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BEXCELLENT GROUP HOLDINGS LIMITED

BExcellent Group Holdings Limited 125,000,000 12,500,000 112,500,000 1.10 0.90 1% 0.0027% 0.005% 0.01 1775 32 342C 2018 7 7 2018 7 7 1.10 0.901.10 1% 0.0027% 0.005% www.bexcellentgroup.comwww.hkexnews.hk S 2018 6 30

www.bexcellentgroup.com www.hkexnews.hk.................................. 2018 6 30 www.hkeipo.hk (4)....................................... 2018 7 6 (2).................................... 2018 7 6 (3)................. 2018 7 6....................... 2018 7 6 (2).................................... 2018 7 6 (5)......................................... 2018 7 7 www.bexcellentgroup.comwww.hkexnews.hk (i) (ii) (iii) (iv).................... 2018 7 12 11........... 2018 7 12 i

www.tricor.com.hk/ipo/result......................................... 2018 7 12 (6) (8).................. 2018 7 12 (6) (7) (8)..................... 2018 7 12........................................... 2018 7 13 (1) (2) 2018 7 6 10.2018 7 6 (3) 6. (4) www.hkeipo.hk (5) 2018 7 7 2018 7 7 ii

(6) (7) (i) (ii) 2018 7 13 (8) 1,000,000 2018 7 12 183 22 183 22 1,000,000 (9) 14. iii

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2017 2 18128 3,87318 2017 7 31 (i)60,391 657,936 (ii) 484 3,825 (iii) 37,292 2017 12 31(i)42,471 339,197(ii)358 1,336 (iii)8,362 1

201520162017 7 3120162017 12 31 327,800,000 376,200,000 376,400,000 170,500,000 195,800,000 7 31 12 31 2015 2016 2017 2016 2017 % % % % % 286,538 87.4 335,819 89.3 333,040 88.5 155,258 91.1 179,503 91.7 17,862 5.5 13,269 3.5 13,180 3.5 5,970 3.5 5,038 2.6 23,417 7.1 27,137 7.2 30,176 8.0 9,245 5.4 11,296 5.7 327,817 100.0 376,225 100.0 376,396 100.0 170,473 100.0 195,837 100.0 1989 8 1815 2

2015 2016 2017 7 312016 2017 12 31 62,24463,89860,39145,324 42,471 7 31 12 31 2015 2016 2017 2016 2017 62,244 63,898 60,391 45,324 42,471 600,002 681,498 657,936 318,913 339,197 9.6 10.7 10.9 7.0 8.0 22,052 20,186 24,753 12,186 13,249 27 34 27 26 26 478 493 506 487 529 201520162017 7 3120162017 12 31 286,500,000 335,800,000 333,000,000 155,300,000 179,500,000 87.4% 89.3% 88.5% 91.1% 91.7% 1990 1999 20092016 3

10,435 9,245100.0 8,362 11,295100.0 201520162017 7 3120162017 12 3117,900,000 13,300,000 13,200,000 6,000,000 5,000,000 5.5% 3.5% 3.5% 3.5% 2.6% (i) (ii) QCF (iii) (iv) (v)vip (vi) (vii) 7 31 12 31 2015 2016 2017 2016 2017 % % % % % 1,427 2,173 9.3 2,076 4,229 15.6 1,867 5,562 18.4 761 2,049 22.2 1,328 3,530 31.3 14 613 2.6 15 630 2.3 6 262 0.9 6 131 1.4 3 66 0.5 1,894 3,319 14.2 2,158 2,735 10.1 1,931 2,164 7.2 1,212 1,347 14.6 727 914 8.1 21,243 8,611 36.8 27,211 10,343 38.1 28,949 12,285 40.7 6,738 1,089 11.8 4,683 855 7.6 VIP 4,804 5,475 23.4 4,263 6,044 22.3 4,539 6,831 22.6 1,718 2,820 30.5 1,621 2,943 26.1 2,823 12.0 2,694 9.9 2,368 7.9 1,480 16.0 1,371 12.1 403 1.7 462 1.7 704 2.3 329 3.5 1,617 14.3 29,382 23,417 100.0 35,723 27,137 100.0 37,292 30,176 100.0 10,435 9,245 100.0 8,362 11,296 100.0 18 4

1. 2020 30-35 2. 2019 20-25* 3. # # # 4. 2019 35-40 5. 2019 45-50 6. 2019 20-25 7. 2022 20-25 2 8. 2020 35-40 9. 2019 40-45 1 10. # # # 11. 2021 30-35 2 12. 2018 3 25-30 13. 2019 25-30 14. 2020 30-35 15. 2020 25-30 16. # # # 17. 2019 35-40 18. Ascent Prep Education Centre # # # 19. 4 2021 20-25 (1) (2) (3) (4) * # 5

(i)(ii) 14 2,000 1,200,000 5,200,000 515 789 67361 78 8 2015 2016 2017 7 312016 2017 12 31 VIP64.6% 64.5% 61.0% 60.0% 53.6% 201520162017 7 31 20162017 12 31 40.5% 36.2% 31.5% 31.8% 28.7% 35,400,000 34,600,000 43,400,000 16,200,000 20,000,000 22.2% 19.0% 22.9% 22.2% 23.6%2016 6 2021 8 6

A B C D E F G 2021 2023 2020 2021 2020 2028 2027 2015 2016 2017 7 312017 12 31 2017 2021 5.0% 20172021 5.7% 20172021-0.8% 2017 2021-0.7% (1)2017 2 (2) 2016 2017 7

201520162017 7 31 2016 2017 12 31 2015 20162017 7 31 2017 12 31 8

28,055 7 31 12 31 2015 2016 2017 2016 2017 327,817 376,225 376,396 170,473 195,837 30,769 30,268 34,051 28,055 32,419 30,769 30,546 34,426 28,174 33,106 (278) (375) (119) (687) 30,769 30,268 34,051 28,055 32,419 2017 12 31 33,100,0002016 12 31 28,200,000 2016 12 31 28,200,000 2017 7 31 34,400,000 201520162017 7 31 9

7 31 2017 2015 2016 2017 12 31 27,015 34,216 38,662 43,303 97,987 129,539 84,100 115,507 125,002 163,755 122,762 158,810 1,323 3,654 2,902 3,340 50,210 55,890 51,923 74,182 51,533 59,544 54,825 77,522 47,777 73,649 32,177 41,325 73,469 104,211 67,937 81,288 40,900,000 2015 7 312016 7 31 40,900,000 2017 7 312017 7 312016 7 31 2017 12 31 2017 7 31 2015 20162017 7 312017 7 3151,900,000 2017 12 31 74,200,000 201520162017 7 312016 2017 12 31 10

7 31 12 31 2015 2016 2017 2016 2017 32,018 53,867 29,034 28,782 41,423 23,816 (10,549) (8,782) (3,784) (8,224) (45,237) (9,860) (34,211) (9,086) (24,430) 10,597 33,458 (13,959) 15,912 8,769 22,901 33,490 66,949 66,949 52,990 (8) 1 (1) 1 33,490 66,949 52,990 82,860 61,760 7 31 2015 2016 2017 2017 12 31 1 1.95 2.32 1.62 1.56 2 6 7 31 2015 2016 2017 2017 12 31 3 7 24.6% 18.7% 28.0% 4 7 41.9% 29.2% 51.7% 5 6 11

1. 2. 3. 4. 5. 6. 7. 2017 12 31 2018 4 30 2018 4 30 2017 9 2018 4 30 2018 4 30 2018 4 2018 4 12

2018 6 2018 7 G 2018 3 (i) GG (ii)g 2018 5 2018 5 30 2018 6 2628 2018 6 2627 G 28 2018 6 27 28 2017 12 31 75.0% 13

5.0% 71.4% (2) 2018 6 21 5.0% 50% D. 0.90 1.10 1 450,000,000 550,000,000 2 0.35 0.39 (1) 500,000,000 14

(2) 500,000,000 2017 12 31 2016 7 31 2015 7 31 45,000,000 2017 7 3175,000,000 34,100,000 2017 12 31 20,000,000 (1) (a) (b) (c) (d) (e) (2)(3) 1.0039,300,000 21,000,000 18,500,000 2,500,000 18,300,000 (i) 7,100,0002018 7 31 (ii) 11,200,000 2018 7 31 15

2018 7 31 (i)(ii) (iii) (iv)(v) 1.00 85,700,000 62,500,000 73%14 15,800,000 19% 5,400,000 6% 2,000,000 2% 16

16 2017 12 31 90,200,000 16 2019 8 1 12 16 2.1 16 18

2018 6 21 1993 7 13 2015 3 5 60% 26% 4% 4% 3% 3% 75% Beacon Group Beacon Group Limited2015 3 6 2001 5 11 19

2018 6 21 1.0 Conyers Trust Company (Cayman) Limited 22 19613 2015 4 15 20

622 32 528 94% 2015 10 2 (2) 2018 6 21 F. 1. 21

2018 6 21 279F 279 279A Euromonitor International Limited 22

www.hkeipo.hk www.hkeipo.hk 2015 4 29 70% 30% 23

2018 6 20 2018 7 13 GEM 485 3% 3% 24

493 509 1% 0.0027%0.005% 25

112,500,000 2018 6 21 E. 2018 6 21 D. 2014 3 3 32 2018 7 7 26

12,500,000 2018 6 29 571 0.01 27

2 VIP VIP 201520162017 7 31 2017 12 31 1 4 6 9 28

% 29

9 6 15 13 30

(HKALE) 2012 2013 HKCAAVQ (HKCEE) 2010 2011 (HKDSE) 3 4 75 90 IELTS 60 75 31

2009 9 50(1) QCF 45(1) 32

9 6 60 75 7 8 9 3 6 60 75 VIP 33

201520162017 7 3120162017 12 31 40.5% 36.2% 31.5% 31.8% 28.7% 428 104 34

2015 2016 2017 7 312016 2017 12 31 64.6% 64.5% 61.0% 60.0% 53.6% 5 10 35

2015 2016 2017 7 312016 2017 12 31 87.4% 89.3% 88.5% 91.1% 91.7% 2009 36

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18 / 201520162017 7 3120162017 12 31 391374401418495 38

14 40

201520162017 7 3120162017 12 3118,000,000 15,900,000 16,500,000 10,100,000 8,600,000 18 18 201520162017 7 3120162017 12 31 49,700,000 57,000,000 52,500,000 21,900,000 22,500,00015.2% 15.1% 13.9% 12.8% 11.5% 42

4 7 9 6 7896 114 6 43

4 7 201520162017 4 7 14,900,000 26,800,000 42,700,000 20 44

(i) (ii) (iii) (iv) (v) (vi) 45

2016 7 31 2015 7 31 45,000,000 2017 7 31 75,000,000 34,100,000 2017 12 3120,000,000 46

2018 6 21 2018 6 21 5.0% D. E. 2,400,000 2,400,000 3,300,000 2017 7 31 2,200,000 47

16 2.202017 12 31 90,200,000 16 2019 8 1 12 16 12 48

16 2.1 49

2015 2016 2017 7 312016 2017 12 31 87.4% 89.3% 88.5% 91.1% 91.7% 50

2015 2016 2017 7 312017 12 3118181918 312003 1,0007.0 2011 1,00013.5 20151,000 8.2 2010 2011486,800 2016 201726.7%356,600 51

2018 3 55

571V 12,500,000 112,500,000 2018 7 7 2018 7 7 58

2018 7 13 44B(1) 59

2018 7 13 4,000 1775 61

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1 1 E 4699 11 2 A 19 7 A 8 1 49 8 1 49 8 1 49 63

168 200 16 1601 1603 183 43 4301-8 13 183 11 1106 8 11 99 45 4512 10 12 64

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1 40 22 Euromonitor International Limited 60-61 Britton Street London EC1M 5UX United Kingdom 128 14 F 99 11 66

Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 388 12 01 0305 06 www.bexcellentgroup.com CPA 388 12 01 0305 06 18 8 46A CPA 388 12 01 0305 06 67

