China Xinhua Education Group Limited 400,000,000 40,000, ,000, % % 0.005% C

CHINA XINHUA EDUCATION GROUP LIMITED 中國新華教育集團有限公司於開曼群島註冊成立之有限公司股份代號 02779 全球發售獨家保薦人聯席全球協調人聯席賬簿管理人及聯席牽頭經辦人

China Xinhua Education Group Limited 400,000,000 40,000,000 360,000,000 3.69 1.0% 0.0027% 0.005% 0.01 02779 342C 2018 3 19 2018 3 22 2018 3 20 3.69 2.83 3.69 1% 0.0027% 0.005% 3.69 www.hkexnews.hkwww.chinaxhedu.com 1933 (i)144a (ii) S 2018 3 14

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1 (8) 1,000,000 2018 3 23 183 17 1712-1716 1,000,000 1,000,000 183 17 1712-1716 (9) 1,000,000 (8) (10) eipo (11) iii

........ i iv.... 1.... 13... 27.... 29... 30... 66... 71... 74... 78... 81... 91... 111.... 124.... 158 iv

.... 215... 220.... 227... 240.... 241... 245.... 288.... 290.... 293... 305... 313.... I-1... II-1 2017 12 31... III-1... IV-1... V-1... VI-1... VII-1 v

2016 12 31 2016 12 31 2016 12 31 2016 12 31 40.8% 64.0% 87.0% 2014 12 31250.12015 12 31 281.6 2016 12 31303.3 2017 9 30 220.8 2016 9 30200.42014 12 31133.22015 12 31 150.0 2016 12 31172.5 2017 9 30 106.2 2016 9 30109.2 1

2000 2005 2002 2017 9 3022,670 5,605 5,360 2016 12 31 2005 1182 5824 16 2

(i) (ii) (iii) (iv) (v) (i)(ii)(iii) (iv) (v) (i) (ii) (1) 12 31 12 31 12 31 12 31 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 (%) 225,575 253,354 271,747 202,912 227,712 243,775 22,663 25,642 27,972 55.3 56.0 59.8 24,539 28,292 31,515 20,950 24,064 26,619 3,589 4,228 4,896 56.8 56.1 53.1 250,114 281,646 303,262 223,862 251,776 270,394 26,252 29,870 32,868 55.5 56.0 59.1 3

(1) 9 30 9 30 9 30 9 30 2016 2017 2016 2017 2016 2017 2016 2017 (%) 179,898 198,180 159,229 175,423 20,669 22,757 56.9 51.8 20,493 22,666 16,889 19,069 3,604 3,597 48.9 55.1 200,391 220,846 176,118 194,492 24,273 26,354 56.1 52.1 (1) 2014 12 31 55.5% 2015 12 31 56.0%2016 12 31 59.1% (i) (ii) 20162017 9 3056.1% 52.1% 2014 12 31 56.8% 2015 12 31 56.1%2016 12 31 53.1% (1) (1) 9 30 9 30 12 31 12 31 2014 2015 2016 2016 2017 2014 2015 2016 2016 2017 10,138 10,961 11,305 7,230 7,738 1,132 1,234 1,297 939 1,004 3,232 3,675 4,244 2,700 3,558 554 646 781 576 671 8,448 9,215 9,714 6,228 6,939 991 1,093 1,181 858 940 (1) 4

20142016 20142016 2017 9 30 2016 9 30 (2) (4) 2014-2015 20,016 22,312 89.7% 6,482 4,380 79.9% 26,498 26,692 88.1% 2015-2016 20,775 22,312 93.1% 6,548 4,104 97.0% 27,323 26,416 93.7% 2016-2017 21,564 23,988 89.9% 6,272 4,902 86.1% 27,836 28,890 89.2% 2017-2018 (3) 22,670 27,056 83.8% 5,360 4,446 89.1% 28,030 31,502 84.5% (1) (2) 2014-2015 2015-2016 2016-2017 2017-2018 3,4993,9814,2193,961 79.9% 97.0% 86.1% 89.1% (3) 2017-20182017 9 30 (4) 2016-2017 6,2722017-2018 5,360 5

201420152016 12 312017 9 30 5% 2014 20152016 12 312017 9 30 28.8 39.9 36.3 32.1 34.0% 40.1% 37.1% 45.2% 9.1 12.1 15.5 10.5 10.7% 12.2% 15.9% 14.7% 100% 100% 71.78% 6

201420152016 12 31 2017 9 302017 9 30 2017 12 31 12 31 9 30 2014 2015 2016 2017 250,114 281,646 303,262 220,846 138,691 157,795 179,230 115,095 140,542 151,019 174,982 106,803 133,177 149,971 172,548 106,168 12 31 9 30 2014 2015 2016 2017 383,416 403,723 468,150 788,946 460,699 348,582 268,628 439,767 (77,283) 55,141 199,522 349,179 522,762 539,777 567,470 586,068 444,027 594,662 766,614 934,523 2014 12 31 210.020152016 12 31 2017 9 300.5 7

12 31 2014 2015 2016 2017 9 30 53.2% 53.2% 56.9% 48.1% 0.8 1.2 1.7 1.8 30.0% 28.9% 25.4% 16.6% 14.7% 16.2% 17.4% 11.7% 2017 12 2017 9 30 2017 6 5 (i) (ii) 2017 6 2017 10 242017 11 20 196.0 8

2017 10 27 2022 2016 2017 10 31 25% 2010 1 12020 12 31 2018 1 17 2018 2 6 9

2018 2 7 2018 1 12020 12 31 2017 9 30 2017 12 31 62.0 3.26 2.83 3.69 (i) 2017 9 308.4 1.7(ii) 2017 12 3117.8 4.3(iii) 2018 12 314.025.8 2.83 3.69 (1) 4,528 5,904 (2) 1.39 1.60 10

(1) 400,000,000 (2) 400,000,000 3.26 1,239.8 3.26 188.8 53.0%657.1 35.0%433.9 2.0%24.8 10.0%124.0 11

(i) (ii) (iii) (iv) (v) (vi) 2017 12 311,800 (i) (ii) 12

2017 12 27 2017 10 27 2018 3 8 2017 10 31 13

1,199,994,828 A. 4. 2018 3 8 32 622 2017 8 30 14

2018 3 8 G. 1. 2018 3 8 2017 10 31 2015 1 19 2007 3 16 2008 1 1 15

2017 10 31 2017 10 31 2017 10 31 2016 2017 7 28 (2017) 2017 7 28 2018 3 14 eipo 16

40,000,000 2018 3 13 2017 8 28 2017 8 11 31 26 3.33% 17

1% 0.0027%0.005% 360,000,000 18

2018 3 5 2018 3 26 2017 10 31 GEM 2018 3 8 2004 19

60,000,000 15% 1993 12 29 1994 7 1 1999 12 252004 8 282005 10 272013 12 28 20

2018 3 19 2018 3 22 S S 144A 144A 2017 10 31 21

2017 10 31 571 0.01 2003 2018 3 8 F. 2017 10 31 2003 2013 7 18 2017 10 31 22

2018 2 6 201420152016 12 31 2017 9 30 1933 23

2017 8 18 eipo eipo www.eipo.com.hk eipo 2017 8 18 2017 9 30 BVI 2017 8 31 2004 3 30 38.4% 51.6% 10% 24

1999 9 1 95.70% 0.97% 3.33% 2017 9 8 2017 8 11 99% 1% 2002 4 11 2000 6 18 Xinhua Education, Inc.2017 8 22 25

2018 1 17 % 2016 2016 11 2017 9 1 26

9 1 27

9 1 6 30 28

201420152016 12 312017 9 30 89.5% 89.4% 89.2% 88.1% 10.5% 10.6% 10.8% 11.9% 2005 3 2 2017 9 2014 12 3126,4982015 12 3127,323 2016 12 3127,836 2017 9 30 28,030 31

2017 9 30945 2014 12 31 26,4982017 9 3028,030 2017 9 30 5,605 32

2017 8 2017 12 27 2003 2017 11 20 34

2017 2021 35

2002 12 2013 6 2016 11 2017 9 1(i) (ii) (iii) (iv) 36

1997 2017 9 37

2004 9 16 54 59 38

201420152016 12 312017 9 30 19.118.4 17.816.9 41.039.5 38.136.2 403,402.7 90.8 121.0 25% 2018 1 12020 12 31 39

2017 9 1 2016 2016 2017 12 2016 2016 40

27.0 32.3 40.5 27.6 7(b) 201420152016 12 31 2017 9 30 246.7 120.1 390.9 41

(i) (ii) 44

201420152016 12 312017 9 30 12.5 15.0 15.6 12.0 2003 45

SARS H5N1 H5N2 46

2012 6 18 50% 47

2015 1 19 2017 6 28 2017 7 28 30% 48

(10) 201420152016 12 312017 9 30 50

50% 51

10% 50% 2016 25% 25% 201420152016 12 31 2017 9 3027.0 33.0 41.1 2016 53

2016 2017 12 2016 (i) (ii) (iii)2016 54

2016 2016 11 720162016 2016 2017 9 1 2016 2016 2016 2016 2022 2016 (i) (ii) 2016 2016 55

2014 12 31 2014 12 31 210.020152016 12 31 2017 9 300.5 56

1978 57

(i) (ii)(iii) (iv) 58

1970 59

2006 7 14 2008 8 1 25% 25% 25% 60

11.0 6.8 1.7 5.9 61

1.493.26 2.83 3.69 1,600,000,000 25% 71.78% 62

8.12 8.12 (a) 3.05 (b) (a) (b) (c) (c) 3A.19 13.46 66

(d) (e) 14A 4.04(1) 13.49(1) 27 31 342(1) 4.04(1) 4.04(1) 13.49(1) 13.49(1) 342(1) I II I27 II31 67

342A 4.04(1) 13.49(1) (a) 12 31 2017 12 31 2016 12 31 2017 9 302017 12 31 4.04(1) 2017 12 31 2017 12 31 2017 12 31 (b) 2017 9 30 2017 9 30 2017 10 1 4.04(1) 13.49(1) 68

12 312017 12 312016 12 31 2017 9 302017 12 31 2017 12 31 2017 12 31 2017 12 31 2017 9 302017 9 30 2017 10 1 (a) (b) 2018 3 31 2018 3 31 70

571V 71

2018 3 26 2018 3 26 1,000 02779 Conyers Trust Company (Cayman) Limited 0.1% 0.2% 72

0.8099 1.006.34311.00 1.00 7.8374 * * 73

Yang Zhanjun 2 6-606 88 6 1704 318 24 607 19 2408 123 16 808 9830 SW 2nd Street Plantation, Florida 33324 US 8 2 9 B 74

1 18 1 18 50 11 1 18 50 11 3 45 99 45 4512 75

1 18 50 10 3 45 99 45 4512 15 19 1902-09 77 334 Conyers Dill & Pearman Cricket Square P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 76

15 23 A 2301 10 8 1 16 1 6 181 28 77

Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands 555 28 18 http://www.chinaxhedu.com 28 18 318 24 607 28 18 78

Yang Zhanjun Yang Zhanjun 499 108 939 B 455 1639 79

Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 183 17 1712-1716 80

1961 40 1,800 700,000 (i) (ii)20172021 (iii) 20172021 81

2012 23,148 2016 31,3737.9% 2016 4.2% 2016 12 31 80.7% 2015 2016 4.2% (6.0%) (5.5%) (5.3%) 2012 8202016 1,070 6.9% 201620216.8%2021 1,487 20122016 2 5,030 2 5,3700.3% 20122,560 20162,890 3.1% 2021 82

83 3,300 1,440 2 2,9202.7% -0.3% 1.7% 2012 2016 20172021 20122021 18.6 276.6 14.4 33.0 271.0 14.1 32.1 265.4 13.7 31.2 260.4 14.0 30.2 256.6 14.2 29.6 253.7 14.6 28.9 249.5 28.2 245.8 27.3 244.7 26.5 250.3 25.6-5.9% -0.3% 3.1% 2.7% 0.3% 1.7% 16.9 15.6 229.2 224.8 220.4 216.2 212.8 210.2 206.4 14.9 202.9 201.3 206.1 2021 2020 2019 2018 2017 212.8 2016 2015 2014 2013 2012 0.5% 1.7% +1.7% +0.3% 2020 2012 696 2016 9548.2% 2016 9542021 1,390 7.8%201220162017 2021

