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中國新高教集團有限公司 China New Higher Education Group Limited ( 在開曼群島註冊成立之有限公司 ) 股份代號 :2001 2016 年報

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1 20 2001 1 22 189 8 2

Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands 9 28 18 Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 183 17 1712-1716 3

wangxin@daai-group.com 29 http://www.xingaojiao.com 2001 2017 4 19 4

2016 12 31 2017 4 19 33,462 9,5183,480 2013 3 98% 2017 4 28 5

2015 12 31 274.024.5% 2016 12 31 341.0 (i)2015 12 31 248.125.2% 2016 12 31 310.72016-2017 (ii) 2015 12 31 25.9 17.0% 2016 12 31 30.3 2015 12 31 138.428.2% 2016 12 31 177.4 (i) (ii)(iii) (iv) (v) 2015 12 31 135.620.6% 2016 12 31 163.62015 12 3149.5%2016 12 3148.0% 6

2015 12 31 49.323.5% 2016 12 31 60.9 13.5 2015 12 31 32.2 2016 12 31 46.0 (i) 1.5 (ii)0.8 (iii)0.7 2015 12 31 3.46.0% 2016 12 31 3.2 2015 12 31 36.962.3% 2016 12 31 59.9(i) 19.5(ii)2016 (iii) (iv) 4.1 2016 52016 5 2016 5 7

2015 12 31 5.1 2016 12 31 12.410.2 0.9 2015 12 31 29.622.0% 2016 12 31 36.1 CSI Finance Limited64.0 2.2 2016 9 25.40.9 2016 12 31 112.9 2015 12 31 110.1 2016 12 3133.1%2015 12 31 40.2% 2015 12 31 5.8 2016 12 31 2.4 2016 2016 12 31 110.5 2015 12 31104.3 8

20152016 12 31 83.0178.8 12 31 2015 2016 254,364 225,100 (343,744) (666,546) (126,811) 537,369 (117) 299,170 82,979 82,979 178,785 9

(i) (ii) (iii) 2016 12 31225.1 (i) 112.9(ii) 61.4 36.1 33.3 2.92.9 (iii) 53.638.1 179.2 163.8 10

2016 12 31666.5 (i)350.9 156.9(ii) 155.5 (iii) 32.7 2016 1 20.0 2016 12 31537.4 430.7 725.4 11.918.6 587.8 50.4 10.9 2016 12 31278.0 (i) (ii) 12 9 6 2016 12 31 2016-2017 11

2016 12 31 184.5 12 31 2015 2016 39,022 22,724 39,022 22,724 2016 12 31 12

12 31 2015 2016 12,787 9,011 16,891 10,567 700 600 30,378 20,178 15 12 31 2015 2016 4,596 4,813 3,323 7,519 225 8,144 12,332 13

2016 12 31 2016 12 314.57% 7.13% 2016 12 31 2016 12 31 2015 12 3196.4%2016 12 3142.4% 8.6% 147.0% (i) 251.228.1 (ii) 2015 12 31118.2%2016 12 31 61.4% 28.3% 147.0% (i) 251.2 28.1 (ii) 14

2004 2016 1 6 381.92016 4 20 2016 8 23 2016 9 1 73.91% 15

2003 2014 4 28 2015 8 4 2015 8 26 2015 8 2016 8 31 2016 8 5 5% 16

2014 8 5 2016 12 31 2016 12 31 2016 12 31 2016 12 31 1,824 2016 12 31 17

422016 7 8 18 19992004 2005 19992004 2009 2 2009 12 2010 10 2011 6 2013 2 18

2010 32012 8 2013 1 2010 8 2008 6 2009 102010 6 19

37 2004 42016 8 19 13 2004 4 2008 8 2008 9 2014 3 2014 4 2015 4 2015 5 2016 3 2016 3 2013 12 2004 7 20

44 2000 3 2016 8 19 17 2000 3 2005 12 2007 1 2015 9 2015 11 1997 62015 12 46 2016 8 192016 3 1365 2005 82013 2 600166 ZAP Inc.1995 52005 7 1993 7 1994 12 21

