Newtree Group Holdings Limited 1323 (1) (2) 6 212223 2462 6 35 3505-08 6869 48 18322
................................................................ 1......................................................... 6................................................. 22....................................................... 24................................................ 63................................................... 68 i
1323 79,467,353 1
80,000,000 34,364,261 6 35 3505-08 Rosymount Limited 2
6 200,000,000 2.328 3
10,000,000 Virtual Garden Investments Limited 5,170,000 11,0001.00 Bright Form Limited 571 0.01 Start Bright Group Start Bright Limited 4
Smart Great International Limited % 5
Newtree Group Holdings Limited 1323 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 12 L 6 35 3505-08 6
200,000,000 80,000,000 (i)(ii) (iii) (iv) Virtual Garden Investments Limited 14A.21(1) 7
11,000 8,5501,400 80025077.73% 12.73% 7.27% 2.27% 5,170,000 200,000,000 80,000,000 200,000,000 (i) 15,000,000 (ii)185,000,000 79,467,353 60,332,708 10,934,083 6,248,047 1,952,515 140,450,00025,450,00014,550,000 4,550,000 20 3.28 77.27 0.37 38.83 15,000,000 8
(10) x 20 80,000,000 77.73% 62,184,000 26,711,340 12.73% 10,184,000 4,374,570 7.27% 5,816,000 2,498,282 2.27% 1,816,000 780,069 80,000,000 34,364,261 (i) (ii) (iii)(iv) 9
10,000,000 (10) x 20 200,000,000 (a) (b) 10
(c) (d) (e) (f) (a) (e) (f) (a) (e) (f) (a) (e) (f) (1) (2) 11
(10) (5) 2.328 (i) 2.58 9.77% (ii) (5)2.578 9.70%(iii)2.58 9.77% 9.85% 8.96% 14.10% 12.36% 12
(i) (ii) (iii) (iv) (v) (vi) 13
(i) (ii) (iii) % % % 1 140,104,000 17.36 140,104,000 15.80 140,104,000 15.21 4,100,000 0.51 4,100,000 0.46 4,100,000 0.45 60,332,708 6.81 87,044,048 9.45 10,934,083 1.23 15,308,653 1.66 6,248,047 0.70 8,746,329 0.95 1,952,515 0.22 2,732,584 0.30 79,467,353 8.96 113,831,614 12.36 662,977,667 82.13 662,977,667 74.78 662,977,667 71.98 807,181,667 100.00 886,649,020 100.00 921,013,281 100.00 1. 50% 50% 140,104,000 14
77.73% 12.73% 7.27% 2.27% 100% 100% 100% i-craftsmen Limited 100% Start Bright Limited 100% Huge Step Management Limited 100% 100% 70,000 i-craftsmen Limited 100% 100% 15
Start Bright Group 10,000,000 Start Bright Group 51% 49% Start Bright LimitedHuge Step Management Limited 100% 100% Start Bright Group 450 Start Bright Group Junior ITP Start Bright Group ITP 16
1 70,000 70,000 8175Wonder Link LimitedStart Bright Group 51%5,100,000 100% 10,000,000 51%Start Bright Group 28.24 (i) Start Bright Group (ii) 20 (iii) 17
5,179 4,414 134 1,372 138 1,372 6,340,000 Start Bright Group Start Bright Group 30 733 1,285 (75) (127) 768 (75) (127) 768 18
Start Bright Group 13,406 10,612 3,128 3,944 727 604 3,851 601 604 (i) (ii)(iii)(iv) (v) 14A.21(1) 19
14.07 5% 25% 14A 6 35 3505-08 68 69 48 18322 2223 2462 20
2223 21
Newtree Group Holdings Limited 1323 2462 621 22
23
1 37 3711 200,000,000 80,000,000 14A.21(1) 24
14.07 5% 25% 14A 13.84 25
1. (i) (ii)(iii) (iv)(v) (i) 581,270,000 565,150,0002.85% 137,130,000 6,620,000 26