20122021 180 150 120 90 60 30 69.6 +8.2% 77.9 82.9 89.1 95.4 103.7 111.5 +7.8% 119.9 129.1 139.0 8.2% 7.8% 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2016 12 31 9549.4% 20122016 530630 4.4% 2016 20214.8% 800 20122016 340 390 3.5% 2016 20214.2% 48020122016 190 240 6.0% 201620215.7% 320 20122016 20172021 20122021 5.3 5.6 3.4 3.6 +4.4% 6.1 5.9 3.7 3.8 6.3 3.9 6.8 4.1 +4.8% 7.4 7.0 4.3 4.4 7.7 4.6 8.0 4.8 4.4% 4.8% 3.5% 4.2% 6.0% 5.7% 1.9 2.0 2.1 2.3 2.4 2.6 2.8 2.9 3.1 3.2 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 201220.8% 201621.9% 202124.2% 2016 12 31 40.8% 84

50.0% 2015 (i) (ii) 2012 116,798 2016161,141 2012 7,2802016 7,844 201611,447 6,8342016 14.5% 85

87 2012 1342016 1848.2% 2016 2021 6.1% 247 20122016 20172021 20122021 24.7 23.1 21.8 20.5 19.4 18.4 17.3 16.4 15.0 13.4 0 10 20 30 +8.2% +6.1% 8.2% 6.1% 2012 2017 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2016 12 31 184 1.8% 8.8% 2012201695.97 100 1.3% 20162021 2.2% 100 110 2012 29.07201630.86 202137.51 20122016 2017 2021

20122021 959.7 960.1 +1.3% 981.9 925.8 1,010.7 1,034.2 1,051.3 +2.2% 1,075.3 1,099.7 1,127.8 2012 2017 1.3% 2.2% 669.0 675.6 652.7 699.4 702.1 694.0 700.6 714.9 728.4 752.7 1.2% 1.4% 1.5% 4.0% 290.7 284.5 273.1 282.5 308.6 340.2 350.7 360.4 371.3 375.1 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20122016 201620.9% 202121.5% 2016 12 31 8.1% 2016 2.1%2016 21.6 1.40% 2.1% 16.2 C 1.50% A 1.60% 15.0 B 14.8 1.50% 14.5 2016 12 31 31.2%2016 88

89 10.1% 2016 9.0 10.9 11.5 13.7 21.6 6.40% 5.40% 5.10% 4.20% 10.10% 2016 3,398 15% 2012 442016 38-3.2% 20162021 1.2% 412012 215.7 2016 285.37.2% 2021353.1 4.4% 20122016 2012 110 201690-3.7%20210.6% 2012 71,400201674,6001.1% 2021 75,600 201213.0% 2016 12.6% 202112.9% 201217.4% 201617.7% 2021 18.1%

2016 12 3130.8% 2016 74,600 6,3008.4%2016 22.2 6.3 C 4.20% D 4.00% 8.4% A 28.5 5.5 B 25.5 5.1 B 6.80% A 7.40% C 23.3 3.1 D 22.2 3.0 90

1986 4 12 2000 10 31 1990 12 12 2014 2 19 2014 3 1 2016 9 32016 10 1 2016 10 8 2016 10 8 2016 10 82016 22 2017 2017 6 282017 7 28 2017 91

100,000 2012 6 18 50% 1995 3 18 1995 9 1 2015 12 27 2016 6 1 92

2003 9 12013 6 292004 4 1 93

25% 25% 2016 2016 2016 11 7 20162017 9 12016 94

2016 95

2016 2017 1 18 (i) (ii) (iii) (i) (ii) (iii) 96

2017 1 5 2017 10 27 2022 97

2016 2017 1 5 98

2017 8 31 2017 9 1 2005 3 2 2015 1 9 362016 1 1 99

2015 10 12 2017 5 31 (i) (ii) (iii) 1990 6 4 1990 6 4 1998 8 29 2015 12 27 2016 6 1 100

2007 2 3 2015 11 10 1070 4 1996 5 15 1996 9 1 2010 5 13 20102020 2010 7 8 20102020 (1)(2)2010 10 24 101

2013 9 5 2015 9 7 2007 3 16 2007 10 1 2010 2 26 2010 4 1 2013 8 30 2014 5 1 102

2008 12 27 2009 10 1 2004 11 5 2004 12 20 (IP) 2017 8 24 2017 11 1 1994 7 5 1995 1 1 2009 8 27 28 103

2007 6 29 2008 1 1 2012 12 28 2013 7 1 2008 9 18 535 2010 10 28 2011 7 1 2011 9 6 2011 10 15 1999 4 32002 3 24 262 104

10,000 50,000 2007 3 16 2008 1 1 2007 12 6 2008 1 1 25% 25% 10% 39 3 105

2006 8 21 2007 1 1 25% 5% 25% 10% 2009 2 20 (i) (ii) (iii) 1993 12 13 1994 1 1 2008 11 10 136 1993 12 25 1997 5 222008 12 182011 10 28 3% 20% 39 3 106

1993 12 13 1994 1 1 2008 11 10 2016 2 6 538 1993 12 25 2008 12 152011 10 28 65 17%17% (2011)1102012 1 1 2016 3 23 2016 5 1 (2016)36 2016 5 1 39 3 107

1996 1 29 1996 4 1 1997 1 142008 8 5 2014 7 4 [2014]37 37 37 2015 2 13 2015 6 1 108

2009 2009 (i) (ii) 11 (I) 2017 1005 K-20 2017 1000 1013 2017 10052017 1005 2017 1005 (II) 6E 2017 1005 6E 2017 1005 109

6E 20% 6E 2017 1005 6E 6E 30 2017 1005 2017 110

1999 2000 2005 2002 1999 2000 2002 2005 2006 2010 2013 2015 2016 2017 20102009-2010 50 111

1999 9 1 10.6 (%) 3,540,000 33.4 3,530,000 33.3 3,530,000 33.3 10,600,000 100 1999 11 52000 11 6 22 72 2003 10 1599 (%) 33,660,000 34 32,670,000 33 32,670,000 33 99,000,000 100 2004 7 8 112

2009 5 31 (1)33% (2) 32% (3) 1% 2009 8 13 (%) 98,010,000 99 990,000 1 99,000,000 100 2013 2 6 120 2017 8 11 50,000,000 113

26 2017 8 18 60,900,000 1,720,000 2017 8 25 (%) 49,500,000 95.70 500,000 0.97 (1) 1,720,000 3.33 51,720,000 100 (1) 0.99% 4.93% 3.28% 9.85% 9.85% 3.28% 26 (1) 2000 6 18 60.48 2000 9 2005 5 114

(2) 2002 4 11 4.95 2002 9 95.70% 0.97% 3.33% 100% 100% 1. 2017 8 30 380,000 38,000,000 0.01 1 4,94950 172 2. BVI BVI 2017 8 31 500 50,000 0.01 1 BVI BVI 115

2017 9 8 1.00BVI 3. 2017 9 30 10 2017 9 30 2010 1 12020 12 31 2018 1 17 502027 12 5 4. 2017 8 22 100 0.0012017 10 24 BVI 10 5. 2017 10 31 116

2018 2 6 2017 8 30172 2017 8 28 26 2017 8 28 2017 8 18 60,900,000 1,720,000 2017 8 28172 20172022 2017 6 30 117

2017 8 28 1723.33% 39,907,193 2.49% 1.531.88 2.83 33.42% 3.69 48.94% 2017 8 29 2017 8 30 (HKEX-GL29-12) (HKEX-GL43-12)(HKEX- GL44-12) 118

100% 100% (1) (2) (3) 95.70% 0.97% 3.33% 100% BVI 100% 100% 100% 100% 100% 100% 95.70% 0.97% 3.33% (4) (1) (2) (3) 0.99%4.93% 3.28%9.85% 9.85% 3.28% 26 (4) 0.99% 4.93% 3.28% 9.85%9.85% 3.28% 26 119

100% 100% (1) (2) (3) 71.78% 0.73% 2.49% 25% 100% BVI 100% 100% 100% 100% 100% 100% 95.70% 0.97% 3.33% (4) (1) (2) (3) 0.99%4.93% 3.28%9.85% 9.85% 3.28% 26 (4) 0.99% 4.93% 3.28% 9.85%9.85% 3.28% 26 120

100% 100% (1) (2) (3) 69.19% 0.70% 2.40% 27.71% 100% BVI 100% 100% 100% 100% 100% 100% 95.70% 0.97% 3.33% (4) (1) (2) (3) 0.99%4.93% 3.28%9.85% 9.85% 3.28% 26 (4) 0.99% 4.93% 3.28% 9.85%9.85% 3.28% 26 121

2017 8 22 2017 10 24 2017 8 29 2017 12 27 16,800 2017 11 20 196.0 2020 9 1 (i) (ii) 2018 9 122

2014 7 4 37 (a) (b) 37 2015 6 1 13 2017 9 27 13 37 2006 8 8 2006 9 8 2009 6 22 (i) (ii) (i) (ii) 123

(a) (b) (a) (b) 50% 124

2017 6 26 (i) (ii) (iii) 2003 9 1 (iv) (v) 125

50% 126

(a) (b) (c) (d) (a) 50% 50%49.99% 50% (b) 50% 50%49.99% (c) 50% (d) 100% 127

2017 8 22 2017 10 24 BVI2017 8 29 2017 12 27 2017 9 14 16,800 128

(i) (ii) 2017 10 31 2010 1 12020 12 31 2018 1 17 2018 2 6 129

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) 130

7. (10) 8. (11) 9. (1) (1) (a) (b) 131

(iii) (d) (i) (ii) (a) (b) (c) (d) (e) 100,000 133

(f) (g) (h) (i) (j) (k) (l) 100,000 (m) (n) (o) (p) 134

(q) (i) (ii) (iii) (2) (a) (b) (c) (d) (e) (f) (g) (h) (a) (b) (c) (d)(e) (f)(g) (h) (i) (j) (k) (l)(m) 135

(3) 136

(a) (b) (c) (d) 100,000 (e) 100,000 (f) 100,000 (g) (h) (i) 137

100,000 (j) (k) (l) (m) (n) (o) 0 138

(4) (a) (b) (c) (d) (e) (f) (g) (h) (i) (a) (b) (c)(d) (e) (f) (g) (h) (i) (ii) 139

(5) (4) (6) (4) (7) (a) (b) (c) (d) 140

(e) (f) (g) (h) (i) (i) (ii) (8) (7) (9) (a) (b) 141

(b) (c) (a) (b) (c) (a) (i) (ii) (1) 143

(b) (3) (c) (11) (i) (ii) (iii) (iv) (v) 144

2018 2 6 (a) (b) 30 (c) (d) 145

(a) (b) (c) (d) (e) 146

(9) (1) (4) (7) 147

(1) (3) (a) (b) 30(c) 148

(i) (ii) (1) (a) (b) 149

10 1 2015 1 2015 151

(i) 50% (ii) 50%(a) 50% (b) 50%(c) (iii) 19 152

(a) (b) (c) 144 145147 148 153

100,000 110% 100,000 110% 50,000 500,0005% (i) 71.78% 69.19% (ii) (iii) 154

(a) 155

(b) (c) (i) (ii) (a) (b) (c) 156

(d) (e) (a) (b) (c) (d) 157

2016 12 31 2016 12 31 2016 12 31 2016 12 31 40.8% 64.0% 87.0% 2014-2015 2015-2016 2016-2017 96.4% 96.1% 94.4% 77.7% 77.9% 78.4% 20142015201699.4% 96.0% 96.8% 158

2014 12 31250.12015 12 31 281.6 2016 12 31303.3 2017 9 30 220.8 2016 9 30200.42014 12 31133.22015 12 31 150.0 2016 12 31172.5 2017 9 30 106.2 2016 9 30109.2 2014 12 3126,4982017 9 3028,030 2014 12 314,006 2017 9 305,605 2016 12 31 2016 12 31 15.0% 15.0% 50.0% 50.0% 2016 12 31 40.8% 64.0% 87.0% 14 159

2012 2016 2017 2016 2016 2016 12 31 2017 9 2017 9 2014-2015 2015-2016 2016-2017 96.4% 96.1% 94.4% 77.7% 77.9% 78.4%2014-2015 2015-2016 2016-2017 99.4% 96.0% 96.8% 160

20102009-2010 50 2012 35 2005 2015 2016 202016 300 2006 11 58 30% 40% 90 161

162

2017 9 30625 78.2%2017 9 30 53.4%16.2% 2017 9 30 55.0% 20.0% 7.0% 18 2015 2014 30 19921993 2000 17 163

2017 12 31 1,800 (i) 10,000 (ii) 2016 12 31 16.7% 15.8% 3.7% 2016139 805983.0% 10,000 311516 87.0%10,000 164

