2014
2 59 4 61 5 141 7 148 22 29 52 1
James William Beeke Howard Robert Balloch Peter Humphrey Owen Peter Humphrey Owen Peter Humphrey Owen Howard Robert Balloch Peter Humphrey Owen Maples Corporate Services Limited P.O. Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands 2
6 116650 16 183 54 183 22 1317 www.mapleleaf.cn Maples Fund Services (Cayman) Limited PO Box 1093, Boundary Hall Cricket Square, Grand Cayman KY1-1102, Cayman Islands 3
8 31 2011 2012 2013 2014 346,091 413,459 471,219 540,269 (189,687) (222,342) (268,751) (305,148) 156,404 191,117 202,468 235,121 (30,655) 103,121 41,225 48,436 (38,230) 93,968 33,182 40,036 (38,230) 94,090 33,378 41,032 8 31 2011 2012 2013 2014 1,080,098 1,160,871 1,402,329 1,437,006 248,186 309,519 425,559 570,699 1,000,341 1,014,100 1,263,199 962,382 (752,155) (704,581) (837,640) (391,683) 327,943 456,290 564,689 1,045,323 290,071 384,233 417,642 467,234 37,872 72,057 147,047 578,089 327,943 456,290 564,689 1,045,323 4
2013 9 12014 8 31 2014 11 28 8 13,513 1,81616% 54,026.9 6,90515% 5 7 2015 8 31 2015 9 1 2016 9 1 2017 2014 9 12015 8 31 2014 9 1 5
9 1 18 20 2020 860 2014 11 18 6
2010/2011 2011/2012 2012/2013 2012/2013 BC BC SAT 7
20112012201317.8% 9.7% 9.6%20142015 201610.4% 10.1% 9.5% 20072013 8.6% 7.8%2013 2011/2012 10,5092012/201311,697 2013/2014 13,513 2013201714.8% BC 2008 8
2013/2014 42,40071,500 201220132014 8 31 2012/2013 9
2014 8 31 22,490 55.7% 2014 8 31 92.8% 11.3% 2009 2013 9 BCESL 2014 8 31 34.3% 2013 8 312014 8 31 58.8% 56.5% 2013 8 312014 8 31 10
8 31 2014 2013 40,036 33,182 8,560 31 91,812 63,720 3,286 3,695 8,410 (42,510) 104,879 105,343 11
EBITDA EBITDA 8 31 2014 2013 48,436 41,225 15,493 15,554 44,027 38,332 EBITDA 107,956 95,111 8,560 31 91,812 63,720 3,286 3,695 8,410 (42,510) EBITDA 172,799 167,272 EBITDA EBITDA EBITDA EBITDA EDITDA EBITDA 12
8 31 2014 2013 288,041 259,205 79,259 68,150 59,779 37,851 14,877 14,376 24,792 26,380 23,344 17,954 24,832 26,234 25,345 21,069 540,269 471,219 2013 8 31 471.214.7%2014 8 31 540.3 2013 8 31406.0 15.0%2014 8 31 466.7 2012/201311,69715.5% 2013/2014 13,513 2013/2014 2013 8 31 18.029.4%2014 8 31 23.3 2013 8 3126.25.3%2014 8 3124.8 13
8 31 2014 2013 185,436 157,207 34,509 29,577 25,120 25,757 60,083 56,210 305,148 268,751 2013 8 31268.8 13.5%2014 8 31 305.12013 8 31157.217.9% 2014 8 31185.4 2013 8 311,03623.6% 2014 8 311,2722013 8 3129.616.6% 2014 8 3134.5 2013 8 3125.8 2014 8 31 25.1 2013 8 31 56.26.9%2014 8 31 60.1 2013 8 31 202.516.1%2014 8 31 235.12013 8 3143.0%2014 8 31 43.5% 14
2013 8 31 4.916.3%2014 8 31 5.7 2013 8 31101,000 2014 8 31 246,0002013 8 31 2014 8 31 2013 8 31 20.93.8%2014 8 31 21.7 2013 8 31 56.132.8%2014 8 31 74.5 2013 8 3115.6 2014 8 31 15.5 15
2013 8 31 1.52014 8 31 24.12014 8 31 2013 8 31 63.744.1%2014 8 31 91.8 2014 11 28 A A A 2014 8 31 3.72013 8 31 8.4 2014 1 15A 42.5 2014 6 A 2015 12 31 3.3 2013 8 31 41.22014 8 31 48.4 2014 8 31 9.0% 16