Conyers Trust Company (Cayman) Limited Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands 183 22 8 1 49 1 68

20122021 1972 98,525 (i) (ii) (iii) (iv) 69

12 2012 2016 2016 2017-4.1% 356,600 2018 19 20042011 20102011150,50020162017 185,800 1,400 (20102018 1,200 1,000 800 600 400 200 0 150.5 159 166.4 171.5 178.1 187.2 185.8 181.1 334.4 326.2 320.7 324.2 332.5 340.9 352.5 365.7 486.8 486.9 439.1 416.0 393.5 371.9 356.6 350.4 305.0 294.4 330.3 332.1 326.5 328.8 324.1 321.8 * 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018 * 70

2016 6.9% 201234,517,000,000 201748,204,000,000 (20122017 60,000 50,000 40,000 30,000 20,000 10,000 11.7% 34,517.5 37,565.0 8.8% 40,126.3 6.8% 42,387.3 44,740.1 5.6% 5.6% 48,204.6 7.7% 15% 10% 5% 0 2012 2013 2014 2015 2016 2017 0% Euromonitor Passport data Economies and Consumers 2018 2015/16 8.3% 71

2016/171,0142012/13 6% 2012/13 2016/17 11.7% 2012 2016-9.0 5,600 3,848 2011 2012 2013 2014 2021 3,650 54-0.7% 2021 107,900,000 72

(20122016 (20172021 2012 2017 2016 2021 2017 2018 2019 2020 2021 2012 2013 2014 2015 2016 5.6 5.4 4.5 4.7 3.8 3.8 3.7 3.7 3.7 3.7 9.0% 0.8% 73 71 69 66 64 62 60 58 56 54 3.2% 3.4% 155.1 152.4 129.6 136.9 113.0 110.8 109.7 108.8 108.1 107.9 7.6% 0.7% 1 20102010 5% 2011 1 2012/2013 21 73

1 2 2017 2 64 37.4% 62.6% 20142017 74

2017 2 2 467 12.1% A 1 288 7.5% B 1 242 6.3% C 2 136 3.5% D 1 130 3.4% E 1 60 1.6% F 1 44 1.1% G 1 28 0.7% H 1 23 0.6% I 1 20 0.6% 2016 8 2017 8 ** 75

2012 204,223 2016 161,101-5.8% 2012 2016 20042011 5.0% 2021 194,622 5.7% 202113 (20122016 2017 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 2016 2017 2021 204.2 184.2 180.3 170.8 161.1 160.3 162.7 169.2 180.2 194.6-5.8% 5.0% 841 875 906 938 972 982 991 1000 1010 1018 3.7% 0.9% 1,030.8 985.4 1,024.5 1,022.7 1,011.1 1,031.3 1,062.3 1,110.1 1,187.8 1,288.7-0.5% 5.7% 76

1 2009/10 2 20162.8 3 77

1 10 YouTube YouTube 2 2017 2 17,49363.5% 20.3% 78

2017 2 2017 2 (%) 14 64 46 3,551 20.3 J 12 25 43 2,395 13.7 K 11 45 41 1,761 10.1 L 8 15 11 774 4.4 M 12 9 29 745 4.3 N 13 38 20 706 4.0 O 9 35 29 473 2.7 P 5 13 7 300 1.7 Q 4 7 7 272 1.6 R 4 7 12 135 0.8 ** 79

279 20 208 8 12 12 250,000 2 81

(i)(ii) (iii) 1 6 50,000 1 82

45 50,000 1 250,000 1 279F 2004 7 1 (i) (ii) (a) 83

(b) (c) (i) (ii) (iii) (iv) (v) (vi) (d) (a) 5 E (i) E (ii) (b) (i) 84

(ii) (c) (i) (ii) (d) (e) (i) (ii) (iii) (f) (g) (i) 47 (ii) 52 (g) (f) (i) (ii) 200 XII 579 (iii) (i) (ii) 10,000 85

(a) (b) (c) (a) 5 E (i) E (ii) (b) (i) (ii) (c) (i) (ii) (d) 86

(e) (f) (i) 47 (ii) 52 (f) (e) (i) (ii) 200 XII 579 (iii) (i) (ii) 10,000 (a) (b) (c) (a) (b) (i) 87

(ii) (iii) (iv) (v) (vi) 94 (c) (b) (i) (ii) (iii) 88

493 1997 6 89

(a) (i) (ii) (iii) (b) (i) (ii) (c) HKCAAVQ 90

1997 6 27 (i) (ii) (iii) 91

(iv) (v) 92

2015 4 15 (i) (ii) (iii) (1) (2) 94% 75% 1989 1990 93

1989 1990 19921993 1998 2000 2001 2004 2009 2011 2014 2015 2015 2016 2014-2016 2017 94

(1) 31 31 (I) Beacon Group 2015 3 6 1 100% 2001 5 11 2 50% 50% (II) (i) Advance Bestway Limited 2014 2 11 10,000 100% Ascent Prep International Education Limited 1 2017 2 7 4,200,000 51% Edutopia Limited 49% 2011 4 21 1 100% JR (SS) Limited 2000 9 18 2,000 99.95% 0.05% 2002 6 19 2,000 99.95% 0.05% 2001 3 9 2 50% 50% 95

1 2015 6 2 1,000 100% JR (CB) Limited 2002 9 27 10,000 99.99% 0.01% JR(MK) Limited 2002 7 31 2 50% 50% JR (ST) Limited 2002 5 29 2,000 99.95% 0.05% JR (TM) Limited 2002 6 19 2,000 99.95% 0.05% JR (TW Limited) 2002 5 10 2 50% 50% JR (YL) Limited 2002 6 19 2,000 99.95% 0.05% 2004 3 11 2 100% (ii) 1993 7 13 30,000 37.5% 8.33% Professional Smart Limited) 2014 2 28 10,000 100% 2005 11 17 10,000 100% 96

(III) 1997 7 30 2 50% 2011 7 5 10,000 100% BEE-2-BEE Limited 1 2017 5 10 1,000 70% 30% 2014 7 23 1 100% 2013 6 3 1 100% 2013 5 8 1 100% 1 2015 6 2 1,000 100% JR (TKO) Limited 2002 5 29 2,000 99.95% 0.05% 2013 4 9 1 100% 2004 7 21 2 100% Supreme Master Corporation Limited 2012 11 23 1 100% 2013 3 20 1 100% 97

1. (II) (i) (2) 2015 10 2 (i) (ii) 29 Advance Bestway Limited Beacon Group JR (CB) Limited JR (MK) Limited 98

JR (ST) Limited JR (TKO) Limited JR (TM) Limited JR (YL) Limited Supreme Master Corporation Limited (i) (ii) (iii) (iv) 99

94% 75% (3) Beacon Kids Club Limited JR (WC Limited JR (MOS) Limited Joinway Consultant Limited (5) 100

8.33% 37.5% 37.5% 8.33% 8.33% 50% 50% 50% 50% 50% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 100% 100% 100% 100% 50% 50% Beacon Kids Club Limited Advance Bestway Limited 1% 99% JR Beacon Limited 99.95% 50% 99.95% 99.95% 99.95% 99.95% 50% 99.99% 99.95% 99.99% 50% 99.95% 99.95% 99.9% 0.1% JR (YL) Limited JR (TM) Limited JR (TKO) Limited JR (ST) Limited JR (MK) Limited JR (CB) Limited JR (WC) Limited JR (MOS) Limited Joinway Consultant Limited 0.05% 50% 0.05% 0.05% 0.05% 0.05% 50% 0.01% 0.05% 0.01% 50% 0.05% 0.05% 100% 100% Supreme Master Corporation Limited 101

(1) JR (YL) Limited JR (TM) Limited JR (TKO) Limited JR (ST) Limited JR (MOS) Limited Joinway Consultant Limited99.95% 0.05% (2) Supreme Master Corporation Limited100% (3) 100% (4) 50% JR (YL) Limited 50% (5) JR (CB) Limited 99.99% 0.01% (6) JR (MK) Limited JR (WC) Limited 50% 50% (7) (8) 2015 10 2 (9) 99.9% JR Beacon Limited 0.1% (1) 2015 3 5 50,000 0.10 1,1251,125250 250250 37.5% 37.5% 8.33% 8.33% 8.33% 102

(2) Beacon Group2015 3 6 Beacon Group 50,000 1 1 Beacon Group (3) 2015 4 15 380,000 3,800,000 0.10 1 (4) Beacon Group Beacon Group11 Supreme Master Corporation LimitedAdvance Bestway Limited (1) (i) 2015 4 23 Beacon Group Beacon Group 1,1251,125 250250250 2,2502,250500500500 37.5% 37.5% 8.33% 8.33% 8.33% (ii) Supreme Master Corporation Limited 2015 4 23 Supreme Master Corporation Limited Beacon Group Supreme Master Corporation Limited Supreme Master Corporation Limited 103

1 Supreme Master Corporation Limited (iii) 2015 4 23 Beacon Group2 (iv) Advance Bestway Limited 2015 4 23 Advance Bestway Limited Beacon Group 10,000 Advance Bestway Limited (v) 2015 4 23 Beacon Group 1 (vi) 2015 4 23 Beacon Group 1 (vii) 2015 4 23 Beacon Group 1 104

(viii) 2015 4 23 Beacon Group 10,000 (ix) 2015 4 23 Beacon Group 1 (x) 2015 4 23 Beacon Group 1 (xi) 2015 4 23 Beacon Group 10,000 Beacon Group 30% (1230% (5) Beacon Kids Club Limited JR (WC Limited JR (MOS) Limited Joinway Consultant Limited JR Beacon Limited 105

(3) (i) Beacon Kids Club Limited 2015 4 23 Beacon Kids Club Limited 1 Beacon Kids Club Limited 2016 12 30Beacon Kids Club Limited 751 (ii) 2015 4 23 10,000 2017 4 13 751 (iii) 2015 4 23 10,000 2016 4 29 751 (iv) JR (WC) Limited 2015 4 23 JR (WC) Limited 2 JR 106

(WC) Limited 2017 2 17 JR (WC) Limited 751 (v) JR (MOS) Limited 2015 4 23JR (MOS) Limited 2,000JR (MOS) Limited 2016 12 30JR (MOS) Limited 751 (vi) Joinway Consultant Limited 2015 4 23Joinway Consultant Limited 2,000 Joinway Consultant Limited 2016 12 30Joinway Consultant Limited 751 (vii) 2015 4 23 JR Beacon Limited 1,000 (viii) 2015 4 23 JR (YL) Limited 2 2017 1 6 751 107

(ix) 2015 4 23 1% 100 (6) 50% 2015 4 23 (5) (ix) 50% 1 (1) (7) JR (CB Limited JR (MK) Limited JR (ST) Limited JR (TKO) Limited JR (TM) LimitedJR (YL) Limited (1) 108

(i) 2015 4 23 0.05% (ii) JR (CB) Limited 2015 4 23 JR (CB) Limited 0.01% (iii) JR (MK) Limited 2015 4 23 JR (MK) Limited 50% (iv) 2015 4 23 0.05% (v) JR (ST) Limited 2015 4 23 JR (ST) Limited 0.05% (vi) JR (TKO) Limited 2015 4 23 JR (TKO) Limited 0.05% (vii) JR (TM) Limited 2015 4 23 JR (TM) Limited 0.05% (viii) 2015 4 23 50% 109

(ix) JR (YL) Limited 2015 4 23 JR (YL) Limited 0.05% (x) 2015 4 23 (8) Beacon Group 2015 4 23 Beacon Group2 (7) 14 (1) (9) Beacon Group2015 4 29 2015 4 15 110

(10) 2015 4 30 60% 26% 4% 4% 3% 3% (i) 1,060 53,883,333 2015 6 10 (ii) 950 48,291,667 2015 7 7 (iii) 260 13,216,667 2015 7 8 (iv) 140 7,116,667 2015 7 15 (v) 180 9,150,000 2015 7 20 3,600 60% 1,560 26% 240 4% 240 4% 180 3% 180 3% 111