38 2016 8 19 2002 5 2010 5 2010 7 2012 1 2015 2 002600 2009 61999 6 2001 12 22

52 2017 3 20 1985 81991 12 1992 11993 10 19962007 2002 2008 2004 581 2004 610 2006 861 2009 2013 10 923 2015 7 94 2016 4 3800 2016 6 23

1990 10 2012 9 2005 6 68 2017 3 20 1978 82013 8 1997 82003 7 2013 82014 7 2014 82016 7 2014 10 1972 61973 6 1986 61988 6 2001 7 24

51 2017 3 20 10 1636 2007 122012 10 2014 7 16 1165 2011 8 261028 2011 6 8 1146 2011 7 132011 9 232011 12 9 2006 2004 32006 7 2002 200319972003 1987 1990 41 2004 122016 8 19 1999 72004 12 2004 122009 11 2009 122013 12 2013 12 25

2008 91999 7 47 2002 9 2016 8 19 2002 92003 10 2003 102005 1 2005 12011 3 2011 32015 9 2015 92016 7 2016 7 2009 12 2012 11 2013 10 46 2014 52016 8 19 2003 42014 4 2014 5 26

2010 1 48 2014 32016 8 19 1992 71996 9 1999 42001 9 2001 92007 9 2010 122014 1 2014 32015 6 2015 7 1992 7 1999 3 2009 7 2012 7 49 2016 8 19California Academy 2003 8 2006 7 2006 8 CyberData 2015 10 Technologies Inc. 27

1991 1 1999 5 34 2014 10 2006 82010 11 Bayer AG 2010 122014 10 CP Pharmaceutical Group 2014 102015 11 2015 12 2006 72014 11 Vlerick Business School2009 8 28

2017 4 19 201320142015 2016 12 31 6 2016 12 311 2016 12 31 95 2016 12 31 201320142015 2015 12 31 64.0% 87.0% 37.1% 29

201320142015 98.7% 98.6% 98.3% 86.8% 87.4% 92.3% 201698.3% 2014 12 31 206.52015 12 31 274.02016 12 31 341.028.5%2014 12 31 78.72015 12 31 104.3 2016 12 31 110.5 18.5%2014 6 3018,5902016 6 3029,716 2016 12 3133,462 30

(1) (2) 2014 20152016 12 31 90.3% 90.6% 91.1% 33

(3) (4) 1978 34

152 153 2017 4 19 743.0 2016 12 31 5% 35

2016 12 31 75.2% 48.4% 5% 2016 12 31 15 1,017.8107.2 2.1 28 2016 12 31 99 29 36

2016 12 31 2015 12 31 25 2016 12 31 2017 4 18 84 18 28 37

3.13 38

2016 12 31486 2016 12 31 486 2016 12 31 2016 12 31 V-33 9 10 2016 12 31 39

3 8 2016 12 312016 12 31 XV78 352 XV XV78 352 10 (i) (1)(2)(3)(4) 792,000,000 55.34% (1) Aspire Education ManagementAspire Education Management (2) Aspire Education Technology 53.35%Aspire Education Technology 40

(3) Aspire Education Consulting 79.20%Aspire Education Consulting (4) Aspire Education International (i) 44 9(ii)Aspire Education International Aspire Education InternationalAspire Education InternationalAspire Education International (ii) 10,428,600 29.88% XV XV78 352 18 41

2016 12 312016 12 31 XV23 336 336 XV23 (i) Aspire Education Management (1) 502,160,000 35.09% Aspire Education Technology (1) 196,000,000 13.70% Advance Vision (1) 177,760,000 12.42% (1) 177,760,000 12.42% (1) 177,760,000 12.42% (1) 177,760,000 12.42% 177,760,000 12.42% (1) Design Time (4) 104,800,000 7.33% CCBI Investments Limited (2) 104,800,000 7.33% 42

(2) 104,800,000 7.33% (2) 104,800,000 7.33% (2) 104,800,000 7.33% (2) 104,800,000 7.33% (1) Advance Vision Advance Vision 2318601318 96.52% Advance Vision 43

(2) CCBI Investments Limited CCBI Investments Limited Design Time CCBI Investments Limited Design Time (ii) 7,960,964 22.8102% 7,000,000 20.0568% 5,418,904 15.5265% 31,308,000 26.09% 44

