Virscend Education Company Limited [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 1.0% % 0.005% 0.01 [ ] [ ][ ] C [ ] [ ] [ ] [ ] [ ] [ ] [ ]

Virscend Education Company Limited (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k)

Virscend Education Company Limited [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 1.0% 0.0027% 0.005% 0.01 [ ] [ ][ ] 32 342C [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 1%0.0027%0.005%[ ] [ ] [ ] [ ] [ ] [ ] www.hkexnews.hkwww.virscendeducation.com [ ] [ ] [ ] [ ] (i)144a (ii)s

1 [ ] i

1 [ ] ii

1 [ ] iii

[ ][ ] [ ] [ ][ ] [ ] [] [] []........................................................................................................................................... i iv......................................................................... 1......................................................................... 16.................................................................. 31.................................................................. 33.................................................................... 34....................................................... 67 [ ] [ ].................................................. 69 [ ]...................................................... 72.................................................................... 75.................................................................... 77.................................................................... 90.............................................................. 107.................................................................. 121......................................................................... 151............................................................ 197.................................................................... 202............................................................ 210.................................................................... 219......................................................................... 221 iv

.................................................................... 224..................................................... 264......................................................................... 266 [ ]................................................................... 277 [ ].......................................................... 284..................................................... I-1........................................... II-1................................................... III-1..................... IV-1................................................. V-1.................................. VI-1 v

[ ] [ ] [ ] 17,896 0.43% 0.05% 13,684 29,29031,580 502.1 554.7 626.0 364.8 330.5 197.8 207.2254.6 182.9 159.8 60.1%73.6% 69.5% 9.8% 1

5.5% 15 31,580 13,6841,978 16 6,226 2,450 3,776 443 120 300 3818 4,544 1,4213,123373 2

4,118 1,0073,111370 Aston Education Group 2,696175 3

31228 13,684 589 25 1,200 126 70 4

1,978 64.1% 25.7% 44 29.1% 16 (i) (ii) (iii) (iv) (v) (vi) (i)(ii)(iii) (iv)(v) (vi) 5

(5) (6) (7) (8) 100% (2) (1) (3) (4) (9)(10)(11) (12) 1. (2) 2. (2) 6

3. (3) 4. (4) (5) 5. (4) (6) 6. (7) 7. (8) 8. (9) 9. 100%51.83% 10. 11. 23.83% 12. 13. 14. 15. 16. 17. 7

[ ] 30% F. 8

................................... 502,057 554,719 626,007 330,474 364,822............................... 304,305) (347,480) (371,384) (170,712) (181,968)................................... 197,752 207,239 254,623 159,762 182,854........................ 5,269 3,083 4,764 2,495 988........................ (2,090) (3,236) (2,194) (1,131) (1,178)............................... (36,063) (31,499) (32,844) (14,171) (19,214)............................... (689) (296) (73) (10) (269)............................... (68,782) (121,487) (109,848) (56,686) (52,755)................ 377 (74) (107) 531............................. 95,774 53,730 114,321 90,790 110,426............................................. 95,774 53,730 114,321 90,790 110,426............................ 250,737 305,998 246,415 252,494............................ 1,032,321 1,178,797 1,075,774 1,048,619.......................... (781,584) (872,799) (829,359) (796,125).............................. 609,167 607,897 682,283 572,709................................ 539,121 538,473 590,058 513,701.............................. 609,167 607,897 682,283 572,709 9

.................. 146,726 219,474 273,865 177,296 312,825.................. (605,284) (180,503) (343,116) (42,224) (187,559).................. 522,345 2,786 (10,352) (63,301) (1,943).......... 63,787 36,185 (79,603) 71,771 123,324.............. 89,481 153,268 189,453 189,453 109,850.............. 153,268 189,453 109,850 261,224 233,174 (1)............................ 19.1% 9.7% 18.3% 30.3% (2)........................ 4.9% 2.2% 4.4% 4.3% (3)........................ 16.1% 8.8% 17.7% 17.6% (4).......................... 0.24 0.26 0.23 0.24 (5)...................... 177.7% 207.0% 181.9% 206.3% (6).......................... 202.9% 238.2% 198.0% 247.0% (7)........................ 2.4 1.4 2.0 3.1 (1) (2) (3) (4) (5) 10

(6) (7) 781.6 872.8 829.4796.1(i) (ii) (iii) (i)[] (ii) (iii) (iv) [ ] 9% 11

[ ] [ ] [ ] [ ] [ ] [ ] [57.8][ ] [ ] [ ] [ ] [ ] [ ] [ ] (1)............................................ [] [] (2).................................. [] [] (1) [ ] [ ] 12

(2) [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [][ ] [ ] [ ] 13

[ ] 68.055.0 40.0 220.0 66.4 25% 14

1,234.0 III-1 III-9 15

[ ] [ ] 16

70% 30% 17

51.87%24.3% 23.83% 622 32 223 Virscend Holdings 18

99.6%0.4% 66.66% 33.34% 30.95% 26.19%14.29%4.76%9.52%4.76%9.52% 92.9% 7.1% 19

(2015) (Beijing) Inc., Shanghai Brand Co. [ ] [ ] [ ] [ ] Happy Venus Happy Venus Limited 20

[ ] [][] [ ] [ ] [ ] [] 23.83% 60% 40% 21

[ ] [ ] [ ]1% 0.0027% 0.005% [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][ ] [ ] [ ] [ ] [ ] [ ] [ ] 22

Lucky Sign Lucky Sign Global Limited 62.5%37.5% Lucky Sign Lucky Sign37.5% Smart Ally [ ] Top Alliance Top Alliance 33.33% [ ][ ] 23

Top Alliance Top Alliance 33.33% [ ][ ] Top Alliance Top Alliance 33.33% [ ][ ] Happy Venue [ ] [ ] [ ] [ ] [ ] [ ] [ ] 24

[ ] [ ] [ ] [ ] 15%[ ] [ ] [ ] 25

[ ] [ ] [ ] [ ] [ ] S S 26

571 0.01 69.44% 18.55%3.00% 2.65%1.59% 1.59%1.59% 1.59% Smart Ally Smart Ally International Limited [ ] [ ] [ ] [ ] 27

Virscend Holdings 58.20% 28.21%3.45% Top Alliance Top Alliance Global Limited 33.33% 33.33% 33.33% 28

Virscend Holdings Virscend Holdings Company Limited Virscend Investment Virscend Investment Holding Company Limited [ ] [ ] [ ] [ ] 0811 % 0.82041 1.006.35841.00 29

** 30

AP (advanced placement) CAP (college advanced placement) (International English Language Testing System) 31

SAT (Scholastic Assessment Test) (Test of English as a Foreign Language) 32

93.2%93.6%94.0% 94.4% 20% 20.0% 24 34

1,978 35

(i)(ii) 37

AP SAT APSAT 30038 18 12 39

SAT 1600 40

1,384.4 781.6 872.8829.4796.1 202.9%238.2%198.0% 247.0% 41

(i) (ii) (iii) (iv)(v) (vi) 9% 7.5 8.2 8.70.9 42

200 11.0 37.4% 39.4% 40.7% 45

350,490.4345 11,795.05 12,959.15 1,00010,000 46

(i) (ii) 47

0.04 0.10.30.2 21 48

21 49

H5N1H5N2 30097% 200 50

50% [ ] 51

50% 52

50% 54

25% 25% 25% 56

23.6 16.531.3 28.7 57

[ ] [ ] (i) (ii)(iii) (iv) 58

[ ] [ ] 59

1.5% 60

25% 25% 25% 61

9% [ ] [ ] [ ] [][][ ] [ ] [ ] [ ] 62

[ ] [ ] [ ] [ ] [ ] [ ] [][] [][][][][][][ ] [ ] [ ] [ ] [ ] 63

[ ] 25%[ ] [ ] [ ]% [ ] [][] [ ] 68.0 55.0 40.0 64

[ ] [ ] [ ] ] [ ] [ ] [ ] 65

[ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 66

8.12 [ ] 8.12 (a) 3.05 (b) (a) (b) (c) (c) 3A.19 13.46 67

(d) (e) 14A [][] 68

[ ] [ ] [ ] 69

[ ] [ ] [ ] 70

[ ] [ ] 571V [ ] [ ] [] [ ] [ ] [ ] [ ] [ ][ ] [] [ ] [ ][ ] [ ] [ ] [ ] [ ] 71

[ ] 105 1 2 115 1 2 4 13 C 2 24 D 9 9 1 2 72

[ ] [ ] [ ] [ ] 1 18 15 43 77 3 34 Conyers Dill & Pearman Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands [ ] [ ] [ ] 73