720.0 165

170,000 18,000 25,000 20,000 229.0 2020 82018 2018 100.0 2017 9 166

82 16 167

(1) 12 31 12 31 12 31 12 31 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 (%) 225,575 253,354 271,747 202,912 227,712 243,775 22,663 25,642 27,972 55.3 56.0 59.8 24,539 28,292 31,515 20,950 24,064 26,619 3,589 4,228 4,896 56.8 56.1 53.1 250,114 281,646 303,262 223,862 251,776 270,394 26,252 29,870 32,868 55.5 56.0 59.1 (1) 9 30 9 30 9 30 9 30 2016 2017 2016 2017 2016 2017 2016 2017 (%) 179,898 198,180 159,229 175,423 20,669 22,757 56.9 51.8 20,493 22,666 16,889 19,069 3,604 3,597 48.9 55.1 200,391 220,846 176,118 194,492 24,273 26,354 56.1 52.1 (1) 2014 12 31 55.5% 2015 12 31 56.0%2016 12 31 59.1% (i) (ii) 2016 9 30 201756.1% 52.1%(i) (ii) (iii) (iv) 168

2014 12 31 56.8% 2015 12 31 56.1%2016 12 31 53.1% (i) (ii) 12 31 2016 2015-2016 2015 92016 62016-20172016 92017 6 (1) (1) 12 31 9 30 12 31 9 30 2014 2015 2016 2016 2017 2014 2015 2016 2016 2017 10,138 10,961 11,305 7,230 7,738 1,132 1,234 1,297 939 1,004 3,232 3,675 4,244 2,700 3,558 554 646 781 576 671 8,448 9,215 9,714 6,228 6,939 991 1,093 1,181 858 940 (1) 169

20142016 (i) (ii) 20142016 20142016 (i) 2015-2016 (ii) 20142016 (i) 2015-2016(ii) 2016 2017 9 30 2016 9 30 2017 9 3022,6705,360 2017 9 30 5,605 2017 9 30 820,777.2959 360,159.77 170

(1) 2014-2015 2015-2016 2016-2017 2017-2018 (2) (3) 5,644 4,879 4,482 4,730 (4) 14,372 15,896 17,082 17,940 20,016 20,775 21,564 22,670 (5) 4,006 4,949 6,559 5,605 24,022 25,724 28,123 28,275 4,182 3,689 3,323 2,284 1,197 1,363 1,424 1,618 (6) 1,103 1,496 1,525 1,458 (7) 6,482 6,548 6,272 5,360 30,504 32,272 34,395 33,635 * (1) 12 316 30 12 312017-2018 (2) 2017-2018 2017 9 30 (3) (i)(ii)(iii) 6 171

(4) (i)(ii)(iii) (5) (6) (7) 2016-2017 6,2722017-2018 5,360 2016-2017 2017-2018 2017-2018 2017 9 31,502 2018-2019(i) 2017-2018 (ii)2017-2018 (1)(2) % 2014-2015- 2016-2017- 2014-2015- 2016-2017- 2015 2016 2017 2018 (3) 2015 2016 2017 2018 (3) 22,312 22,312 23,988 27,056 89.7 93.1 89.9 83.8 (4) 4,380 4,104 4,902 4,446 79.9 97.0 86.1 89.1 26,692 26,416 28,890 31,502 88.1 93.7 89.2 84.5 172

* * (1) 12 316 30 12 312017-2018 (2) 2014-2015 2015-2016 2016-2017 2017-2018 2,0001,7001,6001,600 4,7005,0005,1005,150 2014-2015 2015-2016 2016-2017 2017-2018 570600450540 (3) 2017-20182017 9 30 (4) 2014-2015 2015-2016 2016-2017 2017-2018 3,4993,9814,2193,961 79.9% 97.0% 86.1% 89.1% 2014-2015 2016-2017 2017-2018 2014-2015 2015-2016 2016-2017 2014-2015 173

2015-2016 2016-2017 2017-2018 800 1,200 1,000 1,500 1,000 1,500 1,300 2,000 600 (1) 2014-2015 2015-2016 2016-2017 2017-2018 (2)(3) 11,000-22,000 11,000-20,000 12,100-20,000 15,100-25,000 (4) 7,000-18,000 7,000-18,000 7,700-18,000 10,700-21,000 1,200-8,900 1,200-8,900 1,200-8,900 1,200-8,900 3,600-4,000 4,000-5,000 5,200-7,600 5,200-7,600 4,200 5,200 8,000 8,000 4,500 6,000 8,000 8,000 (1) (2) 2015-2016 2016-2017 2014-2015 22,00020,000 (3) (i)(ii) (4) (i)(ii) 201420152016 12 312017 9 30 89.5% 89.4% 89.2% 88.1% 174

2017 2017 9 (i) 15 90% (ii) 15 30 70% (iii) 30 60 50%(iv)60 (i) 80% (ii) 60% (iii) 50%(iv) (i) (ii) 15 90% (iii) 15 30 50%(iv)30 175

2014-2015 2015-2016 2016-2017 2017-2018 1 56 61 62 9 66 54 27 16 122 115 89 25 (1) 2017-2018 2017 9 30 2017 12 31 9 30 2014 2015 2016 190.7 307.1 244.3 157.3 133.3 145.2 171.9 150.3 324.0 452.3 416.2 307.6 2000 2005 2017 9 30 22,670790 176

1182 82 58 24 6 5 177

2014 20152016 12 312017 9 30 1,189 1,2471,5502,083 2012 178

300 2014 5(i) (ii) (iii) (iv) 26 179

2014-2015 2015-2016 2016-2017 5,1975,401 5,487 96.4% 96.1% 94.4% 77.7% 77.9% 78.4% 2014/2015 2015/2016 2016/2017 (%) (%) (%) 2,200 96.1 1,831 95.3 1,713 94.9 2,997 96.6 3,570 96.4 3,774 94.1 5,197 96.4 5,401 96.1 5,487 94.4 200950 65 180

408 (i) (ii) (iii) (iv) 40 20% 600 181

iphone(ios) IOS imac IOS (BIM)BIM 10 2002 2017 9 30 5,360 155 182

2017 9 30 2,284 Photoshop 2017 9 301,618 183

2017 9 301,458 2014-2015 2015-2016 2016-20171,8142,133 2,124 1,8032,0482,057 99.4% 96.0% 96.8% 2014-2015 2015-2016 2016-2017143 314423 7.9% 14.7% 19.9% 2017 8 70 184

2017 8 22 2017 10 24 2017 8 29 2017 12 27 2018-2019 2018 9 2017 9 14 50% 45 50% 416,800 16,80020182,000 201920202021100,000 200,000 98,000 185

30.0% (i)(ii) 2003 2017 6 2017 6 2017 10 24 2017 11 20 196.0 2020 9 1 (i) (ii) 2018 9 2018 4 800 1,000 2018-2019 2018-2019 2019-2020 2020-202120% 0.5 186

2018 10,000 2019 92018-2019 2018 4800 1,000 3,500 746.0 196.0 2018 120.0 20182021 100.0 100.0 130.0 100.0 15.0% (i)(ii) 187

3G/4G 10 188

40 189

186 4,800154 15 (EDA) EDA 46 1,000 190

1,000 191

1,500 8,000 2,000 4,000 (i) (ii) (iii) (iv) (i)(ii) 2017 9 30 78.2% 66.1% 2017 9 30 53.4%16.2% 192

12 31 2017 2014 2015 2016 9 30 638 623 613 625 319 277 286 320 957 900 899 945 2014 12 31957 2015 12 31 9002016 12 318992015 2014(i) (ii) (i) (ii) 2017 9 302016 12 31899 945 12 31 2017 2014 2015 2016 9 30 18 16 20 33 416 440 447 455 185 156 131 123 19 11 15 14 638 623 613 625 193

2017 9 30 (%) (%) (%) 111 21.0 14 14.4 125 20.0 209 39.6 10 10.3 219 35.0 208 39.4 73 75.3 281 45.0 528 100.0 97 100.0 625 100.0 (1) (1) 2014 12 31 787 20,016 1:25.4 170 6,482 1:38.1 2015 12 31 724 20,775 1:28.7 176 6,548 1:37.2 2016 12 31 714 21,564 1:30.2 185 6,272 1:33.9 2017 9 30 790 22,670 1:28.7 155 5,360 1:34.6 (1) 194

(i) (ii) (iii) 45 (i) (ii) 45 195

7826 196

2017 8 2017 9 30 197

2016 2016 2017 9 1 2016 2016 2016 2022 2016 2017 12 (1) (2) 2022 (3) (4) 198

(5) 2017 12 20172021 2019 2022 (a)2016 (b) 2019 20162017 1 2017 1 5 2017 1 5 2017 1 18 2017 8 31 199

2016 2016 (i)(ii) 2016 (i) (ii) 2016 2016 2016 2016 2017 12 (i) (ii) (iii) (iv) 200

201420152016 12 31 2017 9 30 5% 201

2014 20152016 12 312017 9 30 28.8 39.9 36.3 32.1 34.0% 40.1% 37.1% 45.2% 9.1 12.1 15.5 10.5 10.7% 12.2% 15.9% 14.7% 5% 4 C. 2. 2017 2016 CEAC 202

2016 2016 2016 2015 2015 2014 CEAC 2014 AAAA 2011 203

2009 2006 201420152016 12 31 2017 9 30 1,5221,4361,4241,5672017 9 30 13 1% (1) 945 60% 81 5% 79 5% 241 15% 19 1% 189 12% 1,567 100.0% (1) 204

2017 12 31 820,777.29 360,159.7759105,763 95.01(2) 2017 12 31 1,800 2017 12 31 820,777.29 1 128,836.00 2050 7 2 233,413.80 2053 6 15 3 204,289.07 2053 6 19 4 254,238.42 2053 6 19 205

2017 12 31 50 343,273.02 1. 50 62,827.5912 12 12 2. 14,298.75 2017 10 272017 10 272017 9 19 206

(i) (ii) (iii)(iv) 3. 2,588 (i) 5% 10% 10%(ii) 1% 2% (iii) 2% 4%(iv) 30,000 300,000 (v) 30,000 300,000 (vi) 1% 5%(vii) (a) 200,000 1,000,000 (b) 1,000,000 2,000,000 (c) (i) (ii) 207

2017 12 31105,763 69,498.98 36,264.02 2004 9 16201420152016 12 312017 9 30 19.118.4 17.816.9 54 59201420152016 12 312017 9 30 41.039.538.136.2 208

75.9% 73.2% 70.5% 67.1% 2018 2 27 2014-2015 2017-20184,700 5,150 (i) 2002 209

2001(ii) (1) 20172021 2017 6 52018 12 31 2016 5 112019 5 10 2016 6 162019 5 10 (1) 210

201420152016 12 312017 9 30 12.5 15.0 15.6 12.0 211

(i) (ii) (iii) 0.05% (i) (ii) (iii) 212

2017 8 2017 10 213

(i) (ii) (iii) (iv) 214

30% 11 100 (i) (ii) (i) (ii) (iii) 215

(iv) (v) (vi) 2018 3 8 (a) (i) (ii) 216

(b) (c) (i) 10% (ii) 5% (iii) (i) (ii) (iii) 30% (1) 217

(i) (ii) (iii) (iv) (v) (vi) (vii) (1)201420152016 2017 12 31 218

1.0 2.7 2.8 0.4% 0.9% 0.8% 26 (a) (b) (c) (d) 219

12 31 2018 2019 2020 1 14 A.34 14A.52 14A.53 14A.76 2,500 2,700 2,900 2 14 A.34 14A.35 14A.36 14A.49 14A.52 14A.53 59 14A.71 (1) 2018 3 8 50% 2020 12 31 30 220

38.4% 51.6%10% 14A.12(1)(c) 14 14A.77 0.1% 5% 14A.76(2)(a) 2014201520162017 12 31 70% 1.0 2.7 2.8 (i) 50% (ii)20162017 20182019 20182020 20152017 (iii) 201820192020 12 31 2.5 2.7 2.9 14A.105 201820192020 12 31 14A 221

(i) (ii) (2) 2018 2 6 222

14A.07(1) 14A 14A (i) 14A14A.105 (ii) 14A.53 (iii) 14A.52 (a) (b) (d) 223

14A (e) (c) (i) (ii) (iii) (d) 14A (e) 224

(i) (ii) (iii) (d) 14A 14A 225

(i) (ii) (iii) 226

52 1999 9 2017 10 27 42 2014 10 2017 10 27 60 2003 3 2017 10 27 40 2000 7 2017 10 27 68 2005 12 2017 10 27 Yang Zhanjun 48 2017 10 2017 10 27 41 2017 10 2017 10 27 227

54 2015 1 2015 1 41 2012 12 2012 12 59 2002 8 2003 12 52 2017 10 27 18 1999 9 2017 9 228

1999 9 2000 6 2004 7 2003 12 42 2014 102017 10 27 2015 102017 5 8 1999 72005 2 229