54 10.8% XV2 3336 2017 3 20 (a) (b) (c) (d)(e) (f) (g)(a) (f) (h) 45

10%143,110,000 10% 12 1% 12 1% 10 28 28 1.00 46

(a) (b) (c)5 10 9 11 2016 12 31 (i) (ii)(i) 47

2014 6 17 2016 5 31 90% 66,258.94 2016 5 31 (1) (2)(3)(4) 20152015 12 31 2016 12 31 3.41 3.54 48

(i) (ii) 2016 8 22 (i) (ii) 49

(iii) (i) (i) (ii) (iii) (iv) (v) (vi) 50

2016 12 222017 2 82017 3 29 2017 2017 3 20 2016 12 312016 12 31 14A 14A 51

A. 2016 9 8 100% (3) (6) (7) (4) (5) (1) (2) (8) 100% 52

1. (2) 2. (2) 3. (3) 4. (4) (5) 5. (4) (6) 6. (7) (8) 7. (10) 8. (11) 9. 53

B. (1) (a) (b) (c) (d) (e) (f) (g) 54

(a) (b) (c) (i) (ii) (iii) 55

(d) (2) (a) (b) (c) (d)(e) (f)(g)(h) (a)(b)(c) (d)(e)(f) (g) (h)(i)(j)(k) (l) (m) 56

(3) (4) (a) (b)(c) (d) (e) (f) (g) (h) 57

(a) (b) (c)(d) (e) (f) (g) (h) (5) (6) 58

(7) (a) (b) (c) (d)(e) (f) (g) (h) (i) (8) (9) (a) 59

(b) (c) (d) (e) (f) (10) 2016 9 20 60

(11) C. D. 2016 12 31 2016 12 31 2016 12 31 100% 119.9% 61.6% E. 2016 12 31(i)(ii) 340,995,567.86 1,239,965,110.27 61

F. 1. (a) (b) (a) (b) 50% 2016 7 122016 7 122016 9 30 2016 7 192016 10 31 62

(a) (b) (c) (d) (i) (ii) (iii) (iv) 2016 102016 11 63

2. 2016 7 18 California AcademyAspire Education Holding 2016 7 12 California Academy 2016 9 20California Academy 2,500 2016 10 12017 9 30California Academy California Academy 56,000 64

California Academy California Academy California Academy (i) (ii) 3. 2015 1 2015 65

(i) 50% (ii) 50%(a) 50% (b) 50%(c) (iii) 19 66

(a) (b) (c) 144 145147 148 (i) 55.34% 53.74%(ii) (iii) 68

G. 69

(a) (b) (c) 70

(d) (e) (a) (b) (c) (d) 71

H. I. (i) (ii) (iii) 72

2017 4 19 14A 2016 12 31 34 14A 0.6 2016 12 31 2016 12 31 73

2016 2016 2017 9 1 2016 74

2016 2017 9 1 2016 2016 (i) (ii) (iii) (iv) 2016 2016 2016 (i) (ii) 75

164(1) 2016 12 3138 2016 12 31 78 88 76

25% 2016 12 31 2017 4 28 77

2016 7 82016 8 19 2017 3 20 2017 4 18 78

3.10(1) 3.10(2) 3.10A 2013 9 1 2017 3 2017 3 79

2017 3 20 3.10(2) 3.13 3.13 A.6.52017 4 19 80

14 2016 7 82016 8 19 2017 3 20 2017 4 18 81

2016 12 31 1828 0-500,000 2 500,001-1,500,000 7 (i) (ii)(iii) (www.xingaojiao.com) (www.hkexnews.hk) 82

2017 3 20 2017 3 20 2017 3 20 83

3.29 3.29 2017 12 31 15 2016 12 31 2016 12 31 500 0 500 84

58 2 9 21 29wangxin@daai-group.com 2017 3 202017 3 20 2016 12 31 87

www. xingaojiao.com 88

95 151 2016 12 31 2016 12 31 89

90 4 11

3 6 91

Leung, Wai Lap, Philip 2017 4 28 94

2016 12 31 2016 2015 6 340,996 273,994 (177,409) (138,367) 163,587 135,627 6 60,859 49,329 (3,174) (3,375) (59,929) (36,892) (12,365) (5,068) 7 (36,089) (29,554) 8 112,889 110,067 11 (2,358) (5,816) 110,531 104,251 12 1,666 (430) 112,197 103,821 111,755 103,823 442 (2) 95