2014 7 2015 7 2015 7 JR (TM) Limited JR (YL) LimitedJR (TM) Limited JR (YL) Limited 2015 7 2014 7 2015 7 112

(11) 2015 6 2 1,000 1,000 (1) (12) 30% 2015 7 10 2017 9 18Beacon Group 30% 3,000 (13) 2017 2 7 Ascent Prep International Education Limited 510 490 Edutopia Limited510 490 Ascent Prep International Education Limited Edutopia Limited Eternity Rich Investment Limited Mak Hon Wai Ronald Tam Jeffrey Chun Ip Yeung Sum Yee Chan Pik Ah Cheung Ka Shing 70.3% 8.0% 7.0% 4.8% 4.0% 2.4% 1.0% 1.0% 1.0% 0.5% Edutopia Limited 113

Edutopia Limited Ascent Prep International Education Limited (1) (14) 2017 5 10 BEE-2-BEE Limited 700 300 700 300 1 12 Kwok Tsui Ping Heide Cheng Kam Wah BEE-2-BEE Limited BEE-2-BEE Limited (1) (15) Ascent Prep International Education Limited 2017 7 312,141,4902,057,510Ascent Prep International Education LimitedEdutopia Limited Edutopia Limited2,141,490 2,057,510 Edutopia Limited Ascent Prep International Education Limited 51% 49% 114

60% 26% 4% 4% 3% 3% 100% 100% 30% Beacon Group 1 Edutopia Limited 4 70% 100% 70% 30% 100% 51% 100% BEE-2-BEE Limited 49% JR (YL) Limited JR (TM) Limited JR (ST) Limited JR (MK) Limited Advance Bestway Limited 1 Ascent Prep International Education Limited 4 JR (TKO) Limited JR (CB) Limited Supreme Master Corporation Limited 100% 2 3 115

(1) 30% (2) 30% (3) 30% (4) Ascent Prep International Education Limited51% 49% Edutopia Limited Edutopia Limited Eternity Rich Investment Limited Mak Hon Wai RonaldTam Jeffrey Chun Ip Yeung Sum Yee Chan Pik Ah Cheung Ka Shing 70.3% 8.0% 7.0% 4.8% 4.0% 2.4% 1.0% 1.0% 1.0% 0.5% Edutopia Limited Edutopia Limited (5) BEE-2-BEE Limited70% 30% Kwok Tsui Ping Heide Cheng Kam Wah 2015 10 2 0.10 10 0.01 380,000 38,000,000 0.01 1 0.10 10 0.01 2018 6 21 3,749,999.90 374,999,990 2018 6 21 116

60% 26% 4% 4% 3% 3% 75% 25% 100% 30% Beacon Group 70% 100% 70% 30% Edutopia Limited 4 100% 51% 100% BEE-2-BEE Limited 49% JR (YL) Limited JR (TM) Limited JR (ST) Limited JR (MK) Limited Advance Bestway Limited Ascent Prep International Education Limited 4 JR (TKO) Limited JR (CB) Limited Supreme Master Corporation Limited 100% 2 3 117

2017 2 2017 2 18128 3,87318 2017 7 31 (i) 60,391 657,936 (ii) 484 3,825 (iii) 37,292 2017 12 31 (i) 42,471 339,197(ii) 358 1,336 (iii) 8,362 QCF VIP2016 2017 11 119

515 789 67361 78 515 463 52 2017 7 31 60,391657,936 2017 12 31 (i) 42,471 339,197(ii)358 1,336 (iii)8,362 2015 20162017 7 31 20162017 12 31 327,800,000 376,200,000 376,400,000 170,500,000 195,800,00087.4% 89.3% 88.5% 91.1% 91.7% 120

2017 2 18128 3,873 2017 7 31 60,391 657,936 2017 7 31 10.9 2017 12 3142,471 339,1972017 12 31 8.0 2015 7 31 600,002 2017 7 31 657,9364.72% 2016 12 31318,913 2017 12 31 339,197 6.4% 18 522583 2017 2 121

342 2018 5 199030,000 2017 12 31 742017 12 31 42,471 45 122

2010 QCF 2015 2016 2017 7 312016 2017 12 31 3,335 4,249 3,8041,9792,058 VIP 20152016 2017 7 3120162017 12 3121,24327,211 28,9496,738 4,683 VIP VIP 11VIP 201520162017 7 3120162017 12 314,8044,2634,5391,7181,621 VIP 123

2016 2017 11 18 20 1989 199619861989 124

25 2015 18 125

(i) (ii) 14 33,500,000 2020 7 31 20,100,000 13,400,000 126

1 2 3 15.6 4 2019 2 2020 1 2020 1 6,500 2.6 3.9 1 2 6.1 5 2019 1 2020 2 2020 2 2,000 0.8 1.2 1 2 3.2 1 2020 1 4,000 2.2 3.2 2 3 8.6 4 2019 2 2020 2 33.5 2,400 1.4 2.1 2 3 1. 12 127

2. 3. 2017 12 31 338 235 (i) (ii) Ascent Prep Education Centre (iii) 2017 7 2017 11 2018 4 ( 2018 6 (a) (b) 11,800,000 29,000,000 128

21,700,000 62,500,000 (i) (ii) (iii) Ascent Prep Education Centre (GCE) (GCSE) (i) (ii) (iii) (iv) 20 (v) 25 129

(i) 2015 7 31 286,500,000 2017 7 31 333,000,000 2016 12 31 155,300,000 2017 12 31179,500,000 (ii)2015 7 31 2,200,000 2017 7 31 5,600,000 2016 12 312,000,000 2017 12 31 3,500,000 (iii)2015 7 31 28.9% 2017 7 31 39.3% (iv) (v) (vi) 201720215.7%202113 6 8 12 130

2017 7 31 14% 12 5% 55% 29,000,000 2,000 800,000 (i)(ii) (iii) (1)(2) 131

29 4,000 (i)(ii)2.5% 270,000 (i)(ii) (iii) 132

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135

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137

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(i) 9 6 9 3 60 75 (ii) 7 8 3 6 60 75 (iii) 3 4 75 90 7 9 139

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2015 2016 2017 7 312016 2017 12 31 800,000 1,100,000 1,100,000 600,000 700,000 ) 144

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16 30 1990 146

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42867 361 (i) (ii) (iii) 163

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201520162017 7 3120162017 12 31 62,24463,89860,39145,32442,471 201520162017 7 31 20162017 12 31 286,500,000 335,800,000 333,000,000 155,300,000 179,500,000 87.4% 89.3% 88.5% 91.1% 91.7% 7 31 12 31 2015 2016 2017 2016 2017 % % % % % 224,992 78.5 266,049 79.2 256,156 76.9 121,785 78.5 139,353 77.6 34,255 12.0 35,114 10.5 42,083 12.6 9,534 6.1 12,162 6.8 27,291 9.5 34,656 10.3 34,801 10.5 23,939 15.4 27,988 15.6 286,538 100.0 335,819 100.0 333,040 100.0 155,258 100.0 179,503 100.0 248

7 31 12 31 2015 2016 2017 2016 2017 504 446,829 520 511,366 550 466,103 535 227,767 592 235,208 429 79,797 442 79,477 443 95,019 348 27,374 359 33,895 372 73,376 382 90,655 359 96,814 375 63,772 399 70,094 600,002 681,498 657,936 318,913 339,197 478 493 506 487 529 2015 7 31 2016 7 31 2015 7 31 286,500,000 17.2% 2016 7 31 335,800,000 18.2%2016 7 31 2016 7 31 2017 7 31 2016 7 31 335,800,000 0.8% 2017 7 31 333,000,000 3.7% 249

2016 12 31 2017 12 31 2016 12 31155,300,000 15.6% 2017 12 31179,500,000 2017 12 31 14.4% 27.6% 16.9% 2016 12 31487 2017 12 31 529 2016 2015 2016 2017 7 312016 2017 12 3117,900,000 13,300,000 13,200,000 6,000,000 5,000,000 5.4% 3.5% 3.5% 3.5% 2.6% 7 31 2015 2016 2017 18 139 432 107 980 3,052 94 773 2,423 102 793 2,482 563 4,178 14,810 403 3,078 10,846 364 2,893 10,266 670 5,158 17,862 497 3,851 13,269 484 3,825 13,180 250

12 31 2016 2017 14 51 163 17 48 171 86 287 917 71 262 910 359 1,354 4,890 270 1,026 3,957 459 1,692 5,970 358 1,336 5,038 2,980 3,580 2015 7 31 17,900,000 2016 7 31 13,300,0002017 7 31 13,200,000 2016 12 31 6,000,000 2017 12 31 5,000,000 2016 7 31 2017 12 31 (i) (ii) (QCF) (iii) (iv) (v)vip (vi) (vii) 251

201520162017 7 3120162017 12 31 23,400,000 27,100,000 30,200,000 9,200,000 11,300,000 7.1% 7.2% 8.0% 5.4% 5.7% 7 31 2015 2016 2017 % % % 1,427 2,173 9.3 2,076 4,229 15.6 1,867 5,562 18.4 14 613 2.6 15 630 2.3 6 262 0.9 1,894 3,319 14.2 2,158 2,735 10.1 1,931 2,164 7.2 21,243 8,611 36.8 27,211 10,343 38.1 28,949 12,285 40.7 VIP 4,804 5,475 23.4 4,263 6,044 22.3 4,539 6,831 22.6 2,823 12.0 2,694 9.9 2,368 7.9 403 1.7 462 1.7 704 2.3 29,382 23,417 100.0 35,723 27,137 100.0 37,292 30,176 100.0 12 31 2016 2017 % % 761 2,049 22.2 1,328 3,530 31.3 6 131 1.4 3 66 0.5 1,212 1,347 14.6 727 914 8.1 6,738 1,089 11.8 4,683 855 7.6 VIP 1,718 2,820 30.5 1,621 2,943 26.1 1,480 16.0 1,371 12.1 329 3.5 1,617 14.3 10,435 9,245 100 8,362 11,296 100.0 252

2015 7 31 23,400,000 2016 7 31 27,100,000(i) (ii)(iii)vip VIP 2016 7 3127,100,000 2017 7 31 30,200,000 VIPVIP 2016 12 31 9,200,000 22.2% 2017 12 31 11,300,000 (i)(ii) 463269 428 570 20152016 2017 7 3120162017 12 31 134,900,000 138,000,000 106,000,000 46,000,000 43,000,000 41.2% 36.7% 28.2% 27.0% 22.0% 253

7 31 12 31 2015 2016 2017 2016 2017 % % % % % 1 50,820 37.7 49,520 35.9 11,634 11.0 6,587 14.3 2,056 4.8 2 9,648 7.2 5,493 4.0 4,016 3.8 1,842 4.0 1,782 4.1 18,671 13.8 24,158 17.5 26,110 24.6 11,160 24.3 11,521 26.8 48,369 35.8 51,496 37.3 56,560 53.4 23,276 50.6 24,478 56.9 3,514 2.6 3,296 2.4 3,552 3.3 1,420 3.1 1,486 3.4 3,888 2.9 4,001 2.9 4,136 3.9 1,704 3.7 1,720 4.0 134,910 100.0 137,964 100.0 106,008 100.0 45,989 100.0 43,043 100.0 1. 2. 2015 2016 2017 7 31 20162017 12 3150,800,000 49,500,000 11,600,000 6,600,000 2,100,0002015 7 31 50,800,000 2016 7 31 49,500,000 2015 7 3133 2016 7 3129 2016 7 31 49,500,000 2017 7 31 11,600,000 2016 9 2016 7 31 34,600,000 2016 12 31 6,600,000 2017 12 312,100,000 2016 9 254