20132014 8 31 19.5% 17.3% 2013 8 31 8.02014 8 31 8.4 2013 8 31 33.22014 8 31 40.0 BC 2014 8 31 2013 8 31837.6 2014 8 31391.7 A 2015 12 31 2014 8 31 20132014 8 31 239.7 113.72014 8 31 17
2013 8 31 275.0 2014 8 31223.5 2014 8 31 86.5100 8 31 2014 2013 88,500 145,000 135,000 130,000 223,500 275,000 223,500 215,000 60,000 223,500 275,000 476,518 381,420 38,815 2014 8 31 2014 8 31 313.3 2014 8 31 265.3 18
2014 8 31 76.9 216.5165 8 31 2014 2013 313,253 250,274 (265,317) (227,201) (76,941) 89,346 (29,005) 112,419 9 1 409,303 297,036 34 (152) 8 31 380,332 409,303 8 31 2014 2013 0.59 0.34 47.8% 65.8% 2013 8 312014 8 31 0.34 0.59 2013 8 312014 8 31 65.8% 47.8% 19
1995 2005 7 2005 7 21 2005 7 21 2%2005 9 23 1.5%3.0% 2008 7 2010 6 20 2012 4 16 0.5% 1% 2014 3 15 1% 2%2014 3 17 2014 8 31 223.5 6.0% 6.9% 20
20115.4%20122.6%2013 2.6% 2014 8 31 2014 8 31 1. 2014 11 28 2. 928.3 21
60 2007 6 58 2014 6 (1) 57 2008 3 James William Beeke 64 2014 4 (2) Howard Robert Balloch 63 2008 3 Peter Humphrey Owen 67 2014 6 (1) 42 2014 6 (1) 54 2014 6 (1) (1) (2) James William Beeke20052009 2008 3 122010 1 202014 4 25 22
60 2014 62014 11 2007 2014 3 1995 2003 1992 Maple Leaf Educational Systems Limited 2007 2009 2011 David Johnston 2014 10 1978 5 2005 9 2013 6 BC 582014 6 2014 3 10 192004 2005 2011 2013 1981 121990 12 1990 121996 8 1996 81998 4 23
1998 4 1999 11 1999 112000 6 2000 62006 12 2006 122010 4 2010 4 2014 2 1982 1 1987 7 1997 4 2010 9 57 2014 6 1995 4 10 1991 7 James William BeekeBeeke64 2014 42014 6Beeke20052009 Beeke BC Beeke1996 1998 19982005BC BC BC 2009 9 Signum International Educational Services, Inc. Beeke 24
Beeke1971 121973 8 Western Michigan University 1991 6BC1991 BC 2005 6 BC2006 Howard Robert BallochBalloch632014 6 2014 11 Balloch2008 3 12 Balloch 1996 42001 7 2000 32001 7 20012006 Balloch 2002 1 Ivanhoe Energy Inc.Ivanhoe Energy Inc. IE IVAN 2004 12Methanex Corp. MXMEOH 2005 32011 5 Ivanhoe Mines Ltd. Rio Tinto Inc. Turquoise Hill Resources Ltd TRQ Balloch The Balloch Group20012011 Canaccord Genuity Group Inc. 20112013 Canaccord Genuity Group Inc. Canaccord Genuity Asia CF CF Balloch1973 6 1974 6 McGill University Peter Humphrey OwenOwen672014 6 Owen 25
Owen 1986BC BC 2011 5 Owen Owen 1976 5 1979 5 422014 6 UBS APAC 1995 542014 6 19822008 Deloitte Touche Tohmatsu 20082009 2010 32010 11 20112012 2013 1 2010 72014 4 00926 2011 12 VISN2012 5 26
CAAS2012 12 DQ2013 2 021782014 1 YOD 1982 11 1988 12University of San Francisco 19851995 1990 1992 60 58 57 James William Beeke 64 31 55 31 312013 2 16 20072010 Citco Financial Group 2011 2013 27
2007 11 2012 5 552012 9 2000 82006 4 2006 5 2007 3 2007 42012 8 1981 12 312013 11 2010 82012 3 2010 82013 11 2008 5 472014 5 14 182003 HKICS ICSAHKICS 28
2014 8 31 2007 6 5 2014 11 28 2010/2011 2011/2012 2012/2013 2013/2014 2013/2014 37 2014 8 31 61 4 14 2014 8 31 113,000,0002014 8 31 359,204,000 2014 8 3155,000,000 2014 8 31 17,850,000 29