[ ] 1 22 16 [ ] 9 6 19 1903 1904 74

Floor 4, Willow House Cricket Square, PO Box 2804 Grand Cayman KY1-1112 Cayman Islands 23 1 36 www.virscendeducation.com ACS, ACIS 1 36 105 1 75

35 86 Codan Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands [ ] 76

[ ][ ] [ ] (i)(ii) (iii) 40 77

2,000 870,000 (i)(ii) (iii) 19,9469,225 16.7% 86.9% 78

16.7% 1,628.5 1,369.1 1,799.1 1,994.6 922.5 1,103.2 10.9% 2,475 12.9% 206.01.5% 202.9 230.8 79

24.3 24.3 54.3 52.8 24.5 50.6 24.7 47.6 24.4 44.4 24.0 43.8 23.9 42.3 23.7 42.3 23.7 43.1 23.7 45.3 23.8 46.2-0.3% 2.6% -0.3% -0.1% -4.2% 1.1% 100.7 99.4 99.3 97.0 93.6 94.5 96.6 99.3 110.3 102.0 104.6-1.3% 2.1% 26.6 29.8 34.2 36.9 38.9 40.5 40.8 43.2 48.1 52.4 56.1 8.8% 6.7% 519 1,68726.6% 3,344 8.5%5.6% 80

400 300 200 100 0 51.9 +56.5% 81.2 26.6% 99.2 +22.2% 122.1 +23.1% 145.7 +19.3% 168.7 +15.8% 195.9 +16.1% 14.7% 223.6 +14.1% 255.0 +14.1% 291.7 +14.4% 334.4 +14.6% 160 120 80 40 0 (%) 23.035.38.9% 50.67.5% 47.1 43.1 2.5 39.2 2.5 5.9 35.3 36.7 2.4 5.4 33.1 31.4 2.4 2.4 5.1 29.4 2.3 4.9 4.9 8.7 2.3 8.2 26.1 2.3 4.6 4.5 23.0 4.4 6.7 7.3 7.8 2.3 2.3 4.4 4.3 5.7 6.0 6.3 5.4 5.0 14.0 16.9 18.5 19.9 21.3 22.1 23.9 27.0 29.9 11.3 50.6 2.6 6.2 9.4 32.4 09/14 14/19 8.9% 7.5% 0.7% 1.5% 2.3% 5.1% 6.0% 6.8% 13.4% 8.8% 81

103,800154,200 8.2% 11.2% 17.4% 21.9% 3,2523,060 4,475 7,599 10,000 200,0002,000 6,000 14.2%10.2% 46 142 25.2%(i)(ii) (iii) (iv) 270 82

40 100 30 20 10 4.6 +36.7% 6.3 25.2% +33.6% 10.4 8.4 +23.6% 12.4 +18.9% 14.2 +14.5% 15.9 +12.1% 13.7% 20.5 18.1 +14.0% +13.1% 23.4 +14.1% 27.0 +15.4% 80 60 40 20 (%) 0 0 2.84.2 8.8% 5.6 1.7 2.9 11.8% 09/14 14/19 3.2 0.2 2.8 0.2 0.4 0.4 0.6 0.5 2.1 1.7 3.6 0.5 0.6 2.3 0.2 3.7 0.5 0.5 2.5 0.2 3.9 0.5 0.5 2.7 0.2 4.2 0.5 0.5 2.9 0.3 4.4 0.5 0.6 3.0 0.3 4.8 0.6 0.6 3.3 0.3 5.0 0.6 0.3 0.6 3.5 5.3 0.6 0.7 3.7 0.3 5.6 0.6 0.7 4.0 2.6 8.8% 5.9% 10.0% 4.2% 4.9% 3.6% 0.0% 5.4% 11.8% 6.5% 83

8.2% 13.2% 16.9% 47.7% 47.5% 48.6% 49.5% 50.3% 51.2% 51.8% 52.7% 53.6% 54.4% 41.2% 10.7% 11.6% 12.5% 13.2% 13.9% 14.9% 15.5% 16.2% 16.9% 9.7% 8.2% 4.9% 5.2% 5.6% 5.8% 6.2% 6.5% 6.9% 7.2% 7.5% 7.9% 8.2% 3.6% 3.8% 4.1% 4.3% 4.5% 4.8% 5.0% 5.3% 5.5% 5.8% 6.0% 84

658728 322 283 511 847 10.7% 4.5 5.95.6% 2.42.7 86

215,800 0.6% 29,600 17,900 0.05% 0.05% 0.05% 0.05% 0.06% 0.04% 0.08% 0.07% 0.08% 0.08% 29.6 27.8 27.0 23.5 21.4 19.0 17.9 17.5 17.2 15.1 4.2 65,900 1.6% 17,900 13,30013,100 11,80010,000 87

Maple Leaf, 0.04% 0.24% 0.28% 0.31% 0.43% 0.32% 17.9 13.3 13.1 11.8 10.0 21,90023,60023,400 2,200 2,6001,300 78.2% 728 30 40 88

500 89

2015 2015 100,000 90

50% 91

10% 25% 92

(i)(ii) (iii) 15 25% 25% 93

2006 2007 95

5,0003 1.2 60% 5 1 2 96

2010-2020 2010-2020 (1)(2) 50% 98

(IP) 28 65 535 100

35 262 10,00050,000 101

25% 25% 10% 39 3 25%5% 25% 10% 102

(i) (ii) (iii) 12 136 3% 20% 39 3 393 103

538 65 17% 17% (2011) 110 104

[2014]37 37 37 13 105

(i) (ii) 11 106

.............................................................................................................. 107

52 (i) 600,000 (ii) 35% 65% (i)(ii) 35% 35% 35% 35% 78.70%8.52%5.11%2.56% 2.56% 2.56% 35% 41,860,00035% 42,060,000 108

35%42,060,000 13,203,490 56.99% 43.01% 56.99% 43.01% 56.99% 108,253,300 43.01% 56.99% 83.55%5%3.5%3.5%3.5% 0.95% 109

43.01% 160,835,100 43.01% 160,835,100 43.01% 160,835,100 43.01% 164,479,413.85 56.99% 43.01% 164,479,413.85 43.01% 56.99% 43.01% 65,100 132,100,000[ ] 1,000,000 1,000,000 110

1,000,000 (i) (ii) 3,000 40%65% 35% 85% 15% 63,000,000 0811 60%40% 33.70%20.16%14.11%14.11%14.11% 3.81% (i) (a) 12.15% 130,000,000 12.15% 130,000,000 (b) 23.83% 255,000,000 (ii) 33 20 111

51.87%24.3% 23.83% (i) (a)8% (b) 9% (c)10% (d) (ii) (iii) 6.075% (iv) 6.075%(v)(iii) (iv) 24.3% (iii) 23.83% 255,000,000 23.83% 23.83% 51.87%23.83% 24.3% 112

[ ] 1. 50,00050,0001.00 1.0049,999 Virscend Investment Virscend Investment 50,000 50,0001.00 Virscend Investment 50,000 10,000 1.00 2. Virscend Investment Virscend Investment1.00 Virscend Investment 3. Virscend Investment 1.00 Virscend InvestmentVirscend Investment 4. 1.00 7.60380,000 380,000 1.00 113