52 12 31 7 31 2015 2016 2017 2016 2017 24,695 43,447 83,606 26,737 41,704 27 37 44 37 50 2015 2016 2017 7 312016 2017 12 31 24,700,000 43,400,000 83,600,000 26,700,000 41,700,000 7.5% 11.5% 22.2% 15.7% 21.3% 2015 7 31 24,700,000 2016 7 31 43,400,000 2015 7 31 272016 7 31 37 2016 7 3143,400,000 2017 7 3183,600,0002016 9 ( F 2016 7 31 2016 12 3126,700,000 2017 12 3141,700,000 (i) (ii) (iii) G 255

2015 2016 2017 7 3120162017 12 3175,500,000 93,000,000 95,200,000 33,300,000 43,800,000 2015 7 31 75,500,000 2016 7 31 93,000,000 (i)2016 7 31 2015 7 31 17.2% (ii) 2015 7 31 60 2016 7 3166 2016 7 31 93,000,000 2017 7 31 95,200,000 F 2017 7 31 2016 7 31 0.8% 2016 12 3133,300,000 2017 12 31 43,800,000 (i)2017 12 31 201615.6% (ii) G 5% 1,500 570,000 201520162017 7 31 2017 12 3194,500 138,000 216,000 121,500 0.06% 0.08% 0.11% 0.14% 2016 6 50% 5.0% 30% 30% 40% 256

2016 7 312017 7 31 500,000 2,200,000 (i) (ii) (iii) 5% 10% 5% 10% (i) (ii) 10% 20% 10% 20% 257

12 31 7 31 2015 2016 2017 2016 2017 (10)% (23,926) (28,041) (27,809) (12,964) (14,989) (5)% (11,963) (14,020) (13,904) (6,482) (7,494) 5% 11,963 14,020 13,904 6,482 7,494 10% 23,926 28,041 27,809 12,964 14,989 (10)% 13,327 15,148 15,833 6,073 7,076 (5)% 6,664 7,574 7,916 3,036 3,538 5% (6,664) (7,574) (7,916) (3,036) (3,538) 10% (13,327) (15,148) (15,833) (6,073) (7,076) (20)% 8,298 9,518 8,765 3,651 3,753 (10)% 4,149 4,759 4,382 1,825 1,876 10% (4,149) (4,759) (4,382) (1,825) (1,876) 20% (8,298) (9,518) (8,765) (3,651) (3,753) 201520162017 7 31 2016 2017 12 31 49,700,000 57,000,000 52,500,000 21,900,000 22,500,000 15.2% 15.1% 13.9% 12.8% 11.5% 2015 7 31 49,700,000 14.7% 2016 7 31 57,000,000 2016 7 3157,000,000 7.9% 2017 7 3152,500,000 258

2016 12 3121,900,000 2.8% 2017 12 31 22,500,000 (i) (ii) (iii) 2015 2016 2017 7 312016 2017 12 31 18,000,000 15,900,000 16,500,000 10,100,000 8,600,000 5.5% 4.2% 4.4% 5.9% 4.4% 12 31 7 31 2015 2016 2017 2016 2017 % % % % % 9,571 53.3 8,474 53.2 8,868 53.6 5,468 54.4 5,062 59.0 3,891 21.6 5,249 32.9 5,964 36.0 3,200 31.8 2,659 31.0 4,507 25.1 2,221 13.9 1,716 10.4 1,386 13.8 856 10.0 17,969 100.0 15,944 100.0 16,548 100.0 10,054 100.0 8,577 100.0 2015 7 31 18,000,000 2016 7 31 15,900,000 2016 7 31 15,900,000 2017 7 31 16,500,000 259

2016 12 3110,100,000 2017 12 31 8,600,000(i) (ii) (iii) 12 31 7 31 2015 2016 2017 2016 2017 % % % % % 2,106 3.7 2,219 2.9 2,290 3.4 1,085 3.7 808 2.2 2,597 4.5 2,434 3.2 2,169 3.1 1,068 3.6 1,007 2.8 7,725 13.5 7,933 10.2 7,808 11.3 3,115 10.5 3,578 9.8 2,045 3.6 9,863 12.7 2,200 3.2 917 3.1 4,430 12.0 27,411 47.8 29,783 38.6 30,445 44.1 14,310 48.4 15,441 42.2 15,409 26.9 25,018 32.4 24,127 34.9 9,041 30.7 11,347 31.0 57,293 100.0 77,250 100.0 69,039 100.0 29,536 100.0 36,611 100.0 201520162017 7 3120162017 12 3157,300,000 77,300,000 69,000,000 29,500,000 36,600,000 2015 7 31 57,300,000 2016 7 31 77,300,000 (i)(ii) (iii) 2015 7 31 2,000,000 2016 7 31 9,900,000 2015 7 31 15,400,000 2016 7 31 25,000,000 260

2016 7 31 77,300,000 2017 7 31 69,000,000 2016 12 3129,500,000 2017 12 3136,600,000 (i) (ii) (iii) 2015 2016 2017 7 312016 2017 12 31 16.5% 6,100,000 7,500,000 7,900,000 6,000,000 7,700,000 2015 20162017 7 31 2016 2017 12 31 16.6% 19.9% 18.8% 17.7% 19.2% 2016 7 31 2015 7 31 2017 7 31 2016 7 31 2017 12 31 2016 12 312017 12 31 2017 12 31 2016 12 31 2016 12 31 170,500,000 14.9% 2017 12 31195,800,0002017 12 31 24,200,000 2017 12 312,100,000 261

2017 12 31 2016 12 31 487 2017 12 31529 2017 12 31-2016 12 31800,000 48.8% 2017 12 31 400,000-2016 12 311,000 23,798.2% 2017 12 31 300,000 2016 12 3146,000,000 6.4% 2017 12 31 43,000,000 2016 12 3126,700,000 56.0% 2017 12 3141,700,000 2016 12 31372017 12 31 50 2016 12 3121,900,000 2.8% 2017 12 3122,500,000 262

2016 12 3110,100,000 14.7% 2017 12 318,600,000 (i) (ii) (iii) 2016 12 3129,500,000 24.0% 2017 12 3136,600,000 (i) (ii) (iii) 2016 12 316,000,000 28.1% 2017 12 317,700,0002016 12 31 17.7% 2017 12 3119.2% 2017 12 31 2017 12 3132,400,000 2016 12 31 28,100,000 15.6% 2016 12 3116.5% 2017 12 31 16.6% 2017 7 31 2016 7 31 2016 7 31 376,200,000 0.05% 2017 7 31 376,400,0002017 7 31 3,000,000 2,800,000 263

2017 7 31 2017 7 31 VIP 2016 7 31 200,000 335.7% 2017 7 31 1,100,000 2017 7 31300,000 2016 7 31 29.0% 2016 7 31 138,000,000 23.2% 2017 7 31 106,000,000 2016 7 31 43,400,000 92.4% 2017 7 31 83,600,000 2016 7 31 37 2017 7 3144 2016 7 31 57,000,000 7.9% 2017 7 31 52,500,000 264

2016 7 31 15,900,000 2017 7 31 16,500,000 2017 7 31 69,000,000 2016 7 31 77,300,000 10.6% 2017 7 31 2016 7 31 7,500,000 4.9% 2017 7 31 7,900,000 2016 7 31 19.9% 2017 7 31 18.8% 2017 7 31 34,100,000 2016 7 31 30,300,000 12.5% 2016 7 31 8.0% 2017 7 31 9.0% 2016 7 31 2015 7 31 2015 7 31 327,800,000 14.8% 2016 7 31 376,200,000 49,300,000 2016 7 31 2015 7 31 600,00213.6% 2016 7 31 681,498 23.5% 265

14.4%2015 7 31 286,500,000 17.2% 2016 7 31 335,800,000 2015 7 31 190,000 31.9% 2016 7 31 240,000 2015 7 31 100,000 2016 7 31 500,000 2015 7 31 134,900,000 2.3% 2016 7 31 138,000,000 2015 7 31 24,700,000 75.9% 2016 7 31 43,400,000 2015 7 31272016 7 3137 2015 7 31 49,700,000 14.7% 2016 7 31 57,000,000 2015 7 31 18,000,000 11.3% 2016 7 31 15,900,000 266

2016 7 31 77,300,000 2015 7 31 57,300,000 34.8% 2016 7 31 2015 7 31 6,100,000 22.5% 2016 7 31 7,500,000 2015 7 31 16.6% 2016 7 31 19.9% 2016 7 31 30,300,000 2015 7 3130,800,000 1.6% 2015 7 31 9.4% 2016 7 31 8.0% 267

201520162017 7 312017 12 31 7 31 2017 2015 2016 2017 12 31 18,011 21,493 20,449 24,980 7,476 11,028 14,099 13,636 1,528 1,695 1,719 2,292 2,395 2,395 27,015 34,216 38,662 43,303 381 469 976 1,444 22,274 20,247 29,121 51,336 32 55 54 45 40,931 40,931 33,490 66,949 52,990 61,760 911 911 913 913 97,987 129,539 84,100 115,507 125,002 163,755 122,762 158,810 268

7 31 2017 2015 2016 2017 12 31 5,711 6,182 8,799 9,731 67,758 98,304 57,730 70,836 73,469 104,486 66,529 80,567 (275) 1,408 721 73,469 104,211 67,937 81,288 30 30 42 21,781 20,188 19,320 36,744 19,773 26,278 22,035 28,483 8,626 9,394 10,526 8,955 50,210 55,890 51,923 74,182 1,323 3,654 2,885 3,172 17 168 1,323 3,654 2,902 3,340 51,533 59,544 54,825 77,522 125,002 163,755 122,762 158,810 74,792 107,865 70,839 84,628 269

201520162017 7 3118,000,000 21,500,000 20,400,000 2015 7 3118,000,000 2016 7 31 21,500,000 2016 7 3121,500,000 2017 7 31 20,400,000 2017 7 3120,400,000 2017 12 31 25,000,000 2017 7 312017 12 31 2,400,000 270

7 31 2017 2015 2016 2017 12 31 27,166 26,501 36,826 50,852 2,584 4,774 6,394 14,120 29,750 31,275 43,220 64,972 (7,476) (11,028) (14,099) (13,636) 22,274 20,247 29,121 51,336 201520162017 7 312017 12 31 27,200,000 26,500,000 36,800,000 50,900,000 2015 7 3127,200,000 2016 7 31 26,500,000 2016 7 3126,500,000 2017 7 31 36,800,000 (i) (ii) 2017 7 3136,800,000 2017 12 31 50,900,000 201520162017 7 312017 12 31 2,600,000 4,800,000 6,400,000 14,100,000 271

7 31 2017 2015 2016 2017 12 31 40,931 40,931 2015 7 31 40,900,0002016 7 31 2017 7 31 2017 12 31 7 31 2017 2015 2016 2017 12 31 (30) (30) (42) 2015 7 312016 7 3130,000 2017 7 3142,0002017 12 31 272

2015 7 31 21,800,000 2016 7 31 20,200,0002015/2016 2015 7 312016 7 31 2016 7 31 20,200,000 2017 7 31 19,300,0002016/2017 2016 7 312017 7 31 2017 7 31 19,300,000 2017 12 31 36,700,0002017 12 31 2015 7 3119,800,000 2016 7 31 26,300,000(i)(ii) (iii) 2016 7 3126,300,000 2017 7 31 22,000,000 (i)(ii) (iii) 2017 7 3122,000,000 2017 12 31 28,500,000 (i) (ii)(iii) 2015 7 318,600,000 2016 7 31 9,400,000 2016 7 319,400,000 2017 7 31 10,500,000 2017 7 31 10,500,000 2017 12 31 9,000,000 273

62,500,000(i) (ii) (iii) 274

2015 7 31 32,000,000 37,700,000 5,700,000 43,200,000 36,900,000 6,400,0005,500,000 7,400,000 12,500,000 10,100,000 4,200,000 2016 7 31 53,900,000 60,800,000 7,000,000 45,300,000 37,800,000 6,600,00015,500,000 8,800,000 8,300,000 1,600,000 2017 7 31 29,000,000 35,800,000 6,800,000 52,000,000 41,900,000 7,500,0002,200,000 300,000 16,200,000 9,700,0005,000,000 2017 12 31 41,400,000 51,100,000 9,700,000 44,700,000 40,100,000 3,400,000900,000 276

