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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>UNITED
STATES<br/>
SECURITIES AND EXCHANGE COMMISSION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Washington, D.C. 20549</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>FORM
<ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></span></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>(Mark One)</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric>
<b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR THE SECURITIES ACT OF 1934</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OR</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport"><span style="font-family: Times New Roman, Times, Serif"><b>&#9746;</b></span></ix:nonNumeric><b>
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>For the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">August 31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OR</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport"><span style="font-family: Times New Roman, Times, Serif"><b>&#9744;</b></span></ix:nonNumeric><b>
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b>&#160;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OR</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport"><span style="font-family: Times New Roman, Times, Serif"><b>&#9744;</b></span></ix:nonNumeric><b>
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of event requiring this shell company report</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the transition period from to</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission file number: <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-38077</ix:nonNumeric></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b><span style="-sec-ix-hidden: hidden-fact-0">Bright
Scholar Education Holdings Limited</span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of Registrant as specified in its charter)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>N/A</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Translation of Registrant&#8217;s name into English)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode"><span style="text-transform: uppercase"><b>Cayman
Islands</b></span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Jurisdiction of incorporation or organization)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">No.1,
Country Garden Road</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">Beijiao Town</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine3">Shunde District, Foshan</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Guangdong</ix:nonNumeric> <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">528300</ix:nonNumeric><br/>
The People&#8217;s Republic of <ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName">Mr.
Ruolei Niu</ix:nonNumeric>, Chief Financial Officer<br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">No.1, Country Garden Road</ix:nonNumeric><br/>
<ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">Beijiao Town</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine3">Shunde District, Foshan</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Guangdoug</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">528300</ix:nonNumeric><br/>
The People&#8217;s Republic of <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric><br/>
Telephone: <span style="-sec-ix-hidden: hidden-fact-1">+<span style="-sec-ix-hidden: hidden-fact-2">86-757-2991-6814</span></span></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>E-mail:
<ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelEmailAddress">robertniu@brightscholar.com</ix:nonNumeric></b></span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><div style="font-size: 1pt; border-top: black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities registered or to
be registered, pursuant to Section 12(b) of the Act</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 32%; text-align: center"><span style="font-size: 10pt"><b>Title of each class</b></span></td> <td style="vertical-align: top; width: 2%">&#160;</td> <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 32%; text-align: center"><span style="font-size: 10pt"><b>Trading Symbol</b></span></td> <td style="vertical-align: top; width: 2%">&#160;</td> <td style="border-bottom: black 1.5pt solid; white-space: nowrap; vertical-align: top; width: 32%; text-align: center"><span style="font-size: 10pt"><b>Name of each exchange on which registered</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center"><ix:nonNumeric contextRef="c2" name="dei:Security12bTitle"><span style="font-size: 10pt"><b>American depositary shares, each representing four Class A ordinary share, par value US$0.00001 per share</b></span></ix:nonNumeric></td> <td>&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c2" name="dei:TradingSymbol"><span style="font-size: 10pt"><b>BEDU</b></span></ix:nonNumeric></td> <td>&#160;</td> <td style="text-align: center"><span style="font-size: 10pt"><b>The <ix:nonNumeric contextRef="c2" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></b></span></td></tr> <tr style="vertical-align: top; "> <td style="text-align: center"><span style="font-size: 10pt"><b><ix:nonNumeric contextRef="c3" name="dei:Security12bTitle">Class A ordinary shares, par value US$0.00001 per share</ix:nonNumeric>*</b></span></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center"><span style="font-size: 10pt"><b>*<ix:nonNumeric contextRef="c4" name="dei:Security12bTitle">Not for trading, but only in connection with the listing on the New York Stock Exchange of American depositary shares</ix:nonNumeric></b></span></td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td> <td>&#160;</td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities registered or to be registered pursuant
to Section 12(g) of the Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>None</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Title of Class)</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities for which there
is a reporting obligation pursuant to Section 15(d) of the Act.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>None</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Title of Class)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate the number of outstanding
shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%">Class A ordinary shares, par value US$0.00001 each</td><td style="width: 1%">&#160;</td> <td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%; text-align: right"></td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c5" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">25,214,817</ix:nonFraction></td> <td style="width: 1%"></td></tr> <tr style="vertical-align: bottom; "> <td>Class B ordinary shares, par value US$0.00001 each</td><td>&#160;</td> <td style="text-align: left">&#160;</td><td colspan="2" style="text-align: right"><ix:nonFraction contextRef="c6" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">93,690,000</ix:nonFraction></td> <td>&#160;</td></tr> </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark if
the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
Yes <span style="font-family: Times New Roman, Times, Serif">&#9746;</span> <ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this report is an annual
or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> Yes <span style="font-family: Times New Roman, Times, Serif">&#9746;</span>
<ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. <span style="font-family: Times New Roman, Times, Serif">&#9746;</span> <ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
No</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
(&#167; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). <span style="font-family: Times New Roman, Times, Serif">&#9746;</span> <ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
No</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions
of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of
the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 23%"><span style="font-size: 10pt">Large accelerated filer. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="width: 23%"><span style="font-size: 10pt">Accelerated filer <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></td> <td style="width: 29%"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></span></td> <td style="width: 25%"><span style="font-size: 10pt">Emerging growth company <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I<span style="font-family: Times New Roman, Times, Serif">f
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards &#8224; provided
pursuant to Section 13(a) of the Exchange Act. &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. &#160;&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#160;&#9744;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric>&#160;&#9746;</span></td> <td style="width: 70%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">International Financial Reporting Standards as issue by</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the International Accounting Standards Board &#9744;</p></td> <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other&#160;&#9744;</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If &#8220;Other&#8221; has
been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to
follow. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> Item 17 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
Item 18</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this is an annual report,
indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
Yes <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric> No</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt"></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>TABLE
OF CONTENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td colspan="2">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Page(s)</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="2"><a href="#a_001"><span style="font-size: 10pt">INTRODUCTION</span></a></td>
    <td style="text-align: center">ii</td></tr>
  <tr style="vertical-align: top; ">
    <td colspan="2" style="text-align: justify"><a href="#a_002"><span style="font-size: 10pt">MARKET AND INDUSTRY DATA</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">v</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="2"><a href="#a_003"><span style="font-size: 10pt">PART I</span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; ">
    <td style="width: 10%"><span style="font-size: 10pt">ITEM 1.</span></td>
    <td style="width: 80%"><a href="#a_004"><span style="font-size: 10pt">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></td>
    <td style="width: 10%; text-align: center">1</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 2.</span></td>
    <td><a href="#a_005"><span style="font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 3.</span></td>
    <td><a href="#a_006"><span style="font-size: 10pt">KEY INFORMATION</span></a></td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 4.</span></td>
    <td><a href="#a_007"><span style="font-size: 10pt">INFORMATION ON THE COMPANY</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">51</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 4A.</span></td>
    <td><a href="#a_008"><span style="font-size: 10pt">UNRESOLVED STAFF COMMENTS</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">81</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 5.</span></td>
    <td><a href="#a_009"><span style="font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="text-align: center">81</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 6.</span></td>
    <td><a href="#a_010"><span style="font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">106</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 7</span></td>
    <td><a href="#a_011"><span style="font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="text-align: center">114</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 8.</span></td>
    <td><a href="#a_012"><span style="font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="text-align: center">116</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 9.</span></td>
    <td><a href="#a_013"><span style="font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">117</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 10.</span></td>
    <td><a href="#a_014"><span style="font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">118</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 11.</span></td>
    <td><a href="#a_015"><span style="font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="text-align: center">125</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 12.</span></td>
    <td><a href="#a_016"><span style="font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="text-align: center">126</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_017"><span style="font-size: 10pt">PART II </span></a></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: center">127</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 13.</span></td>
    <td><a href="#a_018"><span style="font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="text-align: center">127</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 14.</span></td>
    <td><a href="#a_019"><span style="font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="text-align: center">127</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 15.</span></td>
    <td><a href="#a_020"><span style="font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">127</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 16A.</span></td>
    <td><a href="#a_021"><span style="font-size: 10pt">AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="text-align: center">129</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 16B.</span></td>
    <td><a href="#a_022"><span style="font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td style="text-align: center">129</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 16C.</span></td>
    <td><a href="#a_023"><span style="font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="text-align: center">129</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 16D.</span></td>
    <td><a href="#a_024"><span style="font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="text-align: center">129</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 16E</span></td>
    <td><a href="#a_025"><span style="font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="text-align: center">130</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 16F.</span></td>
    <td><a href="#a_026"><span style="font-size: 10pt">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="text-align: center">130</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 16G.</span></td>
    <td><a href="#a_027"><span style="font-size: 10pt">CORPORATE GOVERNANCE</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">131</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 16H.</span></td>
    <td><a href="#a_028"><span style="font-size: 10pt">MINE SAFETY DISCLOSURE</span></a></td>
    <td style="text-align: center">131</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 16I</span></td>
    <td><a href="#a_029"><span style="font-size: 10pt">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></td>
    <td style="text-align: center">131</td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">ITEM 16J</span></td>
    <td style="font-family: Times New Roman, Times, Serif"><a href="#b_001"><span style="font-family: Times New Roman, Times, Serif">INSIDER TRADING POLICIES</span></a></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">131</p>

</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><a href="#a_030"><span style="font-size: 10pt">PART III </span></a></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: center">132</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 17.</span></td>
    <td><a href="#a_031"><span style="font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">132</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">ITEM 18.</span></td>
    <td><a href="#a_032"><span style="font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">132</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">ITEM 19.</span></td>
    <td><a href="#a_033"><span style="font-size: 10pt">EXHIBITS</span></a></td>
    <td style="text-align: center"><span style="font-size: 10pt">132</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 3; Options: NewSection --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>INTRODUCTION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except where the context otherwise
requires and for purposes of this annual report on Form 20-F only:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#8220;ADSs&#8221; refers to American depositary shares, each of which represents four Class A ordinary share;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify">&#8220;Affected Entities&#8221; refers to private schools within China
that are affected by the Implementation Rules, entities holding such private schools as well as other enterprises within China that are
affected by the Implementation Rules which are listed in &#8220;Item 4. Information on the Company&#8212;C. Organizational Structure&#8221;;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#8220;A-Level&#8221; or &#8220;A Levels&#8221; refers to the General Certificate of Education (Advanced Level) Examination, a subject-based qualification conferred as part of the General Certificate of Education, as well as a school leaving qualification offered by the educational bodies in the United Kingdom and the educational authorities of British Crown dependencies to students completing secondary or pre-university education;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#8220;BGY Education Investment&#8221; refers to BGY Education Investment Management Co., Ltd., which was historically controlled and consolidated by Bright Scholar Holdings through contractual arrangements but has been deconsolidated on August 31, 2021, and, together with its subsidiaries and schools, classified as discontinued operations;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Effective
on August 19, 2022, we changed the ratio of the ADSs to Class A ordinary shares from the then&#160;</span>ADS<span style="font-size: 10pt">&#160;</span>ratio<span style="font-size: 10pt">&#160;of
one ADS to one Class A ordinary share to a new&#160;</span>ADS<span style="font-size: 10pt">&#160;</span>ratio<span style="font-size: 10pt">&#160;of
one ADS representing four Class A ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Names of certain companies
provided in this annual report are translated or transliterated from their original Chinese legal names.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Discrepancies in any table
between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This annual report on Form
20-F includes our audited consolidated financial statements for the 2020, 2021 and 2022 fiscal years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This annual report contains
translations of certain Renminbi amounts into U.S. dollars at specified rates. Unless otherwise stated, the translation of Renminbi into
U.S. dollars has been made at RMB6.8890 to US$1.00, the noon buying rate in effect on August 31, 2022 as set forth in the H.10 Statistical
Release of the Federal Reserve Board. We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be,
converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, the rates stated below, or at all. The PRC government
imposes controls over its foreign currency reserves in part through direct regulation of the conversion of Renminbi into foreign exchange
and through restrictions on foreign trade. On June 9, 2023, the noon buying rate was RMB7.1273 to US$1.00.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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ultimate Cayman Islands holding company, does not have any substantive operations other than indirectly controlling the VIEs, which controls
and holds our domestic kindergartens and complementary services, through certain contractual arrangements, and indirectly holding Bright
Scholar (UK) Holdings Limited, through which we operate our overseas schools. Investors in the ADSs are purchasing equity securities of
our ultimate Cayman Islands holding company rather than purchasing equity securities of the VIEs. We conduct our business operations through
both our consolidated subsidiaries and the VIEs, which we effectively control through certain contractual arrangements. We, together with
the VIEs, are subject to PRC laws relating to, among others, restrictions over foreign investments in education services set out in the
Negative List (2021 Version) promulgated by the Ministry of Commerce (&#8220;MOFCOM&#8221;), and the National Development and Reform Commission
(&#8220;NDRC&#8221;). As a result, we have control over the VIEs through contractual arrangements. Our VIE structure is used to replicate
foreign investment in China-based companies and provide investors with exposure to foreign investment in China-based
companies where the PRC law prohibits direct foreign investment in the operating companies. Neither
we nor our subsidiaries own any share in the VIEs, and investors may never hold equity interests in the Chinese operating
companies. Instead, we control and receive the economic benefits of the VIEs&#8217; business operation
through a series of contractual agreements with the VIEs. The contractual agreements with the VIEs are designed to provide Zhuhai Bright
Scholar with the power, rights, and obligations equivalent in all material respects to those it would possess as the principal equity
holder of the VIEs, including absolute control rights and the rights to the assets, property, and revenue of the VIEs. As a result of
our direct ownership in Zhuhai Bright Scholar and the contractual agreements with the VIEs, we are regarded as the primary beneficiary
of the VIEs. Because of our corporate structure, we are subject to risks due to uncertainty of the interpretation and the application
of the PRC laws and regulations, including but not limited to limitation on control of domestic kindergarten and complementary services
through variable interest vehicle, and foreign ownership of internet technology companies, and regulatory review of oversea listing of
PRC companies through a special purpose vehicle, and the validity and enforcement of the contractual agreements. We are also subject to
the risks of uncertainty about any future actions of the PRC government in this regard. Our contractual agreements may not be effective
in providing control over the VIEs. We may also subject to sanctions imposed by PRC regulatory agencies including Chinese Securities Regulatory
Commission if we fail to comply with their rules and regulations. Investors in the ADSs are not purchasing equity securities of the VIEs,
but instead, are purchasing equity securities of our ultimate Cayman Islands holding company. Because of our corporate structure, we are
subject to risks due to uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited
to limitation on foreign ownership of private education entities, and regulatory review of oversea listing and offering of securities
of PRC companies through a special purpose vehicle, and the validity and enforcement of the contractual agreements. We are also subject
to the risks of uncertainty about any future actions of the PRC government in this regard. Our contractual agreements may not be effective
in providing control over the VIEs. We may also subject to sanctions imposed by PRC regulatory agencies including Chinese Securities Regulatory
Commission if we fail to comply with their rules and regulations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and the VIEs face various
legal and operational risks and uncertainties related to being based in and having significant operations in China. The PRC government
has significant authority to exert influence on the ability of a China-based company, such as us and the VIEs, to conduct its business,
accept foreign investments or list on U.S. or other foreign exchanges. For example, we and the VIEs face risks associated with regulatory
approvals of offshore offerings, oversight on cybersecurity and data privacy, as well as the uncertainty of PCAOB inspection on our auditors.
Such risks could result in a material change in our operations and/or the value of the ADSs or could significantly limit or completely
hinder our ability to offer ADSs and/or other securities to investors and cause the value of such securities to significantly decline
or be worthless. The PRC government also has significant discretion over the conduct of the business of us and the VIEs and may intervene
with or influence our operations or the development of the private education industry as it deems appropriate to further regulatory, political
and societal goals. Furthermore, the PRC government has recently indicated an intent to exert more oversight and control over overseas
securities offerings and foreign investment in China-based companies like us. Any such action, once taken by the PRC government, could
significantly limit or completely hinder our ability to offer securities to investors and cause the value of such securities to significantly
decline or in extreme cases, become worthless. For further details, see &#8220;Item 3. Key Information-D. Risk Factors-Risks Related to
Our Corporate Structure&#8221; and &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to a number
of prohibitions, restrictions and potential delisting risk under the Holding Foreign Companies Accountable Act (the &#8220;HFCAA&#8221;).
Pursuant to the HFCAA and related regulations, if we have filed an audit report issued by a registered public accounting firm that the
Public Company Accounting Oversight Board (the &#8220;PCAOB&#8221;) has determined that it is unable to inspect and investigate completely,
the Securities and Exchange Commission (the &#8220;SEC&#8221;) will identify us as a &#8220;Commission-identified Issuer,&#8221; and the
trading of our securities on any U.S. national securities exchange, as well as any over-the-counter trading in the United States, will
be prohibited if we are identified as a Commission-identified Issuer for two consecutive years. In August 2022, the PCAOB, the China Securities
Regulatory Commission (the &#8220;CSRC&#8221;) and the Ministry of Finance of the PRC signed a Statement of Protocol (the &#8220;Statement
of Protocol&#8221;), which establishes a specific and accountable framework for the PCAOB to conduct inspections and investigations of
PCAOB-governed accounting firms in mainland China and Hong Kong. On December 15, 2022, the PCAOB announced that it was able to secure
complete access to inspect and investigate PCAOB registered public accounting firms headquartered in mainland China and Hong Kong completely
in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered
public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily
conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainties
and depends on a number of factors out of our and our auditor&#8217;s control. The PCAOB continues to demand complete access in mainland
China and Hong Kong moving forward and is making plans to resume regular inspections in early 2023 and beyond, as well as to continue
pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to
consider the need to issue new determinations with the HFCAA if needed. If the PCAOB is unable to inspect and investigate completely registered
public accounting firms located in China and we fail to retain another registered public accounting firm that the PCAOB is able to inspect
and investigate completely in 2023 and beyond, or if we otherwise fail to meet the PCAOB&#8217;s requirements, the ADSs will be delisted
from the New York Stock Exchange, and our shares and ADSs will not be permitted for trading over the counter in the United States under
the HFCAA and related regulations. For details, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing
Business in China&#8212;Our ADSs will be delisted and prohibited from trading in the over-the-counter market under the Holding Foreign
Companies Accountable Act, if the PCAOB is unable to inspect or investigate completely auditors located in China for two consecutive years.
The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We listed the ADSs on the
New York Stock Exchange under the symbol &#8220;BEDU&#8221; on May 18, 2017 and completed an initial public offering of 17,250,000 ADSs
on June 7, 2017. We issued an additional 10,000,000 ADSs on March 2, 2018. In July 2019, we issued senior notes in the aggregate principal
amount of US$300.0 million, with interests of 7.45% per annum and maturing on July 31, 2022, and listed such senior notes on the Stock
Exchange of Hong Kong Limited. As of the date of this annual report, we have redeemed all outstanding senior notes matured on July 31,
2022. Upon the completion of such redemption, all senior notes have been cancelled and delisted from the official list of the Stock Exchange
of Hong Kong Limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>MARKET
AND INDUSTRY DATA</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Market data and certain industry
forecasts used in this annual report were obtained from internal surveys, market research, publicly available information and industry
publications. Industry publications generally state that the information contained therein has been obtained from sources believed to
be reliable, but that the accuracy and completeness of such information is not guaranteed. Similarly, internal surveys, industry forecasts
and market research, while believed to be reliable, have not been independently verified, and we make no representation as to the accuracy
of such information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>Explanatory
note</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Restatement Background</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">In connection with the preparation
of our financial statements as of and for the year ended August&#160;31, 2022, we determined that there were errors in the prior year
financial statements relating to the identification and measurement of certain operating leases upon the initial adoption of Accounting
Standards Codification 842, Lease (&#8220;ASC 842&#8221;). In addition, we identified a lease contract which was terminated in 2021, but
not accounted for in the correct period. Therefore, certain information in the consolidated financial statements for the year ended August
31, 2020 and 2021 has been restated to correct for these errors, including non-current operating lease right-of-use assets, current operating
lease liabilities and non-current operating lease liabilities in the consolidated balance sheets and the related items on the consolidated
statements of cash flows. Because the errors were immaterial to the consolidated statements of operations and consolidated statements
of shareholders&#8217; equity for the years ended August 31, 2020 and 2021, we recorded the accumulated impact in the 2022 fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The nature of these error
corrections is as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">Certain overseas operating leases were not properly determined their respective variable lease payment
upon the adoption of ASC 842 and adjustments have been made to correct these errors in the 2020 and 2021 fiscal years.</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
<td></td><td>(2)</td><td style="text-align: justify">Two operating leases existed prior to the adoption of ASC 842 but not have been appropriately identified,
adjustments have been made to correct these errors in the 2020 and 2021 fiscal years.</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
<td></td><td>(3)</td><td style="text-align: justify">One of the lease contracts of the Overseas Schools was early terminated in the 2021 fiscal year 2021, but it has been inappropriately
accounted for as a termination in the 2022 fiscal year. Adjustment has been made to correct the error in the 2021 fiscal year.</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
<td></td><td>(4)</td><td style="text-align: justify">As part of the error corrections being made, the resultant classification of current operating lease liabilities
and non-current operating lease liabilities was corrected.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The restatement to our application
of ASC 842 described above have limited impact on our operation metrics, and no impact on the management and operation of the business.
Our risk management and compliance culture is critical to our success. We have been subject to the incremental reporting and compliance
requirements of a public company, beginning with the commencement of trading of our ordinary shares on the New York Stock Exchange in
May 2017.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management and the audit
committee of our board of directors concluded that our consolidated financial statements for the 2020 and 2021 fiscal years should be
restated to correct a material overstatement of non-current operating lease right-of-use assets and current operating lease liabilities,
overstatement/understatement of non-current operating lease liabilities, and the related items on the consolidated statements of cash
flows; definitionally, any such restatement is considered to be for the correction of a material error. We believe that presenting our
consolidated financial statements for the 2022 fiscal year along with the information set forth in &#8220;&#8212;Restatement of Our Consolidated
Financial Statements and Related Information&#8221; below will allow readers to review all pertinent data within a single document. Therefore,
we do not plan to amend our previously filed annual reports on Form 20-F for the years ended August 31, 2020 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The restatement of our consolidated
financial statements reflected in this annual report on Form 20-F shall not be deemed an admission that the historical annual reports
on Form 20-F, when filed, included any untrue statement of a material fact or omitted to state a material fact necessary to make a statement
not misleading.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Restatement of Our Consolidated Financial Statements and Related
Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The restatements to the consolidated
balance sheets as of August 31, 2020 and 2021 are summarized as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.5in">The following items in this
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Part I, Item 5. Operating and Financial Review
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Part II, Item 15. Controls and Procedures</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Part II, Item 18. Financial
Statements</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Considerations Relating to Internal Control Over Financial Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the PCAOB auditing standards,
a restatement of financial statements is by definition evidence of a material weakness in internal controls. Thus, in connection with
our review of our consolidated financial statements leading to the restatement, we identified a material weakness in the design and implementation
relating to lease accounting due to the lack of comprehensive assessment process over lease accounting in the oversea schools component
in our internal control over financial reporting which failed to prevent or detect the identified misstatements requiring the restatement.
As a result, we concluded that, due to the material weaknesses in our internal control over financial reporting, our internal control
over financial reporting and our disclosure controls and procedures were not effective at each of August 31, 2020 and 2021. See &#8220;Item.15
Controls and procedures&#8221; for additional information with respect to material weaknesses in internal control over financial reporting
and our related remediation activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 10; Value: 6 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>PART
I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 3. KEY INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>A. [Reserved]</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>B. Capitalization and Indebtedness</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>C. Reasons for the Offer and Use of Proceeds</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>D. Risk Factors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An investment in the ADSs involves risks. You should carefully consider
the risks described below, as well as the other information included or incorporated by reference in this annual report, before making
an investment decision. Our business, financial condition or results of operations could be materially adversely affected by any of these
risks. The market or trading price of the ADSs could decline due to any of these risks, and you may lose all or part of your investment.
In addition, the risks discussed below also include forward-looking statements and our actual results may differ substantially from those
discussed in these forward-looking statements. Please note that additional risks not presently known to us, that we currently deem immaterial
or that we have not anticipated may also impair our business and operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risk Factor Summary</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Related to Our Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">compliance with the Implementation Rules materially and adversely affecting our business, financial condition, results of operations and prospect in the future;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">our ability to execute our growth strategies or continue to grow as rapidly as we have in the past;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">our ability to remain profitable or increase profitability in the future;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 11; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">limitations on our ability to maintain the operation of our kindergartens and to expand our kindergarten network;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">our ability to obtain or update our learning centers&#8217; educational
permits and business licenses;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">acquisition related risks as a result of our acquisition strategy;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">our ability to meet financial obligations due to the net current liabilities
as of August 31, 2022;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">our ability to secure additional capital for our future expansion;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">our ability to ramp up existing schools and successfully launch new schools;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">our ability to engage with the Affected Entities to provide education services as we expected;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">our ability to enroll and retain a sufficient number of students;</span></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in">&#9679;
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">accidents, injuries or other harm that may occur at our schools, learning
centers or the events we organize;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Related to Our Corporate Structure</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">ownership structure and contractual arrangements being challenged by extensive regulation over private education service business in China;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">uncertainties in the interpretation and implementation of the newly
enacted PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business
operations;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">uncertainties in the interpretation of newly issued rules, regulatory
actions and statements related to VIEs, private schools and complementary services, under which we may be unable to assert our contractual
rights over the assets of the VIE;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">additional taxes owed by us or the VIEs due to the PRC tax authorities&#8217; scrutiny over our contractual arrangement.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 12; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Related to Doing Business in China</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">uncertainties with respect to the PRC legal system;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Related to Our Ordinary Shares and
ADSs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 13; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our compliance with the Implementation
Rules has materially and adversely affected and may continue to materially and adversely affect our business, financial condition, results
of operations and prospect in the future, and we have been subject to significant limitations on our ability to engage in the private
for-profit education business and may otherwise be materially and adversely affected by changes in PRC laws and regulations. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Standing Committee of
the National People&#8217;s Congress amended the Law on the Promotion of Private Education on November 7, 2016, which became effective
on September 1, 2017 and were further amended on December 29, 2018 (the &#8220;Amended Law&#8221;). Pursuant to the Amended Law, sponsors
of private schools may choose to establish schools in China either as non-profit or for-profit schools. Sponsors of for-profit private
schools are entitled to retain the profits from their schools and the operating surplus may be allocated to the sponsors pursuant to the
PRC company law and other relevant laws and regulations. On the other hand, sponsors of non-profit private schools are not entitled to
any distribution of profits from their schools and all revenue must be used for the operation of the schools. As a holding company, our
ability to generate profits, pay dividends and other cash distributions to our shareholders under the existing and the Amended Law is
affected by many factors, including but not limited to the characterizations of our schools as for-profit or non-profit schools, the profitability
of our schools and other affiliated entities, and our ability to receive dividends and other distributions from our PRC subsidiary, Zhuhai
Bright Scholar, which in turn depends on the service fees paid to Zhuhai Bright Scholar from our schools and other affiliated entities.
If our schools are unable to be registered as for-profit private education entities, the approval of which is subject to the discretion
of government authorities, our contractual arrangements with such schools may be subject to more stringent scrutiny. Furthermore, pursuant
to the Amended Law, sponsors are not permitted to establish for-profit schools if such schools provide compulsory education services,
which cover grades one to nine. Nevertheless, prior to the deconsolidation of BGY Education Investment, income from compulsory education
services accounted for a significant portion of revenue. For further details, see &#8220;Item 4. Information on the Company&#8212;B. Business
Overview&#8212; Regulations&#8212;Regulations on Private Education in the PRC&#8212;The Law for Promoting Private Education and the Implementation
Rules.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">
</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 14, 2021, the PRC State
Council announced the Implementation Rules, which became effective on September 1, 2021. Pursuant to the Implementation Rules, (1) foreign-invested
enterprises established in China and social organizations whose actual controllers are foreign parties shall not sponsor, participate
in or actually control private schools that provide compulsory education, (2) social organizations or individuals shall not control any
private school that provides compulsory education or any non-profit private school that provides pre-school education by means of merger,
acquisition, contractual arrangements, etc., and (3) private schools providing compulsory education shall not conduct any transaction
with any related party.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Implementation Rules have significantly impacted our business operations and our results of operations. After consultation with its PRC
legal counsel and external advisors, we reached the conclusion that, as a result of the effectiveness of the Implementation Rules, we
have lost control over the Affected Entities, which primarily include our private schools providing compulsory education, not-for-profit
kindergartens and other enterprises within China that are affected by the Implementation Rules. We have determined that, in substance,
we ceased to recognize revenues for all activities related to the Affected
Entities with compulsory education and discontinued all business activities with such entities, by August 31, 2021 while continuing to
provide essential services to keep these schools open. As a result, our ability to engage
in the private not-for-profit education in China has been materially and adversely affected, and we cannot assure you </span>&#160;<span style="font-family: Times New Roman, Times, Serif">that
we will be able to restore such ability, which could materially and adversely affect our business, prospects, results of operations and
financial condition.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 14; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to execute our growth
strategies or continue to grow as rapidly as we have in the past several years.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this
annual report, the domestic school network under our continuing operations in China includes eight kindergartens in China, all of
which are registered as for-profit kindergartens. The discontinuation has caused our domestic school network to shrink drastically
due to the effectiveness of the Implementation Rules. We cannot assure you that we will be able to effectively expand our domestic
school network, which could materially and adversely affect our business, prospects, results of operations and financial condition.
For our continuing operations, we intend to enroll students, recruit teachers and educational staff, increase the utilization rates
of our existing and new schools and invest in overseas and complementary businesses. However, we may not be able to continue to grow
as rapidly as we did previously due to uncertainties involved in the process, for example:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">we may not be able to attract and retain a sufficient number of students for our existing and new schools;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">we may not be able to successfully integrate complementary or acquired
businesses with our current service offerings and achieve anticipated synergies;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">we may not be able to hire and retain principals, teachers, educational staff and other employees for our existing and new schools;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">we may require more time than expected to obtain the accreditation for the education programs, particularly the international education programs, at our schools;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">we may not be able to continue to refine our curricula and optimize
our students&#8217; academic performance;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">our business partner, Country Garden, a related party, may not be able
to develop new residential communities at districts with robust demand for private education or sell residential units to a sufficient
number of buyers seeking convenient access to private education;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the development of new schools may be delayed or affected as a result of many factors, such as delays in obtaining government approvals or licenses, shortages of key construction supplies and skilled labor, construction accidents, or natural catastrophes, some of which are beyond our control;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">we may not be able to successfully build our brand name and launch
schools independent of Country Garden;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">we may be subject to further limitation in our ability to engage in the private for-profit education business; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">we may not be able to successfully execute new growth strategies.</p></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These risks may increase significantly
when we expand into new cities or countries. Managing the growth of a geographically diverse business also involves significant risks
and challenges. We may find it difficult to manage financial resources, implement uniform education standards and operational policies
and maintain our operational, management and technology systems across our network. If we are unable to manage our expanding operations
or successfully achieve future growth, our business, prospects, results of operations and financial condition may be materially and adversely
affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to achieve profitability
in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not be able to achieve
profitability. In particular, some of our schools, especially those at the ramp-up stage and with comparatively low utilization rates,
are currently operating at loss and we may not be able to achieve profitability for these schools. Newly launched schools may negatively
impact our overall financial condition. Our ability to achieve profitability has been and will be affected by the deconsolidation of the
Affected Entities due to the effectiveness of the Implementation Rules.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to achieve profitability
and maintain positive cash flow will depend in large part on our ability to control our costs and expenses, which are expected to increase
as we further develop and expand our school network, as well as our ability to attract and retain educational talents to promote our business
success. We may incur significant losses in the future for a number of reasons, including the other risks described in this annual report.
We may also further encounter unforeseen expenses, difficulties, complications, delays and other unknown events. If we fail to increase
revenue at the rate we anticipate or if our expenses increase at a faster rate than the increase in our revenue, we may not be able to
achieve profitability.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 15; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our corporate structure is built upon a
series of contractual arrangements which has caused us to lose control of the Affected Entities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 17, 2020, the PRC
Ministry of Education (the &#8220;MOE&#8221;), and other four ministries and commissions promulgated the Opinions on Further Standardization
of Education Fee, which further strengthens the regulation of private education fees. The Opinions on Further Standardization of Education
Fee stipulates that private schools must publicize the itemized fees and standards at a prominent location in the school and indicate
the itemized fees and standards in the admissions brochure and admission notice. If fees that should be publicized are not publicized,
or the content of the publicity is not in compliance with the relevant policies, students are entitled to refuse the payment of the fees.