2005 22009 2 2009 82011 11 2013 122014 10 2011 112013 11 2014 10 2015 3 1999 7 2009 3 230

60 2003 32017 10 27 2004 12 2011 6 14 2003 3 2004 12 2008 121989 7 2011 10 40 2000 7 2017 10 27 2016 1 17 2000 72008 8 2012 62015 3 231

2008 82011 1 2014 5 2005 122008 7 2000 7 68 2017 10 27 1976 81980 1 1980 11984 12 1984 121988 8 232

1988 82002 12 2002 122003 6 2003 62005 7 2005 122014 10 1980 4 1992 6 1994 12 2009 11 Yang Zhanjun 48 2017 10 27 Yang 2008 3 2017 12 2018 2 Yang 2002 12 Yang 233

41 2017 10 27 2001 1 2002 6 Andersen & Co. 2002 6 2003 8 Shanghai Hawei New Material and Technology Co., Ltd. 2003 8 2005 4 1668 2005 10 2007 10 8006 2010 5 2013 6 RIB Software AG RSTAG 2014 5 6198 2015 10 The9 Limited NCTY 2007 11 712 234

1998 5 2002 6 2005 7 2003 9 54 2015 1 2015 1 2015 3 15 2002 9 2004 3 2004 3 2008 4 2008 4 2015 1 2015 1 2015 3 2008 11 235

41 2012 12 2017 10 31 2017 7 4 2012 122016 4 2017 7 2016 42017 7 2016 82017 1 2017 12017 7 2017 7 2000 7 2017 6 236

59 1998 2 2017 10 31 2009 6 2016 4 15 2002 8 2004 6 2005 3 2004 7 2005 3 2014 6 2016 4 2016 4 2004 6 2010 10 2007 2013 12 1986 7 36 2017 10 31 10 237

14 14 Yang Zhanjun 14 Yang Zhanjun 201420152016 12 31 2017 9 30 192,000 569,000 587,000 437,000 201420152016 12 31 2017 9 30 1,100,000 1,223,000 1,335,000 1,028,000 238

2017 12 31 648,000 2018 12 31 1,100,000 2018 3 8 F. 8.12 3A.19 3A.23 (i) (ii) (iii) (iv) 13.46 239

XV2 3 10% (1) (2) 1,148,491,879 71.78% (2) 1,148,491,879 71.78% (1) (2) XV2 3 10% 240

2,000,000,000 20,000,000 (%) 5,172 51.72 0.0003 1,199,994,828 11,999,948.28 74.9997 400,000,000 4,000,000 25.00 1,600,000,000 16,000,000 100.00 241

(%) 5,172 51.72 0.0003 1,199,994,828 11,999,948.28 72.2888 460,000,000 4,600,000 27.7108 1,660,000,000 16,600,000 100.00 (1) (2) 60,000,000 2. (a) (iii) 2018 3 8 F. 242

(i) 20% (ii) (i) (ii) (iii) A. 4. 2018 3 8 10% A. 5. 243

(i) (ii) (iii) A. 4.2018 3 8 244

2016 12 31 2016 12 31 2016 12 31 2017 9 30 28,030 5,6052017 9 30 945 2014 12 31250.12015 12 31 281.6 2016 12 31303.3 2017 9 30 220.8 2016 9 30200.42014 12 31133.22015 12 31 150.0 2016 12 31172.5 2017 9 30 106.2 2016 9 30109.2 2014 12 31 26,4982017 9 30 28,030 245

2012 39,5442016 53,9808.1% 202178,529 20122016 6.9% 20132015 2014 12 31 26,498 2017 9 30 28,030 2014 12 31 4,006 2017 9 30 5,605 2021800 2016 630 4.8% 246

2021190 2016 0.5% (i) (ii) (iii) 2017 9 2017 9 2017-20188,000 25,000 1,200 8,900 247

2017-2018 12,100 20,000 15,100 25,000 2017-20187,700 18,000 10,700 21,000 2016-2017 3,600 4,000 5,200 7,600 2014 20152016 12 3120162017 9 30 44.5% 44.0% 40.9% 43.9% 47.9% 201420152016 12 3120162017 9 30 25.5% 23.9% 22.7% 25.7% 24.5% 20142015 2016 12 3120162017 9 30 15.5% 16.5% 16.0% 17.9% 20.4% 2017 8 30 201420152016 12 31 2017 9 30 2014 1 1 248

96 249

20 10 3-5 3-5 250

251

12 31 9 30 2014 2015 2016 2016 2017 % % % % % 250,114 100.0 281,646 100.0 303,262 100.0 200,391 100.0 220,846 100.0 (111,423) (44.5) (123,851) (44.0) (124,032) (40.9) (87,951) (43.9) (105,751) (47.9) 138,691 55.5 157,795 56.0 179,230 59.1 112,440 56.1 115,095 52.1 40,699 16.3 39,687 14.1 44,371 14.6 34,099 17.0 36,696 16.6 (3,736) (1.5) (4,729) (1.7) (5,677) (1.9) (4,407) (2.2) (4,184) (1.9) (35,112) (14.0) (41,734) (14.8) (42,942) (14.2) (31,442) (15.7) (40,804) (18.5) 140,542 56.2 151,019 53.6 174,982 57.7 110,690 55.2 106,803 48.4 140,542 56.2 151,019 53.6 174,982 57.7 110,690 55.2 106,803 48.4 (7,365) (2.9) (1,048) (0.4) (2,434) (0.8) (1,473) (0.7) (635) (0.3) 133,177 53.2 149,971 53.2 172,548 56.9 109,217 54.5 106,168 48.1 2014 20152016 12 3120162017 9 30 250.1 281.6 303.3 200.4 220.8 12 31 9 30 2014 2015 2016 2016 2017 % % % % % 202,912 90.6 227,712 90.4 243,775 90.2 159,229 90.4 175,423 90.2 20,950 9.4 24,064 9.6 26,619 9.8 16,889 9.6 19,069 9.8 223,862 89.5 251,776 89.4 270,394 89.2 176,118 87.9 194,492 88.1 26,252 10.5 29,870 10.6 32,868 10.8 24,273 12.1 26,354 11.9 250,114 100.0 281,646 100.0 303,262 100.0 200,391 100.0 220,846 100.0 252

20142015 2016 12 3120162017 9 30 223.9 251.8 270.4 176.1 194.5 89.5% 89.4% 89.2% 87.9% 88.1% 201420152016 12 3120162017 9 30 26.3 29.9 32.9 24.3 26.4 10.5% 10.6% 10.8% 12.1% 11.9% (i)(ii) (iii) (iv) (v) (vi)(vii) 20142015 2016 12 3120162017 9 30 111.4 123.9 124.0 88.0 105.8 12 31 9 30 2014 2015 2016 2016 2017 % % % % % 63,901 57.3 67,304 54.3 68,702 55.4 51,552 58.6 54,032 51.1 22,811 20.5 26,731 21.6 30,862 24.9 22,877 26.0 26,456 25.0 253

12 31 9 30 2014 2015 2016 2016 2017 % % % % % 11,171 10.0 12,367 10.0 10,027 8.1 3,586 4.1 7,138 6.7 3,584 3.2 8,827 7.1 5,228 4.2 3,146 3.6 5,258 5.0 5,849 5.2 4,268 3.4 4,310 3.5 2,845 3.2 7,845 7.4 3,329 3.0 3,461 2.8 3,892 3.1 3,211 3.7 4,281 4.0 778 0.7 893 0.7 1,011 0.8 734 0.8 741 0.7 111,423 100.0 123,851 100.0 124,032 100.0 87,951 100.0 105,751 100.0 (i) (ii) 5% 10% 5% 10% 12 31 9 30 2014 2015 2016 2016 2017-10% (22,386) (25,178) (27,039) (17,612) (19,449) -5% (11,193) (12,589) (13,520) (8,806) (9,725) +5% 11,193 12,589 13,520 8,806 9,725 +10% 22,386 25,178 27,039 17,612 19,449-10% 8,332 9,011 9,210 6,841 7,342-5% 4,166 4,505 4,605 3,421 3,671 +5% (4,166) (4,505) (4,605) (3,421) (3,671) +10% (8,332) (9,011) (9,210) (6,841) (7,342) 254

2014 20152016 12 3120162017 9 30 138.7 157.8 179.2 112.4 115.155.5% 56.0% 59.1% 56.1% 52.1% 2016 9 3056.1% 2017 9 3052.1%(i)2017 5.0(ii) 3.6(iii) 3.6 (iv) 2.5 (i) (ii) (iii) (iv) (v)(vi) 12 31 9 30 2014 2015 2016 2016 2017 (1) 19,206 16,252 20,850 14,123 12,583 (2) 10,348 12,048 14,863 14,493 12,908 (3) 11,029 6,759 1,657 976 5,917 (4) (556) 3,491 5,368 3,648 4,246 (5) 475 604 696 513 460 (6) 197 533 937 346 582 40,699 39,687 44,371 34,099 36,696 255

(1) (2) (3) (4) (5) (6) (i) (ii) (iii)(iv) 12 31 9 30 2014 2015 2016 2016 2017 1,736 1,562 1,357 1,018 844 (1) 1,022 2,102 3,417 2,675 2,746 (2) 351 437 289 266 181 627 628 614 448 413 3,736 4,729 5,677 4,407 4,184 (1) (2) 256

(i) (ii)(iii) (iv)(v)(vi) 2017 9 30 12 31 9 30 2014 2015 2016 2016 2017 17,679 21,243 22,044 15,841 18,541 7,841 8,304 6,546 6,021 2,167 2,278 2,515 3,186 1,951 1,608 300 244 243 171 168 6,378 8,532 9,977 6,974 9,078 525 681 844 404 580 (1) 8,449 111 215 102 80 213 35,112 41,734 42,942 31,442 40,804 (1) 2017 9 30 257

2016 12 31 12 31 9 30 2014 2015 2016 2016 2017 24,097 9,284 830 827 (24,097) (9,284) (830) (827) 25% 2014 20152016 12 312017 9 30 258

2011 11 29 2013 2010 1 1 2020 12 31 2018 1 17 2018 2 7 2018 1 1 2020 12 31 12 31 9 30 2014 2015 2016 2016 2017 7,365 1,048 2,434 1,473 635 7,365 1,048 2,434 1,473 635 201420152016 12 31 2017 9 30 24.3 6.6 3.4 9.3 201420152016 12 31 2017 9 30 236.1 351.4 482.3 588.4 259

2017 9 302016 9 30 2016 9 30 200.4 10.2% 2017 9 30 220.8(i) 2016 9 30 176.1 10.4% 2017 9 30 194.5 (ii)2016 9 30 24.3 8.6% 2017 9 30 26.4 (i) (ii) 2017/2018 (iii)2016 12 31 27,836 2017 9 30 28,030 2017 9 30 2016 9 30 88.0 20.2% 2017 9 30 105.8(i) 2017 5.0 (ii)3.6(iii) 3.6(iv) 2.5 (v) 2.12017 2016 9 30 112.4 2.4% 2017 9 30 115.1 2016 9 3056.1% 2017 9 30 52.1% 260

2016 9 30 34.1 7.6% 2017 9 30 36.7 4.92017 1.5 1.6 2016 9 30 4.4 4.5% 2017 9 30 4.2 2016 9 30 31.4 29.9% 2017 9 30 40.8(i) 8.5(ii) 2.7 3.9 2017 9 30 106.8 2016 9 30110.7 2017 9 3048.4% 2016 9 30 55.2% 2016 9 30 1.5 60.0% 2017 9 30 0.62017 9 30 2016 9 30 2017 2016 9 301.3%2017 9 300.6% 261

2016 9 30 109.2 2.7% 2017 9 30 106.2 2016 12 31 2015 12 31 2015 12 31281.6 7.7% 2016 12 31303.3(i) 2015 12 31251.8 7.4% 2016 12 31 270.4 (ii)2015 12 3129.9 10.0% 2016 12 3132.9 (i) (ii) 2016/2017 (iii) 2015 12 31 27,3232016 12 31 27,836 2016 12 31 2015 12 31123.9 2016 12 31124.0 2015 12 31157.8 13.6% 2016 12 31179.2 2015 12 31 56.0%2016 12 31 59.1% 2015 12 3139.7 11.8% 2016 12 3144.4(i) 20164.6 (ii) 2016 2.8 2016 5.1 262

2015 12 314.7 21.3% 2016 12 315.7 2016 2015 12 3141.7 2.9% 2016 12 3142.9 1.4 2016 12 31175.0 2015 12 31 151.0 2016 12 31 57.7% 2015 12 3153.6% 2015 12 311.0 140.0% 2016 12 312.4 2016 12 312015 12 31 20150.7%20161.4% 2015 12 31150.0 15.0% 2016 12 31172.5 2015 12 31 2014 12 31 2014 12 31250.1 12.6% 2015 12 31281.6(i) 2014 12 31223.9 12.5% 2015 12 31 251.8 (ii)2014 12 3126.3 13.7% 2015 12 3129.9 263

