2016 4 337,958 303,262 (145,481) (124,032) 192,477 179,230 5 53,796 44,371 (5,375) (5,677) (66,857) (42,942) 174,041 174,982 6(a) 6 174,041 174,982 7 (2,083) (2,434) 171,958 172,548 9,715 4,772 (9,262) (5,368) 453 (596) 172,411 171,952 10 14.33 14.38

2017 81 2017 12 31 2017 2016 11 491,883 470,296 12 90,437 92,994 13 5,301 3,579 14 197,939 601 785,560 567,470 16 201 1,199 17 12,293 3,532 26(b) 237,477 18 235,521 120,068 19 293,023 105,874 541,038 468,150 20 191,773 166,878 21 130,932 87,009 26(b) 511 9,182 22 881 633 2,073 4,926 326,170 268,628 214,868 199,522 1,000,428 766,992

82 2017 2017 12 31 2017 2016 22 503 378 503 378 999,925 766,614 23 * 50,000 999,925 716,614 999,925 766,614 * 1,000 2018 4 30

2017 83 2017 12 31 2016 1 1 50,000 133,251 664 410,747 594,662 2016 172,548 172,548 (596) (596) (596) 172,548 171,952 23(b)(ii) 41,687 (41,687) 2016 12 31 2017 1 1 50,000 174,938 68 541,608 766,614 2017 171,958 171,958 453 453 453 171,958 172,411 23(b)(i) 1,720 59,180 60,900 23(b)(i) (51,720) 51,720 23(b)(ii) 47,631 (47,631) 2017 12 31 * 110,900 222,569 521 665,935 999,925 * 1,000

84 2017 2017 12 31 2017 2016 262,546 210,033 (5,295) 257,251 210,033 (59,446) (61,142) 43 12 (2,938) (1,206) (195,961) 233,038 (277,497) (264,500) 265,000 830 (1,579,000) (1,031,000) 1,473,262 1,162,368 (131,002) (207,135) 264,500 (265,000) (830) 23(b)(i) 60,900 60,900 (1,330) 187,149 1,568 105,874 104,306 19 293,023 105,874

2017 85 1 2017 8 30 2017 10 31 2017 10 31 2017 10 31 2 (a) 2(c)

86 2017 2 (b) 2017 12 31 2(f) 3 (c) 19(c)7 (d)

2017 87 2 (d) 2(j)(ii) (e) (f)

88 2017 2 (f) 2(j)(i) 2(j)(i) (g) 2(j)(ii) 2(t) 20 10 3-5 3-5

2017 89 2 (g) 2(j)(ii) (h) 2(j)(ii) 5 (i) (i)

90 2017 2 (i) (ii) 2(j)(ii) (iii) (j) (i)

2017 91 2 (j) (i)

92 2017 2 (j) (ii)

2017 93 2 (k) 2(j)(i) (l) (m) (n) (o) (i) (ii)

94 2017 2 (p)

2017 95 2 (q) (r) (i) 9 6 (ii) (iii) (iv)

96 2017 2 (s) (t) (u) (a) (i) (ii) (iii)

2017 97 2 (u) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii) (v)

98 2017 3 (a) (b) (i) 2(g)

2017 99 3 (b) (ii) 2(j)(ii) 4 (a) 2017 2016 300,883 270,394 37,075 32,868 337,958 303,262 10% (b) 8

100 2017 5 2017 2016 21,311 20,850 14,931 14,863 (i) 6,193 1,657 9,262 5,368 756 696 1,343 937 53,796 44,371 (i) 6 2017 2016 (a) 830 (i) (830) (i) 2016

2017 101 6 2017 2016 (b) 91,650 85,797 (i) 6,520 6,306 98,170 92,103 (i) 2017 2016 (c) 48,027 41,167 1,216 952 2,557 2,557 2,171 25 53,971 44,701