2016 12 31 2016 2015 112,197 103,821 (15,594) 96,603 103,821 96,161 103,823 442 (2) 14 0.10 0.09 96

2016 12 31 2016 2015 15 867,240 728,270 16 31,817 30,213 17 99,173 103,030 18 8,318 4,921 19 4,500 20 720,585 173,944 1,727,133 1,044,878 21 50,516 48,794 34 22 52,749 20,000 22 178,785 82,979 19 20,000 3,415 42 285,465 171,815 23 217,047 180,019 24 240,262 177,230 25 102,500 319,496 27 2,122 2,324 1,511 2,472 563,442 681,541 (277,977) (509,726) 1,449,156 535,152 25 476,128 131,500 27 30,512 22,028 506,640 153,528 942,516 381,624 97

2016 12 31 2016 2015 28 29 888,169 345,781 888,169 345,781 54,347 35,843 942,516 381,624 98

2016 12 31 28 29 29 29 2015 1 1 125,001 77,896 178,161 381,058 381,058 103,823 103,823 (2) 103,821 36,280 (36,280) (137,000) (137,000) (137,000) 35,845 35,845 (2,100) (2,100) (2,100) 2015 12 31 2016 1 1 122,901* * 114,176* 108,704* 345,781 35,843 381,624 111,755 111,755 442 112,197 (15,594) (15,594) (15,594) (15,594) 111,755 96,161 442 96,603 48,118 (48,118) 446,254 446,254 446,254 18,605 18,605 (27) (27) (543) (570) 2016 12 31 569,128* (15,594)* 162,294* 172,341* 888,169 54,347 942,516 * 888,169,000 2015345,781,000 99

2016 12 31 2016 2015 112,889 110,067 12 1,838 331 7 36,089 29,554 (1,415) (2,234) (2,875) (2,792) 30 (758) 12 (1,267) (482) (125) 533 496 1,320 (2,917) (4,522) (3,834) (1,996) 33,259 26,569 904 989 2,251 2,286 1,595 993 (163,751) 34,036 179,243 22,217 38,072 41,111 229,694 257,980 1,415 2,234 (3,491) (5,451) (2,518) (399) 225,100 254,364 (155,458) (150,067) 344 115 (10,153) (20,007) (4,922) (2,952) (570) 31 19 (2,100) 30 9,309 4,874 (20,000) 100

2016 12 31 2016 2015 20,000 10,000 4,500 (507,822) (141,647) (9,290) 649 2,792 482 5,452 4,900 4,011 (52,749) 20,000) 20,000 (666,546) (343,744) 430,660 725,368 245,800 (587,806) (209,500) (50,437) (35,958) (137,000) 11,864 12,891 18,605 (10,885) (3,044) 537,369 (126,811) (117) 95,806 (216,191) 82,979 299,170 178,785 82,979 123,785 72,979 22 (52,749) (20,000) 22 107,749 30,000 22 178,785 82,979 101

2016 12 31 1. 2016 7 8 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 2017 4 19 Aspire Education Information 2015 10 29 50,000 100% Co., Ltd. Aspire Education Holding 2015 10 30 1 100% Co., Ltd. 2005 5 19 100% * 28,570,000 * 2005 9 29 100% 16,000,000 * 2012 7 3 100% 64,240,000 * 2012 10 16 100% 300,000,000 2016 4 19 73.91% * 120,000,000 * 2016 3 16 100% 300,000,000 102

2016 12 31 1. * 2016 8 5 1,000,000 100% 2014 11 13 82% * 300,000,000 California Academy of Business, 2016 7 18 10 100% Inc.* * 2.1 2017 4 5 2016 9 6 2017 4 19 2.2 2015 2015 2016 1 1 2016 12 31277,977,000 2015509,726,000 103