1.00 100 0.01 380,000 38,000,0000.01 5. Virscend HoldingsHappy VenusTop AllianceLucky Sign Smart Ally1.00 26,388,3407,048,2401,812,2201,611,200 1,140,000 Virscend HoldingsHappy VenusTop AllianceLucky Sign Smart Ally 69.44%18.55%4.77%4.24% 3.00% 6. 500,000 7. 30.95%26.19% 14.29%4.76% 9.52% 4.76% 9.52% [ ] [ ] 92.9% 7.1% 114

85.71% 1,799,910 85.71% 8 115

[ ] (1) (2) (3) (3) (3) (4) (4) (5) 100% 100% 33.33% 33.33% 33.33% 62.5% 37.5% 100% Virscend Holdings Happy Venus Top Alliance Lucky Sign Smart Ally 69.44% 18.55% 4.77% 4.24% 3.0% 100% Virscend Investment 100% 100% 100% 100% 100% 100% 75.70% (6),(12) (7),(12) (8),(12) (9),(12) (10),(12) 100% (11),(12) 116

(1) (2) [] [ ] (3) [ ] [ ] (4) [ ] [ ][ ] (5) [ ] (6) (7) (8) (9) (10) 51.87%24.3% 23.83% 0811 60% 40% 75.70% 51.87% 23.83% (11) (12) 69.44%18.55%3.00%2.65%1.59%1.59%1.59% 1.59% 117

(1) 100% (2) (3) (3) (3) (4) (4) (5) 100% 33.33% 33.33% 33.33% 62.5% 37.5% 100% Virscen Holdings Happy Venus Top Alliance Lucky Sign Smart Ally % % % % % % 100% Virscend Investment 100% 100% 100% 100% 100% 100% 75.70% (6),(12) (7),(12) (8),(12) (9),(12) (10),(12) 100% (11),(12) (1) (2) [] [ ] (3) [ ] [ ] (4) [ ] [ ][ ] (5) [ ] 118

(6) (7) (8) (9) (10) 51.87%24.3% 23.83% 0811 60% 40% 75.70% 51.87% 23.83% (11) (12) 69.44%18.55%3.00%2.65%1.59%1.59%1.59% 1.59% 37(a) (b) 37 13 13 37 119

(i) (ii) (i) (ii) 120

(a)(b) 121

50% (i) (ii) (iii) (iv) 122

50% 50% (a) (b)(c) (d) (a) 50% 50% 49.99% 123

50% (b) 50% 50% 49.99% (c) 50% (d)100% 124

i ii 125

(5) (6) (7) (8) 100% (2) (1) (3) (4) (9)(10)(11) (12) 1. (2) 2. (2) 3. (3) 4. (4) (5) 5. (4)(6) 6. (7) 126

7. (8) 8. (9) 9. 100% 51.83% 10. 11. 23.83% 12. 13. 14. 15. 16. 17. (1) 127

(a) (b) (c) (d) (e) (f) (g) (a) (b) 128

(e) 100,000 (f) (g) 100,000 (h) (i) (j) (k) (l) (m) (n) (o) (p) 130

(q) (i) (ii) (iii) (2) (a)(b) (c) (d) (e)(f)(g) (h) (a) (b)(c) (d)(e)(f) (g)(h) (i)(j)(k) (l)(m) 131

(3) (a) (b) (c) 132

(d) 100,000 (e) 100,000 (f) 100,000 (g) (h) (i) 100,000 (j) (k) 133

(l) (m) (n) (o) (p) 0 (4) (a) (b) (c)(d) (e)(f) (g)(h) (a) (b) (c)(d) 134

(e) (f) (g) (h) (i) (i) (ii) (5) (4) (6) (4) 135

(7) (a) (b) (c) (d) (e) (f) 136

(8) (a) (b) (c) (a) (b) (c) 137

(a) (i) (ii) (1) (b) (3) (c) (9) 138

(i) (ii) (iii) 51.87% 24.3%23.83% 24.3%[] (i) (ii) (iii) (iv) (a) (b) 139

(v) (vi) (a) (b) 30 (c) (d) (a) 140

(b) (c) (d) (e) (7) 141

(1) (1) (1) (4) 142

(1) (3) (a) (b) 30(c) (i) 143

(ii) (1) (a) (b) (i) (c) (d) (i) (ii) (iii) 144

(iv) (e) (f) (i) (ii) (iii) 23.83% 145

24.3% (1) 560 (i) (ii) (iii) (iv)(ii) (iii) 146

10.07 (i) (ii) 10 II 2.1 50% 50%(a) 50%(b) 50%(c) 147

(i) [ ] [ ]%(ii) 148

(a) (b) 50% (c) (i) (ii) (a) (b) 149

0.43% 17,896 60.1%73.6% 69.5% 5 SAT 14 151

502.1 554.7 626.0 364.8 330.5 197.8207.2 254.6 182.9 159.8 29,29031,580 17,896 13,684 29,29031,580 60.1%73.6% 69.5% 9.8% 5.5% 82.1% 152

62.9%51.3% 5 35.3 50.6 5.9 7.3 17.4% 21.9% (i) (ii) (iii) (iv) (i) (ii) (iii) 153

15 (i) (iii) 75.7%88.5% 82.1% 48.9%71.3% 62.9% 37.2% 51.3% 95.7%93.3% 95.0% 93.6%95.6% 96.3% 813 67 (i) (ii) (iii) 154

SAT 14 40 50 40 50 25 40 45 SAT 155

1,978 64.1%25.7% 10 29.1% 16 1,978 62.0% 31.3% 8.2%6.7% 5.2% 156

15 21 22 20 36 44 27 157

25 (i)(ii) (iii) (iv) (v) 158

(i)(ii) (iii) (iv) 0.43% 159

160

20.0% 1,2001,400 24 (i) (ii)(iii) 161

30012.2% 74 4,200 316,096 162

31,580 13,6841,978 (1)(2) (3) (4) (%)............................... 2,136 2,089 2,268 2,450 2,074 2,067 2,205 2,113 103.0 101.1 102.9 115.9............................... 3,643 3,406 3,713 3,776 3,476 3,311 3,537 3,526 104.8 102.9 105.0 107.1 (5)......................... 155 184 237 300............................... 1,496 1,422 1,397 1,421 1,500 1,500 1,500 1,500 99.7 94.8 93.1 94.7............................... 2,718 2,576 2,963 3,123 2,600 2,600 3,000 3,200 104.5 99.1 98.8 97.6............................... 784 850 934 1,007 890 890 1,000 1,050 88.1 95.5 93.4 95.9............................... 3,161 3,144 3,102 3,111 3,410 3,410 3,300 3,250 92.7 92.2 94.0 95.7......................... 4,416 4,361 4,599 4,878 4,464 4,457 4,705 4,663 98.9 97.8 97.7 104.6......................... 9,522 9,126 9,778 10,010 9,486 9,321 9,837 9,976 100.4 97.9 99.4 100.3............................................. 2,662 2,664 2,638 2,696 2,700 2,700 2,700 2,700 98.6 98.7 97.7 99.9................................................... 290 305 312 290 300 305 312 96.7 100.0 100.0.......... 16,600 16,441 17,320 17,896 16,940 16,778 17,547 17,651 98.0 98.0 98.7 101.4.............. 12,690 13,206 13,173 13,684 13,850 13,850 13,850 13,850 91.6 95.4 95.1 98.8............................... 29,290 29,647 30,493 31,580 30,790 30,628 31,397 31,501 95.1 96.8 97.1 100.3 163

* (1) (2) (3) (4) 100% (5) (6) 1,863 1,9461,97864.1% 25.7% 44 25 40 45 786 39.7% 164

