2017 K12 K12 1998 62000 9 1997 10 2000 8 20 K12 1997 1997 10 2000 2005 2006 2007 110
2009 2010 2011 2012 2014 2015 2016 2017 2010 8 27 50,000 1,000,000,000 0.00005 TexcellenceElite BVI Texcellence BVI Jameson Ying BVI Dencent Investment Co., Ltd. Dencent Forest Education Investment Co., Ltd. Forest Education Orange bear Limited Orange Bear Commqua Holding Co. Ltd. Commqua ChuangSi Education Management Co. Ltd. ChuangSi429,999,999 Elite BVI 143,491,000 33.37% Texcellence BVI 143,491,000 33.37% Jameson Ying BVI 71,745,500 16.69% Dencent 25,322,700 5.89% Forest Education 12,659,200 2.94% 111
Orange bear 22,157,900 5.15% Commqua 3,164,800 0.74% ChuangSi 7,967,900 1.85% 2010 12 27 68.3 68,048,345 A A13.66% 2011 1 212015 12 18 19.3 68,048,345 A2016 1 27 Bestudy Bestudy 2010 8 30 50,000 1,000,000,000 0.00005 BestudyBestudy 429,999,999 Bestudy Bestudy Beststudy Limited Beststudy Limited 2010 9 9 100,000 Bestudy Beststudy Limited Bestudy Beststudy Limited 112
2016 10 19 2.0Beststudy Limited 50 20 30 2000 6 2 1.080% 20% 2008 2 18 1,600 176,470 68.0% 17.0% 15.0% 2010 7 K12 1.122,210 113
33.37% 5.89% 5.15% 2.94% 0.74%6.45.63.2 0.8 33.37% 33.37% 16.69% 5.89% 5.15% 2.94% 1.85% 0.74% 2011 1 2015 12 Bestudy Limited Bestudy Limited2015 12 2015 2015 11 3.12% 3.12% 18.2 2016 2 6.23% 18.2 2017 4 11 114
30.25% 30.25% 16.69% 5.89% 5.15% 2.94% 1.85% 6.97% 2016 2016 10(1) 12.1(2) 10.1(3) 10.1 (4) 9.5 43.0 (%) 362,643 0.84 362,643 0.84 200,000 0.47 70,588 0.16 35,294 0.08 61,764 0.14 83,538 0.19 22,210 0.05 12,071,091 28.07 10,062,277 23.40 10,133,906 23.57 9,534,046 22.17 115
2016 2016 10 0.643.6 1.37% (%) 362,643 0.83 362,643 0.83 200,000 0.46 70,588 0.16 35,294 0.08 61,764 0.14 83,538 0.19 22,210 0.05 12,071,091 27.66 10,709,295 24.54 10,133,906 23.22 9,534,046 21.84 2017 2011 8Bestudy 2017 2 153 2017 2 1.00% 0.84% 0.86% 0.10%44.9 116
(%) 362,643 0.81 362,643 0.81 200,000 0.45 70,588 0.16 35,294 0.08 61,764 0.14 83,538 0.19 22,210 0.05 12,071,091 26.88 10,709,295 23.85 10,133,906 22.57 9,534,046 21.23 447,962 1.00 378,642 0.84 384,503 0.86 43,984 0.10 2017 2017 3 22 0.16% 70,588 6.49% 2.91 2017 7 10 117
(%) 362,643 0.81 362,643 0.81 200,000 0.45 35,294 0.08 61,764 0.14 2,996,670 6.67 22,210 0.05 12,071,091 26.88 10,709,295 23.85 10,133,906 22.57 6,620,914 14.75 447,962 1.00 378,642 0.84 384,503 0.86 43,984 0.10 70,588 0.16 A 2017 6A A A 2017 5 2017 6 27 A A A AA 118
(1)A [] [] (2) A (3) A [] (4) A 2017 2017 6 18 12.1 2.5 (%) 362,643 0.76 362,643 0.76 200,000 0.42 35,294 0.07 61,764 0.13 2,996,670 6.32 22,210 0.05 12,071,091 25.44 10,709,295 22.57 10,133,906 21.36 6,620,914 13.96 119
(%) 447,962 0.94 378,642 0.80 384,503 0.81 43,984 0.09 70,588 0.15 2,540,302 5.35 A2018 3 2018 4 2 120
100% 100% 100% 100% 100% 100% 100% 100% Forest Education Commqua Orange Bear Chuangsi Elite BVI Texcellence BVI Jameson Ying BVI Dencent 2.94% 0.74% 5.15% 1.85% 33.37% 33.37% 16.69% 5.89% 100% 100% 0.0744% 99.9256% 121
[] 1. 2018 4 395,970 2018 4 25 991,200 2.82% 2018 4 2. 2018 5 20Forest Education Bingoose Limited Forest Education 2.94% Bingoose Limited876,352.39 2018 5 25 2018 5 2 1.00 Dencent 5.89% Dencent Agile Gain Limited 122
3. GDC Global Limited 2018 5 16GDC Global Limited GDC Global Limited 2018 5 20 223,100,000 Elite Education Investment Co. Ltd. 171,165,101 26.21% Texcellence Holding Company Limited 143,510,888 21.97% Jameson Ying Industrial 142,258,242 21.78% Co. Ltd. Agile Gain Limited 31,373,879 4.80% Bingoose Limited 15,683,999 2.40% Orange bear Limited 27,452,732 4.20% Commqua Holding Co. Ltd. 49,531,366 7.58% ChuangSi Education Management Co. Ltd. 10,968,815 1.68% GDC Global Limited 33,862,582 5.18% (1) Soarise Bulex Limited (2) (2) 27,292,396 4.18% (1) 2017 123
(2) 2018[] [27,292,396] [4.18%] 2016 1. Soarise Bulex Limited 4. 2018 (1) (1)(2) 2018 5. 2018 6 18 [] (1) 124
2010 12 27Sequoia Capital China II, L.P. Sequoia Capital China Partners Fund II, L.P. Sequoia Capital China Principals Fund II, L.P. 68.3 68,048,345 A 2011 1 21 A13.66% 2015 12 18 68,048,345 A 19.3 2016 1 27 125
[] 100% 100% 100% 100% 100% 100% 100% 100% 100% Bingoose Limited Commqua Orange Bear Chuangsi Elite BVI Texcellence BVI Jameson Ying BVI Agile Gain Limited GDC Global Limited Soarise Bulex Limited 2.40% 7.58% 4.20% 1.68% 26.21% 21.97% 21.78% 4.80% 5.18% 4.18% Beststudy () 100% Bestudy () 100% Beststudy Limited () 0.0744% 99.9256% 100% 80% (2) (1) 126
(1) 49 5 (a) 90% 10% (b)64%26%6%4% (c) 98.8%1.2% (d) 85% 15% (e) 60% 15% 15% 10% (2) 80% 20% 127
[] [][] 100% 100% 100% 100% 100% 100% 100% 100% 100% Bingoose Limited Commqua Orange Bear Chuangsi Elite BVI Texcellence BVI Jameson Ying BVI Agile Gain Limited GDC Global Limited Soarise Bulex Limited [] [] [] [] [] [] [] [] [] [] [] Beststudy () 100% Bestudy () 100% Beststudy Limited () 0.0744% 99.9256% 100% 80% (2) (1) (1)(2) 128
2014 7 4 37 (a) (b) 37 2015 6 1 13 13 37 2006 8 8 2006 9 82009 6 22 (1) (2) (1) (2) [] 129