300,000 6,400,000 17,400,000 18,000,000 2015 7 31 23,800,000 30,800,000 6,900,000 2016 7 31 10,500,000 10,600,000 2017 7 318,800,000 6,800,000 2,000,000 2.5% 2017 12 31 8,200,000 8,200,000 201520162017 7 312017 12 31 45,000,000 34,100,000 20,000,000 2015 2016 2017 7 312017 12 31 300,000 9,900,000 2,200,000 4,400,000 277

97,987 129,539 84,688 84,688 84,688 201520162017 7 31 2017 12 31 2018 4 30 7 31 2017 2018 2015 2016 2017 12 31 4 30 381 469 976 1,444 1,569 22,274 20,247 29,121 51,336 36,208 32 55 54 54 45 40,931 40,931 33,490 66,949 52,990 61,760 73,711 911 911 913 913 913 97,987 129,539 84,100 115,507 112,455 30 30 42 21,781 20,188 19,320 36,744 14,455 19,773 26,278 22,035 28,483 29,108 8,626 9,394 10,526 8,955 12,405 50,210 55,890 51,923 74,182 55,968 47,777 73,649 32,177 41,325 56,487 278

2015 7 31 47,800,0002015 7 31(i) 40,900,000 (ii) 22,300,000(iii) 33,500,000 2015 7 31 (i) 19,800,000 (ii) 21,800,000(iii) 8,600,000 2016 7 31 73,600,0002016 7 31(i) 40,900,000 (ii) 20,200,000(iii) 66,900,000 2016 7 31 (i) 26,300,000 (ii) 20,200,000(iii) 9,400,000 2017 7 31 32,200,0002017 7 31(i) 29,100,000 (ii) 53,000,0002017 7 31 (i) 22,000,000 (ii) 19,300,000 (iii)10,500,000 2017 12 31 41,300,0002017 12 31(i) 51,300,000 (ii) 61,800,0002017 12 31 (i) 28,500,000 (ii) 36,700,000 (iii)9,000,000 2018 4 30 56,500,0002018 4 30(i) 73,700,000 (ii) 36,200,0002018 4 30 (i) 29,100,000 (ii) 14,500,000 2015 7 3147,800,000 25,900,000 2016 7 3173,600,00033,500,000 6,500,000 279

2016 7 3173,600,000 41,500,000 2017 7 31 32,200,000 40,900,000 14,000,000 8,900,000 4,200,000 2017 7 3132,200,000 9,100,000 2017 12 3141,300,000 22,200,000 8,800,000 17,400,000 6,400,000 2017 12 3141,300,000 15,200,000 2018 4 30 56,500,000 11,900,00022,200,000 15,100,000 30 2018 4 30 700,000 280

7 31 2017 2015 2016 2017 12 31 (1) 1.95 2.32 1.62 1.56 (2) (6) 7 31 2015 2016 2017 2017 12 31 (3) (7) 24.6% 18.7% 28.0% (4) (7) 41.9% 29.2% 51.7% (5) (6) 1. 2. 3. 4. 5. 6. 7. 2017 12 31 281

201520162017 7 31 2017 12 31 1.95 2.32 1.62 1.56 2017 7 311.62 2017 12 311.56 2017 12 31 74,200,00042.9% 2017 12 31 115,500,000 37.3%17,400,000 6,400,000 22,200,000 8,800,000 2016 7 312.32 2017 7 311.62 2017 7 312016 7 31129,500,000 35.1% 2017 7 31 84,100,000 2016 7 31 40,900,000 40,900,000 2017 7 3114,000,000 8,900,000 2015 7 311.95 2016 7 312.32 2016 7 31 129,500,0002015 7 31 98,000,000 32.2% 2016 7 3155,900,0002015 7 31 50,200,000 11.3% 201520162017 7 312017 12 31 282

201520162017 7 31 24.6% 18.7% 28.0% 2017 12 31 2016 7 31 18.7% 2017 7 31 28.0% 2017 7 31 12.7%25.0%2016 7 31 40,900,000 2017 7 31 2015 7 31 24.6% 2016 7 31 18.7% 31.0% 0.7% 201520162017 7 31 41.9% 29.2% 51.72017 12 31 2016 7 31 29.2% 2017 7 31 51.7% 2017 7 31 12.7% 36.3% 2017 7 31 75,000,000 2015 7 31 41.9% 2016 7 31 29.2%42.2%2016 7 31 0.7% 2015 2016 2017 7 312017 12 31 283

13.13 13.19 7 31 2017 2015 2016 2017 12 31 37,512 45,460 40,599 42,521 17,375 35,055 42,294 47,638 54,887 80,515 82,893 90,159 1.00 39,300,000 21,000,000 18,500,000 2,500,000 284

18,300,000 (i) 7,100,0002018 7 31 (ii) 11,200,000 2018 7 31 2018 7 31 2016 7 31 2015 7 31 45,000,000 2017 7 31 75,000,000 34,100,000 2017 12 31 20,000,000 (1)(a) (b) (c) (d) (e) (2) (3) 285

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(3) 2017 12 31500,000,000 (4) 2017 12 31 2017 12 31 26,000,000 288

3 2017 12 31 289

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201520162017 7 31 2017 12 31 37,500,000 45,500,000 40,600,000 42,500,000 2018 4 30 73,700,000 (a) (b)2017 12 31 42,500,000 201520162017 14,900,000 26,800,000 42,700,000 201520162017 7 31 11,900,000 293

13,200,000 13,100,000 12,700,000 2018 4 30 73,700,000 14,500,000 2018 4 30 2018 4 30 73.7 A 2018 4 30 (14.5) B 59.2 C=A-B 201520162017 7 31 12.7 D 2018 4 30 2015 20162017 7 31 12,700,000 4.7 E=C/D 4.7 29 29 294

17 (i) (ii) (iii) (iv) 295

2018 6 29 12,500,000 296

(a) (i) (ii) (iii) (iv) 297

(v) F. 10. (vi) (vii) (viii) (ix) (x) (xi) 298

(xii) (xiii) (xiv) (xv) (xvi) (xvii) (b) (i) 299

(ii) (iii) (iv) (v) (vi) 300

(vii) (viii) (ix) (x) (xi) (xii) (xiii) (1) (2) 301

(3) (4) (5) 10.08 (i)(ii) 10.08 10.07(1) (a) (b) (a) 302

(a) (b) 2424 10.07(2) (3) (a) 10.07(2) 2 (b) 2.07C (a) 303

(b) (c) (d) (a) (b) (c) (e) (a) (b) (c) (d) (a) (b) (c) (d) (a) (b) (c) (d) 36 304

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5.5% 39,300,000 1.00 3A.07 307

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2018 7 13 (i) (ii) (iii) 2018 7 13 2018 7 13 4,000 315

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13. 1.10 2018 7 12 14. (i) (ii) 332

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2018 7 12 2018 7 12 (iii) 1,000,000 2018 7 12 183 22 1,000,000 2018 7 12 334

(iv) 2018 7 12 2018 7 12 2018 7 12 2018 7 12 335

2018 7 12 15. 336

I-1 I-3 200 I-4 I-56201520162017 7 312017 12 31201520162017 7 31 2017 12 31201520162017 7 31 2017 12 31 I-4 I-56 2018 6 30 1.3 2.1 I-1

200 1.3 2.1 1.3 2.120152016 2017 7 312017 12 31201520162017 7 312017 12 31 2016 12 31 1.3 2.1 I-2

2410 1.3 2.1 I-4 12 2018 6 30 I-3

I (a) 7 31 12 31 2015 2016 2017 2016 2017 5 327,817 376,225 376,396 170,473 195,837 6 185 244 1,063 750 384 6 (122) (489) (347) (1) (333) 7 (134,910) (137,964) (106,008) (45,989) (43,043) (24,695) (43,447) (83,606) (26,737) (41,704) (49,691) (56,997) (52,483) (21,861) (22,472) (17,969) (15,944) (16,548) (10,054) (8,577) (57,293) (77,250) (69,039) (29,536) (36,611) (6,407) (6,579) (7,479) (2,976) (3,360) 9 36,915 37,799 41,949 34,069 40,121 10 (6,146) (7,531) (7,898) (6,014) (7,702) 30,769 30,268 34,051 28,055 32,419 395 30,769 30,268 34,446 28,055 32,419 I-4

7 31 12 31 2015 2016 2017 2016 2017 30,769 30,546 34,426 28,174 33,106 (278) (375) (119) (687) 30,769 30,268 34,051 28,055 32,419 30,769 30,546 34,821 28,174 33,106 (278) (375) (119) (687) 30,769 30,268 34,446 28,055 32,419 (a) 11 3,077 3,055 3,482 2,817 3,311 (a) 2018 6 21 374,999,990 I-5

(b) 7 31 2017 2015 2016 2017 12 31 13 18,011 21,493 20,449 24,980 17 7,476 11,028 14,099 13,636 14 1,528 1,695 1,719 2,292 15 2,395 2,395 27,015 34,216 38,662 43,303 16 381 469 976 1,444 17 22,274 20,247 29,121 51,336 32 55 54 18 45 18 40,931 40,931 19 33,490 66,949 52,990 61,760 19 911 911 913 913 97,987 129,539 84,100 115,507 125,002 163,755 122,762 158,810 I-6

7 31 2017 2015 2016 2017 12 31 23 24 5,711 6,182 8,799 9,731 67,758 98,304 57,730 70,836 73,469 104,486 66,529 80,567 25 (275) 1,408 721 73,469 104,211 67,937 81,288 18 30 30 42 20 21,781 20,188 19,320 36,744 21 19,773 26,278 22,035 28,483 8,626 9,394 10,526 8,955 50,210 55,890 51,923 74,182 21 1,323 3,654 2,885 3,172 14 17 168 1,323 3,654 2,902 3,340 51,533 59,544 54,825 77,522 125,002 163,755 122,762 158,810 74,792 107,865 70,839 84,628 I-7

(c) 7 31 2017 2015 2016 2017 12 31 95,700 95,700 20,700 20,700 18 1,836 8,000 95,700 95,700 22,536 28,700 18 9,864 2,692 9,864 2,692 23 24 95,700 96,171 23,393 24,325 (10,335) (857) 1,683 95,700 85,836 22,536 26,008 95,700 95,700 22,536 28,700 (9,864) 1,836 5,308 95,700 85,836 22,536 26,008 I-8

(d) 2014 8 1 81,989 81,989 81,989 30,769 30,769 30,769 30,769 30,769 30,769 23 12/26(b) (45,000) (45,000) (45,000) 24 5,711 5,711 5,711 5,711 (45,000) (39,289) (39,289) 2015 7 31 5,711 67,758 73,469 73,469 30,546 30,546 (278) 30,268 30,546 30,546 (278) 30,268 3 3 8 471 471 471 471 471 3 474 2016 7 31 6,182 98,304 104,486 (275) 104,211 I-9

33,904 34,299 (503) 33,796 33,904 34,299 (503) 33,796 34,426 34,426 (375) 34,051 15 395 395 395 395 34,426 34,821 (375) 34,446 2,058 2,058 12 26(b) (75,000) (75,000) (75,000) 8 2,222 2,222 2,222 2,222 (75,000) (72,778) 2,058 (70,720) 2017 7 31 8,799 57,730 66,529 1,408 67,937 33,106 33,106 (687) 32,419 33,106 33,106 (687) 32,419 12/26(b) (20,000) (20,000) (20,000) 8 932 932 932 932 (20,000) (19,068) (19,068) 2017 12 31 9,731 70,836 80,567 721 81,288 I-10