14 1,2001,400 20.0% 165

(1) (2)............................ 21,200 31,200 21,200 31,200 31,200 37,200............................ 21,200 30,200 21,200 30,200 30,200 36,000.................. 61,200 71,200 71,200 81,200 71,200 81,200 85,200 97,200................ 81,200 91,200 81,200 91,200 81,200 91,200 97,200 109,200............................ 21,200 31,200 21,200 31,200 31,200 37,200............................ 21,200 30,200 21,200 30,200 30,200 36,000............................ 21,400 31,400 21,400 31,400 31,400 37,200............................ 21,400 30,400 21,400 30,400 30,400 36,000............................ 21,500 29,200 21,500 29,200 21,500 29,200 25,560 34,800.......................... 21,200 23,200 21,200 23,200 21,200 23,200 21,200 23,200............................ 11,200 14,200 11,200 14,200 11,200 15,200 11,200 15,200 (1) 1,2001,400 (2) 166

93.2%93.6%94.0% 94.4% 75% 50% 25% 50% 50% 75% 50% 25% 167

6,226 2,450 3,776 443146,665 64CAP 115 168

APSAT APSAT/ (i) AP(ii) APSAT(iii) APSAT 35% 35% 65% 300 38 18 169

75.7%88.5% 82.1% 16 117 120 120 20%813 89 98 74 [ ] 170

4,544 1,421 3,123 373 35,542.69 70% SAT 28 171

48.9%71.3% 62.9% 67 47 4865 172

4,118 1,0073,111 370 127,370 60% Aston Education Group SAT 173

37.2%45.5% 51.3% Ecole Internationale de New York 2,696 175 80,081 25 40 45 4045 70 35 19.2% 174

4,200 31228 316,096 13,684 589 25 175

12 6 1,200 40010,000 95.7%93.3%95.0% 93.6%95.6% 96.3% 300 20,000 176

177

40037,400 (i)(ii) (iii)(iv) (v)(vi) 178

1,978 64.1%25.7% 44 29.1%16................ 393 433 443.......... 342 370 373....................... 345 356 370........................... 179 174 175......................... 33 30 28........................... 571 583 589......................... 1,863 1,946 1,978 179

103,800154,200 52.5%7.1%11.1%9.9% 23.0% 180

5% 356.2 101.476.5 10.9 Chengdu Dehong Agriculture Development Co., Ltd. 99.9 39.541.0 181

C. 2........................................................... 182

............................................................................ 183

.................................................................................................................. 184

3,0653,081 3,142........................................... 1,978 63.1.................................. 455 14.4 (1)..................................... 182 5.8....................................... 243 7.7....................................... 284 9.0........................................... 3,142 100.0 (1) 208,572.19 393,561.86405.01(2) 1,234.02,586.3 356,490.6845 185

35,542.69173,029.5 1... 1 134 35,542.69 2......... S106 19,595.3 3......... S106 50,785.6 4......... S106 13,023.0 5......... S106 23,661.2 6......... S106 17,416.4 186

7......... S106 21,541.8 8......... S106 15,684.5 9......... S106 11,321.7 393,561.86 4060,769.77 332,792.0933 2,342.28 38 143,006.40 231,399.5220 187

356,490.68 45 (i) Tibet Zangneng Co., Ltd. 110.23 2(ii) 100,031.0314 11,795.05 2 (iii)94,778.30 6(iv) 86,632.148(v)34,316.12 9 12,637.00 112,959.15 2(vi) 3,231.66 1 7.58.2 8.7 0.9 1,000 188

10,000 (1)...................... 189

(1)........................................................................................ (1) 190

191

192 1. 0.04 0.10.3 0.2 0.05%

193 2. 3. 10,00050,000 (i)(ii) (iii)

194 4. 5. 10,000 (i) (ii) (iii)

3.08 3.09 8.04 195

196

[ ] 30% 69.44% 30.56% 18.55%3.00%2.65%1.59%1.59%1.59% 1.59%.............................................. 100%........................................ 100%.................................. 100%...................................... 100%.............................................. 100% (1)...................................... 51.87% (2) (1) (2) 23.83% 1. (1)............ 2. (2)............ 50.00% 25.00% 197

(1) 50% 20% 13.33% 16.67% Xie Suhua99.1%0.9% Yang Yan 0.4% 99.6% 66.66% 33.34% (2) 75% 70% 30% (1) [ ] 198

[ ] 15 199

0.52% 0.88% 23 [ ] [ ] 200

(a) (b) (c) (d) 201

1........... 14A.2614A.34 3.26 11.4 14.56 14A.3514A.49 14A.5214A.53 59 2.............. 14A.3414A.35 14A.3614A.49 14A.5214A.53 59 14A.71 202

(1) 1. 94,778.30 1.36 4.76 6.12 1.36 4.76 6.12 2. 14 100,031.00 1.27 4.44 5.70 1.27 4.44 5.70 203

3. 46,953.12 0.56 1.96 2.52 0.56 1.96 2.52 4. 3,231.66 0.67 0.20 0.22 0.067 0.20 0.22 204

14A.07(1) 69.44% 92.9% 7.1% 14A.07(1) 14A.8114 14A.77 0.1% 5% 14A.76(2)(a) 3.2611.414.4 (i) (ii) [ ] 14A.105 205

(i) (ii) (2) 14A.07(1) 69.44% 14A.12(1)(c) 206

14A 14A [ ] (i)14a.105 14A (ii) 14A.53(iii) 14A.52 (a) (b) (d) 14A (e) (c) (i) (ii) 207

(iii) (d) 14A (e) (i) (ii) (iii)(d) 208

14A 14A (i)(ii) (iii) 209

..... 53....... 44..... 56..... 54..... 65..... 34..... 69 210

....... 52..... 69..... 55..... 61..... 58 58.. 211

53 15 44 20................... 212

........................ 56 22 54 20 65 Hong Kong Quanzhou Associations Limited 34 213

69 52 15 69 44 214

55 20 61 36 58 20 215

58 27 52 TMF Hong Kong Limited 20 8271 1050 216

3.2114C3 14B1 14A5 [ ]F. 1,505,0001,505,000 1,505,000 752,000 217

2,081,000 2,012,0002,083,0001,195,000 17.09 3A.19 3A.23 (1) (2) (3) [ ] (4) 218

[ ] XV23 10% [ ] (2) Virscend Holdings (3)... 26,388,340 69.44% [] [] (3)(4)(6).... 27,528,340 72.44% [] [] (5)....... 27,528,340 72.44% [] [] Happy Venus (7)....... 7,048,240 18.55% [] [] (6)(7)...... 7,048,240 18.55% [] [] (1) (2) (3) Virscend HoldingsVirscend Holdings (4) 219

(5) (6) (7) Happy VenusHappy Venus [ ] XV2 3 10% 220

38,000,000 380,000 [] (%) 38,000,000 380,000 [] [ ] [ ] [] [ ] [ ] [ ] [] [ ] [ ] 100 [ ] (%) 38,000,000 380,000 [] [ ] [ ] [] [ ] [ ] (2) [ ] [] [ ] [ ] 100 (1) (2) [ ] 221

[ ] 2.(c) F. (i) [ ] 20% (ii) (i) (ii) (iii) A.4. 222

[ ] 10% A.5.] (i) (ii) (iii) A. 4.] 223

0.43% 17,896 74.4%67.9% 76.2% 224

SAT 14 502.1 554.7 626.0 364.8 330.5 197.8207.2 254.6 182.9 159.8 29,29031,580 225

796.1 25,963 46,65212.4% 66,476 226

10.9% 23.0 35.3 8.9% 4.5 5.95.6% 16,600 17,896 35.350.6 7.5% 12,69013,684 (i) (ii) 227

20% 20.0% 12 30,20091,200 1,2001,400 228

60.6%62.6% 59.3%51.7% 49.9% 38.9%39.2%40.4%33.3% 34.3% 202.8 243.7 [ 200 11.0 37.4% 39.4% 40.7% 7.6%6.3%5.6%4.6% 5.6% (i) (ii)(iii) 229

3 230

................. 1.8% 2.6%.............. 10%....................... 18%................. 18%................... 18% 231