In addition, the Opinions on Further Standardization of Education Fee emphasizes that sponsors of non-profit schools shall not transfer
proceeds generated from operating such schools by way of related party transactions that fail to meet the requirements of being open,
fair or just, and other service fees charged to our students must be charged based on a reasonable basis and voluntary and non-profit
principles. If the regulatory authority deems otherwise, our operations may be adversely affected.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 7, 2020, the
MOE published the Draft Preschool Education Law for public comments which was then submitted for review to the State Council on April
12, 2021. The Draft Preschool Education Law, among other things, tightens restrictions over kindergartens in pursuing profits and prohibits
social capital from controlling state-run kindergartens and non-profit kindergartens through mergers and acquisitions, entrusted operation,
franchising, through variable interest entities or via contractual control, prohibits (a) kindergartens from being directly or indirectly
involved as assets of a company aiming at a listing, and (b) a listed company or its controlling shareholders to invest for-profit kindergartens
through capital market financing or purchase the assets of for-profit kindergartens by issuing shares or paying cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July&#160;24, 2021, the
General Office of Central Committee of the Communist Party of China and the General Office of State Council jointly promulgated the Opinions
on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education (the &#8220;Alleviating Burden
Opinion&#8221;). The Alleviating Burden Opinion prohibits foreign investors from controlling or holding interest (including through contractual
arrangements) in institutions providing after-school tutoring services on academic subjects in relation to the compulsory education (including
primary school education of six years and middle school education of three years).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, pursuant to the
Implementation Rules, which became effective on September 1, 2021, social organizations and individuals are prohibited from controlling
a private school that provides compulsory education or a non-for-profit private school that provides pre-school education by means of
merger, acquisition, contractual arrangements, etc., and private school providing compulsory education shall not conduct any transaction
with any related party, and any other private school conducting any transaction with any related party shall follow the principles of
openness, fairness and impartiality, fix the price reasonably and regulate the decision-making, and shall not damage the interests of
the state and the school or the rights and interests of the teachers and students, which may impose restrictions on the above-mentioned
related party transactions. Such prohibition has significantly affected the enforceability of the exclusive management services and business
cooperation agreements with affiliated entities providing compulsory education. Therefore, we concluded that we lost control of the schools
providing compulsory education, not-for-profit kindergartens, and the sponsor entities (i.e. the Affected Entities) as from August 31,
2021 and such VIE contractual arrangements with them have become invalid since then and classified them as discontinued operations. Such
discontinuation has had a material and adverse impact on our business, financial condition and results of operations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our schools in China that
are involved in related party transactions may also be subject to strict supervision by relevant government authorities, and we may need
to establish corresponding information disclosure systems and incur greater compliance costs. Our contractual arrangements, which may
be deemed as related-party transactions, may be subject to scrutiny against the stipulated benchmarks by relevant government authorities.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our existing group structure
or contractual arrangements are deemed to violate any rules, laws or regulations, we may be required to terminate or amend our contractual
arrangement. Our license to operate private schools may be revoked, cancelled or not be renewed. We may be subject to penalties as determined
by the relevant authorities. We may also be restricted from further expanding our schools or school network. For example, we may not be
able to acquire non-profit private schools. If any of the foregoing occurs, our business, financial condition and results of operations
would be materially and adversely affected.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our ability to maintain the operation of
our kindergartens and to expand our kindergarten network may be limited due to our listing status as well as the PRC laws and regulations,
which may in turn affect our results of operations. </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 7, 2018, the Central
Committee of the Communist Party of China and the State Council promulgated the Opinions on Regulating the Development and Deepening of
the Reform of the Pre-School Education (the &#8220;Opinions&#8221;), which limits the ability by kindergartens to obtain financing through
equity financing. It is unclear whether the Opinions will be applied retrospectively. In addition, we have not been notified of or been
subject to any material fines or other penalties under any PRC laws or regulations due to any alleged violation of the Opinions. However,
we cannot assure you that the Opinions will not be applied retrospectively, and that we will not be subject to adverse impact under the
Opinions or any laws or regulations promulgated pursuant to the Opinions in the future. Moreover, the Opinions prohibit p<span>rivate
kindergartens from listing as public companies by themselves or through packaging with other assets and</span> restrict public companies
from acquiring for-profit kindergartens with funds raised in the capital markets. Even though the Opinions do not clearly provide whether
companies listed in capital markets outside the PRC fall under such restriction, we may be subject to this restriction, which would limit
our ability to carry out further expansion plans with regard to our kindergarten business.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, on January
                                                                                                                  22, 2019, the General Office of the State Council issued the Circular on Initiating the Rectification of Kindergartens Affiliated to
                                                                                                                  Residential Communities in Urban Areas (the &#8220;Circular on Initiating the Rectification&#8221;), which requires existing
                                                                                                                  community-affiliated kindergartens to be handed over to local education authorities and shall be held by local education authorities
                                                                                                                  as public kindergartens or turn into inclusive kindergartens operated by authorized social entities. It also provides that
                                                                                                                  community-affiliated kindergartens shall be not-for-profit. As of the date of this annual report, the domestic school network under
                                                                                                                  our continuing operations in China includes eight kindergartens in China, all of which are registered as for-profit kindergartens,
                                                                                                                  as the discontinuation has caused our domestic school network to shrink drastically due to the effectiveness of the Implementation
                                                                                                                  Rules. See &#8220;&#8212;Our compliance with the Implementation Rules has materially and adversely affected and may continue to
                                                                                                                  materially and adversely affect our business, financial condition, results of operations and prospect in the future, and we have
                                                                                                                  been subject to significant limitations on our ability to engage in the private for-profit education business and may otherwise be
                                                                                                                  materially and adversely affected by changes in PRC laws and regulations.&#8221; As of the date of this annual report, we do not own
                                                                                                                  any not-for-profit community-affiliated kindergartens, and we do not plan to sponsor any not-for-profit community-affiliated
                                                                                                                  kindergartens in the future, as the Circular on Initiating the Rectification has significantly restricted our ability to sponsor
                                                                                                                  community-affiliated kindergartens. We cannot assure you that the domestic kindergartens we currently operate will not be
                                                                                                                  classified as community-affiliated kindergartens and thus become not-for-profit. If any of the kindergartens we operate is
                                                                                                                  classified as a community-affiliated kindergarten, we may become unable to continue to operate such kindergarten, which could
                                                                                                                  materially and adversely affect our business and results of operations. See &#8220;Item 4. Information on the Company&#8212;B.
                                                                                                                  Business Overview&#8212;Regulations&#8212;Regulations on Private Education in the PRC&#8212;Opinions on Regulating the Development
                                                                                                                  and Deepening of the Reform of Pre-school Education.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">
</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our learning centers may not be able to
obtain or update the required educational permits and business licenses, which may subject us to fines and other penalties, including
the suspension of operations in noncompliant learning centers and confiscation of profits derived from non-compliant operations.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Amended Law,
which became effective on September 1, 2017, private schools for after-school tutoring can be established as for-profit private schools
at the election of the school sponsors. The Amended Law also deleted the provision stipulating that measures for administration of profit-making
non-state training institutions registered with the administrative department for industry and commerce shall be separately formulated
by the State Council. According to the Rules for the Implementation of Supervision and Management of For-profit Private Schools, jointly
issued by the Ministry of Education, the Ministry of Human Resources and Social Security and the State Administration for Industry and
Commerce, and came into force on December 30, 2016, for-profit private tutoring institutions shall be in compliance with the regulations
applicable to private schools. On February 13, 2018, the General Offices of the Ministry of Education and three other ministries in China
jointly issued the Notice to Launch Special Campaign towards After-school Tutoring Institutions on Practically Reducing Burdens for Primary
and Middle School Students, which requires after-school tutoring institutions with satisfactory conditions to obtain school operation
licenses and other permits. Further, on August 22, 2018, the State Council issued the Opinion on Supervising After-School Tutoring Institutions
(the &#8220;Circular 80&#8221;), which provides detailed guidance for these after-school tutoring institutions. Pursuant to the Alleviating
Burden Opinion, which was promulgated on July 24, 2021 and the Circular 80, institutions providing after-school tutoring services on academic
subjects in relation to the compulsory education are required to be registered as non-profit organization and institutions providing after-school
tutoring services shall obtain the private school operating permit. <span>Council Circular 80 and the
Implementation Rules further require the learning centers of a training school providing after-school tutoring services to make filings
with the relevant education authorities. On September 7, 2021, to implement the </span>Alleviating Burden <span>Opinion,
the MOE published on its website that the MOE, together with two other government authorities, issued a circular requiring all </span>institutions
providing after-school tutoring services on academic subjects in relation to the compulsory education <span>to
complete registration as </span>non-profit <span>by the end of 2021, and all those institutions shall,
before completing such registration, suspend enrollment of students and charging fees. </span>For the non-academic tutoring services,
the Alleviating Burden Opinion requires that local governmental authorities shall administer the non-academic after-school tutoring institutions
by classifying sports, culture and art, science and technology and other non-academic subjects, formulating standards among different
classification of non-academic tutoring and conducting strict examination before granting permission.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Therefore, we expect that
the Amended Law, accompanied with its relevant implementation rules and regulations as well as other administrative actions, will bring
significant changes to our compliance environment. A certain number of our entities, through which we operate our existing learning centers,
may be required to obtain new licenses and permits or update their existing ones.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this
annual report, 17 out of 18 of our learning centers in China currently in operation need to obtain and update their operating
permits or business licenses required by the regulatory changes discussed above. If we fail to obtain and update such permits or
licenses in any event as required by relevant laws or regulations, we may be subject to fines or confiscation of profits derived
from non-compliant operations and we may be unable to continue the operations at our non-complying learning
centers, which could materially and adversely affect our business and results of operations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have in the past acquired several businesses
and intend to remain acquisitive while continuing our organic growth, which may expose us to acquisition related risks.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are at all times pursuing
acquisition opportunities and these processes are, at any time, in various stages of completion. For example, we have completed several
acquisitions in the United Kingdom and will continue to seek opportunities in overseas markets and in complementary education services.
Our targets may cover a wide range of education, including independent schools, boarding schools, art institutes, pre-university education
service providers, language training centers and other education-related service providers. Our acquisition strategy exposes us to significant
acquisition-related risks. If we successfully complete several of these ongoing opportunities, the overall scope of our operations could
grow substantially in the near to mid-term future and would have a material impact on our business, results of operations and financial
condition. While there is no certainty as to whether any of the opportunities that we are currently pursuing, or any future opportunity,
will be completed, some of these opportunities may be completed in the near- or mid-term, if current challenges to the processes can be
overcome. Our acquisition-related risks include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">
</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">failure to obtain sufficient financing on satisfactory commercial terms in a timely manner;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">failure to successfully manage the increased leverage, interest expense, gearing and risks of default;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">depletion of our resources and cash flows available for existing operations;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">significant reduction in our cash flow and liquidity for financing the acquisitions;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">unanticipated challenges in operating in jurisdictions in which we do not currently operate in or do not operate at a significant scale, such as failure to get accustomed to the political, cultural and legal environment of these new jurisdictions;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">unforeseen challenges in operating new types of schools or programs and the failure to obtain relevant licenses for these new businesses;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">failure to manage and integrate the acquired businesses into our current operations effectively and may require financial resources that would otherwise be available for the ongoing development or expansion of our existing operations;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">failure to adjust our current business model to manage and operate at a more sizable scale and to realize the expected benefits from economies of scale;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">diversion of our management&#8217;s attention from existing businesses
as they commit significant resources and efforts to the acquisition process;</p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">incurrence of significant costs in pursuing each acquisition, even if transactions cannot be successfully pursued, such as legal and managerial costs in conducting due diligence on the targeted businesses, resulting in a deprivation of the value of the targeted businesses;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">unforeseen contingent risks and latent liabilities of the targeted businesses that are not revealed to us in the due diligence process;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">financial risks related to the acquisition processes due to the inaccuracy of our assumptions with respect to the cost of and schedule for completing the acquisitions;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">potential loss of key personnel and students of the acquired business and failure to develop new relationships with students, teachers and other third parties in the overseas market;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">failure to recover the cost of the acquisitions through the materialization of the expected value from the targeted businesses or to achieve synergistic effect;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    <td style="text-align: justify"><span style="font-size: 10pt">failure to protect our minority interests in certain non-wholly owned schools or to increase our shareholdings by acquiring more equity interests and our interests may not be aligned with those of controlling shareholders&#8217;.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to effectively manage
our business expansion and successfully integrate businesses we acquire.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In recent years, we have expanded
rapidly through acquisitions in China and overseas. As part of our global expansion plan, we have been exploring merger and acquisition
opportunities abroad to expand our global school network, targeting quality K-12 private education providers and reputable schools in
our targeted overseas countries and jurisdictions. For further details, see &#8220;Item 4. Information on the Company&#8212;B. Business
Overview&#8212;Our Expansions and Investments.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Our rapid expansion has resulted,
and will continue to result, in substantial demands on our management, personnel, operational, technological and other resources. The
sustainable post-acquisition organic growth is largely dependent on our ability to integrate operations, system infrastructure, existing
partnerships and management philosophies of acquired schools and businesses. The integration of acquired schools is complicated and time-consuming
and requires significant resource commitment, standardized integration process, and adequate planning and implementation. We cannot
assure you that the acquisitions will be as successful as intended, or at all. The main challenges involved in integrating acquired
schools and businesses include the following:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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their parents that the acquisitions will not result in adverse changes in the service quality and business focus;</p></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">obtaining requisite pre-acquisition and post-acquisition regulatory approvals in countries and jurisdictions in which our target schools and businesses are located in a timely manner or at all; and</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Therefore, we cannot assure
you that we will be able to integrate the acquired schools and businesses with our existing operations in accordance with the expected
timetables, and we may incur significant financial expenses and commit significant resources to streamline the operation of the acquired
schools and businesses under our internal control requirements, and our pricing and profitability targets may not prove accurate or feasible,
which may result in adverse impact to our financial performance. Any difficulties or delays encountered in connection with the integration
of our and the acquired businesses&#8217; operations could divert substantial management attention to the transition of the acquired schools
and businesses before achieving full integration and may result in delay or deferral by our management of important strategic decisions
for our existing businesses, which may adversely affect our business growth. In addition, the businesses and schools we acquire may be
loss-making or have existing liabilities or other risks that we may not be able to effectively manage or may not be aware of at the time
we acquire them, which may impact our ability to realize the expected benefits from the acquisition or our financial performance.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we plan to acquire
additional overseas schools to expand our global network. We have announced a number of international acquisitions and may undertake future
acquisitions or other corporate transactions in the future. We cannot assure you that we will be able to effectively and efficiently identify
new overseas school projects, manage acquired overseas schools and our overseas operations, or integrate the acquired overseas schools
with our existing operations. In addition, political and economic instabilities, tariffs, trade barriers and other restrictive actions
taken by the governments of our targeted markets, fluctuations in foreign exchange rates, our insufficient experience and knowledge of
the local markets as well as the relevant local laws and regulations may all affect our ability to operate our overseas schools and manage
our overseas operations, which in turn may have a material and adverse effect on our business, financial position and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be subject to unknown or contingent
liabilities related to the acquired businesses, which may adversely affect our financial performance.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The businesses and
schools we acquired or plan to acquire may be operating at a loss or have existing liabilities or other risks that we may not be
able to effectively manage or may not be aware of at the time that we acquire them. Although consistent with industry practice, we
always conduct a review of assets prior to each acquisition, such reviews are inherently incomplete as it is generally not feasible
to review in depth every individual asset involved in each acquisition. Ordinarily, our due diligence focuses on higher-value
businesses or assets and will only conduct a sample due diligence on the remainder. Nonetheless, even an in-depth review of all
assets and records may not necessarily reveal an exhaustive list of existing and potential problems, nor will it permit us to become
sufficiently familiar with the assets to assess fully their deficiencies and capabilities. As we may have no recourse, or only
limited recourse, against the sellers for these unknown liabilities and risks, this may in turn affect our ability to realize the
expected benefits from the acquisition or our financial performance. Furthermore, even though the sellers may be required to
indemnify us with respect to breaches of the representations and warranties pursuant to the respective sell and purchase agreements,
such indemnification is limited and subject to various materiality thresholds and an aggregate cap on losses. As a result, we cannot
assure you that we will be able to recover any amount with respect to losses due to breaches by the sellers of their representations
and warranties. In addition, the total amount of costs and expenses that may be incurred with respect to liabilities associated with
the acquired business may exceed our expectations, along with other unanticipated adverse effects, all of which may adversely affect
our business, results of operations and financial condition.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not generate sufficient profit to
guarantee our ability to meet financial obligations due to the net current liabilities as of August 31, 2022. </i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of August 31, 2022, we
had net current liabilities of RMB380.9 million (US$55.3 million) for our continuing operations. We cannot assure you that we will
not experience periods of net current liabilities in the future. We may record net current liabilities in future periods as we
expand. A net current liabilities position could expose us to liquidity risks, constrain our operational flexibility and adversely
affect our ability to obtain financing and expand our business. We cannot
assure you that we will always be able to generate
sufficient cash flow from our operations or obtain necessary funding to meet our future financial needs, including repaying our
loans upon maturity and financing our capital commitments. If we fail to meet our financial obligations, our business, liquidity,
financial condition and prospects could be materially and adversely affected.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this
annual report, our management has concluded that we will have sufficient financial resources to support our operations and meet our
financial obligations and commitments as they become due. Therefore, our financial statements have been prepared assuming we will
continue on a going concern basis. However, our ability to continue as a going concern is dependent on our ability to generate
sufficient profits and/or obtain necessary funding from outside sources, and we cannot assure you that we will be able to generate
such profits or obtain such funding. Failure to continue as a going concern would require that our assets and liabilities be
restated on a liquidation basis, which could differ significantly from the going concern basis.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may need additional capital for our future
expansion and our leverage profile may change significantly.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent our existing
sources of capital are not sufficient to satisfy our existing and future needs, we may have to seek external financing sources. Our ability
to obtain additional capital from external sources in the future is subject to a variety of uncertainties, including our future financial
condition, results of operations and cash flows, regulatory considerations, general market conditions for capital raising activities and
economic, political and other conditions in jurisdictions where we operate. In particular, future debt financing, if can be obtained,
could include terms that may restrict our financial flexibility or our ability to manage our business freely, which may adversely affect
our business and results of operations. In addition, we have completed several overseas acquisitions in the past, such as the acquisitions
of Bournemouth Collegiate School (&#8220;BCS&#8221;), St. Michael&#8217;s School, Bosworth Independent School (&#8220;BIC&#8221;) and
CATS Colleges Holdings Limited (&#8220;CATS&#8221;) and may in the future enter into agreements in relation to future overseas acquisitions,
some of which may be funded by debt financing. In the event that the amount of debt drawn to fund such acquisitions is significant, this
could result in a significant change to our leverage profile and financing costs, which could impact our financial position and results
of operations in the future. Additional debt financing may also increase our interest expense, leverage and gearing, as well as potentially
require us to dedicate a substantial portion of our cash flow from operations to debt servicing. If we fail to repay our debt in a timely
manner, we may face risks of default which may also cause our other debt to be accelerated.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we fail to ramp up our existing schools
or successfully launch new schools, our business growth and prospects could be materially and adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of this annual report, we have a network of eight kindergartens in China, among which five kindergartens are in the
ramp-up period. As the discontinuation has caused our domestic school network to shrink drastically, due to the effectiveness of the
Implementation Rules. See &#8220;&#8212;Our compliance with the Implementation Rules has materially and adversely affected and may
continue to materially and adversely affect our business, financial condition, results of operations and prospect in the future, and
we have been subject to significant limitations on our ability to engage in the private for-profit education business and may
otherwise be materially and adversely affected by changes in PRC laws and regulations.&#8221; Four of the five domestic
kindergartens currently in the ramp-up period are operating at a loss. We cannot assure you that we will be able to continue to
attract a sufficient number of students to enroll in these schools, recruit additional qualified teachers and educational staff to
meet the demands of the increased student enrollment or otherwise expand our operations at schools in a manner that ensures a
consistently high quality of education service. We or our partners may encounter difficulty in procuring the land and obtaining the
permits for construction. We cannot assure you that we will be able to apply our experience from the operation of our existing
schools to new schools or that we will be able to obtain the requisite permits, licenses or accreditations or recruit a sufficient
number of qualified teachers. If we fail to attract students to our existing schools or start new schools with the requisite
permits, licenses and accreditations and teachers, our business growth and prospects could be materially and adversely
affected.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be unable to engage with the Affected
Entities to provide education services as we expected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Following
the effectiveness of the Implementation Rules, we have been engaging with the relevant government authorities and external advisors to
seek full compliance with the Implementation Rules and other applicable PRC laws and regulations. However, we are exploring the possibility
of continuing to engage with the Affected Entities in future cooperation on mutually acceptable terms and in full compliance with the
Implementation Rules and other applicable PRC laws and regulations.</span>&#160; <span style="font-family: Times New Roman, Times, Serif">The
future cooperation may involve our provision of services to some of the Affected Entities, such as consultation for school operation,
property management and maintenance, administrative management, student recruiting and school branding. </span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, the future cooperation
with the Affected Entities, if any, will be arm&#8217;s length transactions on mutually acceptable terms. We cannot assure you that the
cooperation under contemplation will be specifically permitted by competent government authorities or that we will be able to agree on
commercial terms satisfactory to us, and as such, we may be unable to effectuate the cooperation with the Affected Entities as we expect.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We had ceased to recognize revenues for all activities related to the Affected
Entities with compulsory education and discontinued all business activities with such entities, by August 31, 2021 while continuing to
provide essential services to keep these schools open.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Services provided to these
schools primarily include marketing and consulting, procurement support, human resources, finance and legal support, and information technology
support, all of which were conducted through our centralized management system. Our centralized management system provided services to the Affected
Entities without charges together with other kindergartens that we charged services fee for. As we did not track the costs incurred by
the centralized management system separately among different service recipients, and majority of the costs are staff costs incurred by
the centralized management system, there are significant limitations for us to accurately determine the costs attributable to providing
services to the Affected Entities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is not clear under the Implementation Rule whether the provision of
such services to the Affected Entities will be considered transactions with any related parties in spite of the fact that it is free of
charge. If the provision of such services to the Affected Entities is considered transactions with related parties, we may be subject
to penalty for our past provision of services to these entities, and we may be prohibited from providing such services to the Affected
Entities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we fail to enroll and retain a sufficient
number of students, our business could be materially and adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to continue to
enroll and retain students for our schools is critical to the continued success and growth of our business. The success of our efforts
to enroll and retain students will depend on several factors, including our ability to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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students;</p></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business, financial condition
and results of operations could be materially and adversely affected if we cannot maintain or increase our student base as we expand our
school network.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, our ability to enroll
and retain a sufficient number of students may be adversely affected the declining birth rate in China. Continued decline in birth rate
may cause the demand for private education to decline and the competition among education service providers to intensify, leading to reduced
revenue and profitability.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Changes
in international regulations and travel restrictions have materially adversely affected and together with changes in sanctions could
continue to materially adversely affect international student enrollments.</i></b></span>&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to a wide range
of laws and regulations relating to our international operations. These include laws and regulatory regimes of the countries in which
we operate, such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act. These laws and regulations change frequently. Failure
to comply with these laws and regulations could result in significant penalties or the revocation of our authority to operate in the applicable
jurisdiction, each of which could have a material adverse effect on our operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further changes to the regulatory
environment, including changes to government policy or practice in oversight and enforcement, or other factors, including geopolitical
instability, imposition or extension of international sanctions, a natural disaster or pandemic in either the students&#8217; countries
of origin or countries in which they desire to study, could continue to negatively affect our ability to attract and retain students and
negatively affect our operating results. Any significant changes to availability of government funding for education, visa policies for
students and their dependents, or other administrative immigration requirements, or the tax environment, including changes to tax laws,
policies and practices, in any one or more countries in which we operate our business available could negatively affect our operating
results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
substantial portion of our revenue comes from oversea schools. </span>&#160;<span style="font-family: Times New Roman, Times, Serif">Our
ability to enroll students in oversea schools is directly dependent on our ability to comply with complex regulatory environments. For
example, the impact of Brexit on us over time will depend on the agreed terms of the U.K.&#8217;s withdrawal from the EU. Uncertainty
over the impact and terms of Brexit trade deals may materially diminish interest in traveling to the U.K. for study. If the U.K. is no
longer viewed as a favorable study destination, our ability to recruit international students would be adversely impacted, which would
materially adversely affect our results of operations and cash flows. Moreover, the outcome of general elections in the U.K. may affect
investors&#8217; ability to access the U.K. market and impair our ability to expand our service offering in the U.K.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Changes to levels of direct
and indirect government funding for international education programs would also materially affect the success of our operations. For example,
if access to student loans or other funding were to be lost for our operations that admit students who are entitled to receive the benefit
of this funding, our operating results could be materially adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January 2021, President
Biden reversed a previously enacted ban on travel from certain countries to the U.S. and directed the State Department to restart visa
processing for individuals from the affected countries. There have since been new, unrelated travel restrictions into the U.S. due to
COVID-19, and those restrictions can be expected to continue changing. On September 25, 2020, the previous U.S. presidential administration
proposed significant changes to the visa rules governing entry of non-immigrant academic students and exchange visitors. In July 2021,
the Biden administration formally withdrew the notice of proposed rulemaking regarding these changes. Nevertheless, negative perceptions
regarding travel to the U.S. could continue to have a significant negative impact on our ability to recruit international students, and
our business could be materially adversely affected.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Accidents, injuries or other harm may occur
at our schools, learning centers or the events we organize, which could negatively affect our reputation and our ability to attract and
retain students.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are inherent risks
of accidents or injuries in our business. We could be held liable if any student, employee or other person is injured in any
accident or incident at any of our schools, learning centers or the events we organize. Though we believe we have taken appropriate
measures to limit these risks, in the event of personal injuries, food poisoning, fires or other accidents or incidents suffered by
students or other people, we could nonetheless face claims alleging that we were negligent, that we provided inadequate supervision
or that we were otherwise liable for the injuries. In addition, if any of our students, teachers or instructors commits acts of
violence or otherwise behaves inappropriately, we could face claims alleging our failure to provide adequate security measures or
precautions to prevent such actions. Similar events and allegations may also arise with respect to events we organize, including
off-campus gatherings and overseas camp programs. Parents of our students may perceive our facilities or programs to be unsafe,
which may discourage them from sending their children to our schools, learning centers or programs. We have historically encountered
isolated student-related accidents on our school premises and compensated the injured students. Although we maintain liability
insurance, the insurance coverage may not be adequate to fully protect us from claims of all kinds and we cannot assure you that we
will be able to obtain sufficient liability insurance in the future on commercially reasonable terms or at all. A liability claim
against us or any of our employees could adversely affect our reputation and ability to attract and retain students. Even if
unsuccessful, such a claim could create unfavorable publicity, cause us to incur substantial expenses and divert the time and
attention of our management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be unable to charge tuition or other
fees at sufficient levels to be profitable or raise tuition as planned.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our results of
operations are affected in large part by the pricing of our education services. We charge tuition based on each student&#8217;s
grade level and the programs in which the student is enrolled. Subject to the applicable regulatory requirements, we generally
determine tuition based on the demand for our education services, the cost of our services, and the tuition and the fees charged by
our competitors. Although we have been able to increase the tuition in the past, we cannot assure you that we will be able to
maintain or increase our tuition in the future without adversely affecting the demand for our education services.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tuition we charge
for some of our education programs is subject to regulatory restrictions. The regulatory authorities in China have huge power to
regulate the private education industry, including the tuition, room and boarding fees and other fees charged by schools. We have
occasionally encountered difficulty in persuading the local regulatory authorities to approve our tuition increase proposals in the
past. In light of the significant increase in tuition and other education related fees in China in recent years, regulatory
authorities may impose stricter price controls on education charges generally in the future. For example, in accordance with the
relevant local regulations, if we increase the tuition of our schools in Guangdong province in a certain school year, such increase
will generally not affect the existing students until they complete their current section of education at the same schools. If the
tuition we charge are required to be reduced or are not allowed to increase in line with increases in our costs, or if there are any
changes in the regulations which may otherwise negatively affect or restrict our ability to adjust our tuition, our business,
financial condition and results of operations may be materially and adversely affected. For example, the local government
authorities in implementing the Amended Law may impose additional limits on the tuition and fees our schools charge, restrict
proposed increase in fees as charged by any of our kindergartens if deemed community-affiliated kindergartens, or prevent us from
raising the tuition and fees to our desired levels or at all. For our complementary education services, we have more discretion in
determining the tuition, but we cannot assure you that the current regulatory regime will not change in a manner that may restrict
our ability to increase tuition for our complementary education services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, if we add new
kindergartens to our domestic school network in the future, we cannot assure you that we will be able to obtain the for-profit school
designation for such schools. As a result, we may not be able to maintain our current tuition fee rates and may not be able to raise any
of such fees for our kindergartens at our desired rates, times and places or at all in the future under the framework of the Amended Law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, the tuition we
are able to charge is subject to a number of other factors, such as the perception of our brand, the academic results achieved by our
students, our ability to hire qualified teachers, and general local economic conditions. Any significant deterioration in these factors
could have a material adverse effect on our ability to charge tuition at levels sufficient for us to remain profitable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may not be able to renew kindergarten operation agreements or maintain favorable fee rates at our existing domestic kindergartens or enter
into kindergarten operation agreements for new domestic kindergartens on commercially reasonable terms, especially given the possible
limitation on cooperation with Country Garden.</i></b></span>&#160;&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may launch new kindergartens
in China in collaboration with school development partners, including Country Garden, and on our own. We cannot assure you that we will
obtain leases for kindergarten premises, renew our kindergarten operation agreements or enter into new kindergarten operation agreements
on commercially reasonable terms, or at all. Country Garden has an internal policy that designates us as a preferred school operator partner,
under which we are entitled to a right of first refusal on school development projects in connection with its new residential properties.
We cannot assure you that Country Garden will faithfully implement this policy or will not amend it, and we do not have any standing to
require Country Garden to do otherwise. For new kindergartens we launch in the future, we may not offer tuition discounts to Country Garden
homeowners but may be required to pay fees, such as rent, for Country Garden&#8217;s kindergarten premises and facilities. This may increase
our revenues but also cost of revenue at the same time at a different level, which may adversely affect our profit margins.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">In addition, the provision
of the Implementation Rules on private schools conducting transactions with any related party may limit our collaboration with Country
Garden. Limitations imposed upon our collaboration with Country Garden may adversely affect our business expansion and further adversely
affect our business, results of operations and financial condition. See &#8220;&#8212;Our compliance with the Implementation Rules has
materially and adversely affected and may materially and adversely affect our business, financial condition, results of operations and
prospect in the future, and we have been subject to significant limitations on our ability to engage in the private for-profit education
business and may otherwise be materially and adversely affected by changes in PRC laws and regulations.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we fail to help our students achieve
their academic goals, students&#8217; and parents&#8217; satisfaction with our education services may decline.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The success of our
business depends on our ability to deliver quality school experiences and help our students achieve their academic goals. Our
schools may not be able to meet the expectations of our students and their parents in terms of students&#8217; academic performance.
A student may not be able to attain the level of academic improvement that he or she seeks and his or her performance may otherwise
not progress or decline due to reasons beyond our control. We may not be able to provide education that is satisfactory to all of
our students and their parents. Their satisfaction with our services may decline. In addition, we cannot assure you that our
students will be admitted to the higher-level education institutions of their choice. Any of the foregoing could result in a
student&#8217;s withdrawal from our schools, and dissatisfied students or their parents may attempt to persuade other students or
prospective students not to attend our schools. If our ability to retain students decreases significantly or if we otherwise fail to
continue to enroll and retain new students, our business, financial condition and results of operations may be materially and
adversely affected.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business is subject to the risks of
international operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into the overseas
markets, such as United Kingdom and the United States, through acquisition of established overseas schools, and we may expand our operations
in additional markets and regions in the future. We may have to adapt our business models to the local markets due to various legal requirements
and market conditions. Our international operations and expansion efforts have resulted and may continue to result in increased costs
and expenses and are subject to a variety of risks, including increased competition, uncertain enforcement of our intellectual property
rights, changes and evolutions in overseas market conditions, and the complexity of compliance with the local laws and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, compliance with
applicable Chinese and foreign laws and regulations, such as education laws, anti-corruption laws, tax laws, foreign exchange controls
and cash repatriation restrictions, data privacy requirements, labor laws, restrictions on foreign investment, and anti-competition regulations,
increases the costs and risk exposure of doing business in foreign jurisdictions. Although we have implemented policies and procedures
to comply with these laws and regulations, a violation by us or our employees, contractors or agents could nevertheless occur. In some
cases, compliance with the laws and regulations of one country could violate the laws and regulations of another country. Violations of
these laws and regulations could materially and adversely affect our brand, international growth efforts and business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to recruit, train and
retain a sufficient number of qualified and experienced teachers and principals.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Teachers are critical to
maintaining the quality of our education and services and our brand and reputation. Our principals are also instrumental to the
successful operation of our schools. Our ability to continue to attract teachers and principals with the necessary experience and
qualifications is therefore a critical contributing factor to the success of our operations. There are a limited number of teachers
and principals in China with the necessary experience, expertise and qualifications that meet our requirements. In addition, we
strive to provide an immersive bilingual learning environment in our domestic schools, which requires a sizable pool of foreign
teachers. As the Chinese market for qualified foreign teachers is extremely competitive and the attrition rate of foreign teacher is
generally higher than that of Chinese teachers, we cannot assure you that we can increase the number of our foreign teachers to meet
the growing demand from our domestic schools when our student enrollment increases. In addition, as Chinese government process for
obtaining the work and residence permits for foreign teachers may be time-consuming, we may fail to apply for such permits for our
foreign teachers before they join us. We also face similar risks of shortage in supply of teachers and principals in the U.K. If we
are unable to attract and retain qualified teachers and principals, we may experience a decrease in the quality of our education
programs and services in one or more of our schools or incur increase in hiring and labor costs, which may materially and adversely
affect our business and results of operations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we lose the permits or licenses required
to provide our education or complementary education services or operate our schools or if we fail to obtain the accreditations, permits
or licenses for our new schools or complementary education services, our business could be materially and adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
must apply periodically to the local education bureaus and civil affairs bureaus to obtain or renew the permits or licenses to operate
our schools and ancillary services, including room and boarding services and school bus services. While we believe that we will be able
to obtain or renew such permits or licenses, we cannot assure you that such permits and licenses will be obtained or renewed in a timely
manner, or at all, or that new conditions will not be imposed. Any failure to obtain or renew the required permits or licenses to operate
our schools could give rise to administrative penalties including rectification or suspension of operations in non-complying schools
or confiscation of profits derived from noncompliant operations, which could materially and adversely affect our business, results of
operations and financial condition.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 25; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Severe competition in the private education
market may cause the enrollment at our schools to fall, bring up cost for recruiting and retaining teachers and limit our tuition cap,
and thus, reduce profitability.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may face competition from
other existing or new schools targeting the children of affluent local families in the locations in which we operate. Some of our existing
and potential competitors may be able to devote greater resources than we can to the development and construction of private schools and
respond more quickly to changes in demands of students and their parents, admissions standards, market needs or new technologies. Moreover,
our competitors may increase capacity in any of the local markets to an extent that leads to an over-supply of placement positions at
private schools and downward pressure on tuition prices. Our existing or potential competitors may also provide higher compensation to
teachers in the same region, making it more difficult for us to recruit and retain competent and qualified teachers. Our existing or potential
competitors may also strategically price their tuition lower than ours to attract students and parents. Among other legislations and national
policies that encourage social forces to provide diversified education services (such as childcare services), the Amended Law may attract
more private school operators to offer non-compulsory education and further increase competition in this market.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our complementary businesses,
including English proficiency training and extracurricular programs, may also face competition from other providers of comparable services
that may have stronger financial resources, technology, service performance or brand recognition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to differentiate
our services from those of our competitors and successfully market our services to students and their parents, we could face competitive
pressures that reduce our student enrollment. If our student enrollment falls, we may be required to reduce our tuition or increase spending
in order to attract and retain students, which could materially and adversely affect our business, prospects, results of operations and
financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business and financial performance may
suffer if we fail to successfully develop and launch new education services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The future success of our
business depends partly on our ability to develop new education services. The planned timing or launch of new education services is subject
to risks and uncertainties. Actual timing may differ materially from originally proposed timeframes. Unexpected operational, technical
or other issues could delay or prevent the launch of one or more of our new education services or programs. In addition, significant investment
of human capital, financial resources and management time and attention may be required to successfully launch features of our new education
programs. For further details, see &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Our Expansions and Investments.&#8221;
However, we cannot assure you that our students will choose us over third-party service providers or that we will be able to successfully
integrate such services with our schools and other complementary businesses without expending significant financial resources on marketing
and operational optimization. If we fail to manage the expansion of our portfolio of education services cost-effectively, our business
could be negatively affected.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot assure you that
any of our new services will achieve market acceptance or generate incremental revenue. If our efforts to develop, market and sell our
new education services and programs to the market are not successful, our business, financial position and results of operations could
be materially and adversely affected.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Any deterioration in our relationships with
providers of overseas education services may adversely affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have business collaborations
with various overseas schools and institutions. We derive direct benefits from these relationships such as the ability to offer more diverse
programs and classes, including summer and winter camps, and the ability to charge a premium for the programs we offer with other overseas
education service providers. We also derive indirect benefits from these relationships, including enhancement of our brand and reputation
and exposure to international education methods and experiences.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our relationships with
any of these overseas education service providers deteriorate or are otherwise damaged or terminated, or if the benefits we derive from
these relationships diminishes, whether as a result of our own actions, actions of our partners, actions of any third party, including
our competitors, or of regulatory authorities or other entities beyond our control, our business, prospects, financial condition and results
of operations could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Any damage to the reputation of any of our
business may adversely affect our overall business, prospects, results of operations and financial condition.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our reputation could be adversely
affected under many circumstances, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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activities that cause negative publicity concerning us or penalties from relevant authorities;</p></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font-size: 10pt; text-align: justify">we lose any license, permit, accreditation or other authorization to
operate an education program, a school or a complementary education service;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The likelihood that any of
the foregoing may occur increases as we expand our school network. These events could influence the perception of our schools not only
by our students and their parents, but also by other constituencies in the education sector and the general public. Moreover, an event
that directly damages the reputation of one of our schools could adversely affect the reputation and operations of our other schools.