2016 12 31 2.2 2016 12 31 (a) (b) (c) (i) (ii) (iii)(i) (ii)(iii) 104

2016 12 31 2.3 9 2 4 4 9 2 7 1 12 1 2 2 10 28 2011 4 15 2 15 15 2 16 3 1 2017 1 1 2 2018 1 1 3 2019 1 1 4 9 9 9 9 9 105

2016 12 31 2.3 1515 15 15 15 2015 915 152018 1 12016 6 15 2018 4 1 15 15 15 15 15 15 16 2016 516 16 1217 2019 4 116 3220152016 12 31 8,144,00012,332,000 16 106

2016 12 31 3. 20% 107

2016 12 31 3. 12 31 108

2016 12 31 3. 109

2016 12 31 3. (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (vii) (a) (a)(i) (viii) 5 110

2016 12 31 3. 1.9% 19.4%-33.3% 19.4% 12.1% 19.4%-32.3% 1.9% 2% 111

2016 12 31 3. 112

2016 12 31 3. (a)(b) 113

2016 12 31 3. (a) (b) 114

2016 12 31 3. 115

2016 12 31 3. 116

2016 12 31 3. 117

2016 12 31 3. 118

2016 12 31 3. 5.22% 7.68% 4. 2.1 119

2016 12 31 4. 15 120

2016 12 31 5. 8 10% 6. 2016 2015 310,678 248,120 30,318 25,874 340,996 273,994 * 45,965 32,176 6,436 7,180 2,917 4,434 2,875 2,792 1,415 2,216 758 482 493 49 60,859 49,329 * 2016 12 31 13.52015 121

2016 12 31 7. 2016 2015 41,362 35,958 2,497 344 43,859 36,302 (7,770) (6,748) 36,089 29,554 8. 2016 2015 (9) 128,177 97,947 14,866 10,171 143,043 108,118 33,259 24,607 904 989 2,251 2,286 * 1,595 989 5 (6,436) (7,180) 5 (482) 4,596 3,920 5 (1,415) (2,216) 496 1,320 (125) 548 * 122

2016 12 31 9. 2015 12 31 2016 8 19 2016 2015 1,963 1,027 1,481 824 44 24 3,488 1,875 (a) (b) 2016 12 31 520 520 11 1,051 441 360 11 812 601 200 11 812 401 401 11 813 1,963 1,481 44 3,488 123

2016 12 31 9. (b) 2015 12 31 520 520 11 1,051 67 67 2 136 440 237 11 688 1,027 824 24 1,875 10. 4201539 1 20152 2016 2015 304 1,065 304 458 11 34 619 1,557 2016 2015 1,000,000 1 2 124

2016 12 31 11. 15% 2015 1 1 2017 12 31 40% 9%201815% 2016 2015 2,358 5,816 2,358 5,816 125

2016 12 31 11. 2016 2015 % % 112,889 110,067 28,223 25.0 27,517 25.0 (1,860) (1.6) (3,446) (3.1) (85,009) (75.3) (66,902) (60.8) (255) (0.2) 14,958 13.3 6,404 5.8 46,046 40.8 42,498 38.6 2,358 2.1 5,816 5.3 10%2008 1 12007 12 31 10% 2008 1 1 2016 12 31 2016 12 3169,757,000 201554,799,000 126

2016 12 31 12. 2016 6 2016 8 2016 2015 2,029 8,255 (787) (2,947) 8,668 16,279 (1,341) (3,867) (399) (1,185) (7,599) (16,204) 571 331 1,267 1,838 331 (172) (761) 1,666 (430) 2016 2015 1,219 920 11 (236) 1,230 684 13. 20152016 12 31137,000,000 127

2016 12 31 14. 2016 12 31 1,144,870,45938(4) 2015 12 31 2015 12 31 1,144,865,6892016 12 31 4,770 1,144,865,689 2016 2015 111,755 103,823 2016 2015 1,144,870,459 1,144,865,689 0.10 0.09 20162015 12 31 128