2.1 232

14 233

...................... 502,057 554,719 626,007 330,474 364,822.................. (304,305) (347,480) (371,384) (170,712) (181,968)...................... 197,752 207,239 254,623 159,762 182,854........... 5,269 3,083 4,764 2,495 988........... (2,090) (3,236) (2,194) (1,131) (1,178).................. (36,063) (31,499) (32,844) (14,171) (19,214).................. (689) (296) (73) (10) (269).................. (68,782) (121,487) (109,848) (56,686) (52,755)... 377 (74) (107) 531................ 95,774 53,730 114,321 90,790 110,426................... 95,774 53,730 114,321 90,790 110,426 502.1 554.7 626.0 330.5364.8 234

......... 110,023 128,466 151,706 79,720 91,627........... 75,555 89,037 106,375 55,645 62,989..... 80,079 92,491 106,102 55,038 61,689............. 147,441 148,504 156,152 84,267 89,635............. 48,979 55,337 61,870 33,190 35,375......... 5,700 5,317 6,221 2,984 3,172.................. 467,777 519,152 588,425 310,844 344,487.................... 34,280 35,567 37,582 19,630 20,335...................... 502,057 554,719 626,007 330,474 364,822 235

.................. 202,754 217,205 243,675 110,159 125,228.................. 7,337 13,595 13,045 5,440 3,882.................... 16,288 17,150 18,859 10,242 10,933...................... 821 934 1,120 546 317............. 456 2,999 3,081 818 101................ 26,491 37,565 43,475 20,842 22,927.................. 12,461 16,169 11,415 4,575 1,890...................... 7,528 8,236 8,695 4,496 943............. 15,464 10,966 13,923 7,204 8,433.................. 9,805 17,881 10,481 4,709 6,284.................. 4,900 4,780 3,615 1,682 1,029............. 304,305 347,480 371,384 170,713 181,967 236

202.8 217.2243.7110.2125.2 66.6%62.5%65.6%64.5% 68.8% (i) (ii) 5% 10% 5% 10% (10)%..................... (46,778) (51,915) (58,843) (31,084) (34,449) (5)%...................... (23,389) (25,958) (29,241) (15,542) (17,224) 5%........................ 23,389 25,958 29,241 15,542 17,224 10%....................... 46,778 51,915 58,843 31,084 34,449 (10)%..................... 20,275 21,721 24,368 11,016 12,523 (5)%...................... 10,138 10,860 12,184 5,508 6,261 5%........................ (10,138) (10,860) (12,184) (5,508) (6,261) 10%....................... (20,275) (21,721) (24,368) (11,016) (12,523) 237

(i)(ii) 70%(iii) (iv).................. 1,099 870 653 137 164............. 2,192 1,682 710.................. 2,400 1,700 196 16.................................. 79................ 1,163 366 1,656 667 19...................... 607 147 67 9...................... 5,269 3,083 4,764 2,495 988 238

260.0 8%9% 10% 10% 25% 239

330.510.4% 364.8 (i) (ii) 30,49331,580 310.8 10.8%344.5 170.76.6% 182.0 110.213.7% 125.2 20.8 10.0% 22.9 4.734.0% 6.3 159.814.5% 182.9 48.3% 50.1% (i) (ii) 240

2.5 1.0 (i) 1.0 (ii)0.5 1.2 1.1 14.2 35.2%19.2 10,000 0.3 56.76.9% 52.8 0.5 110.4 90.8 30.3%27.5% 241

110.490.8 554.712.9% 626.0 (i) (ii) 519.213.3%588.4 347.5 6.9%371.4 217.212.2% 243.7 37.615.7%43.5 11.0 13.9 17.9 10.5 11.0 242

207.222.9% 254.6 37.4% 40.7% 11.0 3.1 4.8(i) 2.2 (ii)1.3 1.5 3.2 32.2%2.2 31.54.3% 32.8 296,000 73,000 121.5 9.6% 109.8 243

74,000107,000 40% 114.3 53.7 18.3%9.7% 114.353.7 502.110.5% 554.7 (i) (ii) 467.8 11.0% 519.2 304.3 14.2%347.5 202.87.1% 217.2 26.5 244

41.8%37.6 7.385.3% 13.6 9.8 17.9 11.0 12.5 16.2 15.511.0 197.8 4.8% 207.2 39.4% 37.4% 11.0 5.3 3.1(i) 0.7 (ii)0.8 (iii) 2.1 54.8%3.2 36.1 12.7%31.5 8.0 245

0.7 0.3 (i) 0.3(ii) 68.8 76.6%121.5 53.7 95.8 9.7% 19.1% 53.795.8 246

................. 97,219 116,295 136,315 13,945 13,234............. 250 250 250 250 250................. 5,125............... 153,268 189,453 109,850 233,174 251,860...................... 250,737 305,998 246,415 252,494 265,344..................... 129,561 120,901 78,403 229,832 230,728............. 607,000 719,490 626,000 454,000 454,000........................ 295,760 338,406 371,371 364,597 458,533.................. 190 190...................... 1,032,321 1,178,797 1,075,774 1,048,619 1,143,451...................... (781,584) (872,799) (829,359) (796,125) (878,107) 781.6 872.8 829.4796.1 (i)(ii) (iii) 247

(i)[] (ii) (iii)(iv) [ ] 153.3 189.5109.9 233.2 248

................ 146,726 219,474 273,865 177,296 312,825................ (605,284) (180,503) (343,116) (42,224) (187,558)................ (522,345) (2,786) (10,352) (63,301) (1,943).............. 63,787 36,185 (79,603) 71,771 123,324............. 89,481 153,268 189,453 189,453 109,850............. 153,268 189,453 109,850 261,224 233,174 312.8 186.5 126.2 123.7 6.8 273.9266.7 6.5(i) (ii) 249

33.0 (i) 21.8(ii) 6.3 219.5212.8 5.8(i) (ii) 42.6(i) 16.1 (ii) 21.2 146.7189.4 43.8 60.7 22.2 187.6 185.6 343.1(i) 212.6(ii) 87.2 180.5(i) 156.0 (ii) 56.5 250

605.3(i) 416.5 (ii) 125.5 (iii) 45.5 1.9 (i)105.0 (ii)64.9 168.0 10.4 (i)659.0 (ii)107.0 (iii)40.0 558.8 2.8 (i)862.0 (ii) 114.0(iii)55.0 1,067.0 522.3960.3 (i) 330.0(ii)68.0 [ ] [ ] 251

342.5107.8 72.4 1,438.7.......... 336,443 107,798 72,407 16,659 1,278,064......... 6,063 117,097...................... 342,506 107,798 72,407 16,659 1,395,161....................... 22,000 22,000................... 7,459................... 1,163.......................... 7,459 22,000 23,163 252

5 20........................ 7,207 8,631 1,820 1,820 1,820.................... 6,869 7,710 8,179 8,530 8,530...................... 25,488 23,199 21,987 21,126.......................... 14,136 41,829 33,198 32,337 31,476........... 507,000 491,000 626,000 454,000 454,000........... 100,000 228,490........... 368,999 468,295 384,648 620,423 590,423................... 260,000 260,000 260,000 260,000 260,000................... 80,000 80,000 80,000...................... 1,235,999 1,447,785 1,350,648 1,414,423 1,384,423 253

...... 507,000 491,000 626,000 454,000 424,000...... 80,000 80,000 160,000 160,000................. 200,000 180,000 300,000 300,000................... 188,295 124,648 160,423 160,423 507,000 959,295 1,010,648 1,074,423 1,044,423 (1)...... 100,000 228,490..................... 313,470 80,000 80,000 80,000.......... 55,529................... 260,000 260,000 260,000 260,000 260,000 728,999 488,490 340,000 340,000 340,000................... 1,235,999 1,447,785 1,350,648 1,414,423 1,384,423 (1) 6.10% 9.00% 7.28% 10.00% 6.30% 7.21% 9.00% 10.00% 5.88% 7.57% 7.55% 10.0% 400.0 254