If our reputation deteriorates, our overall business, prospects, results of operations and financial condition could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business is subject to seasonal fluctuations,
which may cause our results of operations to fluctuate from quarter to quarter, and in turn result in volatility in and adversely affect
the price of the ADSs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business is subject to
seasonal fluctuations as our costs and expenses vary significantly throughout the fiscal year and do not necessarily correspond with the
timing of recognition of our revenues. Our students enrolled in our domestic kindergartens and overseas schools and their parents typically
pay the tuition and other fees prior to the commencement of a semester, and we recognize revenues from the delivery of education services
on a straight-line basis over a semester. We typically incur higher upfront operating expenses in the first fiscal quarter at the start
of each school year, and also typically recognize more revenue in the second half of fiscal years due to higher revenues from complementary
education services during the summer and, to a lesser extent, students who transfer into our schools for the second semester. As a result
of the combination of the foregoing, we have historically incurred net loss or significantly lower net income in the second and fourth
fiscal quarters, primarily due to our schools being closed during winter and summer holidays, when no revenue from our school operations
is recognized. We expect to continue to experience seasonal fluctuations in our results of operations. These fluctuations could result
in volatility in and adversely affect the price of the ADSs.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business could be disrupted if we lose
the services of members of our senior management team, key principals and teaching staff.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our success depends in part
on the continued application of skills, efforts and motivation of our officers and senior management team. In 2023, we experienced changes
in our senior management team. We may in the future experience such changes for reasons beyond our control. In addition, key personnel
could leave us to join our competitors. Losing the services of key members of senior management or experienced personnel may be disruptive
to and cause uncertainty for our business. We depend upon the services of our senior management team, who collectively has significant
experience with our company and within the education industry. If one or more members of our senior management team are unable or unwilling
to continue in their present positions for health, family or other reasons, we may not be able to replace them easily or at all. If we
cannot attract and retain qualified senior management members, key principals and teaching staff in a timely manner, our business, results
of operations and financial condition could be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failure to adequately protect our intellectual
property could materially and adversely affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have historically relied
upon the brand name of &#8220;Country Garden&#8221; to market our schools. As we expand our schools beyond the network of Country Garden&#8217;s
residential communities, we have created and begun to promote our own brands, including &#8220;Bright Scholar.&#8221; Since our inception,
we have also created other intellectual property, including education materials developed by our teaching staff. Unauthorized use of any
of our intellectual property may adversely affect our business and reputation. We rely on a combination of copyright, trademark and trade
secrets laws to protect our intellectual property rights. Nevertheless, despite our efforts, third parties may obtain and use our intellectual
property without proper authorization. The practice of intellectual property rights enforcement by the PRC regulatory authorities is in
its early stages and is subject to significant uncertainty. We may also need to resort to litigation and other legal proceedings to enforce
our intellectual property rights. Any such action, litigation or other legal proceedings could result in substantial costs and diversion
of our management&#8217;s attention and resources and could disrupt our business. In addition, we cannot assure you that we will be able
to exercise our intellectual property rights effectively or otherwise prevent others from the unauthorized use of our intellectual property.
Failure to adequately protect our intellectual property could materially and adversely affect our business, financial condition and results
of operations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We operate schools and complementary education
services under several brands, which may have a dilutive effect on brand recognition among our students and their parents.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate our business under
several brands including &#8220;Country Garden,&#8221; our English proficiency training under &#8220;&#233;lan,&#8221; overseas study
counseling business under &#8220;Can-Achieve&#8221;, overseas career counseling business under &#8220;Dream Big Career,&#8221; and overseas
schools under &#8220;CATS,&#8221; &#8220;Worthgate,&#8221; &#8220;Guildhouse,&#8221; &#8220;Bosworth,&#8221; &#8220;St Michael&#8217;s&#8221;
and &#8220;Bounemouth Collegiate Schools.&#8221; We intend to otherwise promote a unified brand &#8220;Bright Scholar&#8221; as our corporate
image, which represents the full range of education services we offer in China. Maintaining multiple brands could dilute our brand recognition
among students and their parents and increase our overall marketing expenses as we allocate resources among different brands. We may transition
our individual brands to &#8220;Bright Scholar&#8221; in the future if the market responds positively to our new corporate image. We cannot
assure you, however, that our prospective students will embrace our new brand given its limited market exposure and recognition. We may
incur significant financial resources for, and divert considerable management attention to, the integration of our existing brands with
our new corporate image and the enhancement of brand recognition, which may adversely affect our business, results of operation and financial
condition.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be exposed to infringement claims
by third parties, which, if successful, could cause us to pay significant damages.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot assure you
that education materials and content used in our schools and programs do not or will not infringe on intellectual property rights of
third parties. While we are not aware of any claims for intellectual property infringement with regard to the above-mentioned
education materials and content as of the date of this annual report, we cannot assure you that third parties will not claim that we
have infringed on their proprietary rights in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also use
education materials designed in conjunction with our overseas associates and we cannot assure you that disputes will not arise over
the intellectual property rights associated with these materials.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we plan to vigorously
defend ourselves in any such litigation or legal proceedings, we cannot assure you that we will prevail in such matters. Participation
in such litigation and legal proceedings may also cause us to incur substantial expenses and divert our management&#8217;s time and attention.
If we are required to pay damages or incur settlement expenses, it could negatively impact our financial condition and results of operations.
In addition, if we are required to pay any royalties or enter into any licensing agreements with the owners of intellectual property rights,
we may find that the terms are not commercially acceptable, and lose the ability to use the related materials or content, which in turn
could adversely affect our education programs. Any similar claim against us, even ungrounded, could also damage our reputation and brand
image. Any such event could have a material adverse effect on our business, financial condition and results of operations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Unauthorized disclosure of personal data
that we collect and retain, whether due to a system failure or otherwise, could damage our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain records that include
personal data, including academic and medical records, address and family information. Our online services may store and process certain
personal and other sensitive data provided by students or their parents. There are numerous laws regarding privacy and the storing, sharing,
use, disclosure and protection of personally identifiable information and data. Specifically, personally identifiable and other confidential
information is increasingly subject to legislation and regulations in PRC and numerous foreign jurisdictions. The PRC government has enacted
a series of laws and regulations relating to the protection of privacy and personal information, which require internet service providers
and other network operators to clearly indicate the purposes, methods and scope of any information collection and usage, obtain appropriate
user consent and establish user information protection systems with appropriate remedial measures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span>Internationally,
many jurisdictions have established data privacy and cybersecurity legal frameworks with which we may need to comply. For example,
the EU has adopted the General Data Protection Regulation (&#8220;GDPR&#8221;), which requires covered businesses to comply with
rules regarding the processing of personal data, including its use, protection and the ability of persons whose personal data is
processed to access, to correct or delete personal data about themselves. Failure to meet GDPR requirements could result in
penalties of up to 4% of annual worldwide turnover or EUR 20 million (whichever is the greater). Additionally, the U.K. General Data
Protection Regulation (&#8220;U.K. GDPR&#8221;) (i.e., a version of the GDPR as implemented into U.K. law) went into effect
following Brexit. While the GDPR and the U.K. GDPR are substantially the same, going forward there is an increasing risk for
divergence in application, interpretation and enforcement of the data privacy and cybersecurity laws and regulations as between the
EU and the United Kingdom, which may result in greater operational burdens, costs and compliance risks. Additionally, the GDPR and
the U.K. GDPR include certain limitations and stringent obligations with respect to the transfer of personal data from the EU and
the United Kingdom to third countries, and the mechanisms to comply with such obligations are also in considerable flux and may lead
to greater operational burdens, costs and compliance risks. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, these regulatory
frameworks for privacy issues in China and worldwide are currently evolving and are likely to remain uncertain for the foreseeable future.
We cannot assure you that our existing privacy and personal protection system and technical measures will be considered sufficient under
applicable laws and regulations. We could be adversely affected if legislation or regulations in China or worldwide are expanded to require
changes in business practices or privacy policies, or if the PRC or foreign governmental authorities interpret or implement their legislation
or regulations in ways that negatively affect our business, financial condition and results of operations. In addition to laws, regulations
and other applicable rules regarding privacy and privacy advocacy, industry groups or other private parties may propose new privacy standards
that we must comply with. The interpretation and application of privacy and data protection laws and privacy standards are still uncertain,
it is possible that these laws or privacy standards may be interpreted and applied in a manner that is inconsistent with our practices.
Any inability to adequately address privacy concerns, even if unfounded, or to comply with applicable privacy or data protection laws,
regulations and privacy standards, could result in additional cost and liability for us, damage our reputation, inhibit the use of our
services and harm our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we were found to be in
breach of any international privacy and data protection laws and regulations, we could incur significant expenses in connection with rectifying
any security breaches, settling any resulting claims, payment of possible fines and providing enhanced protection to prevent additional
breaches. In addition, any failure to protect personal information may adversely impact our ability to attract and retain students, harm
our reputation and materially adversely affect our business, prospects and results of operations.</p><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failures or interruptions in our centralized
data management system may adversely affect our operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have established a centralized data management system, the Oracle
ERP system, which collects and analyzes group-wide financial, procurement and student admission information and data. We are in the process
of gradually refining the features and functionalities of such enterprise resource planning system (&#8220;ERP system&#8221;) to enhance
efficiency. We are also expanding the application of such ERP system into entities we newly acquired in order to streamline our data and
information management system. However, we cannot assure you that such ERP system will not encounter technical failures and interruptions,
leading to our management&#8217;s failure to timely access accurate key operating data, which may adversely affect our operation. We may
encounter compatibility issues when incorporating newly acquired schools into our ERP system, which may compromise the overall accuracy
and value of the operating information generated from such ERP system and adversely affect the implementation of our growth strategies
as we expand our business and integrate new businesses.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may fail to maintain the proper functioning
of or improve our technology infrastructure.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our online teaching facilities
and internal systems rely on software that is highly technical and complex and depend on the ability of such software to store, retrieve,
process and manage immense amounts of data. Our systems are vulnerable to disruptions from design errors, execution errors, employee misconduct,
external fraud, security breaches, capacity constraints, software flaws, computer viruses, cyberattacks, power outages and similar events.
We cannot assure you that our information technology systems will always operate without interruptions. Some errors may only be discovered
after the code has been released for external or internal use. Any errors, bugs or defects discovered in the software on which we rely
could cause failures in our systems&#8217; performance and result in disruptions in operations, slower response time and delays in information
processing, thereby compromising our ability to support our online teaching activities. If any of the above were to occur, our business,
financial condition and results of operations may be adversely affected. In addition, some of our subsidiaries and affiliates have historically
been targeted in cyberattacks. Although we have stepped up the protection of our information systems, we cannot assure you that we will
not become a target in cyberattacks again. Any such attacks could result in significant financial losses, damage to our reputation, disruption
to our operations, and loss of confidential information.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will also continue to upgrade
and improve our information technology systems, software, mobile application and big data analytics in order to support our business growth
and optimize our operating efficiency. Adopting new technologies and maintaining and upgrading our technology infrastructure require significant
investment of time and resources, including adding new hardware, updating software and recruiting and training new engineering personnel.
However, we cannot assure you that we will be successful in implementing these upgrades and improvement plans. New technologies may not
be fully integrated with our existing systems on a timely basis, or at all. Our systems may experience slower response time and interruptions
during upgrades, which could impair the experience of our students and business partners, delay the reporting of accurate operating and
financial information, and result in material and adverse effects on our business, financial condition, results of operations and prospects.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the reliability
and availability of our platform depends on telecommunications carriers and other third-party providers for communications and storage
capacity, including bandwidth and server storage, among other things. If we are unable to enter into and renew agreements with these providers
on acceptable terms, if any of our existing agreements with such providers are terminated as a result of our breach or otherwise, or if
these service providers themselves experience service disruptions or cessations, the proper functioning of our platform could be adversely
affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have limited insurance coverage with
respect to our business and operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are exposed to various risks associated with our business and operations, and we have limited insurance coverage. See &#8220;Item 4. Information
on the Company&#8212;B. Business Overview&#8212;Insurance&#8221; for more information. We are exposed to risks including, among other
things, accidents or injuries in our schools, loss of key management and personnel, business interruption, natural disasters, terrorist
attacks and social instability or any other events beyond our control. The insurance industry in China is still at an early stage. As
a result insurance companies in China offer limited business-related insurance products. We do not have any business disruption insurance,
product liability insurance or key-man life insurance. Any business disruption, legal proceeding or natural disaster or other events beyond
our control could result in substantial costs and diversion of our resources, which may materially and adversely affect our business,
financial condition and results of operations.</span>&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We face risks related to natural disasters,
health epidemics or terrorist attacks in regions where we operate.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business could be materially
and adversely affected by natural disasters, such as earthquakes, floods, landslides, tornados and tsunamis, outbreaks of health epidemics
such as avian influenza and severe acute respiratory syndrome, or SARS, COVID-19 virus, and Influenza A virus, such as H5N1 subtype and
H5N2 subtype flu viruses, as well as terrorist attacks, other acts of violence or war or social instability in the regions in which we
operate or those generally affecting China. If any of these occur, our schools and facilities may be required to temporarily or permanently
close and our business operations may be suspended or terminated. Our students, teachers and staff may also be negatively affected by
such event. In addition, any of these could adversely affect the economy and demographics of the regions where we operate, which could
cause significant declines in the number of our students in those regions and could have a material adverse effect on our business, financial
condition and results of operations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">An
outbreak of COVID-19 continues to spread within the PRC and globally. The new strain of coronavirus is considered highly contagious and
may pose a serious public health threat. On January 30, 2020, the World Health Organization reportedly declared this COVID-19 outbreak
a health emergency of international concern. In March 2020, the World Health Organization declared the COVID-19 a pandemic. After the
COVID-19 outbreak, the PRC government imposed various strict measures with the aim to contain the virus including, but not limited to,
travel restrictions, mandatory quarantine requirements, and postponed resumption of business operations. In response to the COVID-19
pandemic, many governments imposed student travel restrictions (applicable to exit and entry), made recommendations for their students
to return home and closed physical campus locations, all of which may have materially adversely affected our operations and resulted
in significant losses at us. Certain of these restrictions remained in place in 2022 and some may remain in place into 2023. The emergence
of new variants of COVID-19, and consequential changes to travel and study arrangements could further negatively affect our operating
results. Our domestic kindergartens were in ordinary operation in accordance with regulatory policies in the 2022 fiscal year. </span>&#160;<span style="font-family: Times New Roman, Times, Serif">Our
overseas operations were most negatively affected amid the COVID-19 pandemic. As a large number of students opted to return to their
home countries during the pandemic, we partially refunded the accommodation fees to these students, which has adversely affected our
business, financial performance and results of operations. We consolidated our offline teaching sites to accommodate certain boarding
students in the United Kingdom, while the majority of the rest quickly shifted to online courses. As required by the UK government, all
schools in the United Kingdom were mostly closed from March 20, 2020 to September 7, 2020 and then again from January 5, 2021 to March
12, 2021. Additionally, CATS schools decided on a second lockdown to only resume offline teaching on April 12, 2021 following the Easter
holidays, to avoid unnecessary travels for international students. </span>&#160;<span style="font-family: Times New Roman, Times, Serif">Throughout
the 2021 and 2022 school year, we ran the WeCare initiative highlighting pastoral and medical care and COVID preparedness and safety
measures in the schools. We permanently ceased the operation of the four language training institutions in the United States and sold
one language training institutions in the United Kingdom and two institutions in Canada. We also took this opportunity to reduce our
cost, upgrade our IT and management systems, realign our sales and marketing strategies and improve our education outcome. We believe
these measures will help put us in a more competitive position than our peers.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Following the PRC government&#8217;s
policy shift from its zero-COVID policy in late 2022 and phase-out of COVID-19 prevention measures by the rest of the world, our domestic
kindergartens and overseas operations are in ordinary operation as of the date of this annual report.  Nonetheless, we are closely monitoring
the development of the COVID-19 pandemic and continuously evaluating any further potential impact on our business, results of operations
and financial condition, which we believe will depend on the duration and degree of the pandemic. If the outbreak persists or escalates,
we may be subject to further negative impact on our business operations and financial condition.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business, financial performance and
results of operations could be adversely affected by deterioration of the relation between China and the United States.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Recent international trade
disputes, including those between China and the United States, and the uncertainties created by such disputes may disrupt the transnational
flow of goods and significantly undermine the stability of the global and Chinese economy, thereby harming our business. International
trade disputes could result in tariffs and other protectionist measures that could adversely affect our business. Any escalation in existing
trade tensions or the advent of a trade war, or news and rumors of the escalation of a potential trade war, could affect consumer confidence
and have a material adverse effect on our business, results of operations and, ultimately, the trading price of the ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Political tensions between
the United States and China have escalated due to various reasons, including the COVID-19 outbreak, the PRC National People&#8217;s Congress&#8217;
passage of Hong Kong national security legislation, sanctions imposed by the U.S. Department of Treasury on certain officials of the Hong
Kong Special Administrative Region and the central government of the PRC, and the executive orders issued by U.S. President in August
2020 that prohibit certain transactions with ByteDance Ltd., Tencent Holdings Ltd. and the respective subsidiaries of such companies.
Rising political tensions could reduce levels of trades, investments, technological exchanges and other economic activities between the
two major economies, which would have a material adverse effect on global economic conditions and the stability of global financial markets.
Any of these factors could have a material adverse effect on our business, prospects, financial condition and results of operations. Furthermore,
there have been media reports on deliberations within the U.S. government regarding potentially limiting or restricting China-based companies
from accessing U.S. capital markets. If any such deliberations were to materialize, resulting legislation may have a material and adverse
impact on the stock performance of China-based issuers listed in the United States. It is currently unclear whether the proposed or additional
legislations would be enacted that would have the effect of potentially limiting or restricting China-based companies from accessing U.S.
capital markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will continue to monitor
developments related to these political tensions and their potential impact on our business. Nonetheless, we cannot assure you that
we will not be adversely affected by any future legislative or regulatory changes or other developments related to these tensions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fluctuation in the exchange rate of the
British pound may affect international students&#8217; affordability of our private education services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fluctuation in the exchange rate of British pound may affect international
students&#8217; affordability of our private education services in the UK. International students need to pay more in their local currency
in exchange for British pounds when the British pound strengthens, and this increases the cost of studying and living in the UK for them.
Exchange rate fluctuations also impact the daily living expenses of international students in the UK. The exchange rate movements of the
British pound are complex and influenced by various factors such as economic conditions, political factors, and market expectations. If
the exchange rate of the British pound rises drastically or fluctuates in an unpredictable way, international students&#8217; demand for
our services in the UK may decrease, and our business, results of operations and financial condition may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we grant additional employees share options
or other equity incentives in the future, our net income could be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We granted share options to
purchase a total of 3,509,242 Class A ordinary shares to certain school principals and management team members pursuant to our 2017 Share
Incentive Plan (the &#8220;2017 Plan&#8221;) from 2017 to 2022. We may grant additional share options under the 2017 Plan in the future.
We are required to account for share-based compensation in accordance with Financial Accounting Standards Board Accounting Standards Codification
Topic 718, Compensation-Stock Compensation, which generally requires a company to recognize, as an expense, the fair value of share options
and other equity incentives to employees based on the fair value of equity awards on the date of the grant, with the compensation expense
recognized over the period in which the recipient is required to provide service in exchange for the equity award. If we grant options
or other equity incentives in the future, we could incur significant compensation charges and our results of operations could be adversely
affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we fail to implement and maintain an
effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud, and
investor confidence and the market price of the ADSs may be materially and adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to reporting obligations under U.S. securities laws.
Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 and the related rules adopted by the Securities and Exchange Commission, or
the SEC, every public company is required to include a management report on the company&#8217;s internal controls over financial reporting
in its annual report, which contains management&#8217;s assessment of the effectiveness of the company&#8217;s internal controls over
financial reporting. As required by Section 404 of the Sarbanes-Oxley Act and related rules as promulgated by the SEC, our management
assessed the effectiveness of the internal control over financial reporting as of August 31, 2022 using criteria established in &#8220;Internal
Control &#8212; Integrated Framework (2013)&#8221; issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management
is not permitted to conclude that the Company&#8217;s internal control over financial reporting is effective if there are one or more
material weaknesses in the Company&#8217;s internal control over financing reporting. A material weakness is a deficiency, or a combination
of deficiencies, in internal controls over financial reporting, such that there is a reasonable possibility that a material misstatement
of a company&#8217;s annual or interim consolidated financial statements would not be prevented or detected on a timely basis.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the preparation of our consolidated financial statements
for 2022, we identified a number of adjustments to our consolidated financial statements in relation to lease accounting in our overseas
schools component that resulted in a restatement of previously issued financial statements. We identified the cause of these adjustments
was because of a material weakness in the design and implementation of the Company&#8217;s internal controls relating to lease accounting
due to the lack of comprehensive assessment process over lease accounting in the oversea business. In addition, there is another material
weakness in the design and maintenance of an effective control environment that commensurate with the Company&#8217;s financial reporting
requirements due to an insufficient complement of resources in the accounting/finance and IT department with an appropriate level of knowledge,
experience and training.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we also identified
two significant deficiencies in the 2022 fiscal year, together with other control deficiencies not identified as significant. The significant
deficiencies identified relates to lack of comprehensive documentation on goodwill and indefinite lived intangible assets impairment
assessment and lack of comprehensive assessment process over the valuation of equity method investments. As further described in &#8220;Item
15. Controls and Procedures&#8212;Changes in Internal Control over Financial Reporting.&#8221;, we have implemented and are continuing
to implement a number of measures to address our material weaknesses, significant deficiencies and other control deficiencies not identified
as significant. We cannot assure you, however, that these measures will fully address or fully remedy the material weaknesses, significant
deficiencies or other control deficiencies identified in our internal control over financial reporting. Our failure to correct these
control deficiencies or our failure to discover and address any other control deficiencies could result in inaccuracies in our financial
statements and could also impair our ability to comply with applicable financial reporting requirements and related regulatory filings
on a timely basis. As a result, our business, financial condition, results of operations and prospects, as well as the trading price
of the ADSs, may be materially and adversely affected. Moreover, ineffective internal control over financial reporting significantly
hinders our ability to prevent fraud.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a public company in the
United States, we are subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002 requires that we include
a report from management on the effectiveness of our internal control over financial reporting in our annual report on Form 20-F. Our management has concluded that our internal control over financial reporting was
not effective as of August 31, 2022 due to the material weaknesses described above. See &#8220;Item 15. Controls and Procedures.&#8221;
It is possible that if our independent registered public accounting firm had conducted an audit of our internal control over financial
reporting, they might have identified additional material weaknesses and additional deficiencies. If we fail to maintain effective internal
control over financial reporting in the future, our management and our independent registered public accounting firm may also conclude
that our internal control over financial reporting is not effective. This could adversely impact the market price of the ADSs due to
a loss of investor confidence in the reliability of our reporting processes. We will need to incur additional costs and use management
and other resources in order to comply with Section 404. In addition, once we cease to be a non-accelerated filer as defined in Rule
12b-2 under the Exchange Act, our independent registered public accounting firm must attest to and report on the effectiveness of our
internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective.
Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered
public accounting firm may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our
controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the course of
documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley
Act of 2002, we may identify other additional weaknesses and deficiencies in our internal control over financial reporting, and we
may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with
Section 404 of the Sarbanes-Oxley Act of 2002. If we fail to achieve and maintain an effective internal control environment, we
could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause
investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our
results of operations, and lead to a decline in the trading price of the ADSs. Additionally, ineffective internal control over
financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting
from the stock exchange on which we list, regulatory investigations and civil or criminal sanctions. We may also be required to
restate our financial statements from prior periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
continuing impact of &#8220;Brexit&#8221; may have a negative effect on our business operated in the United Kingdom.</i></b></span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following a national referendum
and enactment of legislation by the government of the United Kingdom, the United Kingdom formally withdrew from the European Union (&#8220;Brexit&#8221;)
and ratified a trade and cooperation agreement governing its future relationship with the European Union. The agreement, which became
effective in 2021, addresses economic arrangements, law enforcement, judicial cooperation and a governance framework including procedures
for dispute resolution, among other things. Because the agreement merely sets forth a framework in many respects and will require complex
additional bilateral negotiations between the United Kingdom and the European Union as both parties continue to work on the rules for
implementation, significant political and economic uncertainty remains about how the precise terms of the relationship between the parties
will differ from the terms before withdrawal. As a result, we face risks associated with the potential uncertainty and disruptions that
may follow Brexit and the implementation and application of the trade and cooperation agreement, including with respect to disruptions
to the free movement of people, data and capital between the United Kingdom and the European Union and potential material changes to the
regulatory regime applicable to our operations in the United Kingdom. In addition, Brexit could lead to legal uncertainty and potentially
divergent national laws and regulations as the United Kingdom determines which laws of the European Union to replace or replicate. These
developments have had and may continue to have a material adverse effect on global economic conditions and the stability of global financial
markets and could significantly reduce global market liquidity and limit the ability of key market participants to operate in certain
financial markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ongoing instability and
uncertainty surrounding Brexit and the implementation and application of the trade and cooperation agreement, could require us to restructure
our business operations in the United Kingdom, may increase our regulatory costs, and could have an adverse impact on our business and
staff in the United Kingdom.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0pt"><b><i>Changes in
U.K. tax laws could have a material adverse effect on our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
derive a substantial portion of our revenue from our operations in the U.K., and our subsidiaries in the U.K. have filed returns for
U.K. corporation tax on the basis that it is resident in the U.K. Such subsidiaries are subject to U.K. tax in respect of their worldwide
income and gains (subject to any applicable exemptions). Any change in such subsidiaries&#8217; status or any change in U.K. tax laws
could materially affect our business, prospects, financial condition or results of operations.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Corporate Structure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our private education service business is
subject to extensive regulation in China. If the PRC government finds that the contractual arrangement that establishes our corporate
structure for operating our business does not comply with applicable PRC laws and regulations, we could be subject to severe penalties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our domestic private education
service business is subject to extensive regulations in China. The PRC government regulates various aspects of our business and operations,
such as curriculum content, education materials, standards of school operations, student recruitment activities, tuition and other fees.
The laws and regulations applicable to the private education sector are subject to frequent change, and new laws and regulations may be
adopted, some of which may have a negative effect on our business, either retrospectively or prospectively.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Foreign ownership in education
services is subject to strict regulations in China. The PRC government regulates the provision of education services through strict licensing
requirements. In particular, PRC laws and regulations currently prohibit foreign ownership of companies and institutions providing compulsory
education services at primary and middle school levels, and restrict foreign investment in education services businesses at the high school
and kindergarten level. We are a company incorporated in the Cayman Islands. Our PRC subsidiary, Zhuhai Bright Scholar, is a foreign-owned
enterprise and is currently ineligible to apply for and hold licenses to operate, or otherwise own equity interests in, our schools. Due
to these restrictions, we conduct our private education business in China primarily through contractual arrangements among (1) Zhuhai
Bright Scholar, (2) the VIEs, and (3) the ultimate shareholders of the VIEs, including Ms. Meirong Yang. We hold the required licenses
and permits necessary to conduct our private education business in China through the schools controlled and held by the VIEs. We have
been and expect to continue to be dependent on the VIEs to operate our private education business. See &#8220;Item 4. Information on the
Company&#8212;C. Organizational Structure&#8221; for more information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our ownership structure and contractual arrangements are found
to violate any PRC laws or regulations, including the Opinions on Deepening the Reform of Educational Teaching and Thoroughly Enhancing
the Quality of Compulsory Education and any legislations to be enacted (such as the Preschool Education Law), or if we are found to require
but failed to obtain any of the permits or approvals for our private education business, the relevant PRC regulatory authorities include
the MOE, which regulates the education industry, the PRC Ministry of Commerce, or MOFCOM, which regulates foreign investments, the Civil
Affairs Bureau, which regulates the registration of schools, and SAIC, which regulates the registration of for-profit schools. The authorities
would have broad discretion in imposing fines or punishments upon us for such violations, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">imposing fines and penalties, or imposing additional requirements for our operations with which we, or the VIEs may not be able to comply;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; font-size: 10pt">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of August 31, 2022, similar
ownership structure and contractual arrangements have been used by many China-based companies listed overseas, including a number of
education companies listed in the United States. To our knowledge, none of the fines or punishments listed above has been imposed on
any of these public companies, including companies in the education industry.  However, we cannot assure you that such fines or punishments
will not be imposed on us or any other companies in the future. If any of the above fines or punishments is imposed on us, our business,
financial condition and results of operations could be materially and adversely affected. If any of these penalties results in our inability
to direct the activities of the VIEs and their respective subsidiaries that most significantly impact their economic performance, and/or
our failure to receive the economic benefits from the VIEs and their respective subsidiaries, we may not be able to consolidate the VIEs
and their respective subsidiaries in our financial statements in accordance with U.S. GAAP. However, we do not believe that such actions
would result in the liquidation or dissolution of our company, our wholly-owned subsidiaries in China or the VIEs or their respective
subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, pursuant to the Implementation Rules, (1) foreign-invested
enterprises established in China and social organizations whose actual controllers are foreign parties shall not sponsor, participate
in or actually control private schools that provide compulsory education, (2) social organizations or individuals shall not control any
private school that provides compulsory education or any non-profit private school that provides pre-school education by means of merger,
acquisition, contractual arrangements, etc., and (3) private schools providing compulsory education shall not conduct any transaction
with any related party. Any private school conducting transactions with related parties must adhere to the principles of openness, fairness
and impartiality. Tuition and fees shall be set reasonable. And the decision-making process shall not damage the state interests, the
interests of the school or the rights and interests of the teachers and students. Failure to comply with these principles may result in
an order to make corrections within a specified time limit. Illegal gains obtained, if any must be confiscated, and collected fees returned.
If the circumstances are serious, the sponsor, actual controller and member of the decision-making body or supervisory body shall not
become the sponsor, actual controller or member of the decision-making body or supervisory body of other private school within one to
five years. In cases where the violations have an especially severe adverse social impact, such individuals may be permanently prohibited
from becoming sponsors, actual controllers, or members of decision-making or supervisory bodies of other private schools. If a violation
constitutes a public security administration offense, the public security organ will impose a punishment according to law. If a violation
constitutes a crime, criminal responsibility will be investigated in accordance with the law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These regulations may challenge the validity of our contractual
arrangements that establish our corporate structure for operating our business. For example, the clause or provision of the exclusive
management services and business cooperation agreement in relation to related party transactions between Zhuhai Bright Scholar and the
VIE, namely BGY Education Investment, to the extent concerning private schools offering compulsory education are not legally enforceable
since September 1, 2021. Furthermore, our contractual arrangements may not be enforceable in the PRC if the PRC government authorities
view such contracts as contravening any mandatory provision of PRC laws and administrative regulations or are otherwise not enforceable
due to offending public order or good morals. In the event we are unable to enforce these contractual arrangements, for our continuing
operations, we may not be able to exert effective control over those VIEs and their respective shareholders, and our ability to conduct
our business may be materially and adversely affected. We are continuously assessing the impact of relevant regulations on our business
and making necessary measures and efforts to comply with the requirements under these regulations and implementations, including restructuring
corporate structure or unwinding contractual arrangements, etc. However, the relevant authorities have yet to promulgate any detailed
implementation rules and regulations under the Implementation Rules. It is still unclear whether the above provisions have any retrospective
effect for contractual arrangements over private compulsory education schools existing before September 1, 2021. Therefore, uncertainty
remains as to when and how the Implementation Rules will specifically be applied to our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Uncertainties exist with respect to the
interpretation and implementation of the PRC Foreign Investment Law and how it may impact the viability of our current corporate structure,
corporate governance and business operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 15, 2019, the National
People&#8217;s Congress approved the Foreign Investment Law (&#8220;Foreign Investment Law&#8221;), which came into effect on January
1, 2020 and replaced the Law on Chinese-Foreign Equity Joint Ventures, the Law on Chinese-Foreign Contractual Joint Ventures, and the
Wholly Foreign-invested Enterprise Law, together with their implementation rules and ancillary regulations. On December 26, 2019, the
State Council issued the Implementation Rules of the Foreign Investment Law to clarify and elaborate relevant provisions of the Foreign
Investment Law, and the Supreme People&#8217;s Court of the PRC promulgated a judicial interpretation to address several issues concerning
the application of the Foreign Investment Law. The above Implementation Rules and the judicial interpretation became effective as of January
1, 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Foreign Investment
Law embodies an expected PRC regulatory trend to China&#8217;s foreign investment regulatory regime to align with international
standards and unify the corporate legal requirements for both foreign and domestic investments. However, uncertainties still exist
in relation to its interpretation and implementation. For instance, under the Foreign Investment Law, &#8220;foreign
investment&#8221; refers to the investment activities directly or indirectly conducted by foreign individuals, enterprises or other
entities in China. Though it does not explicitly classify contractual arrangements as a form of foreign investment, we cannot assure
you that foreign investment via contractual arrangement would not be interpreted as a type of indirect foreign investment activities
under the definition in the future. In addition, the definition contains a catch-all provision which includes investments made by
foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council.
Therefore, it still leaves leeway for future laws, administrative regulations or provisions promulgated by the State Council to
provide for contractual arrangements as a form of foreign investment. In any of these cases, it will be uncertain whether our
contractual arrangements will be deemed to be in violation of the market access requirements for foreign investment under PRC Laws.