102 2017 7 (a) 2017 2016 2,083 2,434 (i) (ii) (iii) (iv) 25% 2017 12 31 (b) 2017 2016 174,041 174,982 43,510 43,746 (45,941) (40,545) 4,441 (786) 73 19 2,083 2,434

2017 103 7 (c) 2017 12 3121,209,224 20163,446,129 (d) 2008 1 1 10%2008 1 1 2017 12 31 606,584,000 2016482,257,000 8 2 2017 201 201 215 9 224 215 8 223 631 17 648

104 2017 8 2016 207 207 195 8 203 169 8 177 571 16 587 9 9 2016 2017 2016 1,424 1,311 26 24 1,450 1,335 1,000,000 10 2017 12 312017 12 31 1,200,000,00020161,200,000,00029 2017 12 31

2017 105 11 2016 1 1 394,564 8,738 117,879 53,600 105,516 680,297 10,237 891 7,589 5,746 47,787 72,250 (62) (94) (28) (184) 88,541 821 (89,362) 2016 12 31 493,342 9,567 126,195 59,318 63,941 752,363 2017 1 1 493,342 9,567 126,195 59,318 63,941 752,363 1,453 9,671 6,779 51,754 69,657 (545) (476) (708) (1,729) 83,024 107 750 (83,881) 2017 12 31 576,366 10,475 135,497 66,139 31,814 820,291 2016 1 1 (135,059) (4,755) (68,326) (32,932) (241,072) (21,779) (728) (12,976) (5,684) (41,167) 55 89 28 172 2016 12 31 (156,838) (5,428) (81,213) (38,588) (282,067) 2017 1 1 (156,838) (5,428) (81,213) (38,588) (282,067) (26,973) (813) (13,303) (6,938) (48,027) 505 473 708 1,686 2017 12 31 (183,811) (5,736) (94,043) (44,818) (328,408) 2016 12 31 336,504 4,139 44,982 20,730 63,941 470,296 2017 12 31 392,555 4,739 41,454 21,321 31,814 491,883 2017 12 31 135,452,654 201684,088,586

106 2017 12 2017 2016 1 1 127,872 127,872 12 31 127,872 127,872 1 1 (34,878) (32,321) (2,557) (2,557) 12 31 (37,435) (34,878) 12 31 90,437 92,994 50 13 2017 2016 1 1 8,649 7,443 2,938 1,206 12 31 11,587 8,649 1 1 (5,070) (4,118) (1,216) (952) 12 31 (6,286) (5,070) 12 31 5,301 3,579

2017 107 14 2017 2016 (i) 197,939 601 (i) 2017 12 31 195,961,300 15 2017 12 31 2017 8 31 500 0.01 100% 2017 9 8 1 1 100% Xinhua Education, Inc. 2017 8 22 0.1 0.01 100% * (a) 2017 9 30 10,000,000 100% * (b) 1999 9 1 51,720,000 51,720,000 100% * (b) 2000 6 18 60,480,000 60,480,000 100% * (b) 2002 4 11 4,950,000 4,950,000 100% (a) (b) *

108 2017 16 2017 2016 201 1,182 17 201 1,199 24(a) 17 2017 2016 1,129 1,209 11,164 2,323 12,293 3,532 18 2017 2016 235,521 120,068 19 (a) 2017 2016 293,023 105,874

2017 109 19 (b) 2017 2016 174,041 174,982 6(c) 49,243 42,119 6(c) 2,557 2,557 5 (9,262) (5,368) 216,579 214,290 (7,404) 1,493 24,895 13,037 28,103 (18,268) 373 (519) 262,546 210,033 (c) 2016 1 1 500 500 6(a) 830 830 264,500 264,500 (265,000) (830) (265,830) 2016 12 312017 1 1 6(a) 2017 12 31

110 2017 20 2017 2016 165,174 146,581 26,599 20,297 191,773 166,878 21 2017 2016 (i) 31,300 30,199 5,943 9,565 29,173 16,460 13,032 12,256 25,682 18,529 25,802 130,932 87,009 (i) 22 2017 2016 1,011 1,530 6,566 1,138 (6,193) (1,657) 1,384 1,011 881 633 503 378 1,384 1,011