162014 8 31 14.04(9)5% 26 2014 8 31 2014 8 31 18 2014 8 31 2014 8 31 36 2014 8 31 2014 8 31 2013 8 31 2014 8 31 10824 # James William Beeke Howard Robert Balloch * Peter Humphrey Owen # # # * 2014 11 28 # 30
2014 8 31 11 35 2014 8 31 2014 8 31 31
8.10 2014 8 31 2014 8 31 (i) 50% 2014 5 11 (ii) 2014 5 11 32
(iii) (vi) 2014 2014 8 22 8 22 (vii) 2014 5 11 (iv) 2014 5 11 (viii) 2014 5 26 (v) 2014 5 11 (i) (iv)(x) 33
(ix) 2014 5 26 (i) (v) (x) (x) 2014 5 11 (xi) 2014 5 11 2014 8 31 50% 14A.07(1) 14A.12(2)(a) 14A.07(4) 14A.12(2)(b) 14A.07(4) 95.3% 14A.12(2)(b) 14A.07(4) 14A.12(1)(c) 14A.07(4) 14A.12(1)(c) 14A.07(4) 34
14A (i) 14A (ii) (iii) (i) (ii) (iii) (i) 2014 5 11 (ii) 2014 5 11 (iii) 2014 8 22 2014 8 31 21.4 2014 8 31 35
2014 8 31 1. 2. 3. 35 14A 2014 8 31 20142013 8 31 5% 2014 8 31 5% 2% 5% 2014 8 31 XV7 8 3522014 8 31 36
XV (i)352 (ii) (1) 717,869,909(L) 53.81% (2) 3,212,015(L) 0.24% (3) 1,606,007(L) 0.12% (4) 1,606,007(L) 0.12% James William Beeke (5) 1,070,671(L) 0.08% James William Beeke (6) 1,070,671(L) 0.08% Peter Humphrey Owen (7) 1,070,671(L) 0.08% Howard Robert Balloch (8) 1,070,671(L) 0.08% (1) Sherman Investment Sherman Investment 717,869,909 (7) Peter Humphrey Owen 1,070,671 (8) Howard Robert Balloch 1,070,671 (2) 3,212,015 (3) 1,606,007 (4) 1,606,007 (9) L (i) 352(ii) (5) James William Beeke 1,070,671 (6) James William Beeke 1,070,671 37
336 2014 8 31 XV2 3 3362014 8 31 Sherman Investment (1) 717,869,909(L) 53.81% (2) 717,869,909(L) 53.81% (2) 3,212,015(L) 0.24% Sequoia Capital China Growth Fund I, L.P. (3) 199,881,280(L) 14.98% (1) Sherman Investment 717,869,909 (2) Sherman Investment Sherman Investment 717,869,909 3,212,015 Sherman Investment 54.05% (3) Sequoia Capital China Growth Fund I, L.P. 199,881,280 15,703,200 (4) L 336 38
2014 8 312,608 (a) (b) 1986 424(e) 424(f) 1. (c) (c) 2008 4 1 17 10 39
(d) (g) 3,000,000 (e) (h) (f) 40
(i) 2014 8 3152 26,927,387 2,515,000 1.98%63 0.93 2014 8 31 2014 8 31 29 (1) (2) 70,000 749,470 10 2008 9 1 10 80,000 856,537 10 2014 6 2 10 300,000 3,212,015 10 2014 6 2 10 (3) 150,000 1,606,007 10 2014 6 2 10 41
(1) (2) James William Beeke 100,000 1,070,671 10 2014 6 2 10 Peter Humphrey Owen (3) 100,000 1,070,671 10 2014 6 2 10 Howard Robert Balloch 100,000 1,070,671 10 2014 6 2 10 Sutherland Colleen 30,000 321,202 10 2014 6 2 10 Dawn (4) 70,000 749,470 10 2008 9 1 10 30,000 321,202 10 2014 6 2 10 100,000 1,070,671 10 2014 6 2 10 30,000 321,202 10 2014 6 2 10 1,160,000 12,419,789 42
(1) (2) 26 940,000 10,064,312 10 2008 9 1 4 10 11 160,000 1,713,074 10 2009 9 1 4 10 8 255,000 2,730,212 10 2014 6 2 10 1,355,000 14,057,598 2,515,000 26,927,387 (1) (2) 0.93 (a) (3) Owen (4) Dawn2014 4 10 2. 2014 11 10 43
(b) (c) 10% (i) 10%10% 133,400,000 (ii) (a)(d) 44
45 10% 17.02(2)(d) 17.02(4) (a)(c) (c) 17.02(2)(d) 17.02(4) (d) 1% 17.03(9)(1) (e)
(i) 0.1% (ii) 5,000,000 (f) 46
(g) (h) (i) (i) (ii) (ii) (iii) 1.00 47
(i) (j) (b) 3. (a) 2014 11 10 2014 11 10 (c) 48
(d) 3% (ii) (e) 14A (i) (i) 1 2014 1 1 2016 12 31 49