Furthermore, if future laws, administrative regulations or provisions prescribe further actions to be taken by companies with
respect to existing contractual arrangements, we may face substantial uncertainties as to whether we can complete such actions in a
timely manner, or at all. Failure to take timely and appropriate measures to cope with any of these or similar regulatory compliance
challenges could materially and adversely affect our business, results of operations or financial position.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We rely on contractual arrangements with
the VIEs and their shareholders for our operations in China, which may not be as effective in providing control as direct ownership.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have relied and expect to continue to rely on the contractual arrangements
with the VIEs and their respective shareholders, including Ms. Meirong Yang, one of our largest shareholders, to operate our private education
business in China. For a description of these contractual arrangements, see &#8220;Item 4. Information on the Company&#8212;C. Organizational
Structure.&#8221; The revenue contribution of the VIEs from continuing operations accounted for 17.8% of the total revenues for our continuing
operations in the 2022 fiscal year. However, these contractual arrangements may not be as effective as direct equity ownership in providing
us with control over the VIEs. The VIEs and their shareholders may fail to take certain actions required for our business, or to procure
that newly established or acquired schools enter into the contractual arrangements in a timely manner, or to follow our instructions despite
their contractual obligations to do so. If they fail to perform their obligations under their respective agreements with us, we may have
to rely on legal remedies under PRC law, including seeking specific performance or injunctive relief, which may not be effective. Any
failure by the VIEs and the shareholders of the VIEs to perform their obligations under the contractual arrangements would have a material
adverse effect on the financial position and performance of our company. For example, the contractual arrangements are governed by PRC
law and provide for the resolution of disputes through arbitration in China. Accordingly, these contracts would be interpreted in accordance
with PRC law and any disputes would be resolved in accordance with arbitral procedures as contractually stipulated. The commercial arbitration
system in China is not as developed as some other jurisdictions, such as the United States. As a result, uncertainties in the commercial
arbitration system or legal system in China could limit our ability to enforce these contractual arrangements. In addition, if the legal
structure and the contractual arrangements were found to violate any existing or future PRC laws and regulations, we may be subject to
fines or other legal or administrative sanctions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the imposition of government
actions causes us to lose our right to direct the activities of the VIEs or our right to receive substantially all the economic benefits
and residual returns from the VIEs and we are not able to restructure our ownership structure and operations in a satisfactory manner,
we would no longer be able to consolidate the financial results of the VIEs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a holding company incorporated in the Cayman Islands with no
material operations, we conduct a substantial majority of our operations through our subsidiaries, the VIEs, and their subsidiaries in
China. We control and receive the economic benefits of our VIEs and its subsidiaries&#8217; business operations through certain contractual
arrangements. Our ADSs listed on the New York Stock Exchange represents shares of our offshore holding company instead of shares of the
VIEs or their subsidiaries in China. We may not be able to continue to satisfy the applicable requirements and rules with respect to this
structure. If we are unable to satisfy the New York Stock Exchange criteria for maintaining our listing, our securities could be subject
to delisting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If the PRC government determines that the
contractual arrangements constituting part of our VIE structure do not comply with PRC regulations, or if regulations change or are interpreted
differently in the future, we may be unable to exercise our contractual rights over the assets of the VIEs, and the ADSs or ordinary
shares may decline in value or become worthless.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; margin: 0pt 0; text-indent: 0.5in; font-family: Times New Roman, Times, Serif; line-height: 107%"><span style="font-size: 10pt">Investors in the
ADSs are not purchasing equity securities of our subsidiaries that have substantive business operations in China but instead are purchasing
equity securities of a Cayman Islands holding company. We are a Cayman Islands holding company that conducts the majority</span>
<span style="font-size: 10pt">of its operations and operates its business in China through its PRC subsidiaries and VIEs through contractual
agreements. Such structure involves unique risks to investors in the ADSs.</span></p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Recently, the PRC government
adopted a series of regulatory actions and issued statements to regulate business operations in China, including those related to VIEs
and private schools, which may challenge the validity of our contractual arrangements. In the event that the PRC government determines
that the contractual arrangements constituting part of our VIE structure do not comply with PRC regulations, or if these regulations change
or are interpreted differently in the future, we may be unable to assert our contractual rights over the assets of the VIEs, and the ADSs
or ordinary shares may decline in value or become worthless.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 14, 2021, the PRC
State Council announced the Implementation Rules, which became effective on September 1, 2021. Under the Implementation Rules,
social organizations and individuals are prohibited from controlling a private school that provides compulsory education or a
non-profit private school that provides pre-school education by means of, among others, merger, acquisition, and contractual
arrangements, and a private school providing compulsory education is prohibited from conducting transactions with its related party.
In particular, the prohibition over related party transactions has significantly affected the enforceability of the exclusive
management services and business cooperation agreements with affiliated entities providing compulsory education. Therefore, we
re-assessed our control over the Affected Entities. Based on the relevant accounting standard in accordance with U.S. GAAP, we have
concluded that we have lost control of the Affected Entities since August 31, 2021, in view of the significant uncertainties and
restrictions the Implementation Rules impose on our ability to direct the range of ongoing activities that would most significantly
impact the returns of those entities and to be exposed to returns that are commensurate with a controlling interest, and that such
uncertainties and restrictions already had a significant impact on our ability to direct and its economic exposure from involvement
with such entities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for the Affected Entities, the contractual arrangements enable
us to: (1) exercise effective control over the VIEs; (2) receive substantially all of the economic benefits of the VIEs in consideration
for the services provided by us; and (3) have an exclusive option to purchase all of the equity interests in the VIEs when and to the
extent permitted under PRC law. Therefore, we are able to consolidate the financial results of the VIEs in our consolidated financial
statements. However, our PRC legal counsel has advised us that as there are substantial uncertainties regarding the interpretation and
application of PRC laws and regulations, and we cannot assure you that the PRC government would agree that our corporate structure or
any of the above contractual arrangements comply with current or future PRC laws or regulations. PRC laws and regulations governing the
validity of these contractual arrangements are uncertain and the relevant government authorities may have broad discretion in interpreting
these laws and regulations. For a detailed description of the risks associated with our corporate structure, see &#8220;&#8212;Risks Related
to Our Corporate Structure&#8221; and &#8220;&#8212;Risks Related to Doing Business in China.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our largest shareholders may have potential
conflict of interest with us and not act in the best interests of our company.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ms. Meirong Yang is the controlling
shareholder and a director of the VIEs. She and Ms. Huiyan Yang, our ex-chairlady, are also the largest shareholders of our company. We
cannot assure you that Ms. Meirong Yang and Ms. Huiyan Yang will always act in the best interests of our company. In addition, Ms. Meirong
Yang owes duties of loyalty and diligence to the VIEs as its director pursuant to PRC law. However, she does not owe a fiduciary duty
to our company as she is not an officer or director of our company. We provide no incentives to encourage Ms. Meirong Yang to act in our
best interest in her capacity as the shareholder of the VIEs. We rely on Ms. Meirong Yang to comply with the terms and conditions of the
contractual arrangements. Although Ms. Meirong Yang is obligated to honor her contractual obligations with respect to the VIEs, she may
nonetheless breach or cause our the VIEs to breach or refuse to renew the existing contractual arrangements which allow us to effectively
exercise control over the VIEs and to receive economic benefits from them. If Ms. Meirong Yang does not honor her contractual obligations
with respect to the VIEs, we may exercise our exclusive option to purchase, or cause our designee to purchase, all or part of the equity
interest in the VIEs to the extent permitted by PRC law. If we cannot resolve any disputes between us and the shareholders of the VIEs,
we would have to rely on arbitration or legal proceedings, which could result in disruption of our business and substantial uncertainty
as to the outcome of any such legal proceedings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Contractual arrangements between the VIEs
and us may be subject to scrutiny by the PRC tax authorities and a finding that we or the VIEs owe additional taxes could materially reduce
our net income and the value of your investment.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under PRC laws and regulations,
transactions between related parties should be conducted on an arm&#8217;s-length basis and may be subject to audit or challenge by the
PRC tax authorities. We could face material adverse tax consequences if the PRC tax authorities determine that the contractual arrangements
among our subsidiary in China, the VIEs and the shareholders of the VIEs are not conducted on an arm&#8217;s-length basis and adjust the
income of the VIEs through the transfer pricing adjustment. A transfer pricing adjustment could, among other things, result in, for PRC
tax purposes, increased tax liabilities of the VIEs. In addition, the PRC tax authorities may require us to disgorge our prior tax benefits,
and require us to pay additional taxes for prior tax years and impose late payment fees and other penalties on the VIEs for underpayment
of prior taxes. To date, similar contractual arrangements have been used by many public companies, including companies listed in the United
States, and, to the best of our knowledge, no publicly available information has indicated that the PRC tax authorities have imposed any
material penalties on those companies. However, we cannot assure you that such penalties will not be imposed on any other companies or
us in the future. Our net income may be reduced if the tax liabilities of the VIEs materially increase or if they are found to be subject
to additional tax obligations, late payment fees or other penalties.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If any of the VIEs becomes bankrupt or
enter into liquidation proceeding, we may lose the ability to use and dispose assets held by such entity, which could materially and
adversely affect our business, financial condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently conduct our operations
in China through contractual arrangements with the VIEs and the shareholders of the VIEs. As part of these arrangements, substantially
all of our education-related assets that are critical to the operation of our business are held by the VIEs. If any of these entities
goes bankrupt and all or part of their assets become subject to liens or rights of third-party creditors, we may be unable to continue
some or all of our business activities, which could materially and adversely affect our business, financial condition and results of operations.
If any of the VIEs undergoes a voluntary or involuntary liquidation proceeding, its equity owner or unrelated third-party creditors may
claim rights relating to some or all of these assets, which would hinder our ability to operate our business and could materially and
adversely affect our business, our ability to generate revenue and the market price of the ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If the custodians or authorized users of
our controlling non-tangible assets, including chops and seals, fail to fulfill their responsibilities, or misappropriate or misuse these
assets, our business and operations could be materially and adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under PRC law, legal documents for corporate transactions, including
agreements and contracts that our business relies on, are executed with validity when using the chop or seal of the signing entity or
with the signature of a legal representative whose designation is registered and filed with the relevant PRC industry and commerce authorities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to maintain the physical
security of our chops, we generally have them stored in secured locations accessible only to authorized employees. Although we monitor
such authorized employees, the procedures may not be sufficient to prevent all instances of abuse or negligence. There is a risk that
our employees could abuse their authority, for example, by entering into a contract not approved by us or seeking to gain control of one
of our subsidiaries or affiliated entities. If any employee obtains, misuses or misappropriates our chops and seals or other controlling
intangible assets for whatever reason, we could experience disruption to our normal business operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may have to take corporate
or legal action, which could involve significant time and resources to resolve and divert management from our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>PRC regulation of loans and direct investment
by offshore holding companies to PRC entities may delay or prevent us from using the proceeds of our public offerings and other financing
activities to make loans or additional capital contributions to our PRC subsidiaries and affiliated entities, which could harm our liquidity
and our ability to fund and expand our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an offshore holding company of our PRC subsidiaries and affiliated
entities, in utilizing the proceeds of our initial public offerings and other financing activities, we may (1) make loans to our PRC subsidiaries
and affiliated entities, (2) make additional capital contributions to our PRC subsidiaries, (3) establish new PRC subsidiaries and make
capital contributions to these new PRC subsidiaries, and (4) acquire offshore entities with business operations in China in an offshore
transaction. For details on our use of offering proceeds, see &#8220;Item 14. Material Modifications to the Rights of Security Holders
and Use of Proceeds&#8212;Use of Proceeds.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, most of these uses
are subject to PRC regulations and approvals. For example:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">loans by us to our wholly-owned subsidiaries in China, which are foreign-invested enterprises, cannot exceed statutory limits, which is the difference between the total investment amount and the registered capital of our wholly-owned subsidiaries, and must be registered with the State Administration of Foreign Exchange of the PRC, or SAFE, or its local counterparts;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in; font-size: 10pt">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">loans by us to the VIEs, which are domestic PRC entities, over a certain threshold must be approved by the relevant government authorities and must also be registered with SAFE or its local counterparts; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">capital contributions to our wholly-owned subsidiaries in China must be filed with MOFCOM or its local counterparts and must also be registered with the local bank authorized by SAFE.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the requirements
and limitations outlined above, the amount of funds that we can directly contribute to our operations in China through Zhuhai Bright Scholar,
a foreign-invested enterprise indirectly held by us, is limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, on March 30,
2015, SAFE promulgated the Circular on Reforming the Management Approach regarding the Settlement of Foreign Exchange Capital of Foreign-invested
Enterprises (&#8220;Circular 19&#8221;), which came into effect from June 1, 2015. The notice requires that the capital of a foreign-invested
company settled in Renminbi converted from foreign currencies shall be used only for purposes within the business scope as approved by
the applicable government authorities and may not be used for equity investments in China unless such activity is set forth in the business
scope or is otherwise permissible under PRC laws or regulations. Furthermore, SAFE strengthened its oversight of the flow and use of such
capital of a foreign-invested company settled in Renminbi converted from foreign currencies. The use of such Renminbi capital may not
be changed without SAFE&#8217;s approval, and may not in any case be used to repay Renminbi loans if the proceeds of such loans have not
otherwise been used. On October 23, 2019, the SAFE issued the Notice of the State Administration of Foreign Exchange on Further Facilitating
Cross-border Trade and Investment, which, among other things, expanded the use of foreign exchange capital in domestic equity investment.
Non-investment foreign-funded enterprises are allowed to lawfully make domestic equity investments by using their capital on the premise
without violation of prevailing special administrative measures for access of foreign investments (negative list) and the authenticity
and compliance with the regulations of domestic investment projects. If our affiliated entity requires financial support from us or our
wholly owned subsidiary in the future, and we find it necessary to use foreign currency-denominated capital to provide such financial
support, our ability to fund our variable interest entity&#8217;s operations will be subject to statutory limits and restrictions, including
those described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 13, 2015, SAFE
promulgated the Circular of the State Administration of Foreign Exchange on Further Simplifying and Improving the Direct Investment-related
Foreign Exchange Administration Policies (&#8220;Circular 13&#8221;), which was implemented on June 1, 2015. Pursuant to Circular 13,
the registration of existing equity is required in lieu of annual foreign exchange inspection of direct investment. Circular 13 also grants
the authority to examine and process foreign exchange registration with respect to both domestic and overseas direct investments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that PRC laws and
regulations may continue to limit our use of proceeds from our initial public offerings and other financing activities or from other financing
sources. We cannot assure you that we will be able to obtain these government registrations or approvals on a timely basis, if at all,
with respect to future loans or capital contributions by us to our entities in China. If we fail to receive such registrations or approvals,
our ability to use the proceeds of our initial public offerings and other financing activities and to capitalize our PRC operations may
be hindered, which could adversely affect our liquidity and our ability to fund and expand our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Doing Business in China</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>PRC economic, political and social conditions,
as well as changes in any government policies, laws and regulations, could adversely affect the overall economy in China or the education
services market, which could harm our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The majority of our operations
are conducted in China, and a significant portion of our revenues are derived from China. Accordingly, our business, prospects, financial
condition and results of operations are subject, to a significant extent, to economic, political and legal developments in China.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC economy differs from the economies of most developed countries
in many respects. Although the PRC economy has been transitioning from a planned economy to a more market-oriented economy since the late
1970s, the PRC government continues to play a significant role in regulating the industry. The PRC government has significant control
over China&#8217;s economic growth through allocating resources, controlling the incurrence and oversight and discretion over the conduct
of our business and may intervene with or influence our operations as the government deems appropriate to further regulatory, political
and societal goals. The PRC government has recently published new policies that significantly affected industries such as the education
and internet industries, and we cannot rule out the possibility that more regulations or policies would be released, which could adversely
affect our business, financial condition and results of operations. For example, under the former Law on the Promotion of Private Education,
as amended on June 29, 2013 and on December 29, 2018, and its implementation rules, a private school should elect to be either a school
that does not require &#8220;reasonable returns&#8221; or a school that requires &#8220;reasonable returns.&#8221; A private school must
consider factors such as the school&#8217;s tuition, ratio of the funds used for education-related activities to the course fees collected,
admission standards and educational quality when determining the percentage of the school&#8217;s net income that would be distributed
to the investors as reasonable returns. On September 1, 2017, the Amended Law came into effect, under which the concept &#8220;reasonable
returns&#8221; is no longer applicable and a private school should opt to be either for-profit or non-profit. Sponsors of for-profit schools
may obtain operating profits, while sponsors of non-profit schools may not. However, pursuant to the Implementation Rules, sponsors are
not permitted to register for-profit schools that provide compulsory education services from grades one to nine. Such rules apply to a
significant portion of our domestic K-12 schools. Furthermore, the PRC government has recently indicated the intent to exert more oversight
and control over overseas securities offerings and other capital markets activities and foreign investment in China-based companies like
us. Any such action, once taken by the PRC government, could significantly limit or completely hinder our ability to offer or continue
to offer securities to investors. This could result in a substantial decline in the value of such securities or, in the most extreme cases,
render them completely worthless.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the PRC economy has grown significantly in the past two
to three decades, such growth has been uneven among various regions and among various sectors of the economy. Demand for our education
services depends, in large part, on economic conditions in China and especially the regions where we operate, including Guangdong province.
Any significant slowdown in China&#8217;s economic growth may adversely affect the disposable income of the families of prospective students
and cause them to delay or cancel their plans to participate in our schools, which in turn could reduce our revenues. In addition, any
sudden changes to China&#8217;s political system or the occurrence of social unrest could also have a material adverse effect on our business,
prospects, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, our
company, the VIEs and their subsidiaries, and our investors may face uncertainty about future actions by the government of China
that could significantly affect the VIEs and their subsidiaries&#8217; financial performance and operations, including the
enforceability of the contractual arrangements. As of the date of this annual report, neither our company nor the VIEs have received
or have been denied permission from Chinese authorities to list on U.S. exchanges. However, we cannot assure you that our company or
the VIEs will receive or not be denied permission from Chinese authorities to list on U.S. exchanges in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Uncertainties with respect to the PRC legal
system could have a material adverse effect on us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC legal system is a civil law system based on written statutes.
Unlike the common law system, prior court decisions in a civil law system may be cited as reference but have limited precedential value.
Since 1979, newly introduced PRC laws and regulations have significantly enhanced the protections of interests related to foreign investments
in China. However, since these laws and regulations are relatively new and the PRC legal system evolves rapidly, the interpretations of
such laws and regulations may not always be consistent, and enforcement of these laws and regulations involves significant uncertainties.
Any of these could limit the available legal protections.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the PRC administrative and judicial authorities have
broad discretion in interpreting, implementing or enforcing statutory rules and contractual terms. As a result, it may be more challenging
to predict the outcome of administrative and judicial proceedings and the level of legal protection we may receive in the PRC than under
some more developed legal systems. These uncertainties may affect our decisions on the policies and actions to be taken to comply with
PRC laws and regulations, and may affect our ability to enforce our contractual or tort rights. In addition, the regulatory uncertainties
may be exploited through unmerited legal actions or threats to extract payments or benefits from us. Such uncertainties may therefore
increase our operating expenses and costs, and materially and adversely affect our business and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The PRC government has significant oversight
and discretion over the conduct of our business and may intervene with or influence our operations as the government deems appropriate
to further regulatory, political and societal goals.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC government has exercised and continues to exercise substantial
control over virtually every sector of the Chinese economy through regulation and state ownership. The ability of our subsidiaries and
the VIEs to operate in China may be impaired by changes in its laws and regulations, including those relating to education, taxation,
land use rights, foreign investment limitations, and other matters. We cannot assure you that government authorities in China will not
introduce enhanced regulation over the education industry that may lead to our inability to operate in China at all. Furthermore, the
PRC government has recently indicated an intent to exert more oversight and control over overseas securities offerings and other capital
markets activities and foreign investment in China-based companies like us. For example, on July 6, 2021, the relevant PRC government
authorities promulgated the Opinions on Strictly Scrutinizing Illegal Securities Activities in accordance with the Law, or the Opinions.
The Opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings
by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to
deal with the risks and incidents faced by China-based overseas-listed companies. On February 17, 2023, with the approval of the State
Council, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the
Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, among other
requirements, (1) domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the
filing procedures with the CSRC; if a domestic company fails to complete the filing procedures, such domestic company may be subject to
administrative penalties; (2) where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer
shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and such filings shall be submitted
to the CSRC within three business days after the submission of the overseas offering and listing application; and (3) where a listed issuer
seeks to indirectly offer and list securities in the same overseas market, such filings shall be submitted to the CSRC within three business
days after the completion of the overseas offering and listing. On the same day, the CSRC also held a press conference for the release
of the Trial Measures and issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies, which
clarifies that (1) on or prior to the effective date of the Trial Measures, domestic companies that have already submitted valid applications
for overseas offering and listing but have not obtained approval from overseas regulatory authorities or stock exchanges may reasonably
arrange the timing for submitting their filing applications with the CSRC, and must complete the filing before the completion of their
overseas offering and listing; (2) a six-month transition period will be granted to domestic companies which, prior to the effective date
of the Trial Measures, have already obtained the approval from overseas regulatory authorities or stock exchanges, but have not completed
the indirect overseas listing; if domestic companies fail to complete the overseas listing within such six-month transition period, they
shall file with the CSRC according to the requirements; and (3) the CSRC will solicit opinions from relevant regulatory authorities and
complete the filing of the overseas listing of companies with contractual arrangements which duly meet the compliance requirements, and
support the development and growth of these companies. Any such action, once taken by the PRC government, could significantly limit or
completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly
decline or, in extreme cases, become worthless. We did not have to complete such filings with the CSRC for our initial public offering
on May 19, 2017 and the follow-on offering on February 28, 2018 because the offerings made were before the enactment of the Trial Measures;
however, we will be obligated to complete such filings with the CSRC for our future offerings. If we cannot complete such filings with
the CSRC, we may not continue to offer securities to investors and cause the value of our securities to significantly decline or, in extreme
cases, become worthless.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Any increase in applicable enterprise income
tax rates or the discontinuation of any preferential tax treatments currently available to us may result in significantly higher tax burden
or the disgorgement of any benefits we enjoyed in the past, which could in turn materially and adversely affect our business, financial
condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the former Law on the
Promotion of Private Education, as amended on June 29, 2013 and on December 29, 2018, and its implementing rules as promulgated on September
1, 2021, private schools, whether for-profit or non-profit, may enjoy national preferential tax treatment. The implementing rules provide
that non-profit private schools are eligible to enjoy the same preferential tax treatment as public schools. To date, however, no separate
policies, regulations or rules have been introduced by the authorities in this regard.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Preferential tax treatments
granted to us by local government authorities are subject to review and may be adjusted or revoked at any time in the future. For example,
two of our affiliate entities in Sichuan enjoy preferential enterprise income tax treatments. The discontinuation of any preferential
tax treatments currently available to us will cause our effective tax rate to increase, which will increase our income tax expenses and
in turn decrease our net income. In addition, we may not be granted preferential tax treatment by the local governments of additional
regions into which we may expand. The Amended Law, which became effective on September 1, 2017, no longer uses the term &#8220;reasonable
return.&#8221; Instead, under the Amended Law, sponsors of private schools may elect to register their schools as either non-profit or
for-profit, with the exception that private schools in compulsory education must be registered as non-profit private schools. Pursuant
to such Amended Law, non-profit private schools will be entitled to the same tax benefits as public schools, but taxation policies for
for-profit private schools are still unclear. However, it is unclear how the Amended Law and its potential implementation rules would
impact the tax treatment applicable to our schools and whether our schools would enjoy any preferential tax treatment in the future. Any
negative development could have a material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Under the PRC enterprise income tax law,
we may be classified as a PRC &#8220;resident enterprise,&#8221; which could result in unfavorable tax consequences to us and our non-PRC
shareholders.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC enterprise income
tax law and its implementing rules provide that enterprises established outside of China whose &#8220;de facto management bodies&#8221;
are located in China are considered &#8220;resident enterprises&#8221; under PRC tax laws. The implementing rules define the term &#8220;de
facto management bodies&#8221; as a management body which substantially manages, or has control over the business, personnel, finance
and assets of an enterprise. On April 22, 2009, the State Administration of Taxation issued Circular 82, which provides that a foreign
enterprise controlled by a PRC company or a group of PRC companies will be classified as a &#8220;resident enterprise&#8221; with its
&#8220;de facto management body&#8221; located within China if all of the following requirements are satisfied: (1) the senior management
and core management departments in charge of its daily operations function are mainly in China; (2) its financial and human resources
decisions are subject to determination or approval by persons or bodies in China; (3) its major assets, accounting books, company seals,
and minutes and files of its board and shareholders&#8217; meetings are located or kept in China; and (4) at least half of the enterprise&#8217;s
directors with voting right or senior management reside in China. The State Administration of Taxation issued a bulletin on August 3,
2011 to provide more guidance on the implementation of Circular 82. The bulletin clarifies certain matters relating to resident status
determination, post-determination administration and competent tax authorities. Although both the circular and the bulletin only apply
to offshore enterprises controlled by PRC enterprises and not those by PRC individuals, the determination criteria set forth in the circular
and administration clarification made in the bulletin may reflect the general position of the State Administration of Taxation on how
the &#8220;de facto management body&#8221; test should be applied in determining the tax resident status of offshore enterprises and
the administration measures should be implemented, regardless of whether they are controlled by PRC enterprises or PRC individuals.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the State Administration
of Taxation issued a bulletin on January 29, 2014 to provide more guidance on the implementation of Circular 82. This bulletin further
provides that, among other things, an entity that is classified as a &#8220;resident enterprise&#8221; in accordance with the circular
shall file the application for classifying its status of resident enterprise with the local tax authorities where its main domestic investors
are registered.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the tax resident status of an enterprise is subject to the determination
by the PRC tax authorities, if we are deemed as a PRC &#8220;resident enterprise,&#8221; we will be subject to PRC enterprise income tax
on our worldwide income at a uniform tax rate of 25.0%, although dividends distributed to us from our existing PRC subsidiaries and any
other PRC subsidiaries which we may establish from time to time could be exempt from the PRC dividend withholding tax due to our PRC &#8220;resident
recipient&#8221; status. This could have a material adverse effect on our overall effective tax rate, our income tax expenses and our
net income. Furthermore, dividends, if any, paid to our shareholders and ADS holders may be decreased as a result of the decrease in distributable
profits. In addition, if we were to be considered a PRC &#8220;resident enterprise,&#8221; dividends we pay with respect to the ADSs or
ordinary shares and the gains realized from the transfer of the ADSs or ordinary shares may be considered income derived from sources
within China and be subject to PRC withholding tax, which could have a material adverse effect on the value of your investment in us and
the price of the ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There are significant uncertainties under
the PRC enterprise income tax law relating to the withholding tax liabilities of our PRC subsidiaries, and dividends payable by our PRC
subsidiaries to our offshore subsidiaries may not qualify to enjoy certain preferential treatments.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the PRC enterprise income tax and its implementation rules,
the profits of a foreign-invested enterprise generated through operations, which are distributed to its immediate holding company outside
China, will be subject to a withholding tax rate of 10.0%. Pursuant to a special arrangement between Hong Kong and China, such rate may
be reduced to 5.0% if a Hong Kong resident enterprise owns more than 25.0% of the equity interest in the PRC company. Our current PRC
subsidiaries are wholly owned by our Hong Kong subsidiary. Moreover, under the Notice of the State Administration of Taxation on Issues
regarding the Administration of the Dividend Provision in Tax Treaties promulgated on February 20, 2009, the taxpayer needs to satisfy
certain conditions to enjoy the benefits under a tax treaty. These conditions include: (1) the taxpayer must be the beneficial owner of
the relevant dividends, and (2) the corporate shareholder to receive dividends from the PRC subsidiaries must have continuously met the
direct ownership thresholds during the 12 consecutive months preceding the receipt of the dividends. Further, the State Administration
of Taxation promulgated the Notice on Issues Relating to &#8220;Beneficial Owner&#8221; in Tax Treaties, or Circular 9, defines the &#8220;beneficial
owner&#8221; as a party who holds ownership of and control over the income of the entity, or the rights or assets from which such income
are derived. Circular 9 sets forth certain detailed factors in determining the &#8220;beneficial owner&#8221; status. Further, the State
Administration of Taxation promulgated the Notice on How to Recognize the &#8220;Beneficial Owner&#8221; in Tax Treaties on June 29, 2012,
which replaced the Notice on How to Understand and Recognize the &#8220;Beneficial Owner&#8221; in Tax Treaties. Furthermore, the State
Administration of Taxation promulgated Announcement of the State Administration of Taxation on Issues Relating to &#8220;Beneficial Owner&#8221;
in Tax Treaties (&#8220;Circular 9&#8221;) in February 3, 2018, which took effect on April 1, 2018, replaced the Notice on How to Understand
and Recognize the &#8220;Beneficial Owner&#8221; in Tax Treaties and provides guidance for determining whether a resident of a contracting
state is the &#8220;beneficial owner&#8221; of an item of income under China&#8217;s tax treaties and tax arrangements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Entitlement to a lower tax
rate on dividends according to tax treaties or arrangements between the PRC central government and governments of other countries or
regions is subject to inspection or approval of the relevant tax authorities. As a result, we cannot assure you that we will be entitled
to any preferential withholding tax rate under tax treaties for dividends received from our PRC subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Based on the recent development of PRC
law, there is significant uncertainty about the application and interpretation of the Law on the Promotion of Private Education, the
Implementation Rules and their detailed implementation rules and regulations. We may face significant limitations on our ability to engage
in the private education business, acquire private schools, or receive payments from the VIEs and may otherwise be materially and adversely
affected by changes in PRC laws and regulations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Law on the
Promotion of Private Education, sponsors of private schools may choose to establish schools as either non-profit or for-profit schools.
Sponsors are not permitted to establish for-profit schools that provide compulsory education services, which covers grades one to nine
and which accounts for a significant portion of our students as well as revenue during the reporting period. Sponsors of for-profit private
schools are entitled to retain the profits from their schools and any operating surplus may be allocated to the sponsors pursuant to
the PRC company law and other relevant laws and regulations. Sponsors of non-profit private schools are not entitled to any distribution
of profits from their schools and all revenue must be used for the operation of the schools.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Given the Law on the Promotion of Private Education, the Implementation
Rules and other relevant laws and regulations, as a holding company, our ability to generate profits, pay dividends and other cash distributions
to our shareholders are subject to many factors, including whether our schools are characterized as for-profit or non-profit, the profitability
of our schools, and our ability to receive dividends and other distributions from our PRC subsidiary, Zhuhai Bright Scholar, which in
turn depends on the service fees paid to Zhuhai Bright Scholar from the VIEs. Zhuhai Bright Scholar has exclusive management services
and business cooperation agreements with each of the VIEs, Ms. Meirong Yang and Mr. Wenjie Yang, the shareholders of the VIEs. Pursuant
to these agreements, Zhuhai Bright Scholar has the exclusive right to provide comprehensive technical and business support services to
the VIEs. As advised by our PRC counsel, as of August 2021, our right to receive the service fees from our schools and other affiliated
entities did not, to our knowledge, contravene any PRC laws or regulations then in force. Likewise, the payment of service fees under
our contractual arrangements should not be regarded as the distribution of returns, dividends or profits to the sponsors of our schools
under the PRC laws and regulations then in force.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, according to the Implementation Rules, which came into
force on September 1, 2021, (1) foreign-invested enterprises established in China and social organizations whose actual controllers are
foreign parties shall not sponsor, participate in, or actually control private schools providing compulsory education; (2) social organizations
or individuals shall not control any private school providing compulsory education or any non-profit private school providing pre-school
education by means of merger, acquisition, contractual arrangements, etc.; and (3) private schools providing compulsory education shall
not conduct any transaction with any related party. Where a private school conducts any transaction with any related party, it shall adhere
to the principles of openness, fairness and impartiality, fix reasonable tuition and fees and regulate the decision-making, and shall
not damage the state and the school or the rights and interests of the teachers and students, otherwise, there is a risk of being ordered
to make corrections within a time limit. The illegal gains, if any, shall be confiscated after the fees collected are returned; if the
circumstances are serious, the sponsor, actual controller and member of the decision-making body or supervisory body shall not become
the sponsor, actual controller or member of the decision-making body or supervisory body of other private school within one to five years;
if the circumstances are especially serious with adverse social impact, the sponsor, actual controller and member of the decision-making
body or supervisory body shall not become the sponsor, actual controller and members of the decision-making body or supervisory body of
other private school permanently; if a violation of public security administration is committed, the public security organ shall impose
a public security administration punishment according to law; if a crime is committed, criminal responsibility shall be investigated in
accordance with the law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Therefore, a private school providing compulsory education is
prohibited from conducting transactions with its related party. As a result, the clause or provision in the exclusive management services
and business cooperation agreements that pertains to related party transactions between a private school providing compulsory education
and Zhuhai Bright Scholar was not legally enforceable since September 1, 2021. Since then, we have stopped transacting with the Affected
Entities. However, to keep these private schools providing compulsory education in operations, we continued to provide essential services
without recognizing any revenues relating to such activities to schools providing compulsory education in our discontinued operations,
which are key to the normal daily operation of these schools. As of the date of this annual report, schools providing compulsory education
that we continue to provide services to have not received any further rectification requirements or penalty notices from the relevant
competent authorities,. The possibility and impact of illegal risks are still unable to be assessed clearly. We are continuously assessing
the impact of relevant regulations on our business and making necessary measures and efforts to comply with the requirements under these
regulations and implementations, including restructuring corporate structure or unwinding contractual arrangements, etc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In particular, the validity of our contractual arrangements may be
challenged, and our corporate structure may need to be restructured to comply with the new regulations, which may be time-consuming and
expensive and impose additional restrictions on our business expansion and may further adversely affect our business operations and results
of operations. See &#8220;&#8212;Risks Related to Our Corporate Structure&#8212;Our private education service business is subject to extensive
regulation in China. If the PRC government finds that the contractual arrangement that establishes our corporate structure for operating
our business does not comply with applicable PRC laws and regulations, we could be subject to severe penalties.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 24, 2021, the Alleviating Burden Opinion was promulgated.
The Alleviating Burden Opinion proposes certain measures intended to ease the workload of students in compulsory education and regulate
the relevant after-school tutoring services for the compulsory education stage in the PRC, including (1) institutions providing after-school
education service on academic subjects in China&#8217;s compulsory education system, or academic training institutions, need to be registered
as non-profit, no approval will be granted to new academic training institutions, and an approval mechanism will be adopted for online
academic training institutions; (2) foreign ownership in academic training institutions is prohibited, including through contractual arrangements,
and companies with existing foreign ownership need to rectify such status; (3) listed companies are prohibited from raising capital to
invest in businesses that teach academic subjects in compulsory education; (4) academic training institutions are prohibited from providing
tutoring services on academic subjects in compulsory education during public holidays, weekends and school breaks; and (5) academic training
institutions must follow the fee standards to be established by relevant authorities. The Alleviating Burden Opinion also provides that
institutions providing after-school tutoring services on academic subjects in high schools (which do not fall within China&#8217;s compulsory
education system) shall take into consideration the Alleviating Burden Opinion when conducting activities. If the corporate structure
and the business of our complementary education services are deemed to be in violation of the Alleviating Burden Opinion by relevant authorities,
our corporate structure and business operations may be adversely affected and may need to be restructured to comply with the Alleviating
Burden Opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We face uncertainties with respect to indirect
transfers of the equity interests in PRC resident enterprises by their non-PRC holding companies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The State Administration of Taxation issued Bulletin on Several
Issues concerning the Enterprise Income Tax on the Indirect Transfers of Properties by Non-Resident Enterprises (&#8220;Bulletin 7&#8221;),
on February 3, 2015. Under Bulletin 7, an &#8220;indirect transfer&#8221; of assets, including equity interests in a PRC resident enterprise,
by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of PRC taxable assets if the arrangement does
not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result,
gains derived from such indirect transfer may be subject to PRC enterprise income tax. According to Bulletin 7, &#8220;PRC taxable assets&#8221;
include assets attributed to an establishment in China, immoveable properties in China, and equity investments in PRC resident enterprises.