(ii) 565,150,000 259,090,000118.13% (i)(ii) (iii) 6,620,000 33,540,000 (iii) 259,090,000 426,270,000 39.22% 33,540,000 54,930,000 88,470,000 14A.21(1) 27
77.73% 12.73% 7.27% 2.27% (i) (ii) Start Bright Group 28
450 Start Bright Group Junior ITP Start Bright Group ITP (iii) Start Bright Group 51% 49% 5,180,000138,000 4,410,000 1,370,000 Start Bright Group 6,340,000 30,000 733,000 24.4 29
1,290,000 75,000 127,000 Start Bright Group Start Bright Group 13,410,00010,610,0003,130,000 20.84% Start Bright Group 3,530,000 320,000 87.81% 601,000 604,000 Start Bright Group 30
i-craftsmen LimitedICM ICM 31
TechNavio (http://www.technavio.com/) 132.2% Euromonitor International http://www.euromonitor.com/ 18% 4% 438,000,000 32
Start Bright Group 450 (New Jersey of the United States) 1809,000 (Graduate Record Examination) (GRE)(General and Subject Tests) (ETS Country Master Distributor Agreement) Junior (TOEFL Junior Standard Test) (ETS Preferred Associate Agreement) Ambient Insight Research (http://www.ambientinsight.com/) (2013-2018 Worldwide Self-paced elearning 33
Market) 4.4% 8.9% (www.moe.edu.cn) 2010-2020 (National Outline for Medium and Long-term Education Reform and Development (2010-2020)) (http://research.hktdc.com/) (i) 100,000,000 TutorGroup (ii)(xiaomi Inc) 1,000,000,000 111.com(iii) (Fosun Venture Capital Investments) 20,000,000Uniqudo (www.stats.gov.cn) 13 0.50%13.6 19.46% 12.25% 10.79% 34
(www.censtatd.gov.hk) 722 0.61% 723 24.9% 9.8% 11.0% (i) (ii) (iii) (iv) (v)(vi) (vii) (viii) (ix)(x) (xi) 2. Virtual Garden Investments Limited 11,000 8,550 1,400800250 77.73% 12.73% 7.27% 2.27% 35
5,170,000 200,000,000 80,000,000 (i) 200,000,000 (i)15,000,000 (ii)185,000,000 79,467,353 60,332,708 10,934,0836,248,0471,952,515 140,450,00025,450,00014,550,0004,550,000 15,000,000 (ii) x20 80,000,000 (i) (ii) (iii) (iv) 36
10,000,000 x 20 200,000,000 (iii) 5,170,000 100% 194,830,000 10,000,000 19.48 37
26 33 1 1 2 46 632.46 13.14 154 4,144.10 38
1 1 2 241 21 33,017.50 250 1,035.60 268 5,881.10 36.70 299 948.46 327 (EFT-POS) 7,581.20 33.47 354 4,739.70 25.21 465 348.60 6.52 39
1 1 2 529 845.12 3.32 536 (GETS) 1,284.60 15.96 H 696 7,283.31 4.76 771 330.09 19.10 856 3,732.40 7.42 861 7,393.70 5.41 40
1 1 2 992 114,790.70 18.11 1297 2,714.80 21.22 2100 2,841.30 8008 6,293.50 10.75 8026 183.79 8028 263.23 8029 674.83 41
1 1 2 8033 199.49 ITE (Holdings) Ltd. 8092 158.02 76.34 8103 134.32 8266 545.35 76.34 3.32 19.83 (www.hkex.com.hk) 42
1 1 2 8055 159.01 3 American Public Education Inc. APEI 505.72 12.04 Apollo Education Group Inc. APOL 2,728.50 13.04 43
1 1 2 Broadview Institute Inc. BVII 4.18 Career Education Corporation CECO 336.57 Capella Education Company CPLA 821.75 23.35 44
1 1 2 China Distance Education Holdings Ltd. DL 497.33 36.57 DeVry Education Group Inc. DV 2,788.30 20.81 John Wiley & Sons Inc. JW/A 3,147.80 19.61 45
1 1 2 Grand Canyon Education Inc. LOPE 1,846.90 20.82 Pearson PLC PSO 14,871.90 17.15 4 Strayer Education Inc. STRA (Strayer University) 687.72 41.93 46