(ii) 2 2014 1 1 2014 12 31 2014 12 31 2014 8 31 928.3 13.51(2) 13.51(B)(1) 2014 11 28 50
2014 8 31 14 52 58 3.13 2014 8 31 2014 11 18 2014 8 31 51
2014 8 31 2014 8 31 2014 8 31 2014 8 31 2014 8 31 52
James William Beeke Howard Robert Balloch Peter Humphrey Owen A.2.1 2014 8 31 22 28 3.13 53
A.4.1 A.4.2 54
A.6.5 2 2014 6 2 3.21C.3 2015 2014 6 2 B.1 (i) 55
(ii) (iii) 2014 6 2 A.4 D.3 (i) (ii) 2014 8 31 59 60 56
2014 8 31 2014 8 31 5,350,000 900,000 420,000 550,000 7,220,000 2015 12.3 57
21 21 50% 116650 +86-411-8790-6887 ir@mapleleaf.net.cn 58
61 140 2014 8 31 59
2014 8 31 2014 11 18 60
2014 8 31 8 31 2014 2013 5 540,269 471,219 (305,148) (268,751) 235,121 202,468 6 5,702 4,859 7 (246) 101 (21,709) (20,886) (74,528) (56,118) 8 (15,493) (15,554) (24,128) (1,515) 27 (91,812) (63,720) 27 (3,286) 27 (3,695) (8,410) 27 42,510 48,436 41,225 9 (8,400) (8,043) 10 40,036 33,182 249 316 747 (120) 996 196 41,032 33,378 13 0.56 0.46 0.02 0.46 61
2014 8 31 8 31 2014 2013 14 1,218,897 1,177,025 15 191,715 196,589 16 17,850 18,704 17 1,982 1,982 18 3,493 3,407 3,309 1,037 1,227 2,118 1,437,006 1,402,329 18 161,741 19 24,626 16,256 20 4,000 20 380,332 409,303 570,699 425,559 21 500,231 408,325 22 218,148 188,607 35 3,544 13,491 16,959 17,541 24 223,500 215,000 27 381,420 27 38,815 962,382 1,263,199 (391,683) (837,640) 1,045,323 564,689 62
2014 8 31 8 31 2014 2013 26 511 511 466,723 417,131 467,234 417,642 23 19,171 14,347 24 60,000 27 476,518 25 80,000 70,000 2,400 2,700 578,089 147,047 1,045,323 564,689 61 1402014 11 18 63
2014 8 31 a b 2012 9 1 511 24,940 63 59 135,636 3,994 219,030 384,233 316 (120) 196 33,182 33,182 316 (120) 33,182 33,378 27,847 (27,847) 31 31 2013 8 31 511 24,940 379 (61) 163,483 4,025 224,365 417,642 249 747 996 40,036 40,036 249 747 40,036 41,032 9,532 (9,532) 8,560 8,560 2014 8 31 511 24,940 628 686 173,015 12,585 254,869 467,234 a b (i) (ii) (i) 10% 50% (ii) 25% 64
2014 8 31 8 31 2014 2013 48,436 41,225 2,875 3,132 91,812 63,720 3,695 8,410 854 854 35,424 29,873 (146) (144) 202 (185) 15,493 15,554 (42,510) (1,354) (960) 3,286 22 (286) 4,874 4,473 8,560 31 171,523 165,697 91,906 50,850 60,998 35,941 (8,370) (3,089) 316,057 249,399 (4,158) (85) 1,354 960 313,253 250,274 65
2014 8 31 8 31 2014 2013 (158,000) (110,765) (200,135) (4,000) (2,973) (2,413) 10,000 10,000 190 1,966 146 144 85 437 (37,200) (265,317) (227,201) 165,000 275,000 (216,500) (170,000) (15,441) (15,654) (10,000) (76,941) 89,346 (29,005) 112,419 9 1 409,303 297,036 34 (152) 8 31 380,332 409,303 66
2014 8 31 1. 2007 6 5 22 Sherman Investment Holdings Company Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands 9 116650 67
2014 8 31 1. 8 31 2014 2013 374,318 239,079 103,591 54,581 68
2014 8 31 1. 8 31 2014 2013 922,767 875,209 339,679 279,821 (686,442) (489,383) (60,000) 2014 8 31391,683,0002013837,640,000 223,500,000 2013215,000,000 500,231,0002013408,325,000 2014 22014 5 12 2. 2013 9 1 69