In respect of an indirect offshore transfer of assets of a PRC establishment, the relevant gain is to be regarded as effectively connected
with the PRC establishment and therefore included in its enterprise income tax filing, and would consequently be subject to PRC enterprise
income tax at a rate of 25.0%. If the underlying transfer relates to the immoveable properties in China or to equity investments in a
PRC resident enterprise that is not effectively connected to a PRC establishment of a non-resident enterprise, a PRC enterprise income
tax at 10.0% would apply, subject to available preferential tax treatment under applicable tax treaties or similar arrangements. The party
obligated to make the transfer payments has the withholding obligation. There is uncertainty as to the implementation details of Bulletin
7. If Bulletin 7 was determined by the tax authorities to be applicable to some of our transactions involving PRC taxable assets, our
offshore subsidiaries conducting the relevant transactions might be required to spend valuable resources to comply with Bulletin 7 or
to establish that the relevant transactions should not be taxed under Bulletin 7.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 17, 2017, the State Administration of Taxation issued
the Bulletin on Issues Concerning the Source-based Withholding of Enterprise Income Tax on Non-resident Enterprises (&#8220;Bulletin 37&#8221;),
which became effective on December 1, 2017. According to Bulletin 37, non-resident enterprises who voluntarily declare their enterprise
income tax shall at the same time confirm when they would make payments for the declared amount of tax. If the withholding agent fails
to or is unable to withhold the income tax in accordance with the law, the non-resident enterprise will be deemed to have cleared its
tax payment on time if it voluntarily declares and pays the tax before or within the time limit the tax authority orders it to do so.
If the taxable income before withholding on a source-basis falls within the form of dividends or any equity investment gains, the obligation
to settle such tax payments is triggered on the date of actual payment of the dividends or other equity investment gains. In addition,
on December 1, 2017, Bulletin 37 repealed the Notice of the State Administration of Taxation on Strengthening the Administration over
Enterprise Income Tax on Income of Non-resident Enterprises from Equity Transfer and Notice of the State Administration of Taxation on
Issuing the Interim Measures for the Administration of Source-based Withholding of the Enterprise Income Tax of Non-resident Enterprises
issued by the State Administration of Taxation on December 10, 2009 and January 1, 2009, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result, we and our non-PRC
shareholders may have the risk of being taxed for the disposition of our ordinary shares or ADS and may be required to spend valuable
resources to comply with Bulletin 7 and Bulletin 37 or to establish that we or our non-PRC shareholders should not be taxed as an indirect
transfer, which may have a material adverse effect on our financial condition and results of operations or the investment by non-PRC
investors in us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Restrictions on currency exchange may limit
our ability to receive and use our revenue effectively.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Restrictions on currency
exchange may limit our ability to use revenue generated in Renminbi to fund any business activities we may have outside China in the
future or to make dividend payments to our shareholders and ADS holders in U.S. dollars. Under current PRC laws and regulations, Renminbi
is freely convertible for current account items, such as trade and service-related foreign exchange transactions and dividend distributions.
However, Renminbi is not freely convertible for direct investment or loans or investments in securities outside China, unless such use
is approved by SAFE. For example, foreign exchange transactions under our subsidiary&#8217;s capital account, including principal payments
in respect of foreign currency-denominated obligations, remain subject to significant foreign exchange controls and the approval requirement
of SAFE. These limitations could affect our ability to obtain foreign exchange for capital expenditures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our PRC subsidiaries are permitted to declare dividends to our
offshore subsidiary holding their equity interest, convert the dividends into a foreign currency and remit to its shareholder outside
China. In addition, in the event that any of our PRC subsidiaries liquidates, proceeds from the liquidation may be converted into foreign
currency and distributed outside China to our overseas subsidiary holding its equity interest. Furthermore, in the event that any of the
VIEs liquidates, our PRC subsidiary, Zhuhai Bright Scholar, may, pursuant to the power of attorneys respectively executed by Ms. Meirong
Yang and Mr. Wenjie Yang, require such VIE to pay and remit the proceeds from such liquidation to Zhuhai Bright Scholar. Zhuhai Bright
Scholar then may distribute such proceeds to us after converting them into foreign currency and remit them outside China in the form of
dividends or other distributions. Once remitted outside of China, dividends, distributions or other proceeds from liquidation paid to
us will not be subject to restrictions under PRC regulations on its further transfer or use.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than the above distributions by and through our PRC subsidiaries,
which are permitted without further approvals, any conversion of the Renminbi-denominated revenue generated by the VIEs for direct investment,
loans or investment in securities outside China will be subject to the limitations discussed above. To the extent we need to convert and
use any Renminbi-denominated revenue generated by the VIEs not paid to our PRC subsidiaries and revenue generated by our PRC subsidiaries
not declared and paid as dividends, the limitations discussed above will restrict the convertibility of, and our ability to directly receive
and use such revenue. As a result, our business and financial condition may be adversely affected. In addition, we cannot assure you that
the PRC regulatory authorities will not impose more stringent restrictions on the convertibility of Renminbi in the future, especially
with respect to foreign exchange transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our subsidiaries and affiliated entities
in China are subject to restrictions on making dividends and other payments to us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a holding company, we primarily rely on dividends paid by our
subsidiaries in China for our cash needs, including paying dividends and other cash distributions to our shareholders to the extent we
choose to do so, servicing any debt we may incur and paying our operating expenses. The income for our PRC subsidiaries, especially Zhuhai
Bright Scholar, in turn depends on the service fees paid by the VIEs. Current PRC regulations permit our subsidiaries in China to pay
dividends to us only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations.
Under the applicable requirements of PRC law, our PRC subsidiaries may only distribute dividends after they have made allowances to fund
certain statutory reserves. These reserves are not distributable as cash dividends. Pursuant to the Law on the Promotion of Private Education,
sponsors of for-profit private schools are entitled to retain the profits from their schools, and the operating surplus may be allocated
to the sponsors pursuant to the PRC company law and other relevant laws and regulations. Sponsors of non-profit private schools are not
entitled to any distribution of profits from their schools. All revenue must be used for the operation of the schools. According to Implementation
Rules, a non-profit private school should allocate no less than 10% of its audited annual non-restricted net asset increase, or a for-profit
private school should allocate no less than 10% of its audited annual net income, to its development, respectively. In addition, prior
to the promulgation of specific Implementation Rules and other relevant regulations, at the end of each fiscal year, each of our private
schools in China is required to allocate a certain amount to its development fund for the construction or maintenance of the school properties
or purchase or upgrade of school facilities. In particular, our for-profit&#160;schools must allocate no less than 10% of their annual
net income, and our non-profit&#160;schools must allocate no less than 10% of their annual increase in the unrestricted&#160;net assets
of the school. However, the relevant authorities have yet to promulgate any detailed implementation rules and regulations under the Implementation
Rules. We remain uncertain as to the timing and substance of the rules under the Law on the Promotion of Private Education and Implementation
Rules to be promulgated, and how such rules will impact our operation. Furthermore, if our subsidiaries or the VIEs in China incur debt
on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments
to us. Any such restrictions may materially affect such entities&#8217; ability to make dividends or make payments, in service fees or
otherwise, to us, which may materially and adversely affect our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fluctuations in the value of the Renminbi
may have a material adverse effect on your investment.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt/107% Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
change in value of the Renminbi against the U.S. dollar and other currencies is subject to various factors, including changes in China&#8217;s
political and economic conditions. On July 21, 2005, the PRC government changed its policy of pegging the value of the Renminbi to the
U.S. dollar. Under the new policy, the Renminbi was permitted to fluctuate within a narrow and managed band against a basket of certain
foreign currencies. Later on, the People&#8217;s Bank of China has decided to further implement the reform of the RMB exchange regime
and to enhance the flexibility of RMB exchange rates. Such changes in policy have resulted in a significant appreciation of the Renminbi
against the U.S. dollar since 2005. There is still significant international pressure on the PRC government to adopt a more flexible
currency policy, which could result in a further and more significant adjustment of the rate for Renminbi against the U.S. dollar.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any significant appreciation or revaluation of the Renminbi may
have a material adverse effect on the value of, and any dividends payable on, the ADSs in foreign currency terms. More specifically, if
we decide to convert our Renminbi into U.S. dollars, the appreciation of the U.S. dollar against the Renminbi would have a negative effect
on the U.S. dollar amount available to us. To the extent that we need to convert U.S. dollars we receive from our initial public offering
into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount
we receive from the conversion. In addition, appreciation or depreciation in the exchange rate of the Renminbi to the U.S. dollar could
materially and adversely affect the price of the ADSs in U.S. dollars without giving effect to any underlying change in our business or
results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain PRC regulations, including the
M&amp;A Rules and national security regulations, may require a complicated review and approval process which could make it more difficult
for us to pursue growth through acquisitions in China.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Provisions on the Merger and Acquisition of Domestic Enterprises
by Foreign Investors (Revised in 2009), or the M&amp;A Rules, established additional procedures and requirements that could make merger
and acquisition activities in China by foreign investors more time-consuming and complex. For example, MOFCOM must be notified if a foreign
investor takes control of a PRC domestic enterprise. In addition, certain acquisitions of domestic companies by offshore companies that
are related to or affiliated with the same entities or individuals of the domestic companies, are subject to MOFCOM approval. In addition,
the Implementing Rules Concerning Security Review on Mergers and Acquisitions by Foreign Investors of Domestic Enterprises, issued by
MOFCOM in August 2011, require that mergers and acquisitions by foreign investors in &#8220;any industry with national security concerns&#8221;
be subject to national security review by MOFCOM. In addition, any activities attempting to circumvent such review process, including
structuring the transaction through a proxy or contractual control arrangement, are strictly prohibited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is significant uncertainty regarding the interpretation
and implementation of these regulations relating to merger and acquisition activities in China. Therefore, complying with these requirements
could be time-consuming. The required notification, review or approval process may materially delay or affect our ability to complete
merger and acquisition transactions in China. As a result, our ability to seek growth through acquisitions may be materially and adversely
affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, if MOFCOM determines
that we should have obtained its approval for our entry into contractual arrangements with the VIEs and the shareholders of the VIEs,
we may be required to file for remedial approvals. We cannot assure you that we would be able to obtain such approval from MOFCOM. We
may also be subject to administrative fines or penalties by MOFCOM that may require us to limit our business operations in China, delay
or restrict the conversion and remittance of our funds in foreign currencies into China or take other actions that could have material
adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failure by the beneficial owners of our
shares who are PRC residents to comply with certain PRC foreign exchange regulations could restrict our ability to distribute profits,
restrict our cross-border investment activities and subject us to liability under PRC law.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SAFE has promulgated regulations,
including the Notice on Relevant Issues Relating to Foreign Exchange Control on Domestic Residents&#8217; Investment and Financing and
Round-Trip Investment through Special Purpose Vehicles (&#8220;Circular 37&#8221;), effective on July 4, 2014, and its appendices. Circular
37 requires PRC residents, including PRC institutions and individuals, to register with local branches of SAFE if they direct establish
or indirect control an offshore entity for the purpose of overseas investment and financing. Such domestic or offshore entities with PRC
residents&#8217; legally owned assets or equity interests are referred to in Circular 37 as a &#8220;special purpose vehicle.&#8221; The
term &#8220;control&#8221; under Circular 37 is broadly defined as the operation rights, beneficiary rights or decision-making rights
acquired by the PRC residents in the offshore special purpose vehicles by means as acquisition, trust, proxy, voting rights, repurchase,
convertible bonds or other arrangements. Circular 37 further requires amendment to the registration in the event of any significant changes
with respect to the special purpose vehicle, such as increase or decrease of capital contributed by PRC individuals, share transfer or
exchange, merger, division or other material event. If a PRC shareholder holding interests in a special purpose vehicle fails to fulfill
the required SAFE registration, the PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions
to the offshore parent and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle may
be restricted in its ability to contribute additional capital into its PRC subsidiaries. Further, failure to comply with the various SAFE
registration requirements described above could result in liability under PRC law for foreign exchange evasion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These regulations apply to
our direct and indirect shareholders who are PRC residents and may apply to any offshore acquisitions or share transfers that we make
in the future if our shares are issued to PRC residents. Additionally, in practice, different local SAFE branches may have different views
and procedures on the application and implementation of SAFE regulations, and there remains uncertainty with respect to its implementation.
As of the date of this annual report, all PRC residents known to us that currently hold direct or indirect interests in our company either
have completed the necessary registrations or are in the process of updating their necessary registration with SAFE as required by Circular
37. However, we cannot assure you that these individuals or any other direct or indirect shareholders or beneficial owners of our company
who are PRC residents will be able to successfully complete the registration or update the registration of their direct and indirect equity
interest as required in the future. If they fail to make or update the registration, our PRC subsidiaries could be subject to fines and
legal penalties, and SAFE could restrict our cross-border investment activities and our foreign exchange activities, including restricting
our PRC subsidiaries&#8217; ability to distribute dividends to, or obtain loans denominated in foreign currencies from, our company, or
prevent us from contributing additional capital into our PRC subsidiaries. As a result, our business operations and our ability to pay
dividends could be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><b><i>Failure to
comply with governmental regulations and other legal obligations concerning data protection and cybersecurity may materially and adversely
affect our business, as we routinely collect, store and use data during the conduct of our business.</i></b></span><b><i> </i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We routinely collect, store
and use data during our operations. We are subject to PRC laws and regulations governing the collecting, storing, sharing, using, processing,
disclosure and protection of data on the Internet and mobile platforms as well as cybersecurity. On April 13, 2020, the Office of the
Central Cyberspace Affairs Commission and 10 other government authorities jointly promulgated the Measures for Cybersecurity Review.&#160;On
August 17, 2021, the PRC State Council promulgated the Regulations on Protection of Critical Information Infrastructure, which became
effective on September 1, 2021. Pursuant to the Regulations on Protection of Critical Information Infrastructure, critical information
infrastructure shall mean any important network facilities or information systems of an important industry or field, such as public communication
and information service, energy, communications, water conservation, finance, public services, e-government affairs and national defense
science, which may endanger national security, peoples&#8217; livelihood and public interest in the event of damage, function loss or
data leakage. In addition, relevant administration departments of each critical industry and sector (the &#8220;Protection Departments&#8221;),
shall be responsible to formulate eligibility criteria and determine the critical information infrastructure operator in the respective
industry or sector. The operators shall be informed about the final determination as to whether they are categorized as critical information
infrastructure operators. On January 4, 2022, the CAC announced the adoption of the Cybersecurity Review Measures, and effective February
15, 2022, online platforms and network providers possessing personal information of more than one million individual user must undergo
a cybersecurity review by the CAC when they seek listing in foreign markets. Furthermore, the Standing Committee of the National People&#8217;s
Congress passed the Personal Information Protection Law of the PRC, which became effective from November 1, 2021 and requires personal
information processing operators, among other regulatory requirements, to obtain a personal information protection certification issued
by recognized institutions in accordance with the CAC regulation before such personal information can be transferred out of China. As
of the date of this annual report, we have not been informed that we are identified as a critical information infrastructure operator
by any governmental authorities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 20, 2021, the Standing
Committee of the National People&#8217;s Congress promulgated the Personal Information Protection Law, which became effective on November
1, 2021. The Personal Information Protection Law aims to protect personal information rights and interests, regulate the processing of
personal information, ensure the orderly and free flow of personal information in accordance with the law, and promote the reasonable
use of personal information. According to the Personal Information Protection Law, personal information includes all kinds of identified
or identifiable information related to natural persons recorded by electronic or other means, but excludes de-identified information.
The Personal Information Protection Law also specifies the rules for handling sensitive personal information, which includes biometrics,
religious beliefs, specific identities, medical health, financial accounts, trails and locations, and personal information of teenagers
under fourteen years old and other personal information, which may easily infringe the personal dignity or harm safety of livelihood and
property upon leakage or illegal usage. Personal information handlers are responsible for their personal information handling activities,
and must adopt necessary measures to safeguard the security of the personal information they handle. Otherwise, the personal information
handlers will be ordered for rectification or suspension or termination of provision of services, confiscation of illegal income, subject
to fines or other penalties.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We face regulatory uncertainties in China
that could restrict our ability to grant share incentive awards to our employees or consultants who are PRC citizens.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Notices on
Issues concerning the Foreign Exchange Administration for Domestic Individuals Participating in a Stock Incentive Plan of an Overseas
Publicly-Listed Company issued by SAFE on February 15, 2012 (&#8220;Circular 7&#8221;), a qualified PRC agent (which could be the PRC
subsidiary of the overseas-listed company) is required to file an application with SAFE on behalf of &#8220;domestic individuals&#8221;
(both PRC residents and non-PRC residents who reside in China for a continuous period of not less than one year, excluding foreign diplomatic
personnel and representatives of international organizations) who are granted shares or share options by the overseas-listed company according
to its share incentive plan. The application is for conducting SAFE registration with respect to such share incentive plan and obtaining
approval for an annual allowance with respect to the purchase of foreign exchange in connection with the share purchase or share option
exercise. The foreign exchange income received from the sale of shares and dividends distributed by the overseas listed company and any
other income by such PRC individuals shall be fully remitted into a collective foreign currency account in China, which is opened and
managed by the PRC domestic agent before distribution to such individuals. In addition, such domestic individuals must also retain an
overseas entrusted institution to handle matters in connection with their exercise of share options and their purchase and sale of shares.
The PRC domestic agent also needs to update registration with SAFE within three months after the overseas-listed company materially changes
its share incentive plan or make any new share incentive plans.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have granted shares options under the 2017 Plan in the past and may continue to grant additional share options in the
future.</span>&#160;&#160; <span style="font-family: Times New Roman, Times, Serif">When we do, we need to apply for or update our
registration with SAFE or its local branches on behalf of our employees or consultants who receive options or other equity-based
incentive grants under our share incentive plan or material changes in our share incentive plan. However, we may not always be able
to make applications or update our registration on behalf of our employees or consultants who hold any type of share incentive
awards in compliance with Circular 7. We cannot assure you that such applications or update of registration will be successful. If
we or the participants of our share incentive plan who are PRC citizens fail to comply with Circular 7, we and/or such participants
of our share incentive plan may be subject to fines and legal sanctions. There may be additional restrictions on the ability of such
participants to exercise their share options or remit proceeds gained from sale of their shares into China, and we may be prevented
from further granting share incentive awards under our share incentive plan to our employees or consultants who are PRC
citizens.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Labor contract laws in China may adversely
affect our results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The current PRC Labor Contract
Law imposes greater liabilities on employers and significantly increases the cost of an employer&#8217;s decision to reduce its workforce.
Moreover, it stipulates that the employment contract of an employee must be automatically terminated upon reaching the mandatory retirement
age. If we decide to significantly change or decrease our workforce, the Labor Contract Law could adversely affect our ability to enact
such changes in a manner that is most advantageous to our business or in a timely and cost-effective manner, thus materially and adversely
affecting our financial condition and results of operations.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Increases in labor costs and employee benefits
in China may adversely affect our business and our profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC economy has been experiencing
significant growth, leading to inflation and increased labor costs. China&#8217;s overall economy and the average wage in China are expected
to continue to grow. In addition, we are required by PRC laws and regulations to pay various statutory employee benefits, including pensions,
housing fund, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance to designated government
agencies for the benefit of our employees. The determination of the relevant government agencies whether an employer has made adequate
payments of the requisite statutory employee benefits is within their discretion. Employers that fail to make adequate payments may be
subject to late payment fees, fines and/or other penalties. Future increases in China&#8217;s inflation and material increases in labor
costs and employee benefits may materially and adversely affect our profitability and results of operations unless we are able pass on
these costs to our students by increasing tuition.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Litigation and negative publicity surrounding
China-based companies listed in the United States may negatively impact the trading price of the ADSs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Litigation and negative publicity
surrounding companies with operations in China listed in the United States have negatively impacted stock prices of these companies. Certain
politicians in the United States have publicly warned investors to shun China-based companies listed in the United States. The SEC and
the Public Company Accounting Oversight Board (United States), or the PCAOB, also issued a joint statement on April 21, 2020, reiterating
the disclosure, financial reporting and other risks involved in the investments in companies that are based in emerging markets, and the
limited remedies thereof. Furthermore, various equity-based research organizations have recently published reports on China-based companies
after examining their corporate governance practices, related party transactions, sales practices and financial statements. These reports
have led to special investigations and listing suspensions on U.S. national exchanges. Any similar scrutiny on us, regardless of its merit,
could cause the market price of the ADSs to fall, divert management resources and energy, cause us to incur expenses in defending ourselves
against rumors, and increase the premiums we pay for director and officer insurance.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>If the PCAOB is
unable to inspect or investigate completely auditors located in China for two consecutive years, our ADSs will be delisted and prohibited
from trading in the over-the-counter market under the Holding Foreign Companies Accountable Act (HFCAA). The delisting of the ADSs, or
the threat of their being delisted, may materially and adversely affect the value of your investment. </i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; ">As
part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law,
in particular China&#8217;s, the HFCAA has been signed into law on December 18, 2020. The HFCAA states that if the SEC determines that
we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection for the PCAOB for two
consecutive years, the SEC shall prohibit the trading of our ADSs on a national securities exchange or in the over-the-counter market
in the United States.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; ">On December 2, 2021,
the SEC adopted final amendments to its rules implementing the HFCAA, which include requirements to disclose information, including the
auditor name and location, the percentage of shares of the issuer owned by governmental entities, whether governmental entities in the
applicable foreign jurisdiction with respect to the auditor has a controlling financial interest with respect to the issuer, the name
of each official of the Chinese Communist Party who is a member of the board of the issuer, and whether the articles of incorporation
of the issuer contains any charter of the Chinese Communist Party. These amendments also establish procedures the SEC will follow in identifying
issuers and prohibiting trading by certain issuers under the HFCAA, including that the SEC will identify an issuer as a &#8220;Commission-identified
Issuer&#8221; if the issuer has filed an annual report containing an audit report issued by a registered public accounting firm that the
PCAOB has determined it is unable to inspect or investigate completely, and will then impose a trading prohibition on an issuer after
it is identified as a Commission-Identified Issuer for two consecutive years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2022, the PCAOB,
the CSRC and the Ministry of Finance of the PRC signed the Statement of Protocol, which establishes a specific and accountable framework
for the PCAOB to conduct inspections and investigations of PCAOB-governed accounting firms in mainland China and Hong Kong. On December
15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting
firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that
the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong
Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting
firms headquartered in mainland China and Hong Kong is subject to uncertainties. Several factors outside of our and our auditors&#8217; control
may impact this access. The PCAOB continues to demand complete access in mainland China and Hong Kong. The organization is making plans
to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations
as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if
needed. If the PCAOB is unable to inspect and investigate completely registered public accounting firms located in China and we fail to
retain a registered public accounting firm that the PCAOB is able to inspect and investigate completely for two consecutive years, or
if we otherwise fail to meet the PCAOB&#8217;s requirements, the ADSs will be delisted from the New York Stock Exchange, and our shares
will not be permitted for trading over the counter in the United States under the HFCAA and related regulations. If the ADSs are prohibited
from trading in the United States, we cannot assure you that we will be able to list on a non-U.S. exchange or that a market for the ADSs
will develop outside of the United States. Such a prohibition would substantially impair your ability to sell or purchase the ADSs when
you wish to do so, and the risk and uncertainty associated with delisting would have a negative impact on the price of the ADSs. Moreover,
the HFCAA or other efforts to increase U.S. regulatory access to audit information could cause investor uncertainty for affected issuers,
including us, and the market price of the ADSs could be adversely affected. Also, such a prohibition would significantly affect our ability
to raise capital on terms acceptable to us, or potentially impede our ability to raise capital altogether, which would have a material
adverse impact on our business, results of operations and financial condition.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If the settlement reached between the SEC
and the big four PRC-based accounting firms, including the Chinese affiliate of our independent registered public accounting firm, concerning
the manner in which the SEC may seek access to audit working papers from audits in China of US-listed companies cannot be executed or
fails to obtain the approval of authorities in both China and the United States, we may be unable to timely file future financial statements
in accordance with the requirements of the Exchange Act.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
late 2012, the SEC commenced administrative proceedings under Rule 102(e) of its Rules of Practice and also under the Sarbanes-Oxley Act
of 2002 against the mainland Chinese affiliates of the &#8220;big four&#8221; accounting firms (including the mainland Chinese affiliate
of our independent registered public accounting firm). The initial trial of the proceedings in July 2013 in the SEC&#8217;s internal administrative
court resulted in an adverse judgment against the firms. The administrative law judge proposed penalties on the four PRC-based accounting
firms including a temporary suspension of their right to practice before the SEC. However, the proposed penalty did not take effect as
it awaited review by the SEC Commissioners.. On February 6, 2015, before</span> the <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commissioners
could review the case, the Chinese accounting firms reached a settlement with the SEC, leading to a stay of the proceedings. Under the
terms of the settlement, the SEC accepted that future requests by the SEC for the production of documents would normally be made to the
CSRC. The Chinese accounting firms would receive requests similar to those outlined under Section 106 of the Sarbanes-Oxley Act of 2002,
and would be required to abide by a detailed set of procedures in facilitating production via the CSRC. The CSRC for its part initiated
a procedure whereby, under its supervision and subject to its approval, requested classes of documents held by the accounting firms could
be sanitized of problematic and sensitive content so as to render them capable of being made available by the CSRC to US regulators.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of the settlement,
the underlying proceeding against the four PRC-based accounting firms was dismissed with prejudice after four years, starting from the
settlement date of February 6, 2019. Despite the conclusion of the proceedings, it is expected that all parties will continue to apply
the same procedures: <i>i.e.</i>, the SEC will continue to make its requests for the production of documents to the CSRC, and the CSRC
will normally process those requests applying the sanitization procedure. We cannot predict whether the SEC will further challenge the
four PRC-based accounting firms&#8217; compliance with U.S. law if the CSRC does not authorize production of requested documents to the
SEC. If additional challenges are imposed on the Chinese affiliates of the &#8220;big four&#8221; accounting firms, it may impede our
ability to timely file future financial statements in compliance with the requirements of the Exchange Act.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the SEC were to resume
the administrative proceedings, depending upon the final outcome, listed companies in the United States with major PRC operations may
find it difficult or impossible to retain auditors in respect of their operations in the PRC, which could result in financial statements
being determined to not be in compliance with the requirements of the Exchange Act, potentially leading to delisting. Moreover, any negative
news about any such future proceedings against these accounting firms may cause investor uncertainty regarding China-based, United States-listed
companies and the market price of the ADSs may be adversely affected.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Chinese affiliate of
our independent registered public accounting firm were denied, even temporarily, the ability to practice before the SEC, and we were unable
to timely find another registered public accounting firm to audit and issue an opinion on our financial statements, it could result in
our financial statements being deemed non-compliant with the requirements of the Exchange Act. Such a determination could ultimately lead
to the delisting of our ordinary shares from the NYSE (the &#8220;New York Stock Exchange&#8221;) or deregistration from the SEC, or both,
which would substantially reduce or effectively terminate the trading of the ADSs in the United States.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Ordinary Shares and ADSs</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><b><i>The trading price
of the ADSs may experience rapid and substantial volatility, which could result in substantial losses for investors.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; ">The
trading price of the ADSs is likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen because
of broad market and industry factors, including the performance and fluctuation of the market prices of other companies with business
operations located mainly in China that have listed their securities in the United States. In addition, factors specific to our operations
can contribute to the volatility of the ADSs. These factors may include, but are not limited to:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">actual or anticipated variations
in our revenues, earnings, cash flow and changes or revisions of our expected results;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">fluctuations in operating metrics;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">announcements of new investments,
acquisitions, strategic partnerships or joint ventures by us or our competitors;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">announcements of new products,
services and courses and expansions by us or our competitors;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">changes in financial estimates
by securities analysts;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">announcements of studies and
reports relating to the quality of our product, service and course offerings or those of our competitors;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">changes in the performance or
market valuations of other education companies;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">detrimental negative publicity
about us, our competitors or our industry;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">additions or departures of key
personnel;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">release of lockup or other transfer
restrictions on our outstanding equity securities or sales of additional equity securities;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">regulatory developments affecting
us or our industry;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">general economic or political
conditions affecting China or elsewhere in the world;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">fluctuations of exchange rates
between the RMB and the U.S. dollar; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 24.5pt"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">potential litigation or regulatory
investigations.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; ">Any
of these factors may result in significant and sudden changes in the volume and price of the trading of the ADSs. The securities of some
China-based companies that have listed their securities in the United States have experienced significant volatility since their initial
public offerings in recent years, including, in some cases, substantial declines in the trading prices of their securities. The trading
performances of these companies&#8217; securities after their offerings may affect the attitudes of investors towards Chinese companies
listed in the United States in general, which consequently may impact the trading performance of the ADSs, regardless of our actual operating
performance. In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate
structure or other matters of other Chinese companies may also negatively affect the perceptions of investors towards Chinese companies
in general, including us, regardless of whether we have engaged in any inappropriate activities. In particular, the global financial crisis,
the ensuing economic recessions and deterioration in the credit market in many countries have contributed and may continue to contribute
to extreme volatility in the global stock markets.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; "><span>Moreover,
recent instances of extreme stock price fluctuations, especially among companies with smaller public floats, have led to increased volatility
in the market. As we have a relatively small public float, we may experience greater stock price volatility, including aggressive price
run-ups and declines, lower trading volume and less liquidity, compared with companies with larger public floats. In particular, the ADSs
may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility,
including any stock run-up, may be unrelated to our actual or expected operating performance, financial condition or prospects, and industry,
market or economic factors, which makes it difficult for prospective investors to assess such rapidly changing value of the ADSs. In addition,
due to the potential low trading volumes, even small quantities of buying or selling can have a disproportionate impact on the price of
the ADSs. This low volume of trades could also cause the price of the ADSs to fluctuate significantly, with large percentage changes occurring
within a single trading day. Holders of the ADSs may also not be able to readily liquidate their investment or may be forced to sell at
depressed prices due to such low-volume trading. As a result of such volatility, investors may experience losses on their investment in
the ADSs. Such volatility also could adversely affect our ability to issue additional ADSs or other securities and our ability to obtain
additional financing in the future, as well as our ability to retain key employees, many of whom have been granted equity incentives.
Furthermore, the potential extreme volatility may confuse the public investors of the value of the ADSs, distort the market&#8217;s perception
of the price of the ADSs, and our financial performance and public image, and negatively affect the long-term liquidity of the ADSs, regardless
of our actual or expected operating performance.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24.5pt; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; ">In
the past, shareholders of public companies have often brought securities class action suits against companies following periods of instability
in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management&#8217;s
attention and other resources from our business and cost us significant expenses to defend the suit, which could harm our results of operations.
Any such class action suit, successful or not, could harm our reputation and restrict our ability to raise capital in the future. In addition,
if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect
on our results of operations and financial condition.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Substantial future sales or perceived potential
sales of the ADSs in the public market could cause the price of the ADSs to decline.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of substantial amounts
of the ADSs in the public market, or the perception that these sales could occur, could adversely affect the market price of the ADSs.
All of our outstanding ADSs are freely transferable without restriction or additional registration under the Securities Act. If any existing
shareholder or shareholders sell a substantial amount of ADSs, the prevailing market price for the ADSs could be adversely affected. Such
sales also might make it more difficult for us to sell in the future at a time and price that we deem appropriate.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Techniques employed by short sellers may
drive down the market price of the  ADSs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Short selling is a trading
strategy where an investor sells securities that they have borrowed from a third party, with the intention of buying back the same securities
at a later time to return to the lender. The short seller hopes to profit from a decrease in the value of the securities between the sale
of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it
received in the sale. As it is in the short seller&#8217;s interest for the price of the security to decline, many short sellers publish,
or arrange for the publication of, negative opinions regarding the relevant issuer and its business prospects in order to create negative
market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling
of shares in the market.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Public companies listed in the United States with a significant portion
of their operations in China have been the subject of short selling. Much of the scrutiny and negative publicity has centered on allegations
of a lack of effective internal control over financial reporting resulting in financial and accounting irregularities and mistakes, inadequate
corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. They may also be subject to external
investigations by regulatory bodies such as the SEC. Additionally, shareholders have initiated lawsuits against some of these companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be the subject of unfavorable
allegations made by short sellers in the future. Any such allegations may be followed by periods of instability in the market price of
our common shares and ADSs and negative publicity. Once we become the subject of any unfavorable allegations, whether true or not, we
would have to expend significant amount of resource to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks,
we may be constrained in the manner in which we can proceed given the principles of freedom of speech, the availability of injunctive
reliefs, applicable federal or state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming and
could distract our management from growing our business. Even if such allegations are ultimately proven to be groundless, allegations
against us could severely impact our business operations and shareholders&#8217; equity, and the value of any investment in the ADSs could
be greatly reduced or even rendered worthless.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our dual-class share structure with different
voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any change of control
transactions that holders of our Class A ordinary shares and ADSs may view as beneficial.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of May 31, 2023, Ms. Meirong Yang and Ms. Huiyan Yang,
our ex-chairlady, collectively hold approximately 98.6% of the aggregate voting power of our company. See &#8220;Item 6. Directors, Senior
Management And Employees&#8212;E. Share Ownership.&#8221; As a result of the dual-class share structure and the concentration of ownership,
Ms. Meirong Yang and Ms. Huiyan Yang have considerable influence over matters such as decisions regarding mergers, consolidations, sale
of all or substantially all of our assets, election of directors and other significant corporate actions. Their interests may not always
align with the best interests of the company or our other shareholders. This concentration of ownership may discourage, delay or prevent
a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium
for their shares as part of a sale of our company and may reduce the price of the ADSs. This concentrated control will limit your ability
to influence corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions
that holders of Class A ordinary shares and ADSs may view as beneficial.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If securities or industry analysts do
not publish research or publish inaccurate or unfavorable research about our business, the market price for the  ADSs and trading
volume could decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading market for the
ADSs will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research
analysts do not establish and maintain adequate research coverage or if one or more of the analysts who covers us downgrades the ADSs
or publishes inaccurate or unfavorable research about our business, the market price for the ADSs would likely decline. If one or more
research analysts discontinue their coverage of our company or reduce the frequency of publishing reports on us, it may lead to a reduced
visibility of our company in the financial markets. This lack of visibility could adversely impact the market price and trading volume
of the ADSs.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Because our board has the complete discretion as to dividend distribution,
the return on your investment in the ADSs will likely depend entirely upon any future price appreciation of the ADSs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We declared a cash dividend
of US$0.10, US$0.12 and US$0.12 per ordinary share on September 18, 2019, July 23, 2020 and July 21, 2021, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors
has complete discretion as to whether to distribute dividends, subject to applicable laws. Even if our board of directors decides to
declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future
results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from
our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors.
Accordingly, the return on your investment in the ADSs will likely depend entirely upon any future price appreciation of the ADSs.