33,904 34,299 (503) 33,796 33,904 34,299 (503) 33,796 33,904 34,299 (503) 33,796 33,904 34,299 (503) 33,796 33,904 34,299 (503) 33,796 2016 8 1 6,182 98,304 104,486 (275) 104,211 28,174 28,174 (119) 28,055 28,174 28,174 (119) 28,055 12/26(b) (50,000) (50,000) (50,000) 8 926 926 926 926 (50,000) (49,074) (49,074) 2016 12 31 7,108 76,478 83,586 (394) 83,192 I-11

(e) 7 31 12 31 2015 2016 2017 2016 2017 26(a) 37,702 60,830 35,827 35,575 51,119 (5,684) (6,963) (6,793) (6,793) (9,696) 32,018 53,867 29,034 28,782 41,423 (6,945) (10,551) (6,782) (1,784) (8,224) 15 (2,000) (2,000) 30,848 (93) (2) 6 2 2 23,816 (10,549) (8,782) (3,784) (8,224) (272) (9,863) (2,200) (17) (4,430) 12 26(b) (45,000) (34,069) (9,069) (20,000) 3 2,058 27 35 (45,237) (9,860) (34,211) (9,086) (24,430) I-12

7 31 12 31 2015 2016 2017 2016 2017 10,597 33,458 (13,959) 15,912 8,769 22,901 33,490 66,949 66,949 52,990 (8) 1 (1) 1 33,490 66,949 52,990 82,860 61,760 I-13

II. 1 1.1 2015 4 1522(1961 3 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 1.2 (i) (ii) (iii) 10 1.2 2015 3 5 1,125 1,125250250250 2015 3 6 Beacon Group Limited Beacon Group Limited I-14

2015 4 15 380,000 3,800,000 0.1 2015 4 23 1 Supreme Master Corporation Limited Beacon Group Limited 2015 4 23 2 Beacon Group Limited 2015 4 23 30,005 Advance Bestway Limited Beacon Group Limited 2015 4 23 2015 4 23 JR (CB) Limited JR (MK) Limited JR (SS Limited) JR (ST) Limited JR (TKO) Limited JR (TM) Limited JR (TW) Limited JR (YL) Limited 2015 4 23 2015 4 23 45,021Beacon Kids Club LimitedJR (WC) Limited JR (MOS) Limited Joinway Consultant Limited Beacon Kids Club LimitedJR (WC) Limited JR(MOS) Limited Joinway Consultant Limited 2015 4 23 Beacon Group Limited 1,1251,125250 250 250 2015 4 23 2 Beacon Group Limited 2015 4 29 Beacon Group Limited Beacon Group Limited I-15

7 31 12 31 7 31 2015 2016 2017 2017 2015 2016 2017 Advance Bestway Limited Ascent Prep International Education Limited JR (SS Limited) JR (CB) Limited JR (MK) Limited JR (ST) Limited JR (TM) Limited JR (YL) Limited Professional Smart Limited Beacon Group Limited 2014 2 11 2017 2 7 2011 4 21 2000 9 18 2001 5 11 2002 6 19 2001 3 9 2015 6 2 2002 9 27 2002 7 31 2002 5 29 2002 6 19 2002 6 19 2014 2 28 2004 3 11 1993 7 13 2005 11 17 2015 3 6 10,000 100% 100% 100% 100% c c f 4,200,000 51%* 51%* a 1 100% 100% 100% 100% c c f 2,000 100% 100% 100% 100% c c f 2 100% 100% 100% 100% b b f 2,000 100% 100% 100% 100% c c f 2 100% 100% 100% 100% b b f 1,000 70% 70% 70% 70% a c f 10,000 100% 100% 100% 100% b b f 2 100% 100% 100% 100% b b f 2,000 100% 100% 100% 100% b b f 2,000 100% 100% 100% 100% b b f 2,000 100% 100% 100% 100% b b f 10,000 70% 70% 70% 70% c c f 2 100% 100% 100% 100% b b f 30,000 100% 100% 100% 100% b b f 10,000 100% 100% 100% 100% d c f 1 100% 100% 100% 100% g g g * 49% 2.4% I-16

(a) (b) (c) (d) (e) (f) (g) 18 2017 7 31 1.3 Professional Smart Limited Advance Bestway Limited Supreme Master Corporation Limited 1.2 2 2.1 4 I-17

9 2018 1 1 15 2018 1 1 1 2018 1 1 2 2018 1 1 4 9 2018 1 1 4 28 2018 1 1 40 2018 1 1 2018 1 1 22 2019 1 1 23 16 2019 1 1 17 2021 1 1 10 28 2017 7 31 (i) 9 I-18

39 9 39 9 39 15 2018 8 1 9 9 (ii) 15 18 11 15 15 2018 1 1 I-19

2018 8 1 2018 7 31 (iii) 16 2.20 29(b) 2015 20162017 7 31 2017 12 31 54,887,000 80,515,000 82,893,000 90,159,000 16 2019 1 1 2.2 (i) I-20

39 (ii) (iii) 2.3 I-21

2.4 (a) (b) 2.5 5 5 3 5 5 2.6 I-22

2.6 2.7 (a) (i) 12 2.10 2.11 (ii) 12 (b) 2.8 I-23

2.9 (a) (b) 2.10 2.11 I-24

2.12 2.13 2.14 2.15 2.16 (a) I-25

(b) (c) 2.17 (i) (ii) (iii) I-26

2.18 (a) (b) (c) 2.19 (a) (b) I-27

2.20 2.21 2.22 2.23 (1) (i) (ii) (iii) (2) (i) (ii) (iii) (iv) I-28

(v) 3 3.1 (vi) (1) (vii) (1)(i) (a) (i) (ii) (b) (c) I-29

2015 7 31 18,146 230 18,376 30 30 2016 7 31 25,273 1,476 26,749 30 30 2017 7 31 20,374 942 21,316 42 42 2017 12 31 27,143 648 27,791 3.2 3.3 2017 7 31 1 1 2 I-30

3 2017 7 31 2017 12 31 3 2016 8 1 15 2,000 395 2017 7 31 2017 12 31 2,395 4 (a) 2.19(b) 8 2016 6 3 (b) I-31

(c) 5 201520162017 7 3120162017 12 31 7 31 12 31 2015 2016 2017 2016 2017 286,538 335,819 333,040 155,258 179,503 17,862 13,269 13,180 5,970 5,038 23,417 27,137 30,176 9,245 11,296 327,817 376,225 376,396 170,473 195,837 VIP I-32

6 7 31 12 31 2015 2016 2017 2016 2017 179 242 1,061 750 384 6 2 2 185 244 1,063 750 384 (114) (490) (347) (333) (8) 1 (1) (122) (489) (347) (1) (333) 7 7 31 12 31 2015 2016 2017 2016 2017 131,022 133,963 101,872 44,285 41,323 a 3,888 4,001 4,136 1,704 1,720 134,910 137,964 106,008 45,989 43,043 (a) 5%2014 6 1 1,500 I-33

(b) 2015 7 31 (i) (ii) (iii) 1,374 1,026 18 2,418 928 216 18 1,162 1,680 18 1,698 960 18 978 4,942 1,242 72 6,256 2016 7 31 (i) (ii) (iii) 1,374 1,026 18 2,418 1,028 216 18 1,262 1,680 18 1,698 960 18 978 5,042 1,242 72 6,356 I-34

2017 7 31 (i) (ii) (iii) 1,354 1,046 18 2,418 974 228 18 1,220 1,680 18 1,698 960 18 978 4,968 1,274 72 6,314 2017 12 31 (i) (ii) (iii) 560 440 8 1,008 500 8 508 700 8 708 400 8 408 76 76 22 22 2,258 440 32 2,730 I-35

(d) 201520162017 7 3120162017 12 31 1 2 3 2 3 7 31 12 31 2015 2016 2017 2016 2017 41,978 44,288 10,934 4,428 965 90 90 90 17 11 42,068 44,378 11,024 4,445 976 7 31 12 31 2015 2016 2017 2016 2017 1 500,000 2 500,001 1,000,000 1,000,001 1,500,000 2 1,500,001 2,000,000 1 1 2,000,001 2,500,000 1 1 2,500,001 3,000,000 1 1 3,000,001 3,500,000 1 3,500,001 4,000,000 1 4,500,001 5,000,000 8,000,001 8,500,000 8,500,001 9,000,000 10,000,001 10,500,000 34,500,001 35,000,000 1 35,000,001 35,500,000 1 4 3 2 3 2 I-37

8 2016 6 3 50% 5% 30% 30% 40% 2016 2017 7 31 2017 12 31471,000 2,222,000 932,000 0.858%-1.276% 35% 0% 0.6504 9 7 31 12 31 2015 2016 2017 2016 2017 13 6,407 6,579 7,479 2,976 3,360 378 735 526 175 215 2,045 9,863 2,200 917 4,430 47,437 54,460 50,133 20,895 21,540 7 134,910 137,964 106,008 45,989 43,043 24,695 43,447 83,606 26,737 41,704 17,969 15,944 16,548 10,054 8,577 27,411 29,783 30,445 14,310 15,441 4,703 4,653 4,459 2,153 1,815 7,725 7,933 7,808 3,115 3,578 4,065 5,428 5,410 2,003 2,815 1,190 2,750 2,288 794 766 I-38

7,531 7,898 10 7 31 12 31 2015 2016 2017 2016 2017 6,128 7,698 7,905 6,000 8,124 14 18 (167) (7) 14 (422) 6,146 7,531 7,898 6,014 7,702 16.5% 7 31 12 31 2015 2016 2017 2016 2017 36,915 37,799 41,949 34,069 40,121 16.5% 6,091 6,237 6,922 5,621 6,620 (44) (15) 385 1,476 1,069 393 979 (222) (134) (17) 90 153 78 (97) (154) (89) (76) 25 6,146 7,531 7,898 6,014 7,702 I-39

11 2018 6 21 374,999,990 (a) 1) 2015 4 15 1 1.2 2) 1 2015 10 2 10 23 7 31 12 31 2015 2016 2017 2016 2017 30,769 30,546 34,821 28,174 33,106 10 10 10 10 10 3,077 3,055 3,482 2,817 3,311 (b) 20162017 7 31 20162017 12 31 12 45,000,000 2015 4 20 2016 7 31 2017 7 312016 12 282017 7 26 50,000,000 25,000,000 26(b) 2017 12 31 2017 12 2920,000,000 I-40

10,302 2,137 4,904 248 17,591 13 2014 8 1 29,590 6,157 17,267 1,624 54,638 (19,288) (4,020) (12,363) (1,376) (37,047) 10,302 2,137 4,904 248 17,591 2015 7 31 10,302 2,137 4,904 248 17,591 4,063 370 1,722 790 6,945 9 (3,475) (857) (1,947) (128) (6,407) 6 (113) (1) (114) 27 (1) (3) (4) 10,777 1,649 4,676 909 18,011 2015 7 31 32,928 6,527 18,983 2,413 60,851 (22,151) (4,878) (14,307) (1,504) (42,840) 10,777 1,649 4,676 909 18,011 2017 7 31 10,777 1,649 4,676 909 18,011 8,522 810 1,219 10,551 9 (3,856) (674) (1,834) (215) (6,579) 6 (490) (490) 14,953 1,785 4,061 694 21,493 2016 7 31 32,297 7,337 20,203 2,413 62,250 (17,344) (5,552) (16,142) (1,719) (40,757) 14,953 1,785 4,061 694 21,493 2017 7 31 14,953 1,785 4,061 694 21,493 4,528 208 2,046 6,782 9 (4,856) (634) (1,774) (215) (7,479) 6 (167) (59) (121) (347) 14,458 1,300 4,212 479 20,449 I-41