(i) (ii) 2015/2016 (iii) 2014 12 31 26,4982015 12 31 27,323 2015 12 31 2014 12 31111.4 11.2% 2015 12 31123.9(i) 5.2 2015 (ii) 3.9 (iii) 3.4 2014 12 31138.7 13.8% 2015 12 31157.8 2014 12 31 55.5%2015 12 31 56.0% 2014 12 3140.7 2.5% 2015 12 3139.7(i) 4.3 (ii) 3.0 2015 4.0 2014 12 313.7 27.0% 2015 12 314.7 2015 264

2014 12 3135.1 18.8% 2015 12 3141.7(i) 3.6 (ii) 2.2 2015 12 31151.0 2014 12 31 140.5 2015 12 31 53.6% 2014 12 3156.2% 2014 12 317.4 86.5% 2015 12 311.0 2015 2015 12 312014 12 31 20145.2%20150.7% 2014 12 31133.2 12.6% 2015 12 31150.0 265

12 31 9 30 2014 2015 2016 2016 2017 179,780 198,775 210,033 232,914 292,934 12,417 26,205 (207,135) (202,783) (72,391) (134,296) (219,143) (1,330) (827) 60,900 40,568 98,469 104,306 104,306 105,874 98,469 104,306 105,874 133,610 387,317 (i) (ii) (iii) 2017 9 30292.9 (i)106.8(ii) 34.0 36.3 1.9 4.2 (iii)152.1 158.1 6.0 266

2016 12 31 210.0 (i)175.0(ii) 39.3 42.1 2.6 5.4 (iii)4.3 5.8 1.5 2015 12 31 198.8 (i)151.0(ii) 34.2 35.1 2.6 3.5 (iii)19.5 15.0 4.5 2014 12 31 179.8 (i)140.5(ii) 32.2 29.0 2.6 0.6 (iii)7.1 14.8 7.7 (i) (ii) (iii) (iv) 2017 9 30 72.4 (i)1,104.0(ii) 45.9 (iii)1.7 (i)838.2(ii) 240.9 2016 12 31207.1 (i)1,031.0(ii) 277.5 (iii) 264.5 1,162.4 267

2015 12 3126.2 (i)656.5(ii) 454.5 (iii) 104.2 (i) 899.0(ii) 245.0 (iii)51.8 2014 12 3112.4 (i)350.0(ii) 67.7 (iii) 24.3 (i) 240.0 (ii)81.7 (iii)65.6 (iv) 42.1 2017 9 30 60.9 1.7 2016 12 31 1.3 (i)265.0 (ii) 0.8 264.5 2015 12 31 219.1 (i)454.5 (ii) 9.6 245.0 2014 12 31 134.3 (i)350.0 (ii) 24.3 240.0 268

12 31 9 30 1 31 2014 2015 2016 2017 2018 872 151 1,199 4,008 3,981 9,858 6,073 3,532 6,712 9,804 274,217 46,529 237,477 246,664 120,068 390,909 395,521 98,469 104,306 105,874 387,317 107,340 383,416 403,723 468,150 788,946 516,646 210,000 500 146,935 153,841 166,878 287,895 155,093 89,346 99,476 87,009 135,002 120,723 4,950 90,999 9,182 10,428 511 2,103 1,274 633 881 881 7,365 2,492 4,926 5,561 2,073 460,699 348,582 268,628 439,767 279,281 (77,283) 55,141 199,522 349,179 237,365 2018 1 31237.4 2017 9 30349.2 (i) 2017 11 196.0280.0 (ii) 3.14.6 2017 9 30349.2 2016 12 31199.5 270.8 281.4 (i)237.52017 9 30 (ii) 121.0 269

2016 12 31199.5 2015 12 3155.1 (i) 190.9 (ii) 12.5 126.6 2015 12 3155.1 2014 12 3177.3 (i) 2015246.7 (ii) 2015209.5 227.7 12 201420152016 12 312017 9 30 0.9 0.2 1.2 4.0 12 31 9 30 2014 2015 2016 2017 872 151 1,182 4,008 17 872 151 1,199 4,008 2017 12 31 2017 9 30 3.8 94.8% 270

(i)(ii) (iii) 12 31 9 30 2014 2015 2016 2017 1,160 1,820 1,209 1,333 8,698 4,253 2,323 5,379 9,858 6,073 3,532 6,712 2014 12 31 9.9 2015 12 31 6.12014 20154.5 2015 12 31 6.1 2016 12 31 3.5 1.9 2016 12 31 3.5 2017 9 30 6.7 3.1(i) 1.7 (ii) 2.0 271

12 31 9 30 2014 2015 2016 2017 246,664 120,068 390,909 2015 12 31 246.72015 12 31 246.7 2016 12 31 120.12016 2016 12 31 120.1 2017 9 30 390.92017-2018 2017 9 30 370.0 3.80% 4.75%3491 2017 9 30 20.0 4.35% 90 PR2 PR1 PR3 PR4 PR5 272

2014 12 31 98.52015 12 31 104.3 2016 12 31 105.9 2016 12 31 105.92017 9 30 387.32017-2018 273

(i) (ii)(iii) 274

12 31 9 30 2014 2015 2016 2017 129,402 134,827 146,581 250,013 17,533 19,014 20,297 37,882 146,935 153,841 166,878 287,895 12 31 12 31 9 30 9 30 12 31 (i)(ii) (iii) (iv) (v) (vi)201420152016 12 312017 9 30 89.3 99.5 87.0 135.0 275

12 31 9 30 2014 2015 2016 2017 44,145 50,395 30,199 38,571 4,716 7,183 9,565 21,595 12,093 9,638 16,460 25,053 11,672 12,901 12,256 12,206 359 16,361 19,359 18,529 37,577 89,346 99,476 87,009 135,002 2016 12 312017 9 30 48.0 (i)12.0 (ii)8.6 (iii) 8.42017-2018 2015 12 312016 12 31 12.5 2014 12 312015 12 31 10.1 6.3 2.5 2014 20152016 12 312017 9 303.6 1.5 1.0 1.6 201420152016 12 31 2017 9 30 7.4 2.5 4.9 5.6 2017 10 305.32017 10 30 0.6 276

201420152016 12 31 2017 9 30 42.5 54.7 62.3 47.5 20182019 709.1 382.9 12 31 9 30 2014 2015 2016 2017 22,361 26,202 39,690 15,682 107,500 22,361 26,202 39,690 123,182 12 31 9 30 1 31 2014 2015 2016 2017 2018 210,000 500 210,000 500 277

2014 12 31 210.02015 12 31 0.5 2016 12 31 20142015 12 316.2% 7.8% 4.9% 20142015 12 31210.0 0.5 216.0 2018 1 31 2018 1 31 2017 9 30 12 31 9 30 2014 2015 2016 2016 2017 24,097 9,284 830 827 988 2,741 2,056 2,084 5,255 3,602 3,939 (81,730) 104,237 (277,497) (356,697) 240,871 240,000 245,000 264,500 264,500 350,000 454,500 265,000 264,500 278

12 31 9 30 2014 2015 2016 2017 106 29 52 46,000 46,000 142,850 18,111 94,575 64,217 46,029 237,477 687 1,397 4,232 4,232 2,084 4,950 4,950 4,950 4,950 86,049 3,394 4,950 90,999 4,950 8,344 12 31 9 30 2014 2015 2016 2017 210,000 500 279

20142015 2017 8 2014 2015 20142015 12 31 6.2%-7.8% 4.9% 2016 12 31 1996 (i) (ii) (iii) 26 280

12 31 2014 2015 2016 2017 9 30 (1) 53.2% 53.2% 56.9% 48.1% (2) 0.8 1.2 1.7 1.8 (3) 30.0% 28.9% 25.4% 16.6% (4) 14.7% 16.2% 17.4% 11.7% (1) (2) (3) (4) 2014 12 31 2015 12 31 53.2% 2016 12 31 56.9%(i) (ii) 2016 2016 9 3054.5% 2017 9 3048.1% 2014 12 310.8 2015 12 31 1.2 2015 2016 12 311.72017 9 30 1.8 281

2014 12 3130.0% 2015 12 31 28.9% 2016 12 31 25.4% 2017 9 30 16.6% 2016 12 31 2017 9 30 2014 12 3114.7% 2015 12 31 16.2% 2016 12 3117.4% 2017 9 30 11.7% 2016 12 31 282

2014 12 31 216,947 216,947 210,000 89,346 89,346 89,346 4,950 4,950 4,950 311,243 311,243 304,296 2015 12 31 520 520 500 99,476 99,476 99,476 90,999 90,999 90,999 190,995 190,995 190,975 283

2016 12 31 87,009 87,009 87,009 9,182 9,182 9,182 96,191 96,191 96,191 2017 9 30 135,002 135,002 135,002 10,428 10,428 10,428 145,430 145,430 145,430 2017 12 31 284

2017 9 302017 12 31 424,400 91,075 7,213 2017 12 31 (7,882) 2017 12 31 514,806 2017 12 31 1,285,194 2017 12 31 1,800,000 2017 9 30 285

62.0 3.26 2.83 3.69 (i) 2017 9 308.4 1.7(ii) 2017 12 31 17.84.3(iii) 2018 12 314.0 25.8 2017 9 30 2017 9 30 2017 12 31 13.13 13.19 13.13 13.19 4.29 2017 9 30 2017 9 30 286

2017 9 30 2017 9 30 (1) (2)(5) (3)(4) (4) (5) 2.83 930,169 866,231 1,796,400 1.12 1.39 3.69 930,169 1,142,066 2,072,235 1.30 1.60 (1) 2017 9 30 2017 9 30 934.5 4.4 (2) 2.83 3.69 50.6 53.42017 9 3010.1 (3) 2017 9 30 (4) 400,000,000 2017 9 30 (5) 10.80992018 3 5 287

3.26 1,239.8 3.26 188.8 53.0%657.1 35.0%433.9 2.0%24.8 10.0%124.0 1,069.5 1,410.1 288

3.26 1,428.6 195.2 289

20 1,000 2.83 55,386,000 13.85% 3.46% 12.04% 3.34% 3.26 48,080,00012.02% 3.01% 10.45% 2.90% 3.69 42,478,000 10.62% 2.65% 9.23% 2.56% 290

BOCOM International Prosperity Investment Limited BOCOM Investment BOCOM Investment 2018 3 11 BOCOM Investment 1078.4 1,000 3.26BOCOM Investment 24,040,000 6.01% 1.50% 5.23% 1.45% BOCOM Investment BOCOM InvestmentBOCOM Investment 3329 2018 3 11 1078.4 1,000 3.26 24,040,000 6.01% 1.50% 5.23% 1.45% 1321 672 200 291

(a) (b) (c) (d) 292

2018 3 13 (1) (i) (ii) 293

(iii) (iv) (v) (vi) (vii) (viii) 294

(ix) Conyers Dill & Pearman (x) (2) (i) (ii) (iii) (i) 295

(ii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) 296

(xiv) (xv) (xvi) SARS H1N1 H5N1 (xvii) (xviii) (xix) (i) (ii) 297

(iii) (iv) 10.08 10.08 10.07(1)(i) (ii) (iii) (a) (b) (a) 298

(a) 10.07(2) (2)155 (b) 2.07C (a) 299

(b) (c) (a) (b) (d) (a) (b) (c) (a) (b) (c) (a) (b) (c) (a) i 300

ii iii (a)(i) (ii) iv (a)(i) (ii) (iii) (a)(i) (ii) (iii) (b) (a)(i) (ii) (iii) (c) (a)(i) (ii) (iii) 301

30 2018 4 18 60,000,00015% 2.8% 2.8% 0.5% 62.03.26 302

(a) (b) (a) (i) (1)(2) (ii) (i) (iii) (iv) (b)(i)(2) (b)(ii) (b)(iii) 303

60,000,000 3A.07 304

(i) 40,000,000 (ii) S 144A144A 360,000,000 40,000,000 10% 2.5% 305

A B A5 B 5 B AB AB 20,000,000 (i)15 50(ii)50 100(iii)100 120,000,000 160,000,000200,000,000 30%(a)40%(b)50% (c) AB HKEX-GL91-18 18 306

80,000,000 2.83 3.69 3.69 360,000,000 90% 22.5% 307

302018 4 18 60,000,00015% 3.75% 60,000,000 15% 308

(i) (ii) (iii) (i) (ii)(iv) (v) (vi) (ii) (iii) (iv) (v) 2018 4 18 30 309

2018 3 192018 3 22 3.692.83 www.hkexnews.hkhttp://www.chinaxhedu.com 10% 310

2018 3 23 3.26 1,239.8 3.261,428.6 (i) (ii) (iii) (iv) 2018 4 13 30 2018 3 22 311