2014 8 31 2. 9 1 14 2 15 3 11 5 1638 5 19 4 20102012 6 20112013 4 20122014 5 1641 5 27 5 10 28 5 1 2018 1 1 2 2016 1 1 3 2017 1 1 4 2014 7 1 5 2016 1 1 6 2014 7 1 9 920099 20102013 70
2014 8 31 2. 9 9 39 9 9 39 2014 8 31 9 71
2014 8 31 3. 217 2 36 72
2014 8 31 3. (i) (ii) (iii) 73
2014 8 31 3. 74
2014 8 31 3. 75
2014 8 31 3. 76
2014 8 31 3. 77
2014 8 31 3. 78
2014 8 31 3. 12 79
2014 8 31 3. 80
2014 8 31 3. 81
2014 8 31 3. 82
2014 8 31 3. 83
2014 8 31 3. 39 84
2014 8 31 3. 85
2014 8 31 3. 86
2014 8 31 4. 3 (a) 87
2014 8 31 4. (a) 2014 8 31 1,218,897,00020131,177,025,000 (b) 2014 8 31476,518,000 2013381,420,0002014 8 312013 38,815,000 88
2014 8 31 5. (i)(ii)(iii) (iv) 8 31 2014 2013 466,748 405,962 73,521 65,257 540,269 471,219 20142013 8 31 10% 89
2014 8 31 6. 8 31 2014 2013 1,354 960 146 144 3,644 3,755 558 5,702 4,859 7. 8 31 2014 2013 (22) 286 (202) 185 (22) (370) (246) 101 8. 8 31 2014 2013 15,493 15,554 90
2014 8 31 9. 8 31 2014 2013 3,576 2,753 23 4,824 5,290 8,400 8,043 8 31 2014 2013 48,436 41,225 25% 12,109 10,306 14,048 20,485 (1,655) (2,452) (100,824) (90,822) 84,722 70,526 8,400 8,043 Maple Leaf Educational Systems LimitedMaple BVI 91
2014 8 31 9. 20142013 8 3125% 2014 8 31 403,294,0002013363,287,000 164,280,0002013142,729,000 2014 8 31 27,411,000201334,766,000 2014 8 31 27,411,000201334,766,000201920132018 2008 1 1 2014 8 31446,169,0002013342,250,000 92
2014 8 31 10. 8 31 2014 2013 216,085 189,003 8,387 6,815 8,560 31 233,032 195,849 (3,644) (3,755) 1,366 1,406 147 109 (2,131) (2,240) 35,424 29,873 854 854 4,874 4,473 2,875 3,132 66 53 22,511 93
2014 8 31 11. 2014 8 31 2,000 2,014 4,014 1,000 537 1,537 Sutherland Colleen Dawn 428 201 629 James William Beeke 671 671 Howard Robert Balloch 671 671 3,428 4,094 7,522 94
2014 8 31 11. 2013 8 31 2,000 2,000 1,000 1,000 Sutherland Colleen Dawn 694 694 3,694 3,694 Sutherland Colleen Dawn 2014 4 24 James William Beeke 2014 4 24 2013 8 31 Howard Robert Balloch Peter Humphrey Owen 2014 6 2014 8 31 95
2014 8 31 11. 2014 8 31 2013 2014 8 312013 8 31 2014 2013 2,259 1,883 1,679 7 3,945 1,883 8 31 2014 2013 1,000,000 1 1,000,0011,500,000 2 1,500,0012,000,000 1 2,000,0012,500,000 1 20142013 8 31 12. 20142013 8 31 96
2014 8 31 13. 8 31 2014 2013 40,036 33,182 (38,815) 1,221 33,182 8 31 2014 2013 770,883 770,883 7,402 7,560 4,975 785,845 775,858 20142013 8 31 2013 8 31 97
2014 8 31 14. 2012 9 1 946,596 3,770 6,682 12,456 39,813 78,001 1,087,318 18,887 21 1,085 1,404 8,540 215,822 245,759 93,374 (93,374) (955) (74) (628) (1,657) (97) (97) 2013 8 31 1,058,857 3,791 6,812 13,786 47,725 200,352 1,331,323 6,636 10 673 5,915 12,903 50,699 76,836 236,646 (236,646) (402) (777) (1,179) 565 565 2014 8 31 1,302,139 3,801 7,485 19,299 59,851 14,970 1,407,545 2012 9 1 89,134 2,603 3,852 6,289 24,053 125,931 20,832 539 945 1,421 6,136 29,873 (907) (6) (593) (1,506) 2013 8 31 109,966 3,142 3,890 7,704 29,596 154,298 25,019 416 921 1,933 7,135 35,424 (377) (697) (1,074) 2014 8 31 134,985 3,558 4,811 9,260 36,034 188,648 2013 8 31 948,891 649 2,922 6,082 18,129 200,352 1,177,025 2014 8 31 1,167,154 243 2,674 10,039 23,817 14,970 1,218,897 98