[ ] [ ] (i) (ii) (iii) [ ] [ ] [ ] [ ] [][][ ] [ ] [ ] 255

(1).................. 19.1% 9.7% 18.3% 30.3% (2).............. 4.9% 2.2% 4.4% 4.3% (3).............. 16.1% 8.8% 17.7% 17.6% (4)................ 0.24 0.26 0.23 0.24 (5)............ 177.7% 207.0% 181.9% 206.3% (6)................ 202.9% 238.2% 198.0% 247.0% (7).............. 2.4 1.4 2.0 3.1 (1) (2) (3) (4) (5) (6) (7) 19.1% 9.7% 18.3%(i) (ii) 27.5% 30.3%(i) (ii) 4.9% 2.2% 16.1% 8.8% 256

4.4% 17.7% 4.3%8.6% 17.6%35.5% (i) (ii) 220 177.7% 207.0%202.9% 238.2% 181.9% 198.0% 206.3% 247.0%220.0 745.8 901.9863.45.1 29 1,390.4 257

1,273.3 117.1 29 (i)(ii) 10%50% 25% 25% 258

68.055.0 40.0 220.0 66.4 25% 13 13 13.13 13.19 13.13 13.19 4.29 7 [ ] 259

[ ] (1) [ ] (2) (3) (4) [ ] [ ].................. 513,701 [] [] [] [] [ ] [ ].................. 513,701 [] [] [] [] (1) 514 (2) [] [ ] [ ][] [ ][] [ ] 1.0 0.82041 (3) [ ] [ ] (4) 1.0 0.82041 260

50 50 0.22.02.2 1.6 261

.............. 45,000 63,620 280,283 513,409 286,000 1,188,312.............. 25,000 34,939 82,281 142,220..... 100,331 100,331.......... 114,637 114,637 184,637 98,559 362,564 613,740 286,000 1,545,500.............. 45,000 53,814 247,221 104,000 286,000 736,035.............. 25,000 44,401 181,366 376,869 215,672 843,308..... 101,045 101,045.......... 104,732 104,732 174,732 98,215 428,587 581,914 501,672 1,785,120 262

.............. 45,000 11,436 254,060 189,822 286,000 786,318.............. 25,000 10,415 209,750 340,472 145,187 730,824..... 108,035 108,035.......... 57,895 57,895 127,896 21,851 463,810 638,329 431,187 1,683,073.............. 116,858 139,777 259,822 786,000 802,457.............. 32,642 218,113 468,961 205,011 924,727.......... 208,209 208,209 208,209 149,500 357,890 728,783 491,011 1,935,393 263

[ ] [ ] [ ] [ ] [ ] [ ] [ ] 264

[ ] [ ] [ ] [ ] [ ] [ ] [ ][] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 265

[ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 266

[ ] 267

[ ] 268

[ ] 269

[ ] 270

[ ] 10.08 [ ] 10.08 [ ] 271

[ ] 272

[ ] 273

[ ] 274

[ ] [ ] [ ] [ ] [ ] [ ] 30 [ ] [ ] [][]15%[] [ ] [ ] [ ][] [ ]% [][] [ ] [ ]% [ ][]%[ ] 275

[][][ ][][] [ ] [ ] [ ] 3A.07 276

[ ] [ ] 277

[ ] [ ] 278

[ ] [ ] 279

[ ] [ ] 280

[ ] [ ] 280-i

[ ] [ ] 281

[ ] [ ] 282

[ ] [ ] 283

[ ] [ ] 284

[ ] [ ] 285

[ ] [ ] 286

[ ] [ ] 287

[ ] [ ] 288

[ ] [ ] 289

[ ] [ ] 290

[ ] [ ] 291

[ ] [ ] 292

[ ] [ ] 293

[ ] [ ] 294

[ ] [ ] 295

[ ] [ ] 296

[ ] [ ] 297

[ ] [ ] 298

[ ] [ ] 299

[ ] [ ] 300

[ ] [ ] 301

[ ] [ ] 302

1 22 II 2.1 Virscend Education Company Limited II1 II 1 I-1

3.340 2410 II2.1 I-2

I............................... 5 502,057 554,719 626,007 330,474 364,822.......................... (304,305) (347,480) (371,384) (170,712) (181,968).............................. 197,752 207,239 254,623 159,762 182,854................... 5 5,269 3,083 4,764 2,495 988................... (2,090) (3,236) (2,194) (1,131) (1,178).......................... (36,063) (31,499) (32,844) (14,171) (19,214).......................... (689) (296) (73) (10) (269).......................... 7 (68,782) (121,487) (109,848) (56,686) (52,755)............. 377 (74) (107) 531........................ 6 95,774 53,730 114,321 90,790 110,426........................ 10...................... 95,774 53,730 114,321 90,790 110,426.................... 11 66,482 37,302 79,120 62,582 75,443...................... 29,292 16,428 35,201 28,208 34,983 95,774 53,730 114,321 90,790 110,426................ 95,774 53,730 114,321 90,790 110,426.................... 66,482 37,302 79,120 62,582 75,443...................... 29,292 16,428 35,201 28,208 34,983 95,774 53,730 114,321 90,790 110,426 I-3

................ 14 706,871 780,493 812,794 2,069,804............... 15 160,830 156,218 151,606 263,604............. 16 1,502 1,428................. 366 369 369 371................... 17 505,369 470,858 520,947................. 29(b) 745,785 901,786 863,419................. 2,120,723 2,311,152 2,349,135 2,333,779.......................... 19 97,219 116,295 136,315 13,945............. 18 250 250 250 250................. 29(b) 5,125............... 20 153,268 189,453 109,850 233,174................... 250,737 305,998 246,415 252,494......... 22 129,561 120,901 78,403 229,832............. 23 607,000 719,490 626,000 454,000........................ 21 295,760 338,406 371,371 364,597.................. 24 190................... 1,032,321 1,178,797 1,075,774 1,048,619................... (781,584) (872,799) (829,359) (796,125)............. 1,339,139 1,438,353 1,519,776 1,537,654............. 23 628,999 728,295 724,648 960,423................ 24 642 1,116 4,810 4,522................. 29(b) 100,331 101,045 108,035................. 729,972 830,456 837,493 964,945........................ 609,167 607,897 682,283 572,709............................ 25............................ 26 539,121 538,473 590,058 513,701...................... 70,046 69,424 92,225 59,008.......................... 609,167 607,897 682,283 572,709 I-4

25 26(b) 26(c).... 374,540 36,255 108,764 519,559 61,834 581,393................. 66,482 66,482 29,292 95,774.......... 66,482 66,482 29,292 95,774.......... 23,634 (23,634).. (46,920) (46,920) (21,080) (68,000).... 374,540* 59,889* 104,692* 539,121 70,046 609,167................. 37,302 37,302 16,428 53,730.......... 37,302 37,302 16,428 53,730.......... 16,483 (16,483).. (37,950) (37,950) (17,050) (55,000).... 374,540* 76,372* 87,561* 538,473 69,424 607,897................. 79,120 79,120 35,201 114,321.......... 79,120 79,120 35,201 114,321..................... 65 65 65.......... 31,275 (31,275).. (27,600) (27,600) (12,400) (40,000).... 374,605* 107,647* 107,806* 590,058 92,225 682,283................. 75,443 75,443 34,983 110,426.......... 75,443 75,443 34,983 110,426.......... 28,707 (28,707).. (151,800) (151,800) (68,200) (220,000).. 374,605* 136,354* 2,742* 513,701 59,008 572,709................... 374,540* 76,372* 87,561* 538,473 69,424 607,897................. 62,582 62,582 28,208 90,790.......... 62,582 62,582 28,208 90,790.......... 22,773 (22,773).. 374,540* 99,145* 127,370* 601,055 97,632 698,687 * I-5