2017 7 31 31,761 6,756 20,940 2,413 61,870 (17,303) (5,456) (16,728) (1,934) (41,421) 14,458 1,300 4,212 479 20,449 2017 12 31 14,458 1,300 4,212 479 20,449 5,894 544 1,786 8,224 9 (2,354) (242) (674) (90) (3,360) 6 (333) (333) 17,665 1,602 5,324 389 24,980 2017 12 31 36,743 7,300 22,726 2,413 69,182 (19,078) (5,698) (17,402) (2,024) (44,202) 17,665 1,602 5,324 389 24,980 2016 12 31 14,953 1,785 4,061 694 21,493 1,079 91 614 1,784 9 (1,933) (266) (687) (90) (2,976) 6 14,099 1,610 3,988 604 20,301 2016 12 31 32,605 7,428 20,813 2,413 63,259 (18,506) (5,818) (16,825) (1,809) (42,958) 14,099 1,610 3,988 604 20,301 I-42

14 7 31 2017 2015 2016 2017 12 31 1,528 1,695 1,719 2,292 (17) (168) 1,528 1,695 1,702 2,124 7 31 2017 2015 2016 2017 12 31 1,546 1,528 1,695 1,702 (18) 167 7 422 1,528 1,695 1,702 2,124 7 31 2017 2015 2016 2017 12 31 959 1,126 1,536 1,331 167 410 (205) (86) 1,126 1,536 1,331 1,245 7 31 2017 2015 2016 2017 12 31 687 412 159 388 (275) (253) 229 369 412 159 388 757 I-43

7 31 2017 2015 2016 2017 12 31 1,646 1,538 1,695 1,719 (108) 157 24 573 1,538 1,695 1,719 2,292 7 31 2017 2015 2016 2017 12 31 (100) (10) (17) 90 10 (17) (151) (10) (17) (168) 201520162017 7 312017 12 31545,000 926,000 473,000 90,000 153,000 78,000 15 7 31 2017 2015 2016 2017 12 31 2,395 2,000 24 395 2,395 2,395 3 3.3 I-44

16 7 31 2017 2015 2016 2017 12 31 381 469 976 1,444 381 469 976 1,444 201520162017 7 312017 12 31 201520162017 7 312017 12 31 7 31 2017 2015 2016 2017 12 31 1 30 291 288 705 1,238 31 60 2 6 39 2 60 88 175 232 204 381 469 976 1,444 201520162017 7 312017 12 31 381,000 469,000 976,000 1,444,000 7 31 2017 2015 2016 2017 12 31 1 30 291 288 705 1,238 31 60 2 6 39 2 60 88 175 232 204 381 469 976 1,444 201520162017 7 312017 12 31 201520162017 7 312017 12 31 I-45

17 7 31 2017 2015 2016 2017 12 31 a 27,166 26,501 36,826 50,852 b 2,584 4,774 6,394 14,120 29,750 31,275 43,220 64,972 (7,476) (11,028) (14,099) (13,636) 22,274 20,247 29,121 51,336 (a) (b) 201520162017 7 312017 12 31 18 7 31 2017 2015 2016 2017 12 31 40,931 40,931 45 (30) (30) (42) 1,836 8,000 (9,864) (2,692) 2016 12 28 26(b) I-46

19 7 31 2017 2015 2016 2017 12 31 33,490 66,949 52,990 61,760 3 911 911 913 913 34,401 67,860 53,903 62,673 201520162017 7 312017 12 31 37,000 31,000 30,000 30,000 20 21 7 31 2017 2015 2016 2017 12 31 (a) 5,316 5,826 6,157 8,185 6,000 5,221 4,265 6,283 10,432 1,625 3,005 1,424 2,104 378 415 516 731 22 1,627 1,005 1,661 1,340 1,005 697 1,099 574 3,439 3,611 3,997 4,281 1,162 1,454 898 836 19,773 26,278 22,035 28,483 (b) 22 1,093 2,178 1,943 2,524 230 1,476 942 648 1,323 3,654 2,885 3,172 I-47

22 7 31 2017 2015 2016 2017 12 31 3,429 2,720 3,183 3,604 1,145 1,087 260 (709) (682) (666) 2,720 3,183 3,604 3,864 21(b) (1,093) (2,178) (1,943) (2,524) 21(a) 1,627 1,005 1,661 1,340 23 2015 4 15 (a) 1 2015 7 31 1 2016 2017 7 31 2017 12 31 (a) 10 (a) 2015 4 15 380,0003,800,000 0.11 2015 10 2 0.1010 0.01 380,000 38,000,000 0.01 1 10 I-48

24 2014 8 1 27 5,711 5,711 2015 7 31 5,711 5,711 8 471 471 2016 7 31 471 5,711 6,182 8 2,222 2,222 15 395 395 2017 7 31 395 2,693 5,711 8,799 8 932 932 2017 12 31 395 3,625 5,711 9,731 2014 8 1 2015 7 31 95,700 95,700 8 471 471 2016 7 31 471 95,700 96,171 8 2,222 2,222 12 (75,000) (75,000) 2017 7 31 2,693 20,700 23,393 8 932 932 2017 12 31 3,625 20,700 24,325 Beacon Group Limited 2017 7 31 12 I-49

25 2015 7 31 2016 2017 7 31 2017 12 31 275,000 1,408,000 721,000 2017 7 31 2017 12 311,871,000 1,260,000 Ascent Prep International Education LimitedAscent Prep International Education Limited2017 7 31 20162017 7 312017 12 31 BEE-2-BEE Limited Ascent Prep International Education Limited 2017 2017 7 31 12 31 3,545 1,270 (137) (440) 3,408 830 690 1,640 (220) 470 1,640 3,878 2,470 I-50

Ascent Prep International Education Limited 2017 7 31 12 31 2016 2017 115 449 (198) (795) (204) (515) (96) (548) (383) (1,409) 61 231 (322) (1,178) (164) (601) (158) (577) (322) (1,178) Ascent Prep International Education Limited 2017 7 31 12 31 2016 2017 (1,796) (152) (1,605) 4,200 2,404 (1,757) 2,404 647 Ascent Prep International Limited 2017 2 7 2016 12 31 I-51

(12,466) 8,837 (7,051) 26 (a) 7 31 12 31 2015 2016 2017 2016 2017 36,915 37,799 41,949 34,069 40,121 6,407 6,579 7,479 2,976 3,360 (220) 114 490 347 333 471 2,222 926 932 (6) (2) (2) 8 (1) 1 35 (88) (507) (150) (468) (7,422) 8,338 (9,746) (17,298) (18,001) 10,144 (45) 45 (21) 12 (42) 4,214 (1,593) (868) 13,321 17,423 (12,466) 8,837 (5,014) 1,730 7,416 37,702 60,830 35,827 35,575 51,119 I-52

(b) 2017 7 31 75,000,000 34,069,000 18 2014 8 1 4,158 4,158 (272) (45,000) (45,272) (2,261) 45,000 42,739 2015 7 31 1,625 1,625 (9,863) (9,863) 11,243 11,243 2016 7 31 3,005 3,005 (2,200) (34,069) (36,269) 619 34,069 34,688 2017 7 31 1,424 1,424 2016 8 1 3,005 3,005 (17) (9,069) (9,086) (748) 9,069 8,321 2016 12 31 2,240 2,240 2017 8 1 1,424 1,424 (4,430) (20,000) (24,430) 5,110 20,000 25,110 2017 12 31 2,104 2,104 I-53

27 2015 10 (114) (5,405) 4 (161) (5,666) (45) 24 (5,711) 35 2015 4 23Beacon Kids Club Limited Joinway Consultant Limited JR(MOS) Limited JR(WC) Limited JR Beacon Limited 45,000 28 (a) Hong Kong International Affairs Consultancy Company Limited I-54

7 31 12 31 2015 2016 2017 2016 2017 i 88 ii 17 25 2 iii 10 5 Hong Kong International Affairs Consultancy Company Limited iv 78 240 100 60 v (45) (13) (5) 105 103 207 92 55 i ii iii iv v vi 7(b) 29 (a) 7 31 2017 2015 2016 2017 12 31 213 345 360 342 I-55

(b) 7 31 2017 2015 2016 2017 12 31 37,512 45,460 40,599 42,521 17,375 35,055 42,294 47,638 54,887 80,515 82,893 90,159 30 (i) (ii) (iii) (iv) 2018 3 31 2017 12 31 2018 6 21 1.0 70% III. 2017 12 31 2017 12 31 I-56

A. 4.29 2017 12 31 2017 12 31 2017 12 31 2017 12 31 2017 2017 12 31 (1) (2) 12 31 (3) 0.90 80,567 92,430 172,997 0.35 1.10 80,567 116,055 196,622 0.39 (1) 2017 12 31 2017 12 31 80,567,000 II-1

(2) 0.90 1.102017 12 31 18,538,000 (3) 2017 12 31500,000,000 (4) 2017 12 31 II-2

B. 2018 6 30II-1 II-2 2017 12 31 II-1 II-2 2017 12 31 2017 12 31 2017 12 31 4.297 7 II-3

1 4.29(7) 3420 4.29 7 2017 12 31 II-4

(a) (b) (c) 4.29(1) 2018 6 30 II-5

2015 4 15 2219613 1. (a) 27 (2) (b) 2. 2018 6 21 (a) (i) (ii) III-1

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

(30) (v) (vi) III-3

(vii) (20%) (14) (20%) (b) (i) III-4

(aa) (bb) (cc) (6) (dd) (ee) (ff) III-5

(ii) (a) (b) III-6

(iii) (iv) (v) III-7

(vi) (vii) 622 (viii) III-8

(aa) (bb) (cc) III-9

(dd) (ee) (c) (d) (e) (i) (15) III-10

(ii) III-11

(iii) (15) (18) (iv) (21)(20) (14) (10) (aa) (bb) (cc) (dd) (ee) III-12

(ff) (20%) (gg) (v) (vi) (f) III-13

(21) (g) III-14

(i) (ii) (a) (b) III-15

(h) (2) 2.50 1.00 (i) 3 (f) (j) (i) (ii) III-16

(k) 3. (a) III-17

(b) (a) (b) (c) 37(d) (e) (c) (d) III-18

(e) III-19

(f) (a) (b) (c) (a)(b) (c) (d) (g) III-20

(h) (i) (ii) (iii) (i) (j) 20116 (1) (2) 2015 5 5 2010 III-21

(k) (l) (m) (n) (o) (60) III-22

(p) 25% (q) (a) (b) (c) III-23

21 (r) (75%) (s) (4) (90%) (4)(2) (1) (t) III-24

4. III-25

A. 1. 2015 4 15 388 12 01 0305 06 2015 10 2216776 2. 380,0003,800,000 0.10 (a) 2015 4 15380,000 3,800,000 0.10 Sharon Pierson (b) 2015 4 15Sharon Pierson (c) 2015 10 2 0.10 10 0.01 380,000 38,000,000 0.01 1 10 (d) 2018 6 21 3. 2018 6 21 9,962,000,000 380,000100,000,000 IV-1

500,000,000 500,000,000 3. 2018 6 21 3. 2018 6 21 2018 6 21 (a) (b) 9,962,000,000 380,000 100,000,000 (c) (d) (1) (2)(3) (i) (ii) 3,749,999.90 374,999,990 IV-2