2016 12 31 15. 2016 12 31 2016 1 1 626,423 3,985 7,840 62,783 35,393 91,464 827,888 (49,455) (2,921) (4,528) (26,258) (16,456) (99,618) 576,968 1,064 3,312 36,525 18,937 91,464 728,270 2016 1 1 576,968 1,064 3,312 36,525 18,937 91,464 728,270 4,707 3,277 1,616 9,613 12,115 147,138 178,466 (138) (81) (219) (184) (56) (258) (2,094) (2,592) 30 (682) (215) (21) (918) (13,874) (1,061) (1,330) (7,049) (9,945) (33,259) 154,502 33 (154,535) (2,508) (2,508) 2016 12 31 722,303 2,414 3,542 38,511 18,911 81,559 867,240 2016 12 31 785,631 4,868 9,356 71,343 37,245 81,559 990,002 (63,328) (2,454) (5,814) (32,832) (18,334) (122,762) 722,303 2,414 3,542 38,511 18,911 81,559 867,240 129

2016 12 31 15. 2015 12 31 2015 1 1 558,457 3,803 7,143 53,163 29,424 23,267 675,257 (37,644) (1,755) (3,508) (20,008) (10,556) (73,471) 520,813 2,048 3,635 33,155 18,868 23,267 601,786 2015 1 1 520,813 2,048 3,635 33,155 18,868 23,267 601,786 492 343 697 9,988 6,057 135,959 153,536 31 190 190 (98) (376) (174) (648) (11,811) (1,229) (1,020) (6,437) (6,072) (26,569) 67,474 5 258 (67,737) (25) (25) 2015 12 31 576,968 1,064 3,312 36,525 18,937 91,464 728,270 2015 12 31 626,423 3,985 7,840 62,783 35,393 91,464 827,888 (49,455) (2,921) (4,528) (26,258) (16,456) (99,618) 576,968 1,064 3,312 36,525 18,937 91,464 728,270 130

2016 12 31 15. 2016 12 31 2015 1,142,000 2016 12 3147,374,000 2015149,731,000 25 2016 12 312015155,323,000 (1)(2) (3) (4) 16. 2016 2015 30,213 31,177 2,508 25 (904) (989) 31,817 30,213 2016 12 31 99,523,000 32 2016 12 31201513,804,000 (1)(2) (3) (4) 131

2016 12 31 16. 2016 12 31 99,523 99,523 2015 12 31 94,936 94,936 132

2016 12 31 17. 2016 2015 103,030 105,309 153 7 (2,251) (2,286) 30 (1,759) 99,173 103,030 2016 12 31 201525,543,000 25 2016 12 31 201538,610,000 (1) (2) (3) (4) 18. 2016 12 31 2016 1 1 4,921 5,875 (1,595) (23) 30 (860) 2016 12 31 8,318 2016 12 31 11,793 (3,475) 8,318 133

2016 12 31 18. 2015 12 31 2015 1 1 3,447 2,467 (993) 2015 12 31 4,921 2015 12 31 7,033 (2,112) 4,921 19. 2016 2015 20,000 4,500 2016 12 31 20154,500,000 20. 2016 2015 (i) 679,571 141,647 40,000 30,000 797 1,751 217 546 720,585 173,944 (i) 156,937,000 522,634,000 134

2016 12 31 21. 2016 2015 9,442 3,329 24,352 18,900 755 2,750 15,967 23,815 50,516 48,794 22. 2016 2015 123,785 72,979 107,749 30,000 231,534 102,979 25 (52,749) (20,000) 178,785 82,979 167,023 82,979 11,762 178,785 82,979 167,023,000 2015 82,979,000 135

2016 12 31 23. 2016 2015 195,718 162,722 21,329 17,297 217,047 180,019 24. 2016 2015 32,286 20,547 46,179 34,048 (i) 67,524 48,609 86,146 64,455 8,127 9,571 240,262 177,230 (i) 136

2016 12 31 25. 2016 2015 (%) (%) 4.57% 2017 80,000 5.24-10.50% 2016 142,800 5.70%-7.13% 2017 22,500 7.68%-9.00% 2016 175,500 26 5.45% 2016 1,196 102,500 319,496 Libor+3.3% 2018 493,968 5.22%-9.00% 2017 2019 131,500 26 493,968 131,500 (17,840) 476,128 131,500 578,628 450,996 12 31 2016 2015 102,500 318,300 476,128 106,500 25,000 578,628 449,800 1,196 1,196 578,628 450,996 137