155 (i) (ii) 2018 3 26 2018 3 26 1,000 02779 312

1. eipowww.eipo.com.hk eipo 2. 18 eipo (i) (ii) eipo 313

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(ii) 1 3 131-133 341-343B 68 G1 G8B 611-617 68-70 209 136 G13-14 2018 3 142018 3 19 8 315

2018 3 14 2018 3 15 2018 3 16 2018 3 17 2018 3 19 2018 3 19 4. eipo (i) (ii) (iii) (iv) (v) (vi) 316

(vii) (viii) (ix) (x) (xi) (xii) (i) (ii) SS 902(h)(3) (xiii) (xiv) (xv) (xvi) 317

(xvii) (xviii) eipo (xix) (i) (ii) 5. eipo www.eipo.com.hk eipo eipo eipo eipo eipo 2018 3 142018 3 19 eipo www.eipo.com.hk 24 2018 3 19 eipo eipo eipo 318

eipo 40 40 342E eipo eipo www.eipo.com.hk eipo2 6. 2979-7888 https://ip.ccass.com 8 319

(i) (ii) 320

40 321

1,000 1,000 2018 3 14 (1) 2018 3 15 (1) 2018 3 16 (1) 2018 3 17 (1) 2018 3 19 (1) (1) 2018 3 14 2018 3 19 24 2018 3 19 322

40 40342E 7. eipo eipo eipo (i) (ii) 2018 3 19 323

8. eipo 9. eipo 1,000 1,000 www.eipo.com.hk 324

10. 2018 3 19 2018 3 19 11. 2018 3 23 http://www.chinaxhedu.comwww.hkexnews.hk 2018 3 23 http://www.chinaxhedu.comwww.hkexnews.hk 2018 3 23 2018 3 29 24 www.iporesults.com.hk https://www.eipo.com.hk/en/allotment https://www.eipo.com.hk/zh-hk/allotment) 325

2018 3 23 2018 3 26 2862 8669 2018 3 23 2018 3 24 2018 3 26 12. (i) eipo 40 342E 326

(ii) eipo (iii) (iv) eipo 50% 327

13. 3.69 2018 3 23 14. (i) (ii) 2018 3 23 328

2018 3 26 (i) 1,000,000 2018 3 23 183 17 1712-1716 1,000,000 2018 3 23 (ii) 1,000,000 1,000,0002018 3 23 2018 3 23 329

2018 3 23 (iii) eipo 1,000,000 2018 3 23 183 17 1712-1716 1,000,000 2018 3 23 (iv) 2018 3 23 330

2018 3 23 2018 3 23 2018 3 23 2018 3 23 15. 331

I-1 I-44 I-4 I-44 20142015 2016 12 31 2017 9 30 2017 9 30 201420152016 12 312017 9 30 I-4 I-44 2018 3 14 1 200 I-1

1 2014 20152016 12 31 2017 9 302017 9 301 2016 9 30 1 2410 1 I-2

I-4 23(c) 10 8 2018 3 14 I-3

12 31 9 30 2014 2015 2016 2016 2017 4(a) 250,114 281,646 303,262 200,391 220,846 (111,423) (123,851) (124,032) (87,951) (105,751) 138,691 157,795 179,230 112,440 115,095 5 40,699 39,687 44,371 34,099 36,696 (3,736) (4,729) (5,677) (4,407) (4,184) (35,112) (41,734) (42,942) (31,442) (40,804) 140,542 151,019 174,982 110,690 106,803 6(a) 6 140,542 151,019 174,982 110,690 106,803 7(a) (7,365) (1,048) (2,434) (1,473) (635) 133,177 149,971 172,548 109,217 106,168 336 4,155 4,772 3,047 5,087 556 (3,491) (5,368) (3,648) (4,246) 892 664 (596) (601) 841 134,069 150,635 171,952 108,616 107,009 10 I-4

12 31 9 30 2014 2015 2016 2017 11 422,367 439,225 470,296 488,537 12 98,108 95,551 92,994 91,075 13 1,016 3,325 3,579 4,354 1,271 1,676 601 2,102 522,762 539,777 567,470 586,068 14 872 151 1,199 4,008 15 9,858 6,073 3,532 6,712 26(b) 274,217 46,529 237,477 16 246,664 120,068 390,909 17 98,469 104,306 105,874 387,317 383,416 403,723 468,150 788,946 18 210,000 500 19 146,935 153,841 166,878 287,895 20 89,346 99,476 87,009 135,002 26(b) 4,950 90,999 9,182 10,428 21 2,103 1,274 633 881 7,365 2,492 4,926 5,561 460,699 348,582 268,628 439,767 (77,283) 55,141 199,522 349,179 445,479 594,918 766,992 935,247 21 1,452 256 378 724 1,452 256 378 724 444,027 594,662 766,614 934,523 22 50,000 50,000 50,000 51,720 23 394,027 544,662 716,614 882,803 444,027 594,662 766,614 934,523 I-5

9 30 2017 * * * * * * * * * * * * 1,000 I-6

2014 1 1 50,000 70,357 (892) 190,493 309,958 2014 133,177 133,177 892 892 892 133,177 134,069 23(b) 28,211 (28,211) 2014 12 31 2015 1 1 50,000 98,568 295,459 444,027 2015 149,971 149,971 664 664 664 149,971 150,635 23(b) 34,683 (34,683) 2015 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) 41,687 (41,687) 2016 12 31 2017 1 1 50,000 174,938 68 541,608 766,614 2017 106,168 106,168 841 841 841 106,168 107,009 23(b) 23(a) 1,720 59,180 60,900 2017 9 30 51,720 59,180 174,938 909 647,776 934,523 2016 1 1 50,000 133,251 664 410,747 594,662 2016 109,217 109,217 (601) (601) (601) 109,217 108,616 23(b) 2016 9 30 50,000 133,251 63 519,964 703,278 I-7

12 31 9 30 2014 2015 2016 2016 2017 17(b) 179,780 204,696 210,033 232,914 292,934 (5,921) 179,780 198,775 210,033 232,914 292,934 (42,102) (51,770) (61,142) (45,802) (45,892) 250 51 12 9 38 (391) (2,947) (1,206) (768) (1,654) (81,730) 104,237 (277,497) (356,697) 240,871 (240,000) (245,000) (264,500) (264,500) 350,000 454,500 265,000 264,500 24,296 9,643 830 827 (65,600) (899,000) (1,031,000) (574,000) (1,104,000) 67,694 656,491 1,162,368 773,648 838,246 12,417 26,205 (207,135) (202,783) (72,391) 240,000 245,000 264,500 264,500 (350,000) (454,500) (265,000) (264,500) (24,296) (9,643) (830) (827) 60,900 (134,296) (219,143) (1,330) (827) 60,900 57,901 5,837 1,568 29,304 281,443 40,568 98,469 104,306 104,306 105,874 17(a) 98,469 104,306 105,874 133,610 387,317 I-8

1 2017 8 30 2017 10 31 2017 10 31 2014 1 1 2017 9 30 201420152016 12 31 2017 9 30 2014 1 1 BVI Xinhua Education, Inc. I-9

(a) 2017 8 31 500 0.01 100% (a) 2017 9 8 1 1 100% Xinhua Education, Inc. (a) 2017 8 22 0.1 0.01 100% * (a) 2017 9 30 10,000,000-100% * (b)(c) 1999 9 1 51,720,000 51,720,000 100% * (b)(c) 2000 6 18 60,480,000 60,480,000 100% * (b)(c) 2002 4 11 4,950,000 4,950,000 100% (a) (b) (c) 201420152016 12 31 * I-10

12 31 2 2018 1 1 2018 1 1 27 2 (a) (b) 3 (c) I-11

(d) (e) 2(i)(i) 2(i)(i) (f) 2(i)(ii) I-12

2(s) 20 10 3-5 3-5 2(i) (ii) (g) 2(i) (ii) 5 (h) (i) I-13

(ii) 2(i)(ii) (iii) (i) (i) I-14

(ii) (j) 2(i)(i) I-15

(k) (l) (m) (n) (i) (ii) (iii) (o) I-16

(p) (q) (i) 96 I-17

(ii) (iii) (iv) (r) (s) (t) (a) (i) (ii) (iii) I-18

(b) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (a) (a)(i) (u) 3 (a) I-19

(b) (i) 2(f) (ii) 2(i)(ii) 4 (a) 12 31 9 30 2014 2015 2016 2016 2017 223,862 251,776 270,394 176,118 194,492 26,252 29,870 32,868 24,273 26,354 250,114 281,646 303,262 200,391 220,846 10% (b) 8 I-20

5 12 31 9 30 2014 2015 2016 2016 2017 19,206 16,252 20,850 14,123 12,583 10,348 12,048 14,863 14,493 12,908 (i) 11,029 6,759 1,657 976 5,917 (556) 3,491 5,368 3,648 4,246 475 604 696 513 460 197 533 937 346 582 40,699 39,687 44,371 34,099 36,696 (i): 6 12 31 9 30 2014 2015 2016 2016 2017 (a) 24,097 9,284 830 827 (i) (24,097) (9,284) (830) (827) (i) 20142015 12 31 210,000,000 500,000 I-21

12 31 9 30 2014 2015 2016 2016 2017 (b) 77,435 83,939 85,797 63,644 68,593 (i) 5,881 6,170 6,306 4,767 4,824 83,316 90,109 92,103 68,411 73,417 (i) 12 31 9 30 2014 2015 2016 2016 2017 (c) 28,475 34,456 41,167 30,083 35,421 544 638 952 699 879 2,557 2,557 2,557 1,919 1,919 49 49 25 1,249 31,625 37,700 44,701 32,701 39,468 I-22

7 (a) 12 31 9 30 2014 2015 2016 2016 2017 7,365 1,048 2,434 1,473 635 (i) (ii) (iii) 25% (iv) 201420152016 12 312017 9 30 I-23

(b) 12 31 9 30 2014 2015 2016 2016 2017 140,542 151,019 174,982 110,690 106,803 35,136 37,755 43,746 27,673 26,701 (27,018) (32,295) (40,545) (25,534) (27,576) 465 (4,434) (786) (674) 1,476 4 22 19 8 34 (1,222) 7,365 1,048 2,434 1,473 635 (c) 2(o) 201420152016 12 31 2017 9 30 24,328,456 6,591,934 3,446,129 9,348,875 (d) 2008 1 1 10% 2008 1 1 201420152016 12 31 2017 9 30 236,108,000 351,396,000 482,257,000 588,425,000 I-24

8 2014 12 31 138 138 33 33 21 21 192 192 2015 12 31 210 210 198 6 204 148 7 155 556 13 569 2016 12 31 207 207 195 8 203 169 8 177 571 16 587 I-25

2016 9 30 145 145 133 6 139 115 6 121 393 12 405 2017 9 30 144 144 133 7 140 147 6 153 424 13 437 9 I-26

9 12 31 9 30 2014 2015 2016 2016 2017 1,080 1,199 1,311 877 1,008 20 24 24 17 20 1,100 1,223 1,335 894 1,028 1,000,000 10 1 11 2014 1 1 362,042 8,899 71,510 35,447 102,768 580,666 10,007 1,015 4,874 432 34,588 50,916 (519) (252) (94) (865) 15,486 5,159 (20,645) 2014 12 31 387,535 9,395 81,291 35,785 116,711 630,717 2015 1 1 387,535 9,395 81,291 35,785 116,711 630,717 818 428 5,397 2,933 41,789 51,365 (1,085) (37) (663) (1,785) 6,211 31,228 15,545 (52,984) 2015 12 31 394,564 8,738 117,879 53,600 105,516 680,297 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 I-27

2017 1 1 493,342 9,567 126,195 59,318 63,941 752,363 939 3,055 5,165 44,541 53,700 (504) (419) (379) (1,302) 81,504 107 750 (82,361) 2017 9 30 574,846 10,002 128,938 64,854 26,121 804,761 2014 1 1 (97,078) (4,548) (52,282) (26,582) (180,490) (18,417) (797) (6,280) (2,981) (28,475) 329 194 92 615 2014 12 31 (115,495) (5,016) (58,368) (29,471) (208,350) 2015 1 1 (115,495) (5,016) (58,368) (29,471) (208,350) (19,564) (783) (9,995) (4,114) (34,456) 1,044 37 653 1,734 2015 12 31 (135,059) (4,755) (68,326) (32,932) (241,072) 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) (19,729) (608) (9,963) (5,121) (35,421) 466 419 379 1,264 2017 9 30 (176,567) (5,570) (90,757) (43,330) (316,224) 2014 12 31 272,040 4,379 22,923 6,314 116,711 422,367 2015 12 31 259,505 3,983 49,553 20,668 105,516 439,225 2016 12 31 336,504 4,139 44,982 20,730 63,941 470,296 2017 9 30 398,279 4,432 38,181 21,524 26,121 488,537 201420152016 12 31 2017 9 308,225,111 11,969,826 84,088,586 136,864,791 I-28