We cannot assure you that the ADSs will appreciate in value or even maintain the price at which you purchased the ADSs. You may not
realize a return on your investment in the ADSs and you may even lose your entire investment in the ADSs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b><i>U.S. holders that own
10% or more of the vote or value of our ordinary shares or ADSs may suffer adverse tax consequences if any of our non-U.S. subsidiaries
are characterized as a &#8220;controlled foreign corporation,&#8221; or a CFC, under Section 957(a) of the U.S. Internal Revenue Code
of 1986, as amended, or the Code.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-U.S. corporation is considered a CFC if more than 50% of (1) the total combined
voting power of all classes of shares of such corporation entitled to vote or (2) the total value of the shares of such corporation, is
owned, or is considered as owned by applying certain constructive ownership rules, by U.S. shareholders (within the meaning of the Code)
on any day during the taxable year of such non-U.S. corporation. Certain U.S. shareholders of a CFC generally are required to include
currently in gross income such shareholders&#8217; share of the CFC&#8217;s &#8220;Subpart F income,&#8221; a portion of the CFC&#8217;s
earnings to the extent the CFC holds certain U.S. property and a portion of the CFC&#8217;s &#8220;global intangible low-taxed income&#8221;
(as defined under Section 951A of the Code). Such U.S. shareholders are subject to current U.S. federal income tax with respect to such
items, even if the CFC has not made an actual distribution to such shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that certain of our non-U.S. subsidiaries may
be classified as CFCs. In the event that any of our subsidiaries are a CFC, U.S. holders who hold 10% or more of the vote or value of
our ordinary shares or ADSs may realize adverse U.S. federal income tax consequences. If you are a U.S. holder who holds 10% or more of
the vote or value of our ordinary shares or ADSs, you should consult your own tax advisors regarding the U.S. tax consequences of acquiring,
owning or disposing our ordinary shares or our ADSs and the impact of the TCJA, especially the changes to the rules relating to CFCs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may be classified as a passive foreign
investment company for United States federal income tax purposes, which could result in adverse United States federal income tax consequences
to United States investors in the ADSs or ordinary shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be classified as
a &#8220;passive foreign investment company,&#8221; or PFIC, if, in any particular taxable year, either (1) 75.0% or more of our
gross income for such year consists of certain types of passive income, or (2) 50.0% or more of the average quarterly value of our
assets during such year produce or are held for the production of passive income. Although the law in this regard is unclear, we
treat the New VIEs as being owned by us for United States federal income tax purposes, not only because we exercise effective
control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and,
as a result, we consolidate their results of operation in our financial statements. Assuming that we are the owner of the New VIEs
for United States federal income tax purposes, and based upon our historical and current income and assets, we do not believe that
we were classified as a PFIC for the taxable year ended August 31, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The determination of
whether we are or will become a PFIC will depend upon the composition of our income (which may differ from our historical results
and current projections) and assets and the value of our assets from time to time, including, in particular, the value of our
goodwill and other unbooked intangibles (which may depend upon the market value of the ADSs or ordinary shares from time-to-time and
may be volatile). In estimating the value of our goodwill and other unbooked intangibles, we have taken into account our anticipated
market capitalization, which may fluctuate. Among other matters, if our market capitalization declines further, we may be
classified as a PFIC for the current or future taxable years. It is also possible that the IRS may challenge our classification or
valuation of our goodwill and other unbooked intangibles, which may result in our company being, or becoming classified as, a PFIC
for the current or future taxable years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finally, in determining our PFIC status, we have relied in our unaudited
and audited financials. If we are required to restate or amend our financials further, it is possible that our company may have been,
or we may determine that it is, a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The determination of
whether we are or will be a PFIC may also depend, in part, on how, and how quickly, we use our liquid assets. Under circumstances
where we retain significant amounts of liquid assets, or if the New VIEs were not treated as owned by us for United States federal
income tax purposes, our risk of being classified as a PFIC may substantially increase. Because there are uncertainties in the
application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, we
cannot assure you that we will not be a PFIC for the current taxable year or any future taxable year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are classified as a
PFIC in any taxable year, a U.S. Holder (as defined in &#8220;Item 10. Additional Information&#8212;E. Taxation&#8212;United States Federal
Income Tax Considerations&#8221;) may incur significantly increased United States federal income tax on gain recognized on the sale or
other disposition of the ADSs or ordinary shares and on the receipt of distributions on the ADSs or ordinary shares to the extent such
gain or distribution is treated as an &#8220;excess distribution&#8221; under the United States federal income tax rules, and such holders
may be subject to burdensome reporting requirements. Further, if we are classified as a PFIC for any year during which a U.S. Holder holds
the ADSs or ordinary shares, we generally will continue to be treated as a PFIC for all succeeding years for which such U.S. Holder holds
the ADSs or ordinary shares. For more information, see &#8220;Item 10. Additional Information&#8212;E. Taxation&#8212;United States Federal
Income Tax Considerations.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our memorandum and articles of association
contains anti-takeover provisions that could have a material adverse effect on the rights of holders of our Class A ordinary shares and
ADSs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our memorandum and articles
of association contain provisions to limit the ability of others to acquire control of our company or prompt us to engage in change-of-control
transactions. While these provisions exist with the intention of safeguarding our interests, they may inadvertently limit our shareholders&#8217;
opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain control
of our company in a tender offer or similar transaction. For example, our board of directors has the authority subject to any resolution
of the shareholders to the contrary, to issue preferred shares in one or more series and to fix their designations, powers, preferences,
privileges, and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend
rights, conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the
rights associated with our Class A ordinary shares, in the form of ADS or otherwise. The issuance of preferred shares can be expedited
and structured in a manner that delays or prevents a change in control of our company or complicates the removal of management. If our
board of directors decides to issue preferred shares, the price of the ADSs may fall and the voting and other rights of the holders of
our Class A ordinary shares and ADSs may be materially and adversely affected.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, under Cayman Islands
law, our board of directors may only exercise the rights and powers granted to them by our memorandum and articles of association for
a proper purpose and for what they believe in good faith to be in the best interest of the Company.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>You may face difficulties in protecting
your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman
Islands law.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an exempted company
incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our memorandum and articles of association, the
Cayman Islands Company Act (As Revised) and the common law of the Cayman Islands. The rights of shareholders to take action against the
directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to
a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively
limited judicial precedent in the Cayman Islands as well as from the common law of England. English courts&#8217; decisions are of persuasive
authority but not binding upon a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our
directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions
in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. Some U.S.
states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition,
Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Cayman Islands courts
are also unlikely (1) to recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions
of U.S. securities laws, or (2) to impose liabilities against us, in original actions brought in the Cayman Islands, based on certain
civil liability provisions of U.S. securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although there is no statutory
enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are
not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the courts of the Cayman Islands would generally
recognize as a valid, final and conclusive judgment <i>in personam </i>obtained in the United States. This recognition would apply to
judgments that require the payment of a sum of money is payable (excluding multiple damages, taxes or other charges of a like nature or
in respect of a fine or other penalty) or, in certain circumstances, <i>in personam </i>judgments for non-monetary relief, and would give
a judgment based thereon provided that (1) such courts had proper jurisdiction over the parties involved in the judgment, (2) such courts
did not contravene the rules of natural justice of the Cayman Islands, (3) such judgment was not obtained by fraud, (4) the enforcement
of the judgment would not be contrary to the public policy of the Cayman Islands, (5) no new admissible evidence relevant to the action
is submitted prior to the rendering of the judgment by the courts of the Cayman Islands, and (6) the correct procedures under Cayman Islands
laws are duly followed..</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, the Cayman Islands
courts are unlikely to enforce a punitive judgment of a United States court predicated upon the liabilities provision of the federal
securities laws in the United States without retrial on the merits if such judgment gives rise to obligations to make payments that may
be regarded as fines, penalties or similar charges.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the above,
our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of
the board of directors or large shareholders than compared to public shareholders of a company incorporated in the United States.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain judgments obtained against us by
our shareholders may not be enforceable.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a Cayman Islands company,
substantially all of our assets are located outside of the United States. The majority of our current operations are conducted in the
United Kingdom and China. In addition, a majority of our current directors and officers are nationals and residents of countries other
than the United States. Most of the assets of these persons are located outside the United States. The SEC, U.S. Department of Justice,
or the DOJ, and other authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and
non-U.S. persons, including company directors and officers, in certain emerging markets, including China. Additionally, our public shareholders
may have limited rights and few practical remedies in emerging markets where we operate. Although shareholder claims are common in the
United States, such as class action, claims under securities law and fraud, it&#8217;s generally more difficult or impossible to pursue
as a matter of law or practicality in many emerging markets, including China. In China, there are significant legal and other obstacles
for the SEC, the DOJ and other U.S. authorities to obtaining information needed for shareholder investigations or litigation. Although
the competent authorities in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another
country or region to implement cross-border supervision and administration, the regulatory cooperation with the securities regulatory
authorities in the United States has not been efficient in the absence of a mutual and practical cooperation mechanism. According to Article
177 of the PRC Securities Law which became effective in March 2020, no foreign securities regulator is allowed to directly conduct investigation
or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC securities regulators
and relevant authorities, no organization or individual may provide the documents and materials relating to securities business activities
to foreign securities regulators. As a result, it may be difficult or impossible for you to bring an action against us or against these
individuals in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities
laws or otherwise. Even if an action is successfully brought, the laws of the Cayman Islands and of China may render it difficult to enforce
a judgment against our assets or the assets of our directors and officers.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are a foreign private issuer within
the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic
public companies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because we are a foreign
private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States
that are applicable to U.S. domestic issuers, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">the rules under the Exchange Act requiring the filing
    of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">the sections of the Exchange Act regulating the solicitation
    of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">the sections of the Exchange Act requiring insiders
    to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in
    a short period of time; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">the selective disclosure rules by issuers of material
    nonpublic information under Regulation FD.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will be required to file an annual report on Form 20-F within four
months of the end of each fiscal year. In addition, we intend to publish our results on a quarterly basis through press releases, distributed
pursuant to the rules and regulations of the New York Stock Exchange. Press releases relating to financial results and material events
will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC may be less
extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, investors may not
have access to the same level of protection or information that would be available were the investors to invest in a U.S. domestic issuer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>As
a &#8220;controlled company&#8221; under the rules of the NYSE, we are exempt from certain corporate governance requirements, which could
adversely affect our public shareholders.</i></b></span>&#160;&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the rules of the NYSE,
a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company
is a controlled company and may elect not to comply with certain corporate governance requirements, including the requirement that a
majority of our directors be independent, as defined in the NYSE rules, and the requirement that our compensation and nominating and
corporate governance committees consist entirely of independent directors. In April 2017, Ms. Huiyan Yang, our ex-chairlady, and Ms.
Meirong Yang entered into an acting-in-concert agreement in which Ms. Huiyan Yang agrees with Ms. Meirong Yang when voting and deciding
on material matters in relation to the management of our company. Ms. Huiyan Yang and Ms. Meirong Yang are also joint settlors and members
of the two-member investment committee of Yeung Family Trust V, which holds approximately 1.4% of the outstanding Class A ordinary shares
and all of the outstanding Class B ordinary shares as of May 31, 2023.  As a result, Ms. Huiyan Yang and Ms. Meirong Yang collectively
are the beneficial owners of a majority of the voting power of our issued and outstanding share capital as of May 31, 2023.
Therefore, we are a &#8220;controlled company&#8221; under the rules of the NYSE. We have elected to rely on certain exemptions under
the NYSE rules available to controlled companies, including the exemption from having a majority of our directors be independent, and
may continue to elect to do so as long as we remain a controlled company. As a result, you may not have the same protections enjoyed
by shareholders of companies that are subject to all of the NYSE corporate governance requirements.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>As a company incorporated in the Cayman
Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly
from New York Stock Exchange corporate governance listing standards; these practices may afford less protection to shareholders than
they would enjoy if we complied fully with from New York Stock Exchange corporate governance listing standards.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a Cayman Islands company
listed on the New York Stock Exchange, we are subject to New York Stock Exchange corporate governance listing standards. However, the
New York Stock Exchange rules allow a foreign private issuer like us to follow the corporate governance practices of its home country.
Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from New York Stock
Exchange corporate governance listing standards. Shareholders of Cayman Islands exempted companies like us have no general rights under
Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies. Our directors have discretion
under the articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our
shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information
needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy
contest.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain corporate
governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. We have followed and intend to continue to follow Cayman Islands
corporate governance practices in lieu of the corporate governance requirements of the NYSE that, for example, listed companies must
have a majority of independent directors and that the audit committee consists of at least three members. To the extent we choose to
follow home country practice with respect to corporate governance matters, our shareholders may have less protection than they
otherwise would under rules and regulations applicable to U.S. domestic issuers.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The voting rights of holders of ADSs are
limited by the terms of the deposit agreement, and you may not be able to exercise your right to vote.</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a holder of the ADSs, you
will only be able to exercise the voting rights with respect to the underlying Class A ordinary shares in accordance with the provisions
of the deposit agreement. Under the deposit agreement, you must vote by giving voting instructions to the depositary. Upon receipt of
your voting instructions, the depositary will vote the underlying Class A ordinary shares in accordance with these instructions. You will
not be able to directly exercise your right to vote with respect to the underlying shares unless you withdraw the shares. Under our memorandum
and articles of association, the minimum notice period required for convening a general meeting is ten days. When a general meeting is
convened, you may not receive notice sufficiently in advance to withdraw the shares underlying your ADSs to allow you to vote with respect
to any specific matter. If we ask for your instructions, the depositary will notify you of the upcoming vote and will arrange to deliver
our voting materials to you. We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the
depositary to vote your shares. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions
or for their manner of carrying out your voting instructions. This means that you may not be able to exercise your right to vote and you
may have no legal remedy if the shares underlying your ADSs are not voted as you requested.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The depositary for the  ADSs will
give us a discretionary proxy to vote our Class A ordinary shares underlying your ADSs if you do not vote at shareholders&#8217;
meetings, except in limited circumstances, which could adversely affect your interests.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the deposit agreement
for the ADSs, if you do not vote, the depositary will give us a discretionary proxy to vote our Class A ordinary shares underlying your
ADSs at shareholders&#8217; meetings unless:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">we have failed to timely provide the depositary with
    notice of meeting and related voting materials;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">we have instructed the depositary that we do not wish
    a discretionary proxy to be given;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">we have informed the depositary that there is substantial
    opposition as to a matter to be voted on at the meeting; or</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">a matter to be voted on at the meeting would have
    a material adverse impact on shareholders.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The effect of this discretionary
proxy is that if you do not vote at shareholders&#8217; meetings, you cannot prevent our Class A ordinary shares underlying your ADSs
from being voted, except in the circumstances described above. This may make it more difficult for shareholders to influence the management
of our company. Holders of our ordinary shares are not subject to this discretionary proxy.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>You may not receive dividends or other
distributions on our Class A ordinary shares and you may not receive any value for them, if it is illegal or impractical to make them
available to you.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary of the ADSs
has agreed to pay to you the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited
securities underlying the ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the number
of Class A ordinary shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical
to make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs
if such distribution consists of securities that require registration under the Securities Act but that are not properly registered or
under exemption. The depositary may also determine that it is not feasible to distribute certain property through the mail. Additionally,
the value of certain distributions may be less than the cost of mailing them. In these cases, the depositary may determine not to distribute
such property. We have no obligation to register under U.S. securities laws any ADSs, ordinary shares, rights or other securities received
through such distributions. We also have no obligation to take any other action to permit the distribution of ADSs, ordinary shares, rights
or anything else to holders of ADSs. This means that you may not receive distributions we make on our ordinary shares or any value for
them if it is illegal or impractical for us to make them available to you. These restrictions may cause a material decline in the value
of the ADSs.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>You may experience dilution of your holdings
due to inability to participate in rights offerings.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may, from time to time,
distribute rights to our shareholders, including rights to acquire securities. Under the deposit agreement, the depositary will not distribute
rights to holders of ADSs unless the distribution and sale of rights and the securities to which these rights relate are either exempt
from registration under the Securities Act with respect to all holders of ADSs, or are registered under the provisions of the Securities
Act. The depositary may, but is not required to, attempt to sell these undistributed rights to third parties, and may allow the rights
to lapse. We may be unable to establish an exemption from registration under the Securities Act, and we are under no obligation to file
a registration statement with respect to these rights or underlying securities or to endeavor to have a registration statement declared
effective. Accordingly, holders of ADSs may be unable to participate in our rights offerings and may experience dilution of their holdings.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>You may be subject to limitations on transfer
of your ADSs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Your ADSs are transferable
on the books of the depositary. However, the depositary may close its books at any time or from time to time when it deems expedient when
performing its duties. The depositary may close its books from time to time for a number of reasons, including in connection with corporate
events such as a right offering, during which the depositary needs to maintain an exact number of ADS holders on its books for a specified
period. The depositary may also close its books in emergencies, and on weekends and public holidays. The depositary may refuse to deliver,
transfer or register transfers of the ADSs generally when the share register or the books of the depositary are closed, or at any time
if we or the depositary thinks it is advisable to do so because of any requirement of law or of any government or governmental body, or
under any provision of the deposit agreement, or for any other reason.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 4. INFORMATION ON THE COMPANY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A. History and development of the company</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an exempted company
with limited liability incorporated in the Cayman Islands. We conduct our business primarily through our subsidiaries and affiliated
entities in China, the United Kingdom, the United States and Canada. As of the date of this annual report, we have a network of eight
kindergartens in China and a number of learning centers for after-school programs through certain contractual arrangements with the VIEs,
which in turn controls and holds these kindergartens and learning centers. As of the date of this annual report, we operate eight overseas
schools and three language training institutions, which we may also refer to as international language schools, through Bright Scholar
(UK) Holdings Limited, a wholly owned subsidiary of ours.  We trace our history back to the founding of Guangdong Country Garden School,
our first private school, in 1994. Over the past two decades, we have launched and acquired a number of schools and complementary education
services in China, the United Kingdom, the United States and Canada.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beginning in 2016, we underwent
a series of restructurings. In particular:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Incorporation of the listing entity. In December 2016,
    Ms. Meirong Yang incorporated Bright Scholar Holdings in the Cayman Islands.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Acquisition of Impetus. In January 2016, we acquired Impetus Investment
Ltd. (&#8220;Impetus&#8221;), a Cayman Islands company from Mr. Junli He, our former director and executive vice chairman, and other selling
shareholders.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Incorporation of PRC subsidiary. In January 2017,
    Time Education China Holdings Limited incorporated Zhuhai Bright Scholar, as our wholly-owned subsidiary in China.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Contractual arrangements. In January 2017, we, through
    our PRC subsidiary, Zhuhai Bright Scholar, entered into a series of contractual arrangements with (1) BGY Education Investment and
    the schools and subsidiaries it owns and operates, and (2) Ms. Meirong Yang and Mr. Wenjie Yang, the shareholders of BGY Education
    Investment, to obtain effective control of BGY Education Investment and the schools and subsidiaries it owns and operates (the &#8220;2017
    contractual arrangements&#8221;).</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2021, shareholder
of BGY Education Investment, <i>i.e.</i>, Ms. Meirong Yang and Mr. Wenjie Yang, established a few new entities, including Foshan Meiliang
Education Technology Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd., Foshan
Yongliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd. and Beijing Boteng Consulting Co., Ltd. On August
13, 2021, a set of agreements supplementary to the 2017 contractual arrangements were entered into among Zhuhai Bright Scholar, BGY Education
Investment, Ms. Meirong Yang and Mr. Wenjie Yang, and these new entities to enable them, as well as their subsidiaries, to join the 2017
contractual arrangements and share the same rights and obligations, if applicable, of BGY Education Investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been advised by
our PRC legal counsel that the contractual arrangements among Zhuhai Bright Scholar, BGY Education Investment and the subsidiaries
and schools it held, and Ms. Meirong Yang and Mr. Wenjie Yang as the shareholders of BGY Education Investment were valid, binding and enforceable under PRC laws and regulations before August 31, 2021, and were not in violation of PRC laws or
regulations in effect as of August 31, 2021; and the respective contractual arrangements with Foshan Meiliang Education Technology
Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd., Foshan Yongliang
Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd. and Beijing Boteng Consulting Co., Ltd. are valid,
binding and enforceable under PRC laws and regulations, and are not in violation of PRC laws or regulations currently in effect. If
the VIEs, Ms. Meirong Yang and Mr. Wenjie Yang fail to perform their obligations under the contractual arrangements, we could be
limited in our ability to enforce the contractual arrangements that give us the effective control over the VIEs. See &#8220;Item 3.
Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Corporate Structure&#8212;We rely on contractual arrangements with
the VIEs and their shareholders for our operations in China, which may not be as effective in providing control as director
ownership.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been advised by our PRC legal counsel, however, that there
are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly,
the PRC regulatory authorities may in the future take a view that is contrary to the above opinion of our PRC legal counsel. We have been
further advised by our PRC legal counsel that if the PRC government finds that the contractual arrangements that establish the structure
for operating our education services business in China do not comply with relevant PRC government restrictions on foreign investment in
the education services industry, we could be subject to severe penalties, including being prohibited from continuing operations. For a
detailed description of the risks associated with our corporate structure, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks
Related to Our Corporate Structure&#8221; and &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business
in China.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to maintain effective control over the VIEs, we will
not be able to continue to consolidate the financial results of the VIEs into our financial results. We concluded that we have lost control
over the private schools among the Affected Entities since August 31, 2021 based on the relevant accounting standard in accordance with
U.S. GAAP due to the Implementation Rules that became effective on September 1, 2021. We have determined that, in substance, we had ceased to recognize revenues for all activities related to the Affected
Entities with compulsory education and discontinued all business activities with such entities, by August 31, 2021 while continuing to
provide essential services to keep these schools open. The revenue contribution of our continuing operations accounted for 43.9% of our total revenues in the 2020 fiscal
year and 37.8% in the 2021 fiscal year. Further, as a holding company, our ability to generate profits, pay dividend and other cash distributions
to our shareholders depends principally on our ability to receive dividends and other distributions from our PRC subsidiary, Zhuhai Bright
Scholar, which in turn depends on the service fees paid to Zhuhai Bright Scholar from our schools and other affiliated entities. We, through
our PRC subsidiary, Zhuhai Bright Scholar, have entered into an exclusive management services and business cooperation agreement with
each of the VIEs, pursuant to which we provide service to our schools in exchange for the payment of service fees. The services fees we
are entitled to collect under the agreement are calculated as the balance of general income less any costs, taxes and other reserved fees
stipulated by laws and regulations. In practice, we evaluate on a case-by-case basis the performance and future plans of individual schools
before determining the amount we collect from each school. We do not have unfettered access to the revenues from our PRC subsidiaries
or affiliated entities due to the significant PRC legal restrictions on the payment of dividends by PRC companies, foreign exchange control
restrictions, and the restrictions on foreign investment, among others. For example, under the applicable requirements of PRC law, our
PRC subsidiaries may only distribute dividends after they have made allowances to fund certain statutory reserves and each private school
in China is required to allocate a certain amount to its development fund prior to payments of dividend. In particular, our for-profit&#160;schools
must allocate no less than 10% of their annual net income, and our non-profit&#160;schools must allocate no less than 10% of their annual
increase in their unrestricted&#160;net assets for such purposes. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks
Related to Doing Business in China&#8212;Our subsidiaries and affiliated entities in China are subject to restrictions on making dividends
and other payments to us.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We listed the  ADSs
on the New York Stock Exchange under the symbol &#8220;BEDU&#8221; on May 18, 2017 and completed an initial public offering of
17,250,000 ADSs on June 7, 2017, raising approximately US$174.7 million in net proceeds after deducting underwriting commissions and
the offering expenses payable by us. On March 2, 2018, we completed a follow-on public offering of 10,000,000 ADSs, raising
approximately US$181.4 million in net proceeds after deducting underwriting commissions and the offering expenses payable by us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2018, our board
approved a share repurchase program (the &#8220;2018 Share Repurchase Program&#8221;) to repurchase up to US$100.0 million worth of our
outstanding ADSs within 12 months. The 2018 Share Repurchase Program has expired on April 30, 2019 and as of such date, we had repurchased
6,679,183 of our outstanding ADSs for an aggregate purchase price of approximately US$77 million, pursuant to the 2018 Share Repurchase
Program. In September 2019, our board approved a share repurchase program (the &#8220;2019 Share Repurchase Program&#8221;) to repurchase
up to US$30.0 million worth of our outstanding ADSs within 12 months. The 2019 Share Repurchase Program expired on November 19, 2020
and as of such date we had repurchased 1,200,000 of our outstanding ADSs for an aggregate purchase price of approximately US$9.4 million
pursuant to the program. In November 2020, our board approved a share repurchase program (the &#8220;2020 Share Repurchase Program&#8221;)
to repurchase up to US$50.0 million worth of our outstanding ADSs within 12 months.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2019, we issued senior
notes in the aggregate principal amount of US$300.0 million, with interests of 7.45% per annum and maturing on July 31, 2022 at an issue
price of 100.0% in reliance on Regulation S under the Securities Act. We listed such senior notes on the Stock Exchange of Hong Kong
Limited by way of debt issues to professional investors (as defined in Chapter 37 of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited and in the Securities and Futures Ordinance (Cap. 571) of Hong Kong) only. As of the date of
this annual report, we have redeemed all outstanding senior notes matured on July 31, 2022. Upon the completion of such redemption, all
senior notes have been cancelled and delisted from the official list of the Stock Exchange of Hong Kong Limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 29, 2022, our board
of directors received a preliminary non-binding proposal letter (the &#8220;Proposal&#8221;) dated the same date from Ms. Huiyan Yang,
our ex-chairlady, and Ms. Meirong Yang (collectively, the &#8220;Buyer Group&#8221;) proposing to acquire all of our outstanding Class
A ordinary shares, including Class A Shares represented by ADSs, and Class B ordinary shares that are not already beneficially owned
by the Buyer Group for a purchase price of US$0.83 per share in cash in a going private transaction (the &#8220;Proposed Transaction&#8221;),
subject to certain conditions. Our board of directors formed a special committee consisting of three then independent directors, Mr.
Peter Andrew Schloss, Mr. Jun Zhao and Mr. Ronald J. Packard, to evaluate and consider the Proposed Transaction. On December 29, 2022,
our board of directors <span>received a letter dated the same date from the Buyer Group, informing us&#160;</span>the&#160;<span>decision
of the Buyer Group to withdraw the Proposal dated&#160;April 29, 2022 and forego the Proposal to privatize our company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective on August 19, 2022,
we changed the ratio of the ADSs to Class A ordinary shares from the then&#160;ADS&#160;ratio&#160;of one ADS to one Class A ordinary
share to a new&#160;ADS&#160;ratio&#160;of one ADS representing four Class A ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive office
is located at No.1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong, zip code 528300, China. Our principal phone
number is (86)-757-2991-6814. Our registered office in the Cayman Islands is located at the offices of Conyers Trust Company (Cayman)
Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Investors should submit any inquiries to
the address and telephone number of our principal executive offices. Our website is www.brightscholar.com. The information contained
on our website is not a part of this annual report. Our agent for service of process in the United States is Law Debenture Corporate
Services Inc., located at 801 2nd Avenue, Suite 403, New York, New York 10017.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For information regarding our principal capital expenditures, see &#8220;Item
5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Capital Expenditures.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>B. Business Overview</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a global premier education
service company, which primarily provides quality international education service to global students and equip them with the critical
academic foundation and skillsets necessary to succeed in the pursuit of higher education. As part of our global expansion plan, we have
been actively exploring mergers and acquisition opportunities abroad to expand our global school network, targeting quality K-12 private
education providers and reputable schools in our targeted overseas countries and jurisdictions. As of the date of this annual report,
we have eight overseas school located in the United Kingdom and the United States.  During the 2022 school year, we had an average of
3,548 students enrolled at our schools for our continuing operations. Bright Scholar Holdings, our ultimate Cayman Islands holding company,
does not have any substantive operations other than indirectly controlling the VIEs through certain contractual arrangements, and indirectly
holding Bright Scholar (UK) Holdings Limited, through which we operate our overseas schools.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our continued business includes
domestic kindergartens and K-12 operation services, overseas schools and complementary education services. As a global premier education
service provider, we have built our global presence primarily through acquiring established overseas schools and language training institutions
in countries such as the United Kingdom and the United States. Leveraging our experience and insights into learning needs at different
stages, our kindergartens seek to lay the necessary foundation for our students&#8217; future studies. We also offer a range of complementary
education services, primarily including camp programs, after-school programs, through our network of learning centers in China, as well
as international education consulting services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For our continuing operations,
our revenue was RMB1,476.3 million, RMB1,401.8 million and RMB1,714.0 million (US$248.8 million) for the 2020, 2021 and 2022 fiscal years,
respectively; our net loss was RMB307.3 million, RMB535.1 million and RMB703.5 million (US$102.1 million) for the same periods, respectively.
We use adjusted net loss, which excludes share-based compensation expense, amortization of intangible assets, tax effect of amortization
of intangible assets, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment loss on intangible
assets, impairment loss on property and equipment, and income/(loss) from discontinued operations, net of tax, in evaluating our ongoing
results of operations. Our adjusted net loss was RMB283.6 million, RMB420.2 million and RMB141.7 million (US$20.6 million) for the 2020,
2021 and 2022 fiscal years, respectively. See &#8220;Item 5. Operating and Financial Review and Prospectus&#8212;A. Operating Results&#8212;Results
of Operations&#8212;Non-GAAP measures&#8221; for details.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Overseas Schools</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this annual
report, we have an overseas school network of eight schools, including seven schools in the United Kingdom and one in the United States,
with an average of 2,377 enrolled students for the 2022 school year. As a global premier education provider, we have built our global
presence primarily through overseas acquisition of schools and education services in countries such as the United Kingdom and the United
States.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2018, we acquired
BCS, an established independent school located in the United Kingdom. BCS offers day and boarding education from two to 18 years of age,
and has a strong global inclusive philosophy based on a traditional UK education.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2019, we acquired
CATS, which operates five overseas schools and three language training institutions across the United Kingdom and the United States as
of the date of this annual report. In addition, we granted a third party the right to use the brands
&#8220;CATS&#8221; and &#8220;Cambridge School of Visual &amp; Performing Arts&#8221; for the operation of two campuses in Shanghai, China.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2019, we acquired
St. Michael&#8217;s School and BIC located in the United Kingdom. St. Michael&#8217;s School offers day and boarding education from three
to 18 years of age, comprising predominantly day students and boarders from more than 15 countries. BIC provides independent boarding
education to pupils from the United Kingdom and other countries from 13 to 19 years of age.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth certain information about each of our overseas schools.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; padding-left: 9.25pt; text-indent: -9pt"><span style="font-size: 10pt"><b>Name</b></span></td>
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    <td style="padding-bottom: 1.75pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.75pt; text-align: center">&#160;</td>
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    <td style="padding-bottom: 1.75pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.75pt; text-align: center">&#160;</td>
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    <td style="padding-bottom: 1.75pt; text-align: center">&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
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  <tr>
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  <tr style="background-color: #CCEEFF">
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  <tr style="background-color: #CCEEFF">
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    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">the United States</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">July 2019</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">227</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">326</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td></tr>
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    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">420</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom; padding-bottom: 4.25pt">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 4.25pt; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 4.25pt">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 4.25pt; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 4.25pt">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 4.5pt double">&#160;</td>
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    <td style="vertical-align: bottom; padding-bottom: 4.25pt">&#160;</td>
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    <td style="vertical-align: bottom; padding-bottom: 4.25pt">&#160;</td>
    <td style="vertical-align: bottom; padding-bottom: 4.25pt">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 4.5pt double">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bournemouth Collegiate School (BCS)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Bournemouth Collegiate School
is an established independent school located in Bournemouth, Dorset, England. It offers day and boarding education from age 2&#8212;18
on two campuses. It has a strong global inclusive philosophy based on a traditional UK education. Bournemouth Collegiate School has an
average of 676 students enrolled for the 2022 school year, including local students and international boarders from 10 countries.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>CATS Colleges</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CATS Colleges is an international
school network focused primarily on the provision of quality education services to international students with a globally integrated
platform of campuses located across the United Kingdom and the United States. As of the date of this annual report, CATS Colleges comprised
five schools in Cambridge, London, Canterbury and Boston as well as three language training institutions in the United Kingdom.  It has
a diverse mix of over 1,136 students from around 76 nationalities in the 2022 school year.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2020, we decided
to permanently cease the operation of the four language training institutions in the United States as a resource conserving measure in
response to the challenges posed by the COVID-19 pandemic. In December 2021, we sold one language training institutions in the United
Kingdom and two institutions in Canada to focus on the operation of the remaining three language training institutions in the United
Kingdom.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>St. Michael&#8217;s School</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">St. Michael&#8217;s School
is an established independent school in the United Kingdom. Located in Llanelli, Wales. It offers day and boarding education from age
three to 18. Established in 1923, the school has an inclusive philosophy for all its students based on a traditional UK education, and
was named Welsh Independent Secondary School of the Year 2019 in The Sunday Times Parent Power rankings and regularly ranking in the
United Kingdom&#8217;s top 30 Independent Schools for A level results. The school has an average of 423 students enrolled for the 2022
school year, comprised predominantly of day students as well as boarding students from more than 30 countries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Bosworth Independent College (BIC)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BIC is a leading independent
boarding college in the United Kingdom. Located in Northampton, England, it provides independent boarding education to pupils from the
United Kingdom and abroad from 13 to 19 years of age. Established in 1977, it was ranked in the UK&#8217;s Top 100 Coeducational Boarding
Schools by A Level results in 2018. The school has an average of 142 students enrolled for the 2022 school year, including boarding students
from 10 countries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Complementary Education Services</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide complementary
education services to students from our schools and others. These complementary education services further enhance students&#8217; overall
learning experience and generate synergies with our school operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Camp programs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have organized summer
and winter camp programs in certain countries, including the United Kingdom, the United States and Australia. We also offer summer school
programs, which are more rigorous and allow our participants to study for specific courses or prepare for standardized tests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this annual
report, we have developed business collaborations with a number of overseas universities and high schools as the local hosts of our camps
or summer school programs. We work together with our partners to design programs and activities to improve the participants&#8217; English
communication skills, expand their knowledge and develop a familiarity with college environments and international cultures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our overseas camp programs
typically take place on university campuses and include various activities, such as classes and excursions. For high school students,
we offer tours to different universities during our programs. These visits allow participants to become familiar with the overseas campuses,
talk with admissions officers and spend time with our alumni currently studying at each university. Some of our camp programs include
a homestay, which allows the participants to get an inside look at Western family dynamics and form supportive friendships in an immersive
English-speaking environment. We send our teachers to escort the students during their tours. By participating in the summer and winter
camps, we believe our students not only broaden their horizons and improve their English proficiency, but also clarify their academic
goals and enhance their motivation to pursue overseas studies after graduating from our schools.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to overseas camps, we have launched our domestic camp
programs by opening our first campground, Lake Forest Camp, in Huizhou, Guangdong province at the beginning of 2019. Taking full advantage
of its outdoor adventure facilities, we provide different kinds of activities on the land and in the water, which encourage personal growth,
team cooperation and leadership. Lake Forest Camp targets students from both our own schools and schools outside our network. In June
2019, we acquired a 25% equity interest in Start Camp Education (&#8220;Start Camp&#8221;). Start Camp provides one-stop solution in camp
layout and program design for education department of local governments, education groups and real estate developers. In September 2020,
we entered into an agreement to acquire 60% equity interests in Jiangxi Leti Camp Education Technology Co., Ltd. (&#8220;Leti Camp&#8221;),
which specializes in providing summer and winter camp activities for teenagers and owns a comprehensive product offering in Hands-on Inquiry
Based Learning (HIBL) and camp business. We have launched our new camp programs in Fuzhou, Nanchang, Yichun, Pingxiang, Fengcheng and
Jiujiang, Jiangxi Province, Wuzhen and Jiaxing, Zhejiang Province, Xiangyang and Xianning, Hubei Province, Qingdao, Shandong Province,
Jurong, Jiangsu Province, Changsha, Hunan Province, and Huizhou, Guangzhou and Qingyuan, Guangdong Province. We plan to launch our new
camp programs in three to five provinces in the coming year. In the future, we plan to launch more domestic summer and winter camp programs,
which will target students enrolled in our schools as well as students outside our network and feature STEAM activities, <i>i.e.</i>,
activities related to science, technology, engineering, art and math.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 66; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our overseas camp
programs were adversely affected by the COVID-19 pandemic due to the global travel freeze resulted therefrom. In response, we
developed domestic travel study programs, which are complementary to our students&#8217; classroom education and allow students to
study and explore humanities, history, technology, nature, etc., depending on the theme of each program. As of the date of this
annual report, we provide options for 36 domestic camp programs and eight overseas camp programs. As of the same date, our domestic
camp programs include 22 summer school programs and 14 domestic travel study programs. In the 2022 fiscal year, approximately 45,000
students participated in our domestic and overseas camp programs as well as domestic travel study programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>After-school programs</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>English proficiency training</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We offer English proficiency
development courses to children aged from five to 15 through a network of 18 learning centers located in Beijing, Shanghai and Guangdong
province under the brand of &#8220;&#233;lan.&#8221; Our goal is to help children improve their general English proficiency. To this
end, we have adopted a holistic language learning approach, which immerses children in an English-speaking environment and requires them
to think, learn and communicate with the mindset of native speakers. Our learning centers are staffed only by native English speakers
as instructors and are equipped with libraries containing age-appropriate English-language books and audio materials suited to English
learners of different proficiency levels. In the 2022 school year, we had an average of 58 instructors in our learning centers. In the
2022 fiscal year, we had an average student enrollment of 2,757 for English proficiency training.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Extracurricular programs</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
offer a wide range of extracurricular programs primarily to children</span>.<span style="font-family: Times New Roman, Times, Serif">
Our programs encompass popular subjects, such as art, soccer and programmable robotics. Our programs supplement in-classroom learning
and promote the well-balanced development of children. Our programs also help children tap into their interests and potential that benefit
their study or career goals. We work with our partners on these programs.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also strategically
invested in the acquisition of equity interest in Hangzhou Impression Arts Training Co., Ltd. (&#8220;Hangzhou Impression&#8221;), a Zhejiang-based
art training institution, to supplement the extracurricular programs we offer. See &#8220;&#8212;Our Expansions and Investments.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Overseas Study Consulting Services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We offer overseas study education
consulting services to better serve our students in and outside of our network of schools. As of the date of this annual report, we have
strategically invested in the acquisitions of equity interests in several providers of education consulting services, including Can-achieve
(Beijing) Education Consulting Co., Ltd. (&#8220;Can-achieve&#8221;) and FGE Holdings Limited and its subsidiaries (&#8220;FGE&#8221;).