2016 12 31 25. (i) (ii) (iii) (iv) (v) (vi) (vii) 2016 12 31 47,374,000 2015149,731,000 15 2016 12 31 201525,543,000 17 34 34 30% 20%34 Aspire Education Holding Co., Ltd.20% (viii) Aspire Education Holding Co., Ltd. 51% (ix) (x) Aspire Education Group Co., Ltd. Aspire Education Information Co., Ltd. 2016 12 3152,749,000 201520,000,000 26. 3.58 2016 2015 1,238 1,238 (42) 1,196 25 (1,196) 25 138

2016 12 31 27. 2016 2015 24,352 17,979 28,161 12,891 (13,128) (6,751) (6,518) 32,634 24,352 (2,122) (2,324) 30,512 22,028 28. 2016 7 8 500,000,000 0.0001Aspire Education Group Co., Ltd. 2016 67Aspire Education Group Co., Ltd (1) Advance Vision Investment Co., Ltd 200Aspire Education Group Co., Ltd. 15.53% (2) Design Time Limited 155.8Aspire Education Group Co., Ltd. 9.15% (3) Aspire Education International Limited54.2Aspire Education Group Co., Ltd. 3.31% (4) Gainful Asset Management Limited 36.3Aspire Education Group Co., Ltd. 2.14% 2016 9 6Aspire Education Group Aspire Education GroupAspire Education Information Aspire Education Group14,310Aspire Education Group Aspire Education Information 2016 9 8 139

2016 12 31 28. 2016 2015 0.0001 2016 14,311 0.0001 14,311 0.0001 29. (i)(ii) i) 10% 50% 25% ii) 25% 140

2016 12 31 30. 2016 5 31 15 918 20,437 167,170 17 1,759 18 860 (162,053) (103) 28,988 6 758 29,746 29,746 29,746 (20,437) 9,309 141

2016 12 31 31. 2015 8 27 68%2015 9 150,000,000 300,000,000 120,000,000 77% 2016 684,000,000 2016 1141.55 570,000 0.2%82% 19 35,635 190 (35,844) 19 19 19 142

2016 12 31 32. 2016 12 31 2016 2015 9,011 12,787 10,567 16,891 600 700 20,178 30,378 2016 12 31 2016 2015 4,813 4,596 7,519 3,323 225 12,332 8,144 33. 32 2016 2015 22,724 39,022 22,724 39,022 20152016 12 31 143

2016 12 31 34. (a) (b) 2016 2015 2016 2015 4 4,007 4,011 25 Beijing Einsun Education Investment Co., Ltd. 20% 144

2016 12 31 35. 2015 12 31 24,500 24,500 45,465 45,465 20,000 20,000 141,647 141,647 82,979 82,979 290,091 24,500 314,591 143,182 450,996 594,178 146

2016 12 31 36. 2016 2015 20,000 2016 2015 20,000 20152016 12 31 147

2016 12 31 36. 2015 12 31 20,000 20,000 20152016 12 31 20152016 12 31 37. 25 148

2016 12 31 37. 2016 12 31 50 (2,618) (50) 2,618 2015 12 31 50 (1,061) (50) 1,061 149

2016 12 31 37. 2016 12 31 7,082 121,355 496,617 625,054 194,083 194,083 194,083 7,082 121,355 496,617 819,137 2015 12 31 1,238 1,238 60,191 287,010 146,145 493,346 122,635 20,547 143,182 122,635 61,429 307,557 146,145 637,766 2016 2015 1,070,082 835,069 2,012,598 1,216,693 53% 69% 150

2016 12 31 38. (1) 2017 1 21 147 47 (2) 2017 1 10 300500 200 2002017 1 12 89.2% 10.8% (3) 2016 12 31 2016 147 381.9 2016 12 3120 156.9 (4) 2017 4 5 2.78 286,220,0000.0001743 1,144,865,689 2017 4 19 39. 2016 12 31 446,239 446,239 446,239 446,239 446,239 40. 2017 4 28 151