2014 8 31 14. 5% 1.9% 3.2% 19% 19% 11.9% 19% 19% 2014 8 31 123,896,0002013276,450,000 2014 8 31 285,932,7782013 348,062,810 15. 8 31 2014 2013 4,855 4,855 191,715 196,589 196,570 201,444 99
2014 8 31 15. 4150 2014 8 31 24,304,000201357,481,000 2014 8 3143,148,000201344,200,000 50 16. 2012 9 120132014 8 31 26,057 2012 9 1 6,499 854 2013 8 31 7,353 854 2014 8 31 8,207 2013 8 31 18,704 2014 8 31 17,850 100
2014 8 31 16. 2014 8 3155,000,000201355,000,000 1 16 2013 8 31 18,704 55,000 2014 8 31 17,850 55,000 3.2% 101
2014 8 31 17. 2012 9 120132014 8 31 1,982 2012 9 120132014 8 31 2012 9 120132014 8 31 1,982 2007 62009 4 2013 2014 8 31 1,026 956 1,982 20142013 8 31 102
2014 8 31 17. 15.0% 201315.2%5%20135% 15.0% 201315.2%4%20134% 103
2014 8 31 18. 8 31 2014 2013 31 (c) 3,741 3,493 31 (c) 158,000 161,741 3,493 161,741 3,493 161,741 3,493 2015 8 31 104
2014 8 31 19. 8 31 2014 2013 12,086 6,315 2,206 1,380 4,855 4,855 1,619 1,129 3,860 2,577 24,626 16,256 20. 2014 8 31 2014 8 31 0.88% 20130.47% 8 31 2014 2013 7,742 4,549 477 528 8,219 5,077 105
2014 8 31 21. 8 31 2014 2013 469,517 381,130 30,714 27,195 500,231 408,325 22. 8 31 2014 2013 16,577 13,229 56,779 88,588 86,452 50,216 16,846 16,083 8,087 6,143 637 663 211 779 15,383 465 413 3,000 3,000 13,711 9,493 218,148 188,607 106
2014 8 31 23. 2012 9 1 9,057 5,290 2013 8 31 14,347 4,824 2014 8 31 19,171 107
2014 8 31 24. 8 31 2014 2013 88,500 145,000 135,000 130,000 223,500 275,000 223,500 215,000 60,000 223,500 275,000 223,500 215,000 60,000 223,500 235,000 40,000 223,500 275,000 8 31 2014 2013 6.30% 6.90% 6.00% 6.90% 6.00% 7.87% 14 15 108
2014 8 31 25. 2009 9 22 110,000,000 2014 8 31 80,000,0002013 70,000,000 2014 8 31 2013 11 1 2016 12 31 26. 0.001 2012 9 120132014 8 31 179,000 179 1,271 2012 9 120132014 8 31 72,000 72 511 109
2014 8 31 27. 0.001 2012 9 120132014 8 31 21,000 21 2012 9 120132014 8 31 18,000 18 2008 3 12 101.41Sequoia Capital China Growth Fund I, L.P. 18,000,000 AA180,000,000 25,342,000 Sequoia Capital China Growth Fund I, L.P. 2008 5 91,926,000370,800 Sequoia Capital China GF Principals Fund I, L.P. Sequoia Capital China Growth Partners Fund I, L.P. Sequoia Capital China 2008 3 12 A A3,000,000 A 3,000,00010 A A A 100%A AAA A8% A2014 6 2015 12 31A 110
2014 8 31 27. A 8.411477A (i) A(ii) 50,000,000 AA A A A A A 10 A 111
2014 8 31 27. 2014 1 15 Sequoia Capital ChinaSequoia Capital China AA A 113 20142013 8 31 A 15% 2013 15% 20142013 8 31A 112
2014 8 31 27. A 8 31 2014 2013 A 5% 10% 5% 10% 90% 80% 0.64% 1.12% 0.64% 1.12% 0.17 1.08 0% 0% 37.90% 45.6% 37.90% 45.6% A (a) (b) 113
2014 8 31 27. 1 15 2014 8 31 2013 A 22.51 21.19 8.41 8.41 1.24% 1.12% 0.0% 0.0% 0.50 1.10 52.0% 45.6% (a) (b) 114
2014 8 31 27. A 2012 9 1 317,700 30,405 63,720 8,410 2013 8 31 381,420 38,815 91,812 3,695 3,286 (42,510) 2014 8 31 476,518 A2014 6 A 2015 12 31A 115