1 1 2 Ambow Education Holding Ltd. AMBOY K-12 7.03 Bridgepoint Education Inc. BPI 544.87 13.29 Corinthian Colleges, Inc. COCO 7.89 47
1 1 2 Education Management Corporation EDMC 132.36 ITT Educational Services Inc. ESI 130.61 Lincoln Educational Services Corporation LINC 71.33 48
1 1 2 Learning Tree International, Inc. LTRE 32.40 National American University Holdings Inc. NAUH (National American University) 75.66 21.62 China Education Alliance Inc. CEAI 1.52 49
1 1 2 New Oriental Education & Technology Group, Inc. EDU 3,333.90 15.46 LeapFrog Enterprises, Inc. LF 422.20 5.03 K12 Inc. LRN (K-12) 562.72 28.71 50
1 1 2 PCS Edventures!.Com, Inc. PCSV 2.67 Scholastic Corporation SCHL 1,061.90 23.92 XUE 193.74 11.96 51
1 1 2 1082 34.14 3 Cambium Learning Group Inc. ABCD K-12 66.47 Bright Horizons Family Solutions Inc. BFAM 2,810.50 223.06 5 52
1 1 2 China Bilingual Technology & Education Group Inc. CBLY 16.54 1.72 Educational Development Corp EDUC Usborne Publishing Limited 16.21 40.51 TAL Education Group XRS K-12 K-12 2,646.00 43.66 43.66 1.72 21.64 (www.hkex.com.hk) Bloomberg (www.bloomgberg.com) 53
1. 2. 3. 1 0.1289 4. 1 1.6123 5. 19.48 20 200,000,000 20 (i) (ii) 80,000,000 54
200,000,000 (iv) Start Bright Group 1 70,000 70,000 8175 Wonder Link LimitedStart Bright Group 51%5,100,000 100% 10,000,000 51%Start Bright Group 28.24 (i) Start Bright Group (ii) 20(iii) 55
30,000 733,000 1,290,000 768,000 Start Bright Limited 5,100,000 100% 10,000,00051% 28.24 (i) (ii)28.24 Start Bright Group (iii) Start Bright Group(iv) Start Bright Group (v) 2.328 (i) 2.589.77% (ii) (5)2.5789.70% (iii)2.58 9.77% 56
(i) (ii) (iii) (iv) (v) (vi) 39,890,000 222,060,000(i)(ii) (iii) (iv) (v) 57
12 4 3.5 3 2.5 2 1.5 1 0.5 0 (www.hkex.com.hk) 3.45 2.55 2.99 22.14% 58
334 12 (i) (ii) (iii) (i) (ii) (iii) 59
(1039) % % (29.93) (23.26) (8107) (11.39) (13.37) (980) (13.51) (13.32) (3886) (2.52) 0.00 (803) 45.80 44.00 (2339) (11.36) (9.72) (8137) 0.00 3.50 (8107) (30.38) (22.54) (204) (1.25) 1.61 (8025) 0.00 2.27 (138) (5.88) (6.10) (267) 6.48 11.07 6.48 11.07 (30.38) (23.26) (9.07) (6.35) (9.77) (9.70) 60
(i) 30.38% 6.48% 9.07%(ii) 23.26% 11.07%6.35% (i) 9.07%(ii) (i) (ii) (iii) 9.07%(iv) 3. (i) 627,140,000 389,950,000237,190,000 190,400,000185,000,000 5,400,000 61
(ii) (i)(ii) 4. 82.13% 74.78% (i) (ii) (iii) (iv) (i) (ii) 6 18 62
1. (a) (b) (c) 2. (a) XV XV7 8 352 10 (i) (%) 140,104,000(L) 17.36 4,100,000(L) 0.51 140,104,000(L) 17.36 L 140,104,000 50% 50% 140,104,000 63
(ii) XV XV78 352 10 (b) XV2 3 XV2 3 10% (%) 140,104,000 17.36 50% 50% XV2 3 10% 64
3. 4. (1) (1) (3) (1) (3) 65
5. 6. 6 66
7. 6 35 3505-08 (i) (ii) 2223 (iii) 24 62 (iv) (v) 67
Newtree Group Holdings Limited 1323 6 35 3505-08 (a) (i) Virtual Garden Investments LimitedVirtual Garden (ii) Rosymount Limited Bright Form Limited Smart Great International Limited (iii) Virtual Garden A (b) 2.328 Virtual Garden79,467,353 0.0134,364,261 0.01 2.328 68
(c) Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 12 L 6 35 3505-08 1. 2. 48 18322 3. 4. 13.39(4) 5. www.newtreegroupholdings.com 6. 69