2017 111 23 (a) 2016 12 31 2017 8 30380,00038,000,000 0.01 5,1722017 8 30 2017 12 31 (b) (i) 2017 8 18 60,900,0001,720,000 2017 10 31 (ii) (i)(ii) 10%50% 25% 25%

112 2017 23 (b) (iii) 23(b)(i) 2017 6 30 60,900,000 2017 12 31 (c) 20172016 (d) 20172016 12 31 2017 2016 326,673 269,006 1,326,598 1,035,620 25% 26%

2017 113 24 (a) 92 (b)

114 2017 24 (b) 2017 12 31 130,932 130,932 130,932 511 511 511 131,443 131,443 131,443 2016 12 31 87,009 87,009 87,009 9,182 9,182 9,182 96,191 96,191 96,191 (c) (i) 13

2017 115 24 (c) (i) 2017 2016 235,521 120,068 2017 12 31 3.50% 4.55% 0.50% 53,000 2016 12 31 4.35% 5.00% 0.50% 7,000

116 2017 24 (c) (i) 2017 2016 1 1 120,068 246,664 1,579,000 1,031,000 521 68 (1,464,068) (1,157,664) 12 31 235,521 120,068 (ii) 20172016 12 31 25 20172016 12 31 2017 2016 15,261 39,690 107,500 122,761 39,690

2017 117 26 2017 12 31 Anhui Xinhua Investment Co., Ltd Anhui Huadong Chuanmei Co., Ltd Anhui New East Cuisine Education Institute Xinhua Computer College Hefei Wanzhi Trading Co., Ltd (a) 2017 2016 830 2,778 2,741 3,939 5,255 233,038 (277,497) 264,500 265,000

118 2017 26 (b) 2017 12 31 2017 2016 52 142,850 94,575 237,477 2017 2016 4,232 2017 2016 511 4,950 (c) 8 9

2017 119 27 2017 12 31 * * * * * * * * * * * * 1,000

120 2017 28 2017 12 31 2017 12 31 9 2018 1 1 15 2018 1 1 15 15 2018 1 1 2 2018 1 1 44 9 2018 1 1 1 2018 1 1 28 2018 1 1 22 2018 1 1 40 2018 1 1 20142016 2018 1 1 1028 16 2019 1 1 23 2019 1 1 9 15 16

2017 121 28 2017 12 31 9 9 39 9 9 39 2018 1 1 9 9 15 1515 1811 15 15 16 2(i) 16 16 12 16

122 2017 29 (1) 2018 1 17 2018 2 6 (2) 2018 3 811,999,948.28 1,199,994,828 (3) 2018 3 26 30 2017 12 31

2017 123 2017 12 27 廳 2018 3 8 2017 10 31 1,199,994,828 A. 4. 2018 3 8 622

124 2017 14 2018 3 8 2017 10 31 2015 1 19 2017 10 31 2017 10 31 2017 10 31 2017 7 28 (2017) 2017 7 28

2017 125 2018 3 14 2017 8 11 31 26 3.33%

126 2017 2018 3 26 2018 3 26 2017 10 31 GEM 1993 12 29 1994 7 1 1999 12 252004 8 28 2005 10 272013 12 28

2017 127 2018 3 14 2017 12 31 2003 2017 10 31 2017 10 31 9 1 6 30 571 2018 3 8

128 2017 2017 10 31 0.01 20032013 7 18 2017 10 31 2018 2 6

2017 129 2017 8 18 2017 9 30 BVI 2017 8 31 2004 3 30 38.4% 51.6% 10% 1999 9 1 95.70% 0.97% 3.33% 2017 9 8 2002 4 11 2000 6 18

130 2017 Xinhua Education, Inc.2017 8 22 2018 1 17 % 2016 2016 11 2017 9 1