........................ 6 95,774 53,730 114,321 90,790 110,426.......................... 7 68,782 121,487 109,848 56,686 52,755............. (377) 74 107 (531).......................... 5 (1,099) (870) (653) (137) (164)............................ 6 159 9 3.......................... (1,163) (366) (1,656) (667) (98).............................. 6, 14 22,759 34,164 40,101 19,155 21,049............. 6, 15 4,566 4,612 4,612 2,306 2,521 189,401 212,831 266,689 167,602 186,492.................... (60,708) (16,073) (21,820) (2,737) 123,748.................... (6,416) (21,166) (6,278) 29,011 9,195.............. 22,187 42,646 32,965 (17,384) (6,774)..................... 1,163 366 1,656 667..................... 145,627 218,604 273,212 177,159 312,661.......................... 5 1,099 870 653 137 164........................ 10......... 146,726 219,474 273,865 177,296 312,825......... (45,484) (56,486) (87,209) (24,518) (3,122)............. (19,973)..................... 642 474 3,694 208..................... (3,000)................. 1,575 3,121 1,200.............. (416,544) (156,002) (212,633) (11,305) (185,636).......... (125,500) 34,511 (50,089) (6,609)......... (605,284) (180,503) (343,116) (42,224) (187,558) I-6

............... 960,320 1,067,000 558,800 97,800 168,000..................... (330,000) (862,000) (659,000) (281,000) (105,000)................... (68,000) (55,000) (40,000)................... (38,774) (14,115) (38,244)....... 251,000 226,000.......................... (39,975) (114,012) (107,037) (67,857) (64,943).......... 522,345 (2,786) (10,352) (63,301) (1,943)............................ 63,787 36,185 (79,603) 71,771 123,324....... 89,481 153,268 189,453 189,453 109,850...................... 153,268 189,453 109,850 261,224 233,174............................ 20 153,268 189,453 109,850 261,224 233,174 I-7

.......................................... 310.............................................. 310............................................................................................ 310.................................................. 310................................................ 310.................................................. 310 I-7-i

II. 1 Floor 4, Willow House, Cricket Square, PO Box 2804, Grand Cayman, KY1-1112, Cayman Islands Wah Tai (Tibet) Investment Limited Virscend Investment Holding Company Limited (a)... 50,000 100% Wah Tai (HK) Investment Limited (a).......... 10,000 100% (a)................. 500,000 100% I-8

(c) 98,408,800 (b)................. 100% (e)................. 52,000,000 100% (b)..... 132,100,000 100% 1,000,000 (c)................. 100% 1,000,000 (c)................. 100% 1,000,000 (c)................. I-9

(a) (b) (c) (d) (e) 23.83%255,000,000 23.83% 75.7% 24.3% 2608%9% 10% I-10

2.1 2.4 I-11

2.2 796,125,000 I-12

2.3 9............ 2 10 28..... 1 10 1 12 28..... 11... 1 14........... 3 15........... 2 1........ 1 16 1 38............. 16 1 41............. 27....... 1 1........................ 1 2 3 2.4 (a) I-13

(b) (c) 5 20% I-14

39 39 I-15

1 I-16

2 3 (a) (i) (ii) (iii) I-17

(b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i)......................... 1.8% 2.6%........................... 10%............................... 18%.................... 18%........................... 18% I-18

I-19

39 39 (a) (b) I-20

I-21

I-22

I-23

9 6 I-24

I-25

3. 2.1 I-26

14 4. 8 I-27

10% 5........................ 467,777 519,152 588,425 310,844 344,487..................... 34,280 35,567 37,582 19,630 20,335 502,057 554,719 626,007 330,474 364,822................... 6 1,099 870 653 137 164 (i)...... 2,192 1,682 710................... 2,400 1,700 196 16.................................... 79................. 1,163 366 1,656 667 19....................... 607 147 67 9 5,269 3,083 4,764 2,495 988 I-28

(i) 6. 8............... 123,795 132,572 142,548 71,565 82,871........... 21,079 26,858 25,990 13,171 14,181...... 14 22,759 34,164 40,101 19,155 21,049.............. 15 4,566 4,612 4,612 2,306 2,521................... 2,090 3,236 2,194 1,131 1,178................... 7,538 8,246 8,705 4,496 943................. 96 131 78 78 256................... 2,134.............. 5 (1,099) (870) (653) (137) (164)..................... 159 9 3................... 500 171 259 I-29

7...... 42,782 84,206 44,787 33,176 31,028......... 26,000 37,281 65,061 23,510 21,727 68,782 121,487 109,848 56,686 52,755 8...... 1,505 1,505 1,505 752 752........... 1,505 1,505 1,505 752 752 I-30

................................. 720 720............................. 785 785............................. 1,505 1,505................................. 720 720............................. 785 785............................. 1,505 1,505................................. 720 720............................. 785 785............................. 1,505 1,505................................. 360 360............................. 392 392............................. 752 752 I-31

................................. 360 360............................. 392 392............................. 752 752 9. 22 2 2 833 3..... 539 507 578 260 426........... 37 17 576 507 578 260 443 1,000,000...... 3 3 3 3 3 I-32

10. 10% 10% 11. I-33

12. 68,000,000 55,000,000 40,000,000 220,000,000 66,442,000 13. 14...................... 239,578 22,430 7,365 35,130 166,485 126,612 597,600................. (20,130) (367) (4,860) (24,019) (129,643) (179,019)................. 219,448 22,063 2,505 11,111 36,842 126,612 418,581.......... 219,448 22,063 2,505 11,111 36,842 126,612 418,581..................... 293,001 22,983 926 2,775 16,758 336,443..................... (24,908) (486) (25,394) 6..... (9,060) (2,928) (715) (2,513) (7,543) (22,759)..................... 126,612 (126,612).......... 605,093 42,118 2,716 11,373 45,571 706,871..................... 628,715 45,413 8,291 37,905 178,384 898,708................. (23,622) (3,295) (5,575) (26,532) (132,813) (191,837)................. 605,903 42,118 2,716 11,373 45,571 706,871 I-34

..................... 628,715 45,413 8,291 37,905 178,384 898,708................. (23,622) (3,295) (5,575) (26,532) (132,813) (191,837)................. 605,093 42,118 2,716 11,373 45,571 706,871.......... 605,093 42,118 2,716 11,373 45,571 706,871..................... 49,640 44,714 1,267 1,249 10,928 107,798..................... (12) (12) 6..... (15,256) (6,354) (804) (2,667) (9,083) (34,164).......... 639,477 80,478 3,167 9,955 47,416 780,493..................... 678,355 90,127 9,444 39,154 189,312 1,006,392................. (38,878) (9,649) (6,277) (29,199) (141,896) (225,899)................. 639,477 80,478 3,167 9,955 47,416 780,493..................... 678,355 90,127 9,444 39,154 189,312 1,006,392................. (38,878) (9,649) (6,277) (29,199) (141,896) (225,899)................. 639,477 80,478 3,167 9,955 47,416 780,493.......... 639,477 80,478 3,167 9,955 47,416 780,493..................... 40,989 24,041 517 789 6,071 72,407..................... (5) (5) 6..... (17,538) (9,597) (831) (2,658) (9,477) (40,101).......... 662,928 94,922 2,853 8,086 44,005 812,794..................... 719,344 114,168 9,961 39,943 195,285 1,078,701................. (56,416) (19,246) (7,108) (31,857) (151,280) (265,907)................. 662,928 94,922 2,853 8,086 44,005 812,794 I-35

..................... 719,344 114,168 9,961 39,943 195,285 1,078,701................. (56,416) (19,246) (7,108) (31,857) (151,280) (265,907)................. 662,928 94,922 2,853 8,086 44,005 812,794.......... 662,928 94,922 2,853 8,086 44,005 812,794 (i)............. 1,273,304 631 1,351 2,778 1,278,064..................... (5) (5) 6..... (8,822) (6,157) (363) (1,153) (4,554) (21,049).......... 1,927,410 88,765 3,121 8,284 42,224 2,069,804..................... 1,992,648 114,168 10,592 41,294 198,049 2,356,751................. (65,238) (25,403) (7,471) (33,010) (155,825) (286,947)................. 1,927,410 88,765 3,121 8,284 42,224 2,069,804 (i) 29(b) 1,390,401,000 1,273,304,000117,097,000 15 29(b) I-36