12 31 2013 2014 2015 2016 138,942 206,495 273,994 340,996 64,732 100,770 135,627 163,587 54,477 81,308 103,821 112,197 1 54,477 81,308 103,821 131,717 54,477 81,308 103,823 (2) 111,755 1 12 31 2013 2014 2015 2016 (%) 46.6% 48.8% 49.5% 48.0% (%) 39.2% 39.4% 37.9% 32.9% (%) 39.2% 37.8% 38.9% 38.6% 12 31 2013 2014 2015 2016 627,374 757,485 1,044,878 1,727,133 154,343 356,549 171,815 285,465 369,335 401,456 681,541 563,442 (214,992) (44,907) (509,726) (277,977) 412,382 712,578 535,152 1,449,156 100,632 331,520 153,528 506,640 311,750 381,058 381,624 942,516 506,002 601,786 728,270 867,240 103,687 299,170 82,979 178,785 103,843 138,908 180,019 217,047 118,471 100,599 319,496 102,500 152

12 3112 31 2013 2014 2015 2016 0.4 0.9 0.3 0.5 2 67.4% 109.6% 118.2% 61.4% 2 12 31 2013 2014 2015 2016 160,702 156,160 254,364 225,100 153

Advance Vision Advance Vision Investment Co., Ltd.2016 5 18 2318 601318 Advance Vision 2017 3 20 Aspire Education Consulting Aspire Education Consulting Co., Ltd.2015 10 15 79.20% 14.37% 3.52% 0.98% 0.80% 0.59% 0.40% 0.15% Aspire Education Consulting Aspire Education Group Aspire Education Group Co., Ltd.2015 10 20Aspire Education Group Aspire Education Holding Aspire Education Holding Co., Limited2015 10 30 Aspire Education Information Aspire Education Information Co., Ltd.2015 10 29 Aspire Education International Aspire Education International Limited2016 5 6 154

Aspire Education Management Aspire Education Management Co., Ltd.2015 10 15 Aspire Education Management Aspire Education Technology Aspire Education Technology Co., Ltd.2015 10 15 53.35% 14.23% 4.85% 2.74% 2.93% 2.39% 1.30% 0.95% 0.95% 0.57% 0.51% 0.48% 0.47% 14.28% Aspire Education Technology 2005 10 18 2012 10 16 2014 6 17 90% 10% 155

2016 9 8 California Academy California Academy of Business, Inc.2016 7 18 2003 2015 12 12 1.3177% 156

622 2016 7 8 Aspire Education Technology Aspire Education Management Aspire Education Consulting Aspire Education International 2015 9 21 2015 5 6 90% 10% 2015 9 18 157

2015 12 8 22.8102% 2017 3 20 Design Time Design Time Limited2010 10 18 Design Time Limited 939 601939 Design Time 2016 9 8 2015 1 19 2014 11 13 89.2% 10.8% 158

2016 9 8 2016 9 8 2016 9 8 2015 3 10 (2015) 2015 4 10 Gainful Asset Gainful Asset Management Limited2016 2 15 Gainful Asset 2012 7 3 159

2016 4 19 73.91% 26.09% 2016 8 5 Aspire Education Holding 2015 12 12 44 1.2956% 2017 4 19 160

2016 9 8 2017 3 20 Gainful Asset Aspire Education Worldwide 99.995% 2016 4 7 26.09% 2004 161

2010 6 2 53.35% 14.28% 2.74% 4.85% 1.30% 14.23% 0.95% 0.95% 2.39% 0.51% 0.48% 0.47% 0.57% 2.93% 20.0568% 2017 4 5 2016 12 31 162

2016 9 8 2016 9 8 571 2015 12 15 2318601318 96.52%6.38% 15.5265% 0.0001 2017 3 20 163

2016 9 8 2016 9 8 2016 9 8 2005 9 19 29.8806% 20.0568% 5.7305% 22.8102% 1.2956% 1.32% 15.5265% 3.3822% 164

2005 9 29 2011 12 31 2016 2016 11 2017 9 1 % 165