2014 8 31 28. 10 29. 2008 4 1 3,000,000 1 2008 9 1 2018 8 31 1,520,000 2008 9 1 2012 8 31 2 2009 9 1 2018 8 31 320,000 2009 9 1 2013 8 31 3 2014 6 2 2024 6 2 1,275,000 2014 6 2 2009 9 1 2018 8 31 2010 9 1 2019 8 31 2024 6 2 10 2.43 10 2.79 10 11.19 116
2014 8 31 29. 20142013 8 31 2014 8 31 2013 2014 8 31 8 31 2014 6 2 3 300,000 300,000 2008 9 1 1 70,000 70,000 2014 6 2 3 80,000 80,000 Sutherland Colleen Dawn 2014 6 2 3 30,000 30,000 James William Beeke 2014 6 2 3 100,000 100,000 Howard Robert Balloch 2014 6 2 3 100,000 100,000 2008 9 1 1 1,155,000 (145,000) 1,010,000 2009 9 1 2 160,000 160,000 2014 6 2 3 665,000 665,000 1,385,000 1,275,000 (145,000) 2,515,000 1,240,000 117
2014 8 31 29. 2013 8 31 2012 2013 8 31 8 31 2008 9 1 1 70,000 70,000 2008 9 1 1 1,185,000 (30,000) 1,155,000 2009 9 1 2 160,000 160,000 1,415,000 (30,000) 1,385,000 1,353,000 12 (i) 20% (ii) 40% (iii) 60% (iv) 80% (v) 100% 118
2014 8 31 29. 3 1 2 3 6.41 7.34 19.75 10 10 10 50% 51% 52% 10 10 10 0.00% 0.00% 0.00% 5.36% 4.43% 3.17% 2.0 2.0 2.0 3,694 893 14,267 (1) (2) 119
2014 8 31 29. (3) (4) (5) (6) (7) 2014 8 31 8,560,000201331,000 30. 2427 120
2014 8 31 30. 31. (a) 8 31 2014 2013 388,192 411,880 161,741 3,493 549,933 415,373 406,232 458,571 476,518 381,420 38,815 882,750 878,806 121
2014 8 31 31. (a) 8 31 2014 2013 476,518 381,420 292,200 258,600 184,318 122,820 (b) 122
2014 8 31 31. (b) (i) 8 31 2014 2013 7,742 4,549 4,218 4,021 1,246 11,192 5% 20135% 5% 20135% 5% 20135%5% 5% 20135% 5% 20135% 123
2014 8 31 31. (b) (i) 8 31 2014 2013 387 227 (38) (534) 187 175 149 (359) (ii) 24 124
2014 8 31 31. (b) (ii) 2014 8 31 2013 8 31 50 50 2013 8 31 150,000 (iii) 5% 20135%2014 8 31 187,0002013175,0005% 2014 8 31 187,0002013175,000 125
2014 8 31 31. (b) (iii) 31(c) 2014 8 31 1 2014 22014 5 126
2014 8 31 31. (b) % 176,788 176,788 176,788 3,544 3,544 3,544 1,500 900 2,400 2,400 6.35 71,097 1,624 155,047 227,768 223,500 2014 8 31 251,429 1,624 155,047 1,500 900 410,500 406,232 2014 8 31 8.00 292,200 292,200 476,518 167,380 167,380 167,380 13,491 13,491 13,491 1,500 1,200 2,700 2,700 6.68 41,271 2,142 140,587 61,691 245,691 235,000 6.30 210 40,210 40,420 40,000 2013 8 31 222,352 42,352 140,587 63,191 1,200 469,682 458,571 8.00 258,600 258,600 381,420 38,815 2013 8 31 258,600 258,600 420,235 127
2014 8 31 31. (c) 2014 8 31 2013 8 31 1) 18 1,532,000 2,209,000 2) 18 158,000,000 3) 27 476,518,000 1 1,327,000 2,166,000 3 381,420,000 3 2014 8 3115.2% 2013 15.0% 2014 8 3190% 2013 80% 2014 8 3115% 201315% 4) 27 38,815,000 3 A A 128
2014 8 31 31. (c) 3 27 2014 8 31 91,812,000 201363,720,0002014 8 31 3,695,00020138,410,000 1 2014 8 3115.2% 201315.0%90% 201380%15% 201315% 0.5% 20130.5%A 2014 8 31 18,900,000 201313,680,0005% 20135% A 2014 8 314,050,000 2013 3,908,0001% 20131%A 2014 8 3126,460,000 201321,832,000 1% 20131%A 2014 8 31 31,320,000201326,128,000 2013 8 31 21.19AA 5%2013 8 31 3,120,000 12 129
2014 8 31 32. 8 31 2014 2013 3,891 3,625 8 31 2014 2013 3,309 3,843 5,529 9,001 117 321 8,955 13,165 130