15......... 163,945 165,442 160,830 156,218 (i).............. 6,063 117,097............ (4,566) (4,612) (4,612) (2,521).......... 165,442 160,830 156,218 270,794..... 19 4,612 4,612 4,612 7,190................ 160,830 156,218 151,606 263,604 (i) 29(b) 1,433,984,000 1,316,887,000 117,097,000 14 29(b) 16............. 1,502 1,428 I-37

(*)......... 40% * 17........ 505,369 470,858 520,947 505,369 470,858 520,947 1,433,984,000 1415 29(b) I-38

18.......... 250 250 250 250 19.................. 1,210 2,101 719 536.......... 1,200...... 15 4,612 4,612 4,612 7,190............... 297 355 275 255 (i).... 87,848 101,940 123,600.......... 2,122 3,278 3,608............ 1,130 4,009 2,301 5,253................. 711 97,219 116,295 136,315 13,945 (i) 85,900,00067,600,000 123,600,000 30,000,000 I-39

20............ 153,268 189,453 109,850 233,174..................................... 153,268 189,453 109,850 233,174 21....................... 274,858 316,547 348,157 350,977.................... 20,902 21,859 23,214 13,620 295,760 338,406 371,371 364,597 I-40

22.............. 1,909 1,646 1,869 1,940 (i). 17,724.................... 31,226 43,038 7,134 8,770 (ii). 18,334 22,222 18,578 23,290... 9,180 11,509 14,800 16,205............. 2,060 1,929 3,498 3,478 12.......... 153,548.................. 27,760 28,454 28,202 15,242............. 21,368 12,103 4,322 7,359 129,561 120,901 78,403 229,832 (i) (ii) I-41

23. (%)......................... 6.10-9.00 507,000......................... 7.28-9.00 100,000 607,000......................... 7.28-8.50 368,999......................... 10.00 * 260,000 628,999 1,235,999 (%)......................... 6.30-7.21 491,000......................... 9.00 228,490 719,490......................... 6.77-7.21 468,295......................... 10.00 * 260,000 728,295 1,447,785 I-42

(%)......................... 5.88-7.57 626,000......................... 7.21 384,648......................... 7.55 80,000......................... 10.00 * 260,000 724,648 1,350,648 (%)......................... 5.88-7.57 454,000......................... 7.21 620,423......................... 7.55 80,000......................... 10.00 * 260,000 960,423 1,414,423 * 24.3% 2608% 9% 10% I-43

... 507,000 491,000 626,000 454,000................ 80,000 80,000 160,000........ 200,000 180,000 300,000................ 188,295 124,648 160,423 507,000 959,295 1,010,648 1,074,423... 100,000 228,490................ 313,470 80,000 80,000................. 55,529................ 260,000 260,000 260,000 260,000 728,999 488,490 340,000 340,000 1,235,999 1,447,785 1,350,648 1,414,423 975,999,000 1,187,785,000 1,090,648,000 1,154,423,000 I-44

24................... 642 1,116 4,810.................. 1,805 840 5,350................ (1,163) (366) (1,656) (98).................. 642 1,116 4,810 4,712...................... 190.................... 642 1,116 4,810 4,522 642 1,116 4,810 4,712 25. 380,000 38,000,000 0.01 26,388,340Virscend Holdings Company LimitedVirscend Holdings7,048,240 1,140,000 1,812,2201,611,200Happy Venus LimitedSmart Ally International LimitedTop Alliance Global Limited Lucky Sign Global Limited 26. (a) 8 (b) I-45

5 20................ 7,267 8,631 1,820 1,820............... 6,869 7,710 8,179 8,530................ 25,488 23,199 21,987 14,136 41,829 33,198 32,337 28. 29. (a).................................................................................................... I-47

........................................................................................................................................................................................................................................................................................................................................... I-48

(b)................ (i)/29(c)-3 211,987 450,991 321,044 5,125.................. 29(c)-3 47,540 109,540 248,660................ 29(c)-3 145,600 115,600 115,600................ 29(c)-3 248,640 105,323 60,738.............. 29(c)-3 77,903 106,217 75,262................ 29(c)-3 28,000.............. 29(c)-3 9,035 9,035 9,035................ 29(c)-3 3,540 3,540 3,540........... 29(c)-3 1,279 1,279 1,279................ 29(c)-3 261 261 261 745,785 901,786 863,419 5,125 i 5,125,000 I-49

.................... 29(c)-3 99,924 99,938 106,928........... 29(c)-3 407 407 407.................. 29(c)-3 700 700 100,331 101,045 108,035 (c) 1) 540,000,000 8.289.22 2) 1,813,365,000 1,763,778,0001,715,783,0001,692,900,000 3) 29(b) 1,433,984,000 1,316,887,000 117,097,000 14 15 I-50

4)......... (i) 99,925 39,488 40,990......... (ii) 1,433,984....... 2,400 300 i ii 29(c)-3 5)............. 605,757 164,717 210,897 210,897 250,897 Hongming Estate........ 135,690 56,140 169,292 169,292 169,292........... 79,922 60,451 60,451 60,451........... 67,320 71,020 71,020................. 540,000 458,000 458,000 458,000............. 301,288 302,188 302,188 302,188 699,104............... 80,000 90,000 90,000 90,000 I-51

(d)..... 2,034 2,090 2,181 1,049 1,169........... 2,034 2,090 2,181 1,049 1,169 8 30.......... 250 250 250 250 250 250 250 250........... 5,125..... 89,275 106,304 127,376 5,508......... 153,268 189,453 109,850 233,174................ 366 369 369 371 242,909 296,126 237,595 244,178 I-52

........... 100,331 101,045 108,035......... 114,637 104,732 57,896 208,209....... 1,235,999 1,447,785 1,350,648 1,414,423 1,450,967 1,653,562 1,516,579 1,622,632 31.................................... 250 250...................... 366 283........................ 628,999 628,999 629,615 629,532................................... 250 250...................... 369 286........................ 728,295 728,295 728,914 728,831 I-53

................................... 250 250...................... 369 286........................ 724,648 724,648 725,267 725,184................................... 250 250...................... 371 287........................ 960,423 960,423 961,044 960,960 I-54

..... 250 250 250 250..... 250 250 250 250 I-55

..... 250 250 250 250..... 250 250 250 250.............. 283 283 283 283 I-56

.............. 286 286 286 286............ 286 286 286 286............ 287 287 287 287 I-57

... 628,999 628,999 628,999 628,999... 468,295 260,000 728,295 468,295 260,000 728,295... 384,648 340,000 724,648 384,648 340,000 724,648 I-58

... 620,423 340,000 960,423 620,423 340,000 960,423 32. 23 50 I-59

50 241,000 1,969,0002,239,0001,626,000 3 3 12 1 5 5............ 45,000 63,620 280,283 513,409 260,000 (*) 1,162,312............ 25,000 34,939 82,281 142,220..... 100,331 100,331......... 114,637 114,637 184,637 98,559 362,564 613,740 260,000 1,519,500 I-60

3 3 12 1 5 5............ 45,000 53,814 247,221 104,000 260,000 (*) 710,035............ 25,000 44,401 181,366 376,869 215,672 843,308..... 101,045 101,045.......... 104,732 104,732 174,732 98,215 428,587 581,914 475,672 1,758,847 3 3 12 1 5 5............ 45,000 11,436 254,060 189,822 260,000 (*) 760,318............ 25,000 10,415 209,750 340,472 145,187 730,824..... 108,035 108,035.......... 57,896 57,896 127,896 21,851 463,810 638,329 405,187 1,657,073 3 3 12 1 5 5............ 116,858 139,777 259,822 260,000 (*) 776,457............ 32,642 218,113 468,961 205,011 924,727.......... 208,209 208,209 208,209 149,500 357,890 728,783 465,011 1,909,393 * 260,000 10% I-61