2018 6 21 (iii) (iv) (a) (b) (c) (d)e f (1) 20% (2)(v) 1. 2. 3. IV-3

(v) 10% 1. 2. 3. (vi) (iv) 4. 5. IV-4

6. (a) (i) 2018 6 21 10% (ii) IV-5

(iii) (iv) (v) 500,000,000 50,000,000 1. 2. IV-6

3. (vi) 10% 30 5% (vii) (viii) (i) (ii) IV-7

(ix) 30 (x) (xi) 26 IV-8

26 25% B. 1. (a) (b) F. 1. (c) (d) 2018 6 21 2% (e) IV-9

附錄四 2. 法定及一般資料知識產權 (a) 商標 (i) 註冊商標於最後實際可行日期本集團已註冊對我們業務屬重大的下列商標並有權使用該等商標編號商標 1. 2. A. 註冊地點類別註冊日期註冊編號註冊人名稱屆滿日期中國 41 2016 年 6 月 14 日 16621763 必盈控股 2026 年 6 月 13 日香港 41 2015 年 1 月 20 日 303274461 必盈控股 2025 年 1 月 19 日香港 41 2015 年 1 月 20 日 303274470 必盈控股 2025 年 1 月 19 日香港 41 2015 年 1 月 20 日 303274489 必盈控股 2025 年 1 月 19 日香港 41 2015 年 1 月 20 日 303274498 必盈控股 2025 年 1 月 19 日香港 41 2015 年 1 月 20 日 303274506 必盈控股 2025 年 1 月 19 日香港 41 2015 年 1 月 20 日 303274515 必盈控股 2025 年 1 月 19 日香港 41 2015 年 1 月 20 日 303274524 必盈控股 2025 年 1 月 19 日香港 41 2015 年 1 月 20 日 303274533 必盈控股 2025 年 1 月 19 日 B. 3. A. B. 4. A. B. 5. A. B. 6. A. B. 7. A. B. 8. A. B. 9. A. B. IV-10

附錄四法定及一般資料編號商標註冊地點類別註冊日期註冊編號註冊人名稱屆滿日期 10. A. 香港 41 2015 年 1 月 20 日 303274542 必盈控股 2025 年 1 月 19 日香港 36 41 2015 年 1 月 20 日 303274551 必盈控股 2025 年 1 月 19 日香港 35 41 2015 年 1 月 20 日 303274560 必盈控股 2025 年 1 月 19 日香港 36 41 2015 年 1 月 20 日 303274579 必盈控股 2025 年 1 月 19 日香港 35 41 2015 年 1 月 20 日 303274597 必盈控股 2025 年 1 月 19 日香港 35 41 2015 年 1 月 20 日 303274605 必盈控股 2025 年 1 月 19 日香港 35 41 2015 年 1 月 20 日 303274614 必盈控股 2025 年 1 月 19 日香港 16 18 2015 年 25 35 1 月 20 日 41 303274632 必盈控股 2025 年 1 月 19 日香港 16 18 2015 年 25 35 1 月 20 日 41 303274641 必盈控股 2025 年 1 月 19 日香港 41 2014 年 8 月 15 日 303102632 必盈控股 2024 年 8 月 14 日 B. 11. A. B. 12. A. B. 13. A. B. 14. A. B. 15. A. B. 16. A. B. 17. A. B. 18. A. B. 19. A. B. IV-11

附錄四法定及一般資料編號商標註冊地點類別註冊日期註冊編號註冊人名稱屆滿日期 20. A. 香港 41 2014 年 8 月 15 日 303102623 必盈控股 2024 年 8 月 14 日香港 41 2014 年 8 月 15 日 303102614 必盈控股 2024 年 8 月 14 日 22. 香港 16 25 2014 年 5 月 27 日 303009528 必盈控股 Yuugen Kaisha Mastermind Japan (mastermind JAPAN Co., Ltd. ) 附註 1 2024 年 5 月 26 日 23. 香港 14 16 2014 年 25 4 月 24 日 302974122 必盈控股 Macneel Corporation 附註 2 2024 年 4 月 23 日香港 9 14 2014 年 16 18 4 月 24 日 21 25 302974131 必盈控股 Macneel Corporation 附註 2) 2024 年 4 月 23 日 25. 香港 41 2004 年 1 月 10 日 300141128 必盈控股 2024 年 1月9日 26. 中國 41 2003 年 4 月 28 日 3079695 必盈控股 2023 年 4 月 27 日 27. 香港 41 2012 年 10 月 24 日 302412990 必盈控股 2022 年 10 月 23 日 B. 21. 24. A. A. B. B. IV-12

附錄四法定及一般資料編號商標註冊地點類別註冊日期註冊編號註冊人名稱 28. A 香港 9 16 41 2008 年 6 月 30 日 301150424 遵理持續進修及 2028 年專業教育有限公 6 月 29 日司香港 41 2016 年 11 月 29 日 303977272 環城發展集團有限公司 2026 年 11 月 28 日香港 41 2016 年 11 月 29 日 303977281 環城發展集團有限公司 2026 年 11 月 28 日香港 41 2016 年 11 月 29 日 303977290 環城發展集團有限公司 2026 年 11 月 28 日香港 16 2016 年 9 月 30 日 303918105 必盈控股 2026 年 9 月 29 日香港 16 2016 年 9 月 30 日 303918114 必盈控股 2026 年 9 月 29 日香港 16 2016 年 9 月 30 日 303918123 必盈控股 2026 年 9 月 29 日 B 29. A. 屆滿日期 B. 30. A. B. 31. A. B. 32. A. B. 33. A. B. 34. A. B. IV-13

附錄四法定及一般資料編號商標註冊地點類別註冊日期註冊編號註冊人名稱屆滿日期 35. A. 香港 16 2016 年 9 月 30 日 303918132 必盈控股 2026 年 9 月 29 日 36. 中國 41 2017 年 2 月 21 日 16621767 必盈控股 2027 年 2 月 20 日 37. 中國 41 2016 年 6 月 14 日 16621762 必盈控股 2026 年 6 月 13 日香港 41 2014 年 303102605 必盈控股 2024 年 8 月 14 日 B. 38. A. 8 月 15 日 B. 39. 中國 41 2017 年 12 月 21 日 16621764 必盈控股 2027 年 12 月 20 日 40. 香港 16 2017 年 11 月 8 日 304327443 必盈控股 2027 年 11 月 7 日附註 1. Yuugen Kaisha Mastermind Japan (mastermind JAPAN Co., Ltd.) 為獨立第三方 2. Macneel Corporation 為獨立第三方 IV-14

(ii) 1. 41 2017 9 27 304286520 Ascent Prep International Education Limited 2. 16 41 2018 3 22 304468861 3. 14 16 18 25 41 2018 5 11 304524282 4. 14 16 18 25 41 2018 5 11 304524291 5. 14 16 2018 5 25 304539808 18 25 41 IV-15

(b) 1. bexcellent.com.hk Advance Bestway Limited 2014 3 4 2019 3 4 2. bexcellent.hk Advance Bestway Limited 2014 3 4 2019 3 4 3. beaconchildhood.com 2014 5 12 2019 5 12 4. gcdc.com.hk 2013 9 11 2019 9 11 5. geniuschildhood.com.hk 2011 4 13 2020 4 13 6. stem.edu.hk 2014 9 2 2020 9 2 7. beacongroup.com.hk 2014 7 3 2020 7 4 8. beagazine.com 2017 10 10 2018 10 10 9. beagazine.com.hk 2017 10 10 2018 10 12 10. beaconcape.com 2011 12 22 2019 12 22 11. beaconcape.com.hk 2011 12 16 2019 12 16 12. amberbeacon.com 2011 11 30 2019 11 30 13. beacon.com.hk 1998 6 1 2023 5 9 14. glocalgroup.cc 2015 7 31 2020 7 31 15. ascentprep.com.hk Ascent Prep International 2017 4 27 2019 4 28 Education Limited 16. ascent-prep.com.hk Ascent Prep International 2017 4 27 2019 4 28 Education Limited 17. ascent-prep.com Ascent Prep International 2017 4 28 2019 4 28 Education Limited 18. bee2beeasia.com.hk BEE-2-BEE Limited 2017 6 5 2019 6 5 19. bee2beeasia.com BEE-2-BEE Limited 2017 6 5 2019 6 5 20. bexcellentgroup.com.hk 2017 11 27 2018 11 29 21. bexcellentgroup.com 2017 11 27 2019 11 27 22. bexcellentgroup.hk 2017 11 27 2018 11 27 23. bexcellentgroup.com.cn 2017 11 27 2019 11 27 24. bexgroup.com.hk 2017 11 27 2018 11 27 25. bexgroup.hk 2017 11 27 2018 11 27 26. bexgroup.com.cn 2017 11 27 2019 11 27 27. bealearning.com.hk 2017 12 4 2018 12 20 28. bealearning.com 2017 12 4 2019 12 4 29. beconfident.hk 2018 2 6 2019 2 6 30. beconfident.com.hk 2018 2 6 2019 2 6 IV-16

C. 1. (a) XV XV7 8 352 375,000,000 (L) 75% 2 1 2 375,000,000 (L) 75% 3 3,600 (L) 60% 1,560 (L) 26% 180 (L) 3% 180 (L) 3% 3,000 (L) 30% 4 (1) LXV IV-18

(2) 75% 60% 26% 4% 4% 3% 3% (3) 75% 60% 26% 4% 4% 3% 3% (4) 70% 30% (b) (i) 2,400,000 1,200,000 1,680,000 960,000 IV-19

(ii) 456,000 (iii) 180,000 180,000 180,000 IV-20

(iv) (v) (c) (i) 2015 2016 2017 7 31 2017 12 31 6,300,000 6,400,000 6,300,000 2,700,000 (ii) 2018 7 31 6,800,000 (iii) (a) (b) (iv) IV-21

2. 1 XV2 3 375,000,000 (L) 75% 1 375,000,000 (L) 75% 2 375,000,000 (L) 75% 2 25,000,000 (L) 5% 3 25,000,000 (L) 5% 3 (1) LXV (2) 75% 60% 26% 4% 4% 3% 3% IV-22

(3) 25,000,000 5% 10% Ascent Prep International Education Limited Edutopia Limited 1 49% 1 49% 1 49% BEE-2-BEE Limited 2 30% Kwok Tsui Ping Heide 2 30% 3 30% 1. Edutopia Limited 70.3%Edutopia Limited 2. Kwok Tsui Ping Heide 90%Kwok Tsui Ping Heide 3. IV-23

3. 4. 3,800,000 5. 28 6. (a) XV7 8 352 (b) F.10. IV-24

2018 6 21 (a) (b) 50% 1.00 (c) 5.0% (d) (a) 30% 12 48 (b)30% 24 60(c) 40% 36 72 (e) (f) (g) (a)(b) IV-26

2018 6 27 2. 2018 6 27 50% 5.0% 50% (e) 25,000,000 4.76% 1123A 12 B 201520162017 7 31 IV-27

25% 28.57% 12 E. 1. 2018 6 21 (a) (d) (b) (a) (b) (c) (c) (10) IV-28

(d) (e) (e) (r) (i) (ii) (5)(iii) (f) 30% 30% (f) 50,000,000 10% IV-29

10% (g) 12 1%1% (h) 12 (i) IV-30

0.1%(ii) 5,000,000 (i) (a) (b) (j) (28) IV-31

1.00 (k) (l) (j) (m) (10) (n) (1) (n) IV-32

(o) (12) (p) (14) (q) (5) IV-33

(r) (i) (ii) (iii) (s) (t) IV-34

(f)10% (g)1% (u) (i) (ii) (m) (n) (o) (iii) (q) (p) (iv) (p) (v) (vi) (k) IV-35

(v) 17 17 (w) (x) 2. IV-36

F. 1. B. 1.(c) (a) 111 35 (b) 43(7) 43(1)(c) 43(6) (c) ( ) (a) (b) IV-37

(d) (i) ii / (1) (2) iii (1) (2) iv / / IV-38

(e) (i) (ii) (iii) (iii) (a) 2015 2016 2017 7 31 2017 12 31 (b) (c) 2. IV-39

3. 3A.07 4. 5. 40,000 6. 2017 12 31 7. 3A. 19 8. Conyers Trust Company (Cayman) Limited IV-40

9. (a) (b) 0.1% (c) 10. 1 4 6 9 IV-41

Euromonitor International Limited 11. 44A 44B 12 (a) (i) (ii) (iii) (iv) (b) (c) IV-42

(d) (i) (ii) (e) (f) 12 13. 32L 4 IV-43

(a) (b) F. 10. (c) B. 1. 14 10 12 (1) (2) (3) 2015 2016 2017 7 31 2017 12 31 (4) (5) (6) (7) (8) (9) (10) V-1

(11) (12) (13) B. 1. (14) F. 10. (15) C. 1. (b) (16) (17) V-2

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