See &#8220;&#8212;Our Expansions and Investments.&#8221; Through these strategic acquisitions, we are able to provide a comprehensive
range of services covering K-12 education as well as consulting services from application to overseas universities, which we believe will
drive our future growth.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Career counselling and International Contest
Training Services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also offer career counselling
and international contest training services to students. We have strategically invested in the acquisitions of equity interests in services
provider for career counselling and international contest training, such as Chengdu Yinzhe Education and Technology Co., Ltd. (&#8220;Chengdu
Yinzhe&#8221;) and Shanghai Huodai Business Information Consulting Co., Ltd. (&#8220;Linstitute&#8221;) to provide students around the
globe with access to high quality education.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Domestic Kindergartens</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this annual
report, we have eight kindergartens in China, all of which are registered as for-profit kindergartens.  In the 2022 school year, our
kindergartens had an average of 1,171 students.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our kindergartens provide
an active and healthy learning environment to help students develop their potential and personality, appreciate diverse cultures and
lay the foundation to drive future success. In our kindergartens, we integrate elements of traditional Chinese culture with international
cultural awareness through language classes and cultural activities. </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth certain information about each of our domestic kindergartens.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="white-space: nowrap; border-bottom: black 1.5pt solid; padding-left: 10.25pt; text-indent: -10pt"><span style="font-size: 10pt"><b>Name</b></span></td>
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    <td style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Location</b></span></td>
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    <td style="white-space: nowrap; padding-bottom: 1.75pt; text-align: center">&#160;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Average
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    <td style="white-space: nowrap; padding-bottom: 1.75pt; text-align: center">&#160;</td>
    <td style="white-space: nowrap; padding-bottom: 1.75pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; vertical-align: bottom; white-space: nowrap; text-align: center"><span style="font-size: 10pt"><b>Average
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    of students enrolled<br/>
    during the 2022<br/>
    school year</b></span></td>
    <td style="white-space: nowrap; padding-bottom: 1.75pt; text-align: center">&#160;</td>
    <td style="white-space: nowrap; padding-bottom: 1.75pt; text-align: center">&#160;</td>
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    September 1,<br/>
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    <td style="white-space: nowrap; padding-bottom: 1.75pt; text-align: center">&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; width: 17%; padding-left: 10.25pt; text-indent: -10pt"><span style="font-size: 10pt">Baoding Baigou
    New City Shenghua Country Garden Kindergarten</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
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    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%; text-align: center">&#160;</td>
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    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 12%; text-align: right"><span style="font-size: 10pt">203</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="text-align: right; vertical-align: bottom; width: 1%">&#160;</td>
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    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="text-align: right; vertical-align: bottom; width: 1%">&#160;</td>
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  <tr>
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    Garden Kindergarten</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">Dongguan, Guangdong</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
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  <tr style="background-color: #CCEEFF">
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    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">November 2017</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">118</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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  <tr>
    <td style="vertical-align: bottom; padding-left: 10.25pt; text-indent: -10pt"><span style="font-size: 10pt">Foshan Shunde Beijiao
    Country Garden Guilanshan Kindergarten</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">Foshan, Guangdong</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">147</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">270</span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; padding-left: 10.25pt; text-indent: -10pt"><span style="font-size: 10pt">Dongguan Dongcheng Bright
    Scholar Kindergarten</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">Dongguan, Guangdong</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">March 2020</span></td>
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    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">99</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">270</span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-left: 10.25pt; text-indent: -10pt"><span style="font-size: 10pt">Guangzhou Zengcheng Fettes
    College Kindergarten Co., Ltd.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">Guangzhou, Guangdong</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">June 2020</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; padding-left: 10.25pt; text-indent: -10pt"><span style="font-size: 10pt">Chengdu Pidu Bright Scholar
    Kindergarten</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">Chengdu, Sichuan</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">September 2020</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-size: 10pt">50</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right; vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="padding-bottom: 1.5pt; vertical-align: bottom; padding-left: 10.25pt; text-indent: -10pt"><span style="font-size: 10pt">Huizhou
    Huiyang Lelebao Shenhui City Kindergarten</span></td>
    <td style="padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">Huizhou, Guangdong</span></td>
    <td style="padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center">&#160;</td>
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    <td style="padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom">&#160;</td>
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    <td style="padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom">&#160;</td>
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    <td style="padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: right">&#160;&#160;<span style="font-size: 10pt">270</span></td>
    <td style="padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-bottom: 4pt; vertical-align: bottom; padding-left: 10.25pt; text-indent: -10pt"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td style="padding-bottom: 4pt; vertical-align: bottom"><b>&#160;</b></td>
    <td style="padding-bottom: 4pt; vertical-align: bottom; text-align: center"><b>&#160;</b></td>
    <td style="padding-bottom: 4pt; vertical-align: bottom"><b>&#160;</b></td>
    <td style="padding-bottom: 4pt; vertical-align: bottom; text-align: center"><b>&#160;</b></td>
    <td style="padding-bottom: 4pt; vertical-align: bottom; text-align: center"><b>&#160;</b></td>
    <td style="padding-bottom: 4pt; vertical-align: bottom"><b>&#160;</b></td>
    <td style="padding-bottom: 4pt; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; vertical-align: bottom"><b>&#160;</b></td>
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    <td style="padding-bottom: 4pt; vertical-align: bottom"><b>&#160;</b></td>
    <td style="padding-bottom: 4pt; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: right; vertical-align: bottom"><b>&#160;</b></td>
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    <td style="padding-bottom: 4pt; vertical-align: bottom"><b>&#160;</b></td>
    <td style="padding-bottom: 4pt; vertical-align: bottom"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: right; vertical-align: bottom"><b>&#160;</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Discontinued Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Discontinued Domestic Kindergartens</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to the effectiveness
of the Implementation Rules, we have concluded that we have lost control of 68 domestic kindergartens since August 31, 2021 and that
such VIE contractual arrangements with them has become invalid since then and, we have thus classified them as discontinued
operations. As of September 1, 2022, these discontinued domestic kindergartens had a total capacity of 26,680 students.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Discontinued Bilingual and International
Schools</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to the effectiveness
of the Implementation Rules, we have concluded that we have lost control of the international schools and bilingual schools previously
in our school network as well as the sponsor entities of such schools since August 31, 2021 and that such VIE contractual arrangements
with them has become invalid since then and, we have thus classified them as discontinued operations. As of September 1, 2022, these Discontinued Bilingual and International
Schools had a total capacity of 44,582 students.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the 2022 school year,
the total average number of teachers and instructors employed at these schools of our discontinued operations was 3,479.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Centralized Management</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have provided services
of a centralized management system for our domestic school network, through which we manage and oversee certain aspects of our kindergartens
across our network, including school administration, supply procurement and sharing and development of teaching resources, to support
and facilitate management of our schools as well as to ensure consistency in the quality of our education. For our overseas operations,
we have established a center of excellence to centralize certain functions of management, including finance, IT, human resources, procurement,
marketing and admissions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sharing and development of teaching resources</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to maintain and
improve our teaching quality, some of our schools share their teaching resources with each other and jointly hold teacher development
workshops. We also operate a centralized teaching staff recruitment program through which we hire and deploy teachers and educational
staff within our school network based on each school&#8217;s needs and teacher preferences. We intend to continue to leverage the availability
of our teaching resources at different schools within our network to ensure consistency in teaching quality.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Education material and equipment procurement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We make procurement decisions
regarding teaching materials and equipment and other education supplies for our schools in the same geographical areas to improve our
operating efficiency, maximize economies of scale and enhance our overall bargaining power with suppliers. Such procurement choices include
those for catering, textbooks, school uniforms, classroom furniture, computers, kitchen equipment, tableware and office appliances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>School administration</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To improve our service efficiency,
we have centralized our finance, marketing, human resources, legal and information technology functions. We have adopted a series of
policies and procedures relating to general corporate governance matters, which are aimed at strengthening the management and government
of our company and our schools. For example, in the 2018 fiscal year, we implemented an ERP system where we centralize the collection
and analysis of budgeting, procurement and financial information and data, which enhanced the efficiency of our data management processes,
adding value to the overall operation of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Expansions and Investments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January 2016, we
acquired &#233;lan, an English proficiency training business. In March 2018, we acquired an additional 49% equity interest in
Can-achieve to supplement our test preparation and college counseling business to improve our students&#8217; university admission
results. As of the date of this annual report, we hold a total of 70% equity interest in Can-achieve. In June 2018, we acquired a
75% equity interest in FGE, which is primarily engaged in providing overseas study consulting services. In December 2018, we
acquired a 75% equity interest in Chengdu Yinzhe, which is primarily engaged in offering online career and education mentoring
services to overseas Chinese students under the brand of &#8220;DreambigCareer.&#8221; In December 2018, we acquired BCS in the
United Kingdom, which offers day and boarding education from ages two to 18. In March 2019, we purchased a 70% equity interest in
Hangzhou Impression, a Zhejiang-based art training institution. In June 2019, we acquired a 25% equity interest in Start Camp, which
provides one-stop solution in camp layout and program design for education department of local governments, education groups and
real estate developers in China. In July 2019, we acquired CATS, which operates five overseas schools and three language training
institutions across the United Kingdom and the United States as of the date of this annual report. In September 2019, we acquired
St. Michael&#8217;s School and BIC located in the United Kingdom. In July 2020, we acquired a 51% equity interest in Shanghai Huodai
Business Information Consulting Co., Ltd. (&#8220;Linstitute&#8221;), which offers high-quality and outcomes-focused online training
services including Academic Olympiad and other world-wide recognized international courses. In September 2020, we entered into an
agreement to acquire a 60% equity interest in Leti Camp, which specializes in providing summer and winter camp activities for
teenagers and owns a comprehensive product offering in Hands-on Inquiry Based Learning (HIBL) and camp business. We plan to continue
to make strategic investments into and acquisitions of overseas schools and complementary businesses to better serve our students
and drive our future growth.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2018, we also
entered into a partnership agreement with third-parties to establish an investment fund under which we agreed to invest a total of RMB999.8
million in promoting the establishment and operations of K-12 education centers, bilingual schools and international schools. However,
due to uncertainties in government regulations, we have decided not to pursue the plan any further and have withdrawn all of our investment
in the fund.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Students</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Student admission</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our students enrolled in our kindergartens are primarily Chinese nationals
from relatively affluent families. Our overseas schools recruit students from around the world, with a student body comprising around
76 different nationalities for the 2022 school year. The majority of the students in our overseas schools are from 14 to 18 years old.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Student and parent support services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generally have small class
sizes across our domestic school network in order to provide each student with close and frequent teacher interactions and individual
attention and support. Our teachers assist students through academic difficulties with personalized remedial measures, including additional
practice materials and instructive sessions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also maintain regular
communication with the parents of our students and provide them with complementary seminars and training on education programs, university
applications and parenting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Teachers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Teacher qualifications</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have assembled a team of
teachers with extensive experience in education. Our schools are staffed with different levels of teachers and educational staff. Certain
senior teachers have managerial responsibilities in addition to their responsibilities as instructors. Educational staff include teaching
assistants, librarians and medical staff. We seek to employ teachers that have a passion for teaching, mastery of their subject areas,
strong communication skills and proficiency in employing innovative and effective teaching methods. In the 2022 fiscal year, we had an
average of 750 teachers and instructors globally.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Teacher recruitment</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our teachers are critical
to maintaining the quality of our programs and services and in promoting our brand and reputation. We place particular importance on
recruiting teachers who are appropriately qualified and experienced. For our overseas schools, we also expect teachers to have a wealth
of international experience across the world of academia. We implement a centralized recruitment program that seeks to hire teachers
and educational staff and deploy them across our domestic school network based on each kindergarten&#8217;s needs and teacher preferences.
We screen candidates for strong academic credentials, dedication and knowledge in the relevant teaching subjects, and commitment to serving
students&#8217; needs. We require our teachers for schools in China to possess the appropriate qualifications required by PRC regulatory
authorities, including the foreign expert certificate in the case of foreign teachers. We believe that teacher candidates are attracted
to our schools because of our reputation, commitment to quality education, financial strength and competitive compensation package. To
enhance our retention rate, we also allow our teachers to laterally transfer within our school network.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Teacher training</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are committed to providing
ongoing professional development for our teachers and principals, in the form of online, on-campus or one-on-one training and support
sessions. From time to time, we organize seminars on professional training in cooperation with prestigious institutions. We also invite
veteran teachers to participate in school administration by offering them management training with the possibility of promotion to principal
positions. The opportunity for ongoing professional training and career advancement is not always available at private schools in China
and is a key differentiator in our ability to attract, develop and retain talented teachers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Teachers in our overseas
schools are continuously assessed under Continues Development, a program that measure the effectiveness and quality of their teaching
and provide them with the right learning environment that enables them to adapt teaching methods and use innovative tools to delivery
academic excellence.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Tuition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We charge our students tuition,
boarding and other applicable fees generally prior to the beginning of each semester. Tuition and fees being paid in arrears is subject
to special approval. We also accept monthly payment of fees at certain kindergartens we operate. We offer a partial refund if a student
withdraws in the predetermined period. We may also offer tuition discounts to certain of Country Garden&#8217;s homeowners, our employees
and employees of Country Garden. Tuition refund or discounts did not materially and adversely affect our business, results of operations
or financial position. We have limited discretion in determining the types and amounts of fees we charge under the current PRC regulatory
regime. For example, in accordance with the relevant local regulations, if we increase the tuition at our schools in Guangdong province
in a certain school year, such increase will generally not affect the existing students until they complete their current section of education
at the same schools. In determining the amount of tuition we charge, we consider factors including the demand for our education programs,
the cost of our operations, the geographic markets where our schools are located, the tuition charged by our competitors, our pricing
strategy to gain market share and general economic conditions in China. Our tuition and fees charged for internationally accredited programs
are typically higher than that for government-mandated curricula, which reflects the additional educational and operational resources
associated with administering the former. For the 2022 school year, we charged average tuition and fees of RMB27,070 for domestic kindergartens
and RMB227,363 for overseas schools.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Research and Curriculum Development</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe we have devoted
significant resources to our research and curriculum development efforts which are reflected in the course materials and effective teaching
methods. We work with school teachers to develop, update and improve school curricula and course materials based upon students&#8217;
needs and the latest official government curricula or course outlines issued by the relevant international programs. As students&#8217;
academic ability levels vary, our curricula are designed with the flexibility to address a particular student&#8217;s strengths and weaknesses.
Our teaching and research department works with school teachers to prepare or update such course curricula, and revises the curricula
based on feedback from the classroom. To ensure our education quality can be upheld across schools, we have dedicated a professional
team to designing curricula for the programs implemented in our schools and to keep our teaching materials updated with reference to
the latest educational trends. Our overseas schools are continuously developing curriculum and academic extension activities to prepare
students for admission to top universities. For example, preparation for students applying to Oxbridge has included preparation for admissions
tests, workshops with a drama specialist to prepare students for interview, and mock interviews with academics from the University of
Cambridge. Additionally, our overseas schools develop curricula in specific subject areas, which focus on the skills needed for interested
students&#8217; success at university.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August 2019, we entered
into an agreement with National Center for School Curriculum and Textbook Development (&#8220;NCCT&#8221;) and National Institute for
Curriculum and Textbook Research (&#8220;NICTR&#8221;), to jointly establish a research base for fundamental education curriculum reform.
Through this agreement, NCCT and NICTR will assist us in the development of a forward-looking and systematic five-year curriculum plan
and annual curriculum reform guidance. In addition, they will also assist in the optimization of our current curriculum to advocate our
core values in education.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Marketing</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We historically marketed our
schools in China primarily to students from families that purchased residential units developed by Country Garden. We distributed marketing
brochures and offer site tours of our school to prospective home buyers visiting the sales centers for residential properties developed
by Country Garden. Our relationship with Country Garden is synergistic because our schools enable Country Garden to meet the requisite
local governmental requirements or market needs for schools in its residential communities and we may offer preferential student placements
and tuition discounts as an incentive to prospective home buyers. We believe that the availability of and convenient access to quality
education is a significant factor that drives home buying decisions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we have gradually forged
a reputation for quality education through a proven track record of success over the years, we began to attract students from families
other than Country Garden&#8217;s homeowners. We have also implemented a variety of marketing methods to enhance the brand recognition
of our schools. By doing so, we intend to continue creating and implementing a standard corporate identity across all our schools. We
take measures to increase word-of-mouth referrals which have been instrumental to attracting new students and building our brand. We
have also strengthened our marketing strategy to drive student recruitment, and built up our marketing teams at both headquarters and
regional levels to assist student&#8217;s recruitment, while allocating more marketing and promotional budgets for schools in the ramp-up
stage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Referrals. Word-of-mouth referrals by former and current students and
their families have been a significant source of our student enrollment. We actively work with our alumni and current students to encourage
them to recommend our programs to prospective students.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Promotional events. From time to time, we organize promotional and
recruiting events to provide real-time, on-site opportunities for our prospective students to learn more about our services and programs,
as well as to meet our teachers and staff. For example, we joined SPBCN to hold an online English spelling contest with more than 3,300
registered contestants.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Media advertising. From time to time, we may publish articles on popular
    local newspapers to promote our brand awareness and advocate for our education philosophy. We have also placed advertisements on
    searching engines and internet portals in China.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our overseas schools depend
on advertisements on related websites such as university targeted websites, generic campaigns on platforms such as Facebook and Instagram,
and educational agencies to market themselves and recruit students. We have also assembled a team of specialists to offer support, training
and guidance to the educational agencies and assist them in student recruitment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The education service market
in China is rapidly evolving, highly fragmented and competitive. We compete with a number of private kindergarten operators. We may also
compete with local private kindergartens and quality education service providers in each region we have a presence. Similarly, our overseas
schools compete against large operators such as Nord Anglia and Alpha Plus in the United Kingdom, as well as standalone private schools
in each region. We believe we are well-positioned to replicate our success and compete effectively based on the following factors:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">scalable business model;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">operating knowledge;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">ability to recruit and retain students;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">ability to recruit and retain principals and teaching staff;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">relationship with local education authorities, international program
    accreditors and overseas colleges and universities; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">relationship with other key stakeholders, such as real estate developers.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Properties and Facilities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently occupy a total
combined gross floor area of approximately 22,140 square meters of facilities developed by Country Garden, all of which is leased. By
utilizing the properties developed by Country Garden we avoid significant capital expenditures in connection with land procurement and
facilities construction. We may also provide preferential student placements and tuition discounts to homeowners of the Country Garden
properties. In recognition of our synergistic relationship, Country Garden adopted an internal policy that designates us as a preferred
school operator partner, under which we are entitled to the right of first refusal on school development projects in connection with
its new residential properties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this annual
report, we also own 60 properties and lease 35 facilities in the United Kingdom and the United States for school campuses and office
use.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have obtained a license
to use certain trademarks, including &#8220;Country Garden&#8221; from Country Garden free of charge for a term expiring in 2028 and
2030. We have applied for or registered trademarks relating to our logos and names, including &#8220;Bright Scholar&#8221; and &#8220;Bo
Shi Le&#8221; in China. As of the date of this annual report, we have registered 100 trademarks including &#8220;&#233;lan,&#8221;
with the PRC Trademark Office and major domain names used for our operation with the China Internet Network Information Center, including
www.brightscholar.com, brightscholar.net, www.bgyedu.cn, &#21338;&#23454;&#20048;.cn and &#21338;&#23454;&#20048;.com.  As of the date
of this annual report, we have registered a total of 71 trademarks and 71 domain names with relevant authorities in jurisdictions where
we operate internationally. From time to time, we are required to obtain licenses with respect to course materials owned by third parties
for our education services, in particular for our international program which requires foreign-language education materials. We own copyrights
to the course content we developed in-house.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our trademarks and other
intellectual property rights distinguish our services and products from those of our competitors and contribute to our ability to compete
in our target markets. To protect our intellectual properties, we rely on a combination of trademark, copyright and trade secret laws.
We have confidentiality clauses in our employment agreements with our employees to protect our intellectual property rights, and also
monitor any infringement or misappropriation of our intellectual property rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Insurance</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain various insurance
policies to safeguard against risks and unexpected events. We maintain insurance to cover students and teachers&#8217; medical expenses
for injuries they might sustain at our schools. We also maintain insurance to cover our liability should any injuries occur at our schools.
In addition, we maintain property insurance for our vehicles. We do not maintain business interruption insurance, product liability insurance
or key-man life insurance. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Business&#8212;We have
limited insurance coverage with respect to our business and operations.&#8221; We consider our insurance coverage to be in line with that
of other private K-12 education providers of a similar scale in China.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we are
subject to legal proceedings, investigations and claims during the ordinary course of our business. We are not currently a party to any
legal proceeding or investigation which, in the opinion of our management, is likely to have a material adverse effect on our business,
financial condition or results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Regulations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate our business in
China under a legal regime consisting of the National People&#8217;s Congress, which is the country&#8217;s highest legislative body,
the State Council, which is the highest authority of the executive branch of the PRC central government, and several ministries and agencies
under its authority, including the MOE, the Ministry of Industry and Information Technology, the State Administration for Market Regulation,
the Ministry of Civil Affairs and their respective local offices. The section summarizes the principal PRC regulations related to our
business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>PRC Laws and Regulations Relating to Foreign
Investment in Education</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Special Administrative Measures for Access
of Foreign Investment (Negative List) (2021 Version)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Foreign Investment
Industries Guidance Catalog (Amended in 2015), or the Foreign Investment Catalog, which was amended and promulgated by National Development
and Reform Commission, or the NDRC, and the MOFCOM on March 10, 2015 and became effective on April 10, 2015, kindergarten education,
high school education and higher education are restricted industries for foreign investors, and foreign investments are only allowed
to invest in kindergarten education, high school education and higher education in cooperative ways and the domestic party shall play
a dominant role in the cooperation. In addition, according to the Foreign Investment Catalog, foreign investors are prohibited from investing
in compulsory education, <i>i.e.</i>, primary school to middle school.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sino-foreign cooperation
in operating schools is specifically governed by the Regulation on Operating Sino-foreign Schools of the PRC, which was promulgated by
the State Council on March 1, 2003 and became effective on September 1, 2003 and amended on July 18, 2013, the Law for Promoting Private
Education of the PRC, and the Implementing Rules for the Regulations on Operating Sino-foreign Schools or the Implementing Rules, which
were issued by the MOE on June 2, 2004 and became effective on July 1, 2004.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 18, 2012, the MOE
issued the Implementation Opinions of the MOE on Encouraging and Guiding the Entry of Private Capital in the Fields of Education and
Promoting the Healthy Development of Private Education to encourage private investment and foreign investment in the field of education.
According to these opinions, the proportion of foreign capital in a PRC-foreign education institute shall be less than 50%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Foreign Investment Industries
Guidance Catalog (2017 Revision), or the 2017 Catalog, which was promulgated on June 28, 2017 and took effect on July 28, 2017 replacing
the abovementioned Foreign Investment Industries Guidance Catalog (2015 Revision), contains the same types of industry categories.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Special Administrative Measures for Access of Foreign Investment
(Foreign Investment Access Negative List) set forth in the 2017 Catalog was replaced by the Special Administrative Measures for Access
of Foreign Investment (Negative List) (2018 Version), or the 2018 Negative List, promulgated on June 28, 2018 with effect on July 28,
2018, which imposes the same restriction and prohibition on foreign investors in the education sector besides one additional ban on religious
education institutes. On June 30, 2019, the MOFCOM and the NDRC jointly released the Catalog of Industries Encouraging Foreign Investment
(2019 Version), or the 2019 Encouraged Catalog, which became effective on July 30, 2019 and replaced the previous list of the industries
in which foreign investment is encouraged to invest under the 2017 Catalog, and the Special Administrative Measures for Access of Foreign
Investment (Negative List) (2019 Version), or the 2019 Negative List, which became effective on July 30, 2019 and replaced the 2018 Negative
List. On June 23, 2020, the MOFCOM and the NDRC jointly released the Special Administrative Measures for Access of Foreign Investment
(Negative List) (2020 Version), or the 2020 Negative List, which superseded the 2019 Negative List on July 23, 2020. On December 27, 2021,
the NDRC and the MOFCOM jointly released the Special Administrative Measures for Access of Foreign Investment (Negative List) (2021 Version),
or the 2021 Negative List which came into effect on January 1, 2022 and replaced the 2020 Negative List. The 2021 Negative List remains
unchanged with respect to the education industry, while it further provides that any domestic enterprise, which is engaged in the field
of business that foreign investment is prohibited from investing as set forth in the 2021 Negative List, shall be examined and approved
by the relevant state authorities before issuing shares and listing and trading abroad. Besides, any foreign investor shall not participate
in the management of such domestic enterprise, and its shareholding ratio shall follow the relevant provisions regulating foreign investors&#8217;
investment in domestic securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this annual
report, our domestic kindergartens fall within restricted industries for foreign investors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Regulations on Private Education in the
PRC</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Education Law of the PRC</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 18, 1995, the National
People&#8217;s Congress of the PRC, or the NPC, enacted the Education Law of the PRC, or the Education Law, which was amended on August
27, 2009. The Education Law sets forth provisions relating to the fundamental education systems of the PRC, including a school education
system comprising kindergarten education, primary education, secondary education and higher education, a system of nine-year compulsory
education, a national education examination system, and a system of education certificates. The Education Law stipulates that the government
formulates plans for the development of education, establishes and operates schools and other education institution. Furthermore, it
provides that in principle, enterprises, social organizations and individuals are encouraged to establish and operate schools and other
types of education institutions in accordance with PRC laws and regulations. Meanwhile, no organization or individual may establish or
operate a school or any other education institution for profit-making purposes. The Education Law was amended on December 27, 2015, and
further amended on April 29, 2021. The amended Education Law repudiates a specific paragraph of the old law, which prohibits any organization
or individual from establishing or operating a school or any other education institution for profit-making purposes. Nevertheless, schools
and other education institutions sponsored wholly or partially by government financial funds and donated assets remain prohibited from
being established as for-profit organizations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The Law for Promoting Private Education and
the Implementation Rules</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Law for Promoting Private Education of the PRC became effective
on September 1, 2003 and was amended on June 29, 2013 and on December 29, 2018, and the Implementation Rules became effective on April
1, 2004 and was amended on April 7, 2021 and the amended version became effective on September 1, 2021. Under these regulations, &#8220;private
schools&#8221; are defined as schools established by social organizations or individuals using non-government funds. Private schools providing
academic qualifications education, kindergarten education, education for self-study examination and other education shall be subject to
approval by the education authorities at or above the county level, while private schools engaging in occupational qualification training
and occupational skill training shall be subject to approvals from the authorities in charge of labor and social welfare at or above the
county level. A duly approved private school will be granted a Permit for Operating a Private School, and shall be registered with the
Ministry of Civil Affairs of the PRC, or the MCA, or its local counterparts as a privately run non-enterprise institution. Each of our
schools has obtained the Permit for Operating a Private School and has been registered with the relevant local counterpart of the MCA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the above regulations,
the operations of a private school are highly regulated. For example, the types and amounts of fees charged by a private school providing
academic qualifications education shall be approved by relevant government authorities and publicly disclosed, and a private school that
provides non-academic qualifications education shall file its pricing information with the relevant government authorities and publicly
discloses such information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to PRC laws and
regulations, entities and individuals who establish private schools are commonly referred to as &#8220;sponsors&#8221; rather than &#8220;owners&#8221;
or &#8220;shareholders.&#8221; The economic substance of &#8220;sponsorship&#8221; with respect to private schools is substantially similar
to that of shareholder&#8217;s ownership with respect to companies in terms of legal, regulatory and tax matters. For example, the name
of the sponsor shall be entered into the private schools&#8217; articles of association and Permit for Operating a Private School, similar
to that of shareholders where their names shall be entered into the company&#8217;s articles of associations and corporate records filed
with relevant authority. From the perspective of control, the sponsor of a private school also has the right to exercise ultimate control
over the school by means such as adopting the private school&#8217;s constitutional documents, electing the school&#8217;s decision-making
bodies, including the school&#8217;s board of directors and principals. The sponsor can also profit from the private schools by receiving
&#8220;reasonable returns,&#8221; as explained in detail below, or disposing its sponsorship interests in the schools for economic gains.
However, the rights of sponsors vis-&#224;-vis private schools also differ from the rights of shareholders vis-&#224;-vis companies.
For example, under the PRC laws, a company&#8217;s ultimate decision-making body is its shareholders meeting, while for private schools,
it is the board of directors, though the members of which are substantially appointed by the sponsor. The sponsorship interest also differs
from the ownership interests with regard to the right to the distribution of residual properties upon liquidation of a private school,
mainly because private education is treated as a public welfare undertaking under the current regulations. While private education is
treated as a public welfare undertaking under the current regulations, sponsors of a private school may choose to require &#8220;reasonable
returns&#8221; from the annual net balance of the school after deduction of costs for school operations, donations received, government
subsidies (if any), the reserved development fund and other expenses as required by the regulations. Private schools, whether for-profit or non-profit, may enjoy national
preferential tax treatments, while non-profit private schools shall be entitled to the same preferential tax treatment as public schools. To date, however, no regulations have been promulgated by such authorities
in this regard.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Decision of the Standing
Committee of the National People&#8217;s Congress on Amending the Law for Promoting Private Education of the PRC, or the Amendment, was
promulgated by Order No. 55 of the President of the PRC on November 7, 2016 and came into force on September 1, 2017.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Amendment, the
term &#8220;reasonable return&#8221; is no longer used and sponsors of private school may choose to establish non-profit or for-profit
private schools at their own discretion, while before the Amendment, all private schools shall not be established for for-profit purposes.