2014 8 31 32. 3,644,00020133,755,000 14%2 8 31 2014 2013 3,137 3,484 1,995 3,625 5,132 7,109 33. 8 31 2014 2013 27,325 23,684 20142013 8 31 34. 2014 11 10 906,600,668 131
2014 8 31 35. 8 31 2014 2013 3,344 13,291 (i) 200 200 3,544 13,491 (i) 8 31 2014 2013 5,385 4,604 14 11 4,633 10,032 4,615 132
2014 8 31 36. 8 31 2014 2013 192,696 192,696 3,493 192,696 196,189 2,465 5,684 1,968 3,741 11,890 1,968 8,372 126 16,665 10,151 381,420 38,815 25,037 430,512 (13,147) (428,544) 179,549 (232,355) 26 511 511 (297,480) (232,866) (296,969) (232,355) 476,518 476,518 179,549 (232,355) 133
2014 8 31 36. 2012 9 1 24,940 63 3,994 (189,999) (161,002) 316 316 (72,211) (72,211) 316 (72,211) (71,895) 31 31 2013 8 31 24,940 379 4,025 (262,210) (232,866) 249 249 (73,423) (73,423) 249 (73,423) (73,174) 8,560 8,560 2014 8 31 24,940 628 12,585 (335,633) (297,480) 134
2014 8 31 37. 8 31 2014 2013 Maple BVI 1992 4 28 500,000 100% 100% iii 1996 4 15 5,000,000 100% 100% 2007 6 7 5,000,000 100% 100% 2008 3 10 20,000,000 100% 100% 2009 2 10 10,000,000 100% 100% 1996 9 3 iii 8,500,000 100% 100% 2003 1 9 100% 100% 8,500,000 135
2014 8 31 37. 8 31 2014 2013 2003 5 23 100% 100% 140,000,000 ii 2005 8 31 100% 100% 2005 9 22 100% 100% 200,000 i 2005 12 14 ii 2006 12 9 100% 100% 2006 8 31 100% 100% 200,000 2007 6 1 100% 100% 200,000 136
2014 8 31 37. 8 31 2014 2013 2007 6 26 100% 100% 21,303,454 2008 3 24 100% 100% 500,000 2008 4 24 100% 100% 200,000 2008 9 1 100% 100% 8,000,000 2009 4 1 100% 100% 100,000 2009 4 10 100% 100% 200,000 2009 6 25 100% 100% 43,500,000 137
2014 8 31 37. 8 31 2014 2013 2009 12 10 100% 100% 200,000 2010 6 24 100% 100% 2,000,000 2010 12 3 100% 100% 200,000 2011 6 10 100% 100% 500,000 2011 6 21 100% 100% 10,000,000 2012 4 26 100% 100% 2,010,000 138
2014 8 31 37. 8 31 2014 2013 2012 4 26 100% 100% 30,000 2012 4 27 1,500,000,000 100% 100% 2012 5 17 100% 100% 30,000 2013 3 20 100% 100% 5,000,000 2014 1 20 100% 1,000,000 139
2014 8 31 37. (i) 2010 11 23 2011 12 13 (ii) (iii) 1996 92013 7 17 (iv) Maple BVI (v) (vi) 1 (vii) (viii) 140
2014 11 10 BC BC BC BC 2008 3 10 906,600,668 6222014 3 3 2007 6 5 141
Sherman Investment 2003 5 23 2004 5 1 Sherman (Holdings) Limited 1996 4 15 2003 1 9 142
33,400,000 143
144A S 300,600,000 2014 11 28 Maple Leaf Educational Systems Maple Leaf Educational Systems Limited1992 4 28 144
30 50,100,00015% 2014 11 10 18,000,000 0.001 Sequoia Capital China Growth Fund I, L.P. 2008 2 29 2014 3 25Sequoia Capital China Growth Fund I, L.P. Sequoia Capital China 2008 4 1 2014 11 18 144A 2013 8 312014 8 31 145
S S 144A 144A Sequoia Capital China Sequoia Capital China Growth Fund I, L.P. Sequoia Capital China GF Principals Fund I, L.P. Sequoia Capital China Growth Partners Fund I, L.P. A Sequoia Capital China Growth Fund I, L.P. 2008 3 12 2008 12 13 571 0.001 Sherman Investment Sherman Investment Holdings Limited2007 4 13 15 146
2006 12 9 % 147
ESL SAT (Scholastic Assessment Test) 9 16 30 148