12 12 31 9 30 2014 2015 2016 2017 1 1 127,872 127,872 127,872 127,872 12 319 30 127,872 127,872 127,872 127,872 1 1 (27,207) (29,764) (32,321) (34,878) (2,557) (2,557) (2,557) (1,919) 12 319 30 (29,764) (32,321) (34,878) (36,797) 12 319 30 98,108 95,551 92,994 91,075 50 13 12 31 9 30 2014 2015 2016 2017 1 1 4,105 4,496 7,443 8,649 391 2,947 1,206 1,654 12 319 30 4,496 7,443 8,649 10,303 1 1 (2,936) (3,480) (4,118) (5,070) (544) (638) (952) (879) 12 319 30 (3,480) (4,118) (5,070) (5,949) 12 319 30 1,016 3,325 3,579 4,354 I-29

14 12 31 9 30 2014 2015 2016 2017 872 151 1,182 4,008 17 872 151 1,199 4,008 24(a) 15 12 31 9 30 2014 2015 2016 2017 1,160 1,820 1,209 1,333 8,698 4,253 2,323 5,379 9,858 6,073 3,532 6,712 16 12 31 9 30 2014 2015 2016 2017 246,664 120,068 390,909 I-30

17 (a) 12 31 9 30 2014 2015 2016 2017 98,469 104,306 105,874 387,317 98,469 104,306 105,874 387,317 * * * 1,000 (b) 12 31 9 30 2014 2015 2016 2016 2017 140,542 151,019 174,982 110,690 106,803 6(c) 29,019 35,094 42,119 30,782 36,300 6(c) 2,557 2,557 2,557 1,919 1,919 5 556 (3,491) (5,368) (3,648) (4,246) 172,674 185,179 214,290 139,743 140,776 (7,690) 4,506 1,493 (1,351) (5,989) 14,796 15,011 (5,750) 94,522 158,147 179,780 204,696 210,033 232,914 292,934 I-31

(c) 18 20 2014 1 1 320,000 558 320,558 6(a) 24,097 24,097 240,000 240,000 (350,000) (24,296) (374,296) 2014 12 312015 1 1 210,000 359 210,359 6(a) 9,284 9,284 245,000 245,000 (454,500) (9,643) (464,143) 2015 12 312016 1 1 500 500 6(a) 830 830 264,500 264,500 (265,000) (830) (265,830) 2016 12 312017 1 1 2017 9 30 2016 1 1 500 500 6(a) 827 827 264,500 264,500 (264,500) (827) (265,327) 2016 9 30 500 500 I-32

18 12 31 9 30 2014 2015 2016 2017 210,000 500 210,000 500 20142015 12 316.2% 7.8% 4.9% 19 12 31 9 30 2014 2015 2016 2017 129,402 134,827 146,581 250,013 17,533 19,014 20,297 37,882 146,935 153,841 166,878 287,895 20 12 31 9 30 2014 2015 2016 2017 (i) 44,145 50,395 30,199 38,571 4,716 7,183 9,565 21,595 12,093 9,638 16,460 25,053 11,672 12,901 12,256 12,206 359 16,361 19,359 18,529 37,577 89,346 99,476 87,009 135,002 (i) I-33

21 12 31 9 30 2014 2015 2016 2017 1,465 3,555 1,530 1,011 13,119 4,734 1,138 6,511 (11,029) (6,759) (1,657) (5,917) 3,555 1,530 1,011 1,605 2,103 1,274 633 881 1,452 256 378 724 3,555 1,530 1,011 1,605 22 201420152016 12 31 2017 9 30 2017 8 30380,000 38,000,000 0.015,172 2017 8 30 23 (a) 2017 8 18 60,900,000 1,720,000 (b) (i)(ii) (i) (ii) 10% 50% 25% 25% I-34

(c) (d) 23(a) 2017 6 30 60,900,000 2017 9 30 (e) 201420152016 12 31 2017 9 30 12 31 9 30 2014 2015 2016 2017 462,151 348,838 269,006 440,491 906,178 943,500 1,035,620 1,375,014 51% 37% 26% 32% 24 I-35

(a) (b) 2014 12 31 216,947 216,947 210,000 89,346 89,346 89,346 4,950 4,950 4,950 311,243 311,243 304,296 I-36

2015 12 31 520 520 500 99,476 99,476 99,476 90,999 90,999 90,999 190,995 190,995 190,975 2016 12 31 87,009 87,009 87,009 9,182 9,182 9,182 96,191 96,191 96,191 2017 9 30 135,002 135,002 135,002 10,428 10,428 10,428 145,430 145,430 145,430 (c) (i) 13 I-37

12 31 9 30 2014 2015 2016 2017 246,664 120,068 390,909 2015 12 31 3.58% 4.42% 0.5% 82,221 2016 12 31 4.35% 5.00% 0.5% 7,223 I-38

2017 9 30 3.80% 4.75% 0.5% 102,869 12 31 9 30 2014 2015 2016 2017 1 1 1,758 246,664 120,068 65,600 899,000 1,031,000 1,104,000 664 68 909 (67,358) (653,000) (1,157,664) (834,068) 12 31 9 30 246,664 120,068 390,909 (ii) 201420152016 12 31 2017 9 30 I-39

25 12 31 9 30 2014 2015 2016 2017 22,361 26,202 39,690 15,682 107,500 22,361 26,202 39,690 123,182 26 Anhui Xinhua Investment Co., Ltd Anhui Huadong Chuanmei Co., Ltd Anhui New East Cuisine Institute Xinhua Computer College Hefei Wanzhi Trading Co., Ltd I-40

(a) 12 31 9 30 2014 2015 2016 2016 2017 24,097 9,284 830 827 988 2,741 2,056 2,084 5,255 3,602 3,939 (81,730) 104,237 (277,497) (356,697) 240,871 240,000 245,000 264,500 264,500 350,000 454,500 265,000 264,500 (b) 12 31 9 30 2014 2015 2016 2017 106 29 52 46,000 46,000 142,850 18,111 94,575 64,217 46,029 237,477 12 31 9 30 2014 2015 2016 2017 687 1,397 4,232 4,232 2,084 I-41

12 31 9 30 2014 2015 2016 2017 4,950 4,950 4,950 4,950 86,049 3,394 4,950 90,999 4,950 8,344 12 31 9 30 2014 2015 2016 2017 210,000 500 210,000 500 20142015 12 31 6.2% 7.8% 4.9% (c) 8 9 27 2018 1 1 9 15 15 15 2 4 4 9 2018 1 1 2018 1 1 2018 1 1 2018 1 1 2018 1 1 I-42

1 28 22 40 20142016 10 28 2018 1 1 2018 1 1 2018 1 1 2018 1 1 2018 1 1 16 23 2019 1 1 2019 1 1 9 15 16 9 939 9 939 2018 1 1 9 9 15 1515 18 11 15 15 16 2(h) 16 16 I-43

12 16 28 2017 11 20 196 2018 1 17 2018 2 6 29 2017 9 30 I-44

A. 4.29 7 2017 9 30 2017 9 30 2017 9 30 2017 9 30 2017 9 30 (1) (2)(5) (3)(4) (4) (5) 2.83... 930,169 866,231 1,796,400 1.12 1.39 3.69... 930,169 1,142,066 2,072,235 1.30 1.60 II-1

(1) 2017 9 30 2017 9 30 934.5 4.4 (2) 2.83 3.69 50.6 53.4 2017 9 3010.1 (3) 2017 9 30 (4) 400,000,000 2017 9 30 (5) 10.80992018 3 5 II-2

B. 2018 3 14 A2017 9 30 A 2017 9 30 2017 9 30 2017 9 30 4.29 7 7 II-3

1 4.29(7) 3420 4.297 2017 9 30 II-4

(a) (b) (c) 4.29(1) 2018 3 14 II-5

2017 12 31 2017 12 312017 2016 12 31 2017 2017 12 31 2016 2017 4 303,262 337,958 (124,032) (145,481) 179,230 192,477 5 44,371 53,796 (5,677) (5,375) (42,942) (66,857) 174,982 174,041 6 174,982 174,041 7 (2,434) (2,083) 172,548 171,958 4,772 9,715 (5,368) (9,262) (596) 453 171,952 172,411 8 14.38 14.33 III-1

2017 12 31 12 31 2016 2017 470,296 491,883 92,994 90,437 3,579 5,301 9 601 197,939 567,470 785,560 10 1,199 201 11 3,532 12,293 237,477 12 120,068 235,521 105,874 293,023 468,150 541,038 13 166,878 191,773 14 87,009 130,932 9,182 511 15 633 881 4,926 2,073 268,628 326,170 199,522 214,868 766,992 1,000,428 378 503 378 503 766,614 999,925 50,000 * 716,614 999,925 766,614 999,925 * 1,000 III-2

2017 12 31 2017 1. 2017 2017 2. 2017 12 31 2017 9 15 1515 2 4 4 9 1 28 22 40 20142016 10 28 16 23 2018 1 1 2018 1 1 2018 1 1 2018 1 1 2018 1 1 2018 1 1 2018 1 1 2018 1 1 2018 1 1 2018 1 1 2019 1 1 2019 1 1 9 15 16 9 939 9 939 2018 1 1 9 9 III-3

2017 12 31 15 1515 18 11 15 15 16 2(h) 16 16 12 16 3. 8 10% III-4

2017 12 31 4. 12 31 2016 2017 270,394 300,883 32,868 37,075 303,262 337,958 5. 12 31 2016 2017 20,850 21,311 14,863 14,931 1,657 6,193 5,368 9,262 696 756 937 1,343 44,371 53,796 6. 12 31 2016 2017 (a) 830 (830) 2016 III-5

2017 12 31 12 31 2016 2017 (b) 85,797 91,650 6,306 6,520 92,103 98,170 12 31 2016 2017 (c) 41,167 48,027 952 1,216 2,557 2,557 25 2,171 44,701 53,971 7. (a) 12 31 2016 2017 2,434 2,083 (i) (ii) (iii) 25% III-6

(iv) 2017 12 31 2017 12 31 (b) 12 31 2016 2017 174,982 174,041 43,746 43,510 (40,545) (45,941) (786) 4,441 19 73 2,434 2,083 (c) 2(o) 2017 12 31 21,209,224 2016 3,446,129 (d) 2008 1 1 10% 2008 1 1 2017 12 31 606,584,000 2016 482,257,000 8. 2017 12 31 2017 12 31 1,200,000,00020161,200,000,000 2017 12 31 III-7

2017 12 31 9. 12 31 2016 2017 (i) 601 197,939 (i) 2017 12 31 195,961,300 10. 12 31 2016 2017 1,182 201 17 1,199 201 11. 12 31 2016 2017 1,209 1,129 2,323 11,164 3,532 12,293 12. 12 31 2016 2017 120,068 235,521 120,068 235,521 III-8

2017 12 31 13. 12 31 2016 2017 146,581 165,174 20,297 26,599 166,878 191,773 14. 12 31 2016 2017 (i) 30,199 31,300 9,565 5,943 16,460 29,173 12,256 13,032 18,529 25,682 25,802 87,009 130,932 (i) 15. 12 31 2016 2017 1,530 1,011 1,138 6,566 (1,657) (6,193) 1,011 1,384 633 881 378 503 III-9 1,011 1,384

2017 12 31 2016 12 31 2016 12 31 2016 12 31 27,8362017 9 3028,0302016 12 31 303.32017 12 31338.0 2016 12 31172.5 2017 12 31172.0 2017 2017 12 31 III-10

2017 12 31 12 31 2016 2017 303,262 337,958 (124,032) (145,481) 179,230 192,477 44,371 53,796 (5,677) (5,375) (42,942) (66,857) 174,982 174,041 174,982 174,041 (2,434) (2,083) 172,548 171,958 12 31 2016 2017 243,775 271,849 26,619 29,034 270,394 300,883 27,972 32,389 4,896 4,686 32,868 37,075 303,262 337,958 III-11

2017 12 31 2016303.3 11.4% 2017338.0 2016 12 31 270.4 2017 12 31 300.92016 12 31 32.92017 12 31 37.1 (i) (ii) 2017-2018 (iii)2016-201727,836 2016 12 312017-201828,030 2017 9 30 2016-2017 2017-2018 12 31 2016 2017 68,702 74,136 30,862 36,584 10,027 11,607 5,228 8,153 4,310 9,849 3,892 4,085 1,011 1,067 124,032 145,481 2016124.0 17.3% 2017 145.5(i) 2017 5.7(ii) 5.5(iii) 5.4 (iv) 2.9 III-12

2017 12 31 2016179.2 7.4% 2017192.5 2016 12 3159.1% 2017 12 3157.0% 12 31 2016 2017 (1) 20,850 21,311 (2) 14,863 14,931 (3) 1,657 6,193 (4) 5,368 9,262 (5) 696 756 (6) 937 1,343 44,371 53,796 (1) (2) (3) (4) (5) (6) 201644.4 21.2% 201753.8 (i) 4.5 (ii) 3.9 2017 III-13

2017 12 31 20165.7 5.3% 20175.4 201642.9 55.9% 201766.9 (i) 201726.2(ii) 2017 1.3 (iii) 0.9 3.1 2017 2017 12 31 174.0 2016 12 31 175.0 2017 12 31 51.5% 2016 12 31 57.7% 2017 12 312.1 2016 12 31 2.4 2017 12 312016 12 31 2017 3.9 2016 12 31 1.4%2017 12 31 1.2% 2017 12 31172.0 2016 12 31 172.5 III-14

2017 12 31 12 31 2016 2017 1,199 201 3,532 12,293 237,477 120,068 235,521 105,874 293,023 468,150 541,038 166,878 191,773 87,009 130,932 9,182 511 633 881 4,926 2,073 268,628 326,170 199,522 214,868 2017 12 31 214.92016 12 31 199.5 2017 12 31 2016 12 31 7.7% (i)2016 12 31 105.9 2017 12 31 293.0 (ii) 2017115.5 (i) 237.52017 12 31 (ii) 2017-2018 24.9 (iii) 43.9 12.7 25.8 III-15

2017 12 31 20162017 12 311.2 0.2 12 31 2016 2017 1,182 201 17 1,199 201 2016 12 311.2 2017 12 310.2 (i)(ii) (iii) 12 31 2016 2017 1,209 1,129 2,323 11,164 3,532 12,293 2016 12 31 3.5 2017 12 31 12.3 8.8(i) (ii) III-16

2017 12 31 12 31 2016 2017 120,068 235,521 2016 120.1 96.1% 2017 235.52017 2016 12 31 105.92017 12 31 293.0 12 31 2016 2017 146,581 165,174 20,297 26,599 III-17 166,878 191,773

2017 12 31 12 31 2016 166.9 14.9% 2017 191.8 2017-2018 (i)(ii) (iii) (iv) (v) (vi) 12 31 2016 2017 30,199 31,300 9,565 5,943 16,460 29,173 12,256 13,032 18,529 25,682 25,802 87,009 130,932 2016 12 31 87.0 50.5% 2017 12 31 130.9(i) 25.8 (ii) 2017 12.7 (iii) 7.2 3.6 2016 2017 12 31 1.0 1.4 III-18

2017 12 31 20162017 12 31 4.9 2.1 20162017 12 31 62.3 258.3 2017196.0 12 31 2016 2017 39,690 15,261 107,500 39,690 122,761 2017 12 31 216.02017 12 31 2017 12 31 III-19

2017 12 31 12 31 2016 2017 (1) 56.9% 50.9% (2) 1.7 1.7 (3) 25.4% 19.5% (4) 17.4% 14.6% (1) (2) (3) (4) 2016 12 3156.9% 2017 12 31 50.9% 2016 12 312017 12 31 1.7 2017 12 3114.6% 2017 12 31 19.5% 2017 12 312016 12 31 (i)(ii) III-20

2017 12 31 2017 12 31 14 2017 20172017 12 31 2017 2017 12 31 III-21

2017 12 31 1 16 2017 12 31 2017 2017 IV-1

IV-2

IV-3 5.08 5 12 555 2018 3 14 30

2017 12 31 555 4 820,777.29 1 7 20012017 465,922.77 30,265.61 2024 7 10 1,432,000 1,800,000,000 100% 1,800,000,000 (1) 343,273.02 131,366.72 163,807.05 18,671.76 29,427.49 343,273.02 105,763 2018 14,298.75 2,588 2050 7 27 2053 6 152053 6 19 IV-4

(1) 2,588 (2) 820,777.29 (2005)640 2053 6 15 233,413.80 (2008)13 2053 6 19 254,238.42 2000-4 2050 7 27 128,836.00 (2008)12 2053 6 19 204,289.07 820,777.29 (3) 2009 12 92012 3 136 62,827.59 110174875 9,801.99 110174877 10,587.55 110174876 8,205.06 110174878 8,468.93 110030059 12,924.69 110030060 12,839.37 62,827.59 2005 10 92012 11 2725 280,445.43 098536 7,504.84 098540 11,112.74 098533 5,564.86 098539 9,420.02 098542 9,251.74 098534 9,968.77 098538 7,003.09 098541 5,784.34 098535 5,876.79 098543 5,628.04 098537 11,989.94 IV-5

081104 19,134.64 081101 18,923.75 081102 19,307.69 8110025198 50 10,055.19 8110025196 9,042.07 083586 324.08 5004220 7,866.66 5004219 15,903.37 140009277 15,903.37 8110046851 7,369.53 110039405 13,799.66 110039404 14,788.97 140009276 19,460.64 140009275 19,460.64 280,445.43 (4) (i) (ii) (iii) (iv) (v) 14,298.75 (vi) 105,763 (vii) 2,588 IV-6

2017 8 30 22 19613 1. (a) 27(2) (b) 2. 2018 3 8 (a) (i) (ii) V-1

(iii) (i) (ii) (iii) (iv) (v) (iv) V-2

(30) (v) (vi) (vii) (20) V-3

(14) (20) (b) (i) V-4

(aa) (bb) (cc) (6) (dd) (ee) (ff) (ii) (a) (b) V-5

(iii) (iv) (v) V-6

(vi) (vii) 622 (viii) V-7

(aa) (bb) (cc) (dd) (ee) V-8

(iii) (15)(18) (iv) (21)(20) (14) (10) V-10

(aa) (bb) (cc) (dd) (ee) (ff) (20%) (gg) (v) (vi) V-11

(f) (21) (g) V-12

(i) (ii) (a) (b) V-13

(h) (2) 2.50 1.00 (i) 3(f) (j) (i) (ii) V-14

(k) 3. (a) (b) (a) (b) (c)37(d) (e) V-15

(e) (f) (a) (b) (c) (a)(b) (c) (d) (g) V-17

(h) (i) (ii) (iii) (i) (j) (1) (2) 2017 9 7 2010 (k) (l) V-18

(m) (n) (o) (60) (p) 25% (q) (a) (b) (c) V-19

21 (r) (75%) V-20

(s) (4) (90%) (4)(2) (1) (t) 4. Conyers Dill & Pearman V-21

A. 1. 2017 8 30 2017 10 4 2818 2818 2. 380,000 38,000,000 0.010.011 0.011 4,94950 172 20,000,000 2,000,000,0001,600,000,000 400,000,000 A. 4.2018 3 8 3. BVI 2017 8 31BVI 500 50,0000.01 BVI 0.0110.01 VI-1

2017 9 8 BVI 1 2017 8 22 100 0.0012017 10 24 BVI10BVI 2017 8 18 1.72 2017 8 2550 51.72 2017 9 30 10 2018 1 17 50 4. 2018 3 8 2018 3 8 (a) (b) 1,962,000,000 0.01 380,000 38,000,000 0.01 20,000,000 2,000,000,000 0.01 VI-2

(vi) 10% VI-4

(vii) (c)(vi) (c)(v) 10% (c)(v) (c)(vi) (c)(vii) (1) (2) (3) 5. (a) (i) 2018 3 8 10% VI-5

A. 4.2018 3 8 (ii) (iii) (b) (c) VI-6

(d) 26 B. C. 1. (1) 2017 8 18 50,000,000 51,720,000 1,720,000 VI-7

(2) 2017 10 31 (3) 2017 10 31 (i) (ii) (4) 2017 10 31 (5) 2017 10 31 (6) 2017 10 31 (7) 2017 10 31 VI-8

(8) 2017 10 31 (9) 2017 10 31 (10) 2017 10 31 (i) (ii) (11) 2017 10 31 (12) 2017 10 31 (13) 2017 10 31 (14) 2017 10 31 (15) 2017 10 31 (16) 2017 10 31 (17) 2017 10 31 VI-9

(18) 2017 10 31 (19) 2017 10 31 (20) 2017 10 31 (21) 2017 10 31 (22) 2017 10 31 (23) 2018 2 6 (24) 2018 2 6 (i) (ii) (25) 2018 2 6 VI-10

(26) 2018 2 6 (27) 2018 2 6 (28) 2018 2 6 (29) 2018 2 6 (30) 2018 2 6 (31) 2018 2 6 (i) (ii) (32) 2018 2 6 (33) 2018 2 6 VI-11

(34) 2018 2 6 (35) 2018 2 6 (36) 2018 2 6 (37) 2018 2 6 (38) 2018 2 6 (39) 2018 2 6 (40) 2018 2 6 (41) 2018 2 6 (42) 2018 2 6 (43) 2018 2 6 (44) (45) (46) (47) BOCOM International Prosperity Investment Limited 2018 3 11BOCOM International Prosperity Investment Limited 10 VI-12

(48) 2018 3 11 10 2. 73 6 2017 89 chinaxhedu.com 2017 10 18 2018 10 18 axhu.cn 2004 4 5 2018 4 5 xhshool.cn 2005 4 25 2018 4 25 xhgroup.cn 2004 12 14 2021 12 14 3. (i) (ii) 2018 1 17 (iii) VI-13

(iv) 50 (v) 2027 12 5 (vi) 100% (vii) (i) (ii) 2017 9 30 (iii) (iv) 10 (v) (vi) 100% VI-14

(vii) (i) (ii) 1999 9 1 (iii) (iv) 51,720,000 (v) 51,720,000 (vi) 100% (vii) VI-15

(i) (ii) 2000 6 18 (iii) 20172021 (iv) 60.48 (v) 60.48 (vi) 100% (vii) (i) (ii) 2002 4 1 (iii) 2016 6 162019 5 10 (iv) 4.95 (v) 4.95 (vi) 100% (vii) VI-16

D. 1. Yang Zhanjun 1 260,000 260,000 160,000 100,000 150,000 150,000 2. 201420152016 12 312017 9 30 192,000 569,000 587,000 437,000 201420152016 12 31 2017 9 30 VI-17

2017 12 31 648,000 2018 12 31 1,100,000 E. 1. (a) XV XV78 352 (i) (1) (2) 1,148,491,879 71.78% (1) (2) VI-18

(ii) (1) 49,500,000 95.70% (b) XV23 XV 23 10% (i) (1) (2) 1,148,491,879 71.78% (2) 1,148,491,879 71.78% (1) (2) VI-19

(ii) 2. 49,500,000 95.70% 49,500,000 95.70% (a) XV23 10% (b) XV XV78 352 (c) (d) G. 10. G. 10. VI-20

(e) G. 10. (i) (ii) (f) 5% F. 2018 3 8 2018 3 8 17 1. 2. (a) (b) (c) (d) VI-21

(e) (f) (g) (a) (f) (h) 3. 10% 10%160,000,000 (a) 10% (b) (c) 30% VI-22

4. 12 1% 12 1% 5. 10 6. 12 (a) 0.1% (b) 5.0 VI-23

7. 8. 9. 28 28 1.00 VI-24

10. (a) (b) (c) 5 11. (a) 28 (b) (c) VI-25

(d) (i) 12 (ii) (iii) (iv) (1) (2) (3) VI-26

(v) 12. 10 13. (a) (b) (c) F.11. (d) (e) (f) VI-27

14. (a) (b) (c) (a) (b) (c) (d) 17 (e) 15. (a) VI-28

(b) (c) 16. (i) (ii) (i) (ii) 17. 18. 19. (a) (b) 17.03 VI-29

(b) (a) 20142015 2016 12 312017 9 30 (b) 2017 9 30 (c) (d) VI-31

2. 3. 8,000 4. 5. 3A.07 500,000 6. 2017 9 30 7. 32 44A44B 8. (1) (a) VI-32

(b) (c) (d) (e) (f) (g) (2) (12) 9. Conyers Dill & Pearman 1 46 7 VI-33

10. 9 11. 32L 4 VI-34

G. 10. C. 1. 14 15 19 1902-09 (1) (2) (3) 201420152016 12 31 2017 9 30 (4) (5) (6) C.1. (7) D.1. (8) (9) (10) Conyers Dill & Pearman VII-1

(11) (12) (13) VII-2

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