Nonetheless, school sponsors are not allowed to establish for-profit private schools that are engaged in compulsory education. In other
words, the schools engaged in compulsory education should retain their non-profit status after the Amendment comes into force.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Amendment further establishes
a new classification system for private schools to be classified by whether they are established and operated for profit-making purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Amendment,
the key features of the aforesaid new classification system for private schools include the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">sponsors of for-profit private schools are entitled to retain the profits
    and proceeds from the schools and the operation surplus may be allocated to the sponsors pursuant to the PRC Company Law and other
    relevant laws and regulations;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">sponsors of non-profit private schools are not entitled to the distribution
    of profits or proceed from the non-profit schools and all operation surplus of non-profit schools shall be used for the operation
    of the schools;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">for-profit private schools are entitled to set their own tuition and
    other miscellaneous fees without the need to seek prior approvals from or report to the relevant government authorities. The collection
    of fees by non-profit private schools, on the other hand, shall be regulated by the provincial, autonomous regional or municipal
    governments;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">private schools (for-profit and non-profit) may enjoy preferential
    tax treatments. Non-profit private schools will be entitled to the same tax benefits as public schools. Taxation policies for for-profit
    private schools after the Amendment taking effect are still unclear as more specific provisions are yet to be introduced;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">where there is construction or expansion of a non-profit private school,
    the school may acquire the required land use rights in the form of allocation by the government as a preferential treatment. Where
    there is construction or expansion of a for-profit private school, the school may acquire the required land use rights by purchasing
    them from the government;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">the remaining assets of non-profit private schools after liquidation
    shall continue to be used for the operation of non-profit schools. The remaining assets of for-profit private schools shall be distributed
    to the sponsors in accordance with the PRC Company Law; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">people&#8217;s governments at or above the county level may support
    private schools by subscribing to their services, provision of student loans and scholarships, and leases or transfers of unused
    state assets. The governments may further take such measures as government subsidies, bonus funds and incentives for donation in
    support of non-profit private schools.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 29, 2016,
the State Council issued the Several Opinions of the State Council on Encouraging the Operation of Education by Social Forces and
Promoting the Healthy Development of Private Education, or the State Council Opinions, which requires to ease the access to the
operation of private schools and encourages social forces to enter into the education industry. The State Council Opinions also
provides that each level of the people&#8217;s governments shall increase their support to the private schools in terms of financial
investment, financial support, autonomy policies, preferential tax treatments, land policies, fee policies, autonomy operation,
protecting the rights of teachers and students etc. Further, the State Council Opinions require each level of the people&#8217;s
governments to improve its local policies on government support to for-profit and non-profit private schools by ways of preferential
tax treatments etc. In addition, under the State Council Opinions, private schools shall strengthen its construction of the Chinese
Communist Party, or the CCP, and further the theoretical system of Socialism with Chinese Characteristics by introducing such system
into textbooks and teaching programs. The construction of the CCP&#8217;s organizations by the private schools as well as the
CCP&#8217;s leadership to private schools shall constitute an important part of such school&#8217;s annual inspection.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 30, 2016, the
MOE, MCA, SAIC, the Ministry of Human Resources and Social Welfare and the State Commission Office of Public Sectors Reform jointly issued
the Implementation Rules on the Classification Registration of Private Schools to reflect the new classification system for private schools
as set out in the Amendment. Generally, if a private school established before promulgation of the Amendment chooses to register as a
non-profit school, it shall amend its articles of association, continue its operation and complete the new registration process. If such
private school chooses to register as a for-profit school, it shall conduct financial liquidation process, have the property rights of
its assets such as lands, school buildings and net balance being authenticated by relevant government authorities, pay up relevant taxes,
apply for a new Permit for Operating a Private School, re-register as for-profit schools and continue its operation. As of the date of this annual report, the majority of provincial governments
in the PRC have promulgated their local rules which detail but for the most part repeat the provisions contained in the abovementioned
state rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 30, 2016, the
MOE, SAIC and the Ministry of Human Resources and Social Welfare jointly issued the Implementation Rules on the Supervision and Administration
of For-profit Private Schools, pursuant to which the establishment, division, merger and other material changes of a for-profit private
school shall first be approved by the education authorities or the authorities in charge of labor and social welfare, and then be registered
with the competent branch of SAIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 1, 2017, SAIC
and MOE jointly issued the Notice of Relevant Work on the Registration and Management of the Name of For-Profit Private Schools, which
specifies the requirements on the names of for-profit private schools.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 29, 2018, the
Decision of the Standing Committee of the National People&#8217;s Congress on Amending the Seven Laws of the Labor Law of the People&#8217;s
Republic of China was promulgated by Order No.24 of the President of the PRC and took effect on the same date, which made two minor adjustments
to Article 26 and Article 64 of the Law for Promoting Private Education of the PRC. These minor adjustments do not materially affect
our business and operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 14, 2021, the State Council announced the amended version
of the Implementation Rules of the Law for Promoting Private Education, the other details of the operation requirement of non-profit schools
and for-profit schools will further of the PRC, or the Implementation Rules, which became effective on September 1, 2021. Pursuant to
the Amended Regulations, (1) foreign-invested enterprises established in China and social organizations whose actual controllers are foreign
parties shall not sponsor, participate in or actually control private schools that provide compulsory education, (2) social organizations
or individuals shall not control any private school that provides compulsory education or any non-profit private school that provides
pre-school education by means of merger, acquisition, contractual arrangements, etc., and (3) private schools providing compulsory education
shall not conduct any transaction with any related party. Where a private school other than private schools providing compulsory education
conducts transactions with any related party, it shall follow the principles of openness, fairness and equality, determine the reasonable
fees and regulate the decision-making, and shall not do detriment to the state interests, the interests of the school or the rights and
interests of the teachers and students, otherwise, there is a risk of being ordered to make corrections within a time limit, and the illegal
gains, if any, shall be confiscated after the fees collected are returned; if the circumstances are serious, the sponsor, actual controller
and member of the decision-making body or supervisory body shall not become the sponsor, actual controller or member of the decision-making
body or supervisory body of other private school within one to five years; if the circumstances are especially serious with adverse social
impact, the sponsor, actual controller and member of the decision-making body or supervisory body shall not become the sponsor, actual
controller and members of the decision-making body or supervisory body of other private school permanently; if a violation of public security
administration is constituted, the public security organ shall impose a public security administration punishment according to law; if
a crime is constituted, criminal responsibility shall be investigated in accordance with the law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">For a detailed discussion on
how the Amendment and the above regulations will affect our schools, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks
Related to Our Business&#8212;Our compliance with the Implementation Rules has materially and adversely affected and may continue to materially
and adversely affect our business, financial condition, results of operations and prospect in the future, and we have been subject to
significant limitations on our ability to engage in the private for-profit education business and may otherwise be materially and adversely
affected by changes in PRC laws and regulations.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Besides the Amendment and
the above regulations, the other details of the operation requirement of non-profit schools and for-profit schools will further be provided
in implementation regulations that are yet to be introduced:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">the local regulations relating to legal person registration
    of for-profit and non-profit private schools; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">the specific measures to be formulated and promulgated
    by the competent authorities responsible for the administration of private schools in the province(s) in which our schools are located,
    including but not limited to the specific measures for registration of pre-existing private schools, the specific requirements for
    authenticating various parties&#8217; property rights and payment of taxes and fees of for-profit private schools, taxation policies
    for for-profit private schools, measures for the collection of non-profit private schools&#8217; fees.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this annual
report, certain local governments, such as Jiangsu province and Hebei province, have promulgated their local regulations relating to
legal person registration and administration for private schools and certain local governments, such as Guangdong province, Jiangsu province,
Hubei province, Hebei province, Gansu province, and Anhui province, have promulgated general guidance to encourage the development of
private schools. Among these local regulations and guidance, some local governments, such as Hubei province, Hebei province, and Anhui
province, require the existing private schools to register either as for-profit or non-profit schools within a specific time period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Regulations on compulsory education</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Law for
Compulsory Education of the PRC, which was promulgated by the NPC on April 12, 1986 and was amended by the tenth Standing Committee of
the NPC on June 29, 2006 and by the twelfth Standing Committee of the NPC on April 24, 2015, and by the thirteenth Standing Committee
of the NPC on December 29, 2018, a nine-year system of compulsory education, including six years of primary school and three years of
middle school, was adopted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, the MOE issued the
Reform Guideline on the Curriculum System of Compulsory Education (Trial) on June 8, 2001, which became effective on the same date, pursuant
to which schools providing compulsory education shall follow a &#8220;state-local-school&#8221; three-tier curriculum system. In other
words, schools must follow the state curriculum standard for state courses, while the local education authorities have the power to determine
the curriculum standard for other courses, and schools may also develop curriculum that are suitable for their specific needs provided
that the state curriculum shall be completely maintained.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 23, 2019, the Central
Committee of the Communist Party of China and the State Council promulgated the Opinions on Deepening the Reform of Educational Teaching
and Thoroughly Enhancing the Quality of Compulsory Education, which lays out more stringent requirements for textbooks that are permitted
to be used in compulsory education.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 16, 2019, the
MOE issued the Administrative Measures on Primary and Secondary School Textbooks, which details the regulations on the authoring, vetting,
publication and schools&#8217; selection of primary and secondary school textbooks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 6, 2020, the General
Office of the MOE issued the Notice on Negative List of Excessive and Advanced Training in Six Subjects of Compulsory Education (Trial).
According to the Notice, extracurricular training institutions are prohibited from providing for students in primary schools and middle
schools excessive and advanced training relating to six subjects, namely, Chinese, Math, English, Physics, Chemistry and Biology. For
example, the difficulties of education contents provided by extracurricular training institutions shall not exceed the difficulties of
contents in textbooks used in corresponding compulsory education classes, and the extracurricular education targeting students in primary
schools shall not include contents expected to be taught in middle schools, and the extracurricular education targeting students in middle
schools shall not include contents expected to be taught in high schools.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Regulations on the operation of high schools</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MOE has promulgated several
regulations on the operation of high schools, which mainly concern the choice of textbooks, the curriculum system and the graduation
exam system.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Circular
of the Central Office of the MOE on the Selection of the Trial Textbooks for the Curriculum of High Schools promulgated on April 26,
2005 and the Interim Measures for the Management of the Selection of the Primary and Middle School Textbooks promulgated and came into
effect on September 30, 2014, the textbooks used by the primary and middle schools can only be selected from the catalog issued by the
MOE; and the provincial education authority is in charge of textbook selection within its relevant administrative jurisdiction and has
the power to approve the curriculum system applied in the primary and middle schools within the province.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, the MOE issued the
Notice on Developing Trial Curriculum System in High Schools, the Guidance on Strengthening Instruction on Developing Trial Curriculum
System in High Schools, the Notice on Propelling 2006 Trial Curriculum System in High Schools and the Notice on Propelling 2007 Trial
Curriculum System in High Schools from 2003 through 2007, pursuant to which the MOE developed a new curriculum system in high schools
nationwide, and the implementation of such curriculum system is carried on mainly by the provincial education authorities while the MOE
mainly provides guidance to its local counterparts. Under the guidelines of the MOE and subject to approval by the respective provincial
education authorities, the high schools may adopt their own unique curriculum system.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Regulations on After-School Tutoring</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The State Council issued
an Opinion on Supervising After-School Tutoring Institutions (&#8220;Circular 80&#8221;) on August 22, 2018, which provides various guidance
on regulating after-school tutoring institutions that target primary and secondary school students. Circular 80 requires that after-school
tutoring institutions obtain school operating permits and other legally required licenses and permits, and instructs relevant governmental
authorities to strengthen their supervisions and regulations on after-school tutoring institutions. Circular 80 also standardizes the
approval and registration processes of after-school tutoring institutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Measures for Punishment for Violation of Professional
Ethics of Primary and Secondary School Teachers</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The Measures for Punishment
for Violation of Professional Ethics of Primary and Secondary School Teachers as promulgated by MOE on January 11, 2014 and amended on
November 8, 2018 prohibits teachers of primary and secondary schools from providing paid tutoring in schools or in out-of-school learning
centers. Some provinces and cities where our schools are located have adopted more stringent regulations which prohibit public school
teachers from teaching, on a part-time basis, at private schools or learning centers. For a detailed description of the risk associated
with these matters, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Business&#8212;We may be unable
to recruit, train and retain a sufficient number of qualified and experienced teachers and principals.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Opinions on Regulating the Development and
Deepening of the Reform of Pre-school Education</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">On November 7, 2018, the Central
Committee of the Communist Party of China and the State Council promulgated the Opinions on Regulating the Development and Deepening of
the Reform of the Pre-School Education, which provides, among others, that (1) private kindergartens forming part or all of the assets
of a listing vehicle are prohibited from listing on stock markets; (2) non-governmental capital is prohibited from controlling state-owned
or collectively-owned kindergartens and non-profit kindergartens by ways of mergers and acquisitions, entrusted management, franchising,
variable interest entities arrangements, or other forms of control agreements; (3) for-profit kindergartens which participate in acquisitions,
franchising or chain operation shall file with education departments of the county level or above and make available to the public agreements
entered into with relevant interested enterprises; (4) listed companies are prohibited from investing in for-profit kindergartens through
financing through stock markets, and should not purchase assets of for-profit kindergartens by cash, issuance of shares or other similar
means; and (5) provincial legislative bodies should promulgate implementing measures by June 2019 with regard to the election of private
kindergartens to be registered as non-profit or for-profit schools and specify time-frame requirements for such registration. For a detailed
description of the associated risks, see &#8220;Item 3. Key Information&#8212;Risks Factors&#8212;Risks Related to Our Business&#8212;Our
ability to maintain the operation of our kindergartens and to expand our kindergarten network may be limited due to our listing status
as well as the PRC laws and regulations, which may in turn affect our results of operations.&#8221; On September 7, 2020, the MOE published
the Draft Preschool Education Law for public comments. The Draft Preschool Education Law is expected to tighten restrictions over kindergartens
in pursuing profits and specify legal liabilities for the violation of such restrictions.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>PRC Laws and Regulations Relating to Trademark
and Domain Name</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trademark</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Trademark
Law of the PRC, or the Trademark Law, which was revised on April 23, 2019 and with effect from November 1, 2019, registered trademarks
refer to trademarks that have been approved and registered by the Trademark Office of the National Intellectual Property Administration,
which include commodity trademarks, service trademarks, collective marks and certification marks. The trademark registrant shall enjoy
an exclusive right to use the trademark, which shall be protected by law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Domain name</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Measures
for the Administration of Internet Domain Names of China, which was promulgated by the Ministry of Industry and Information Technology
of the PRC on August 24, 2017 and with effect from November 1, 2017, &#8220;domain name&#8221; shall refer to the character mark of hierarchical
structure, which identifies and locates a computer on the internet and corresponds to the Internet protocol (IP) address of that computer
and the principle of &#8220;first come, first serve&#8221; is followed for the domain name registration service. Domain name applicants
shall provide true, accurate and complete identification of the domain name holder as requested by the domain name registration service
provider.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>PRC Laws and Regulations Relating to Foreign
Exchange</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The principal regulation
governing foreign currency exchange in China is the Foreign Exchange Administration Rules of the PRC. These were promulgated by the State
Council of the PRC on January 29, 1996 and with effect from April 1, 1996 and were amended on January 14, 1997 and August 5, 2008. Under
these rules, Renminbi is generally freely convertible for payments of current account items, such as trade and service-related foreign
exchange transactions and dividend payments, but not freely convertible for capital account items, such as direct investment, loan or
investment in securities outside China, unless the prior approval of the SAFE or its local counterparts is obtained.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Foreign Exchange
Administration Rules, foreign-invested enterprises in the PRC may, without the approval of SAFE, make a payment from their foreign exchange
accounts at designated foreign exchange banks for paying dividends with certain evidencing documents (such as board resolutions, tax
certificates), or for trade and services-related foreign exchange transactions by providing commercial documents evidencing such transactions.
They are also allowed to retain foreign currency (subject to a cap approval by SAFE) to satisfy foreign exchange liabilities. In addition,
foreign exchange transactions involving overseas direct investment or investment and trading in securities, derivative products abroad
are subject to registration with SAFE or its local counterparts and approval form or filling with the relevant PRC government authorities
(if necessary).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Circular
on the Management of Offshore Investment and Financing and Round Trip Investment By Domestic Residents through Special Purpose Vehicles,
or Circular 37, which was promulgated on July 14, 2014 and with effect from the same day, before a domestic resident contributes its
legally owned onshore or offshore assets and equity into a Special Purpose Vehicle, or SPV, the domestic resident shall be required to
register with the local branch of SAFE for foreign exchange registration of overseas investments before contributing the domestic and
overseas lawful assets or interests to a SPV, and to update such registration in the event of any change of basic information of the
registered SPV or major change in the SPV&#8217;s capital, including increases and decreases of capital, share transfers, share swaps,
mergers or divisions. The SPV is defined as an &#8220;offshore enterprise directly established or indirectly controlled by the domestic
resident (including domestic institution and individual resident) with their legally owned assets and equity of the domestic enterprise,
or legally owned offshore assets or equity, for the purpose of investment and financing&#8221;; &#8220;Round Trip Investments&#8221;
refer to &#8220;the direct investment activities carried out by a domestic resident directly or indirectly via an SPV, that is, establishing
a foreign-invested enterprise or project within the PRC through a new entity, merger or acquisition and other ways, while obtaining ownership,
control, operation and management and other rights and interests&#8221;. In addition, according to the procedural guidelines as attached
to the Circular 37, the principle of review has been changed to &#8220;the domestic individual resident is only required to register
the SPV directly established or controlled (first level)&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Circular of the
State Administration of Foreign Exchange on Further Simplifying and Improving the Direct Investment-related Foreign Exchange Administration
Policies, or Circular 13, which was promulgated on February 13, 2015 and implemented June 1, 2015, the initial foreign exchange registration
for establishing or taking control of a SPV by domestic residents can be conducted with a qualified bank, instead of the local foreign
exchange bureau, and the Circular 13 also simplifies some procedures relating to foreign exchange for direct investments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 30, 2015, the SAFE
promulgated the Circular on Reforming the Management Approach regarding the Settlement of Foreign Exchange Capital of Foreign-invested
Enterprises, or Circular 19, which came into effect from June 1, 2015. According to Circular 19, the foreign exchange capital of foreign-invested
enterprises shall be subject to the Discretional Foreign Exchange Settlement. The Discretional Foreign Exchange Settlement refers to
the foreign exchange capital in the capital account of a foreign-invested enterprise for which the rights and interests of monetary contribution
has been confirmed by the local foreign exchange bureau (or the book-entry registration of monetary contribution by the banks) can be
settled at the banks based on the actual operational needs of the foreign-invested enterprise. The proportion of Discretional Foreign
Exchange Settlement of the foreign exchange capital of a foreign-invested enterprise is temporarily determined to be 100%. The Renminbi
converted from the foreign exchange capital will be kept in a designated account and if a foreign-invested enterprise needs to make further
payment from such account, it still needs to provide supporting documents and go through the review process with the banks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SAFE issued the Circular
on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or Circular 16, on June 9,
2016, which became effective simultaneously. Pursuant to Circular 16, enterprises registered in the PRC may also convert their foreign
debts from foreign currency to Renminbi on a self-discretionary basis. Circular 16 provides an integrated standard for conversion of
foreign exchange under capital account items (including but not limited to foreign currency capital and foreign debts) on self-discretionary
basis which applies to all enterprises registered in the PRC. Circular 16 reiterates the principle that Renminbi converted from foreign
currency-denominated capital of a company may not be directly or indirectly used for purposes beyond its business scope or prohibited
by PRC laws or regulations, while such converted Renminbi shall not be provided as loans to its non-affiliated entities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 81; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 26, 2017, SAFE
promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Authenticity and Compliance Verification,
or Circular 3, which took effect on the same date. Circular 3 sets out various measures to tighten authenticity and compliance verification
of cross-border transactions and cross-border capital flow, which include without limitation requiring banks to verify board resolutions,
tax filing form, and audited financial statements before wiring foreign invested enterprises&#8217; foreign exchange distribution above
US$50,000, and strengthening genuineness and compliance verification of foreign direct investments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 23, 2019, SAFE
issued the Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment,
or the Circular 28, which took effect on the same date. Circular 28 allows non-investment foreign-invested enterprises to use their capital
funds to make equity investments in China, with genuine investment projects and in compliance with effective foreign investment restrictions
(negative list) and other applicable laws. However, as the Circular 28 was newly issued, there are still substantial uncertainties as
to its interpretation and implementations in practice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of the date of this annual
report, all PRC residents known to us that currently have direct or indirect interests in our company have completed the necessary registrations,
as required by Circular 37. For a detailed description of the risk associated with the non-completion of such process, see &#8220;Item
3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;A failure by the beneficial owners of our
shares who are PRC residents to comply with certain PRC foreign exchange regulations could restrict our ability to distribute profits,
restrict our overseas and cross-border investment activities and subject us to liability under PRC law.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Regulations on loans to and direct investment
in the PRC entities by offshore holding companies</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Implementation
Rules for the Provisional Regulations on Statistics and Supervision of Foreign Debt promulgated by SAFE on September 24, 1997 and the
Interim Provisions on the Management of Foreign Debts promulgated by SAFE, the NDRC and the MOF and effective from March 1, 2003, loans
by foreign companies to their subsidiaries in China, which accordingly are foreign-invested enterprises, are considered foreign debt,
and such loans must be registered with the local branches of the SAFE. Under the provisions, the total amount of accumulated medium-term
and long-term foreign debt and the balance of short-term debt borrowed by a foreign-invested enterprise is limited to the difference
between the total investment and the registered capital of the foreign-invested enterprise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Provisional
Regulations for the Proportion of Registered Capital to Total Amount of Investment of Joint Ventures Using Chinese and Foreign Investment
issued by SAIC on February 17, 1987 and Decision on Amending the Provisions on the Merger or Acquisition of Domestic Enterprises by Foreign
Investors issued by MOFCOM on August 8, 2006, if the registered capital of a foreign-invested enterprise is less than US$2.1 million,
its total investment amount may not exceed 1.4 times the registered capital; if the registered capital of a foreign-invested enterprise
is more than US$2.1 million but less than US$5 million, its total investment amount may not exceed two times the registered capital;
if the registered capital of a foreign-invested enterprise is more than US$5 million but less than US$12 million, its total investment
amount may not exceed 2.5 times the registered capital; and if the registered capital of a foreign-invested enterprise is more than US$12
million, its total investment amount may not exceed three times the registered capital.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to the Measures
for the Administration of Foreign Debt Registration issued by SAFE on April 28, 2013, the statutory limit on the amount of loans from
an overseas shareholder to a foreign-invested enterprise is the difference between the total investment amount and the registered capital
of the foreign-invested enterprise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 12, 2017, the
People&#8217;s Bank of China promulgated Notice of the People&#8217;s Bank of China on Issues Concerning Macro Prudential Management
of Full Scale Cross-border Financing, or PBOC Circular 9. According to PBOC Circular 9, the People&#8217;s Bank of China establishes
a cross-border financing regulation system and the legal entities and financial institutions established in PRC excluding government
financing vehicles and real estate enterprise, may carry out cross-border financing of foreign currency in accordance with relevant regulations.
PBOC Circular 9 provides that, among other things, the outstanding amount of the foreign currency for the entities in cross-border financing,
shall be limited to the upper limit of the risk-weighted balance of such entity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The enterprise shall, after
signing the cross-border financing contract, but not later than three business days before the withdrawal of the borrowing funds, file
with the local branches of SAFE for the cross-border financing through SAFE&#8217;s capital project information system. PBOC Circular
9 also provides that during the one-year period starting from January 11, 2017, foreign-invested enterprises may choose one method to
carry out cross-border financing in foreign currency either according to PBOC Circular 9 or according to the Interim Provisions on the
Management of Foreign Debts. After the end of such one-year period, the method of foreign-invested enterprises to carry out cross-border
financing in foreign currency will be determined by the People&#8217;s Bank of China and SAFE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 14, 2015, the
National Development and Reform Commission promulgated Notice on Promoting the Administrative Reform of the Filing and Registration System
for Enterprises&#8217; Issuance of Foreign Debts, or NDRC Circular 2044. According to NDRC Circular 2044, an enterprise that plans to
issue foreign debts shall apply to the National Development and Reform Commission in advance for filing, registration, and report issuance
information to the National Development and Reform Commission within 10 business days after the completion of such issuance. The National
Development and Reform Commission shall determine whether to accept the application within five business days from the date of receipt
of the application, and issue the Certificate on the Filing and Registration of Foreign Debts Issued by Enterprises within seven business
days from the date of accepting the application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Zhuhai Bright Scholar, a
foreign-invested enterprise indirectly held by us, currently has a total investment amount of RMB14.0 million (approximately US$2.0 million)
and an initially subscribed registered capital RMB10.0 million (approximately US$1.5 million). We may provide shareholder loans of up
to the U.S. dollar equivalent of RMB4.0 million (approximately US$0.6 million) to Zhuhai Bright Scholar, which is the difference between
its total investment amount and registered capital. According to the Measures for the Reporting of Foreign Investment Information issued
by MOFCOM and SAIC on December 30, 2019, which supersedes the Interim Measures for the Administration of the Establishment and Alteration
of Archival Filing of Foreign Invested Enterprises, the increase of total investment amount and registered capital of a foreign-invested
enterprise must be reported to commerce departments through the enterprise registration system and the National Enterprise Credit Information
Publicity System, and market regulatory departments shall forward such investment information reported by foreign investors or foreign-invested
enterprises to commerce departments in a timely manner.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to applicable PRC
regulations on foreign-invested enterprises, capital contributions from a foreign holding company to its PRC subsidiaries, which are
considered foreign-invested enterprises, may only be made when approval by or registration with the MOFCOM or its local counterpart is
obtained.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Provisions on the Merger and Acquisition of
Domestic Enterprises by Foreign Investors (Revised in 2009)</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the M&amp;A Rules, a
foreign investor is required to obtain necessary approvals when (1) a foreign investor acquires equity in a domestic non-foreign invested
enterprise thereby converting it into a foreign-invested enterprise, or subscribes for new equity in a domestic enterprise via an increase
of registered capital thereby converting it into a foreign-invested enterprise; or (2) a foreign investor establishes a foreign-invested
enterprise which purchases and operates the assets of a domestic enterprise, or which purchases the assets of a domestic enterprise and
injects those assets to establish a foreign-invested enterprise. According to Article 11 of the M&amp;A Rules, where a domestic company
or enterprise, or a domestic natural person, through an overseas company established or controlled by it/him/her, acquires a domestic
company which is related to or connected with it/him/her, approval from the MOFCOM is required.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">For a detailed description
of the risk associated with the M&amp;A Rules, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business
in China&#8212;Certain PRC regulations, including the M&amp;A Rules and national security regulations, may require a complicated review
and approval process which could make it more difficult for us to pursue growth through acquisitions in China.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 83; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>C. Organizational Structure</i></b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following diagram illustrates
our corporate structure, including our principal subsidiaries and affiliated entities, as of the date of this annual report.<span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_001.jpg" style="width: 624px; height: 431px"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 7pt">&#160;</span></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 1pt; margin-bottom: 1pt; width: 25%"><div style="font-size: 1pt; border-top: black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">(1)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Ultimately owned by Ms. Meirong Yang and Ms. Huiyan Yang, our ex-chairlady.
See &#8220;Item 6. Directors, Senior Management and Employees&#8212;E. Share Ownership.&#8221; Ms. Meirong Yang and Ms. Huiyan Yang have
also entered into an acting-in-concert arrangement, pursuant to which they consult with each other before voting and deciding on material
matters in relation to the management of our company. Under such arrangement, if no consensus could be reached through consultation, the
decision made by Ms. Meirong Yang prevails. Furthermore, Ms. Huiyan Yang and Ms. Meirong Yang are joint settlors and members of the two-person
investment committee of Yeung Family Trust V, which controls Excellence Education Investment Limited and Ultimate Wise Group Limited.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">(2)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Wholly owned by Ms. Huiyan Yang. See &#8220;Item 6. Directors, Senior
Management and Employees&#8212;E. Share Ownership&#8221; for information.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the
    beneficial ownership of Ms. Meirong Yang and Ms. Huiyan Yang, see &#8220;Item 6. Directors, Senior Management and
    Employees&#8212;E. Share Ownership.&#8221;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">(4)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">The remaining 30% equity interest is owned by CAN-ACHIEVE
    GLOBAL EDUCATION PARTNERS LIMITED, an unaffiliated third party. </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under PRC law, entities and individuals who establish private schools
are referred to as &#8220;sponsors&#8221; rather than &#8220;owners&#8221; or &#8220;shareholders.&#8221; The rights of sponsors vis-&#224;-vis
schools are similar to the rights of shareholders vis-&#224;-vis companies with regard to legal, regulatory and tax matters, but differ
with regard to the right of a sponsor to receive returns on investment and the right to the distribution of residual properties upon termination
and liquidation. For more information regarding school sponsorship and the difference between sponsorship and ownership under relevant
laws and regulations, see &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;Regulations on
Private Education in the PRC.&#8221;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 84; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth the details of our significant subsidiaries, VIEs and schools/subsidiaries held by the VIEs from our continuing operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; width: 70%; text-align: justify"><span style="font-size: 10pt"><b>Subsidiaries</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 29%; text-align: center"><span style="font-size: 10pt"><b>Place of Incorporation</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Bright Scholar (Enlightenment) Investment Holdings Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Cayman</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Impetus Investment Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Cayman</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">New Bridge Management Co., Ltd</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Cayman</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Bright Scholar (Canada) Holdings Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Canada</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Can-Achieve Academy Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Canada</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Can-Achieve International Education Limited (Vancouver)</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Canada</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">CEG Holdings Canada Inc.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Canada</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">FGE Holdings Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">BVI</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Bright Can-Achieve Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Can-Achieve International Education Limited</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">CEG Hong Kong JV Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Foundation Global Education Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Foundation Education China Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Foundation Academy Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Foundation Education Services Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Time Education China Holdings Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Xin Rui Management Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Bright Scholar (UK) Holdings Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Bright Scholar (BCS) Limited</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Bright Scholar (BCS) Property Limited</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Bright Scholar (BCS) Management Limited</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Bright Scholar (BIC) Management Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Bright Scholar (SM) Management Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">CATS Colleges Holdings Limited</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom">The Worthgate School Canterbury</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr>
    <td style="vertical-align: bottom">Guildhouse School London</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom">CATS Retail Limited</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Cambridge School of Visual and Performing Arts Limited</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Cambridge Arts and Science Limited</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Cambridge School of Art and Design Limited</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">CEG Properties Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">CEG Colleges Limited</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><span style="font-size: 10pt">CGS Administrative Services Limited</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Stafford House Companies Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Stafford House School of English Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Stafford House Study Holidays Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Study Holidays Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United Kingdom</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Cambridge Education Group Holdings Inc.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United States</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">CATS Academy Boston Inc.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United States</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Boston Academy of English Inc.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United States</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Intrax English Academies LLC</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">United States</span></td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-size: 10pt">Can-achieve Global Education, Inc</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">United States</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Cambridge Education Technology (Shanghai) Co., Limited (China)</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Foundation Information Consulting (Shenzhen) Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Guangdong Bright Scholar Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Shenzhen Qianhai Xingkeyucai Trading Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Zhuhai Hengqin Bright Scholar Management Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>

</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 85; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="width: 71%"><span style="font-size: 10pt">Guangdong Zhixing Weilai Logistics Management Co., Ltd.</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 28%; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Beijing Jingshiboda Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Zhuhai Hengqin Dingjia Education Consulting Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Zhuhai Hengqin Kaidi Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Time Elan Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Zhuhai Xin Xu Education Management Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Guangzhou Elan Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Beijing Bright Scholar Education Consulting Limited Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Beijing Bolai Reading Culture Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Shenzhen Elan Education Training Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Foshan Shunde Elan Education Training Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Hangzhou Impression Arts Training Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Can-achieve (Beijing) Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Guangzhou Can-achieve Global Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Zhengzhou Dahua Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Bright Scholar Wanjia (Beijing) Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Beijing Can-achieve Lingying Information Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Bright Scholar Education Consulting (Huizhou) Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Beijing Yinxiang Bright Scholar Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Shanghai Yinle Arts Training Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; text-align: justify"><span style="font-size: 10pt"><b>VIEs</b></span></td>
    <td style="padding-bottom: 1.75pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Place of Incorporation</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-bottom: 1.75pt">&#160;</td>
    <td style="padding-bottom: 1.75pt">&#160;</td>
    <td style="padding-bottom: 1.75pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Foshan Meiliang Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Foshan Shangtai Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Foshan Renliang Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Foshan Yongliang Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="width: 70%; text-align: justify"><span style="font-size: 10pt">Foshan Zhiliang Education Technology Co., Ltd.</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 29%; text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Beijing Boteng Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: black 1.5pt solid"><b>Schools/subsidiaries
    held by VIEs</b></p></td>
    <td>&#160;</td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1.5pt solid"><b>Place
    of Incorporation</b></p></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Dreambig Career Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">Hong Kong</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Chengdu Boxuele Education Management Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuhan Mierdun Education Technology Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Chengdu Yinzhe Education and Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Chengdu Laizhe Education and Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Chengdu Zhiyimeng Software Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="width: 70%; text-align: justify"><span style="font-size: 10pt">Guangzhou Elan Education and Training Co., Ltd.</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 29%; text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Shanghai Elan Education and Training Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Shanghai Bolai Training Center Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Foshan Shunde Shengbo Culture and Arts Training Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Guangdong Xingjian Education Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Huidong Silver Beach Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Dongguan Qishi Country Garden Kindergarten Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Dongguan Qingxi Country Garden Kindergarten Co., Ltd. </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Foshan Shunde Beijiao Country Garden Guilanshan Kindergarten Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Guangzhou Huihua Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Beijing Huanxue International Travel Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Guangdong Lebeimeng Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Guangzhou Xingzhu Information Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Baoding Baigou New City Shenghua Country Garden Kindergarten Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Taishan Lebeimeng Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Beijing Huanxue Tianxia International Travel Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Dongguan Dongcheng Bright Scholar Kindergarten Co., Ltd</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Chengdu Pidu Bright Scholar Kindergarten Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Huizhou Huiyang Lelebao Shenhui City Kindergarten Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Guangzhou Zengcheng Fettes College Kindergarten Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Shanghai Huodai Commercial Information Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Shanghai Youxun Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Shanghai Hanlin Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="width: 70%; text-align: justify"><span style="font-size: 10pt">Foshan Shunde Beijiao Town Country Garden Ivy League Education
    Training Centre Co., Ltd.</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 29%; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Guangdong Bright Scholar Ivy League Education Science Research Institute
    Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Jiangxi Leti Culture and Tourism Development Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Aijia Education Training (Shanghai) Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Shanghai Xinghanhai Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Shanghai Yuhanlin Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Zhejiang Leti Travel Agency Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Jiangxi Yuanye Travel Agency Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Fuzhou Leti Camping Operation Management Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Jiangxi Leyan Education Management Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Tongxiang Wuzhen Leti Camping Operation Management Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Jiangxi Jingrui International Travel Agency Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the details of the significant subsidiaries, the VIE, <i>i.e.</i>, BGY Education Investment, and schools/subsidiaries held by the VIE
from our discontinued operations, collectively referred to as the Affected Entities throughout this annual report.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 71%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-size: 10pt"><b>VIE</b></span></td>
    <td style="width: 1%; padding-bottom: 1.75pt">&#160;</td>
    <td style="width: 28%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Place of Incorporation</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">BGY Education Investment Management Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 71%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-size: 10pt"><b>Schools/subsidiaries
    held by the VIE</b></span></td>
    <td style="width: 1%; padding-bottom: 1.75pt">&#160;</td>
    <td style="width: 28%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Place of Incorporation</b></span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Hubei Sannew Education Development Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuhan Sannew American Middle School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Heze Qiqiaoban Education Technology Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Heze Economic Development Zone Qiqiaoban Huaqiao City Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Heze Economic Development Zone Electric Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Heze Qiqiaoban Juancheng Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Heze Mudan District Yihai Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Qiqiaoban Oscar Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Juye Phoenix Qiqiaoban Dongfang Xintiandi Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Caoxian Qiqiaoban Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Juancheng Shuncheng International Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Jining Yanzhou Lelebao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Shangdong Boshiyou Education Consulting Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Jining Boshiwei Education Consulting Limited</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Xiju Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Huiyang Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Country Garden Silver Beach Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Huaxi Country Garden International Kindergarten</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Ningxiang Country Garden School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Maoming Country Garden Kindergarten</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Huaxi Country Garden International School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Huadu Holiday Peninsula Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Dalang Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Haoting Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Huanan Country Garden School</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Huanan Country Garden Bilingual Kindergarten</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuhan Country Garden School</span></td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuhan Country Garden Kindergarten</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Country Garden Venice Bilingual School</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Licheng Country Garden Bilingual Kindergarten</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Phoenix City Bilingual School</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Phoenix City Country Garden Kindergarten</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Phoenix City Bilingual Kindergarten</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Lanzhou Country Garden School</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Country Garden Experimental School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Gaoming Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Ningxiang Country Garden Foreign Language Training School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Ningxiang Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  </table><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Country Garden Silver Beach School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Enping Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Shaoguan Zhenjiang Country Garden Foreign Language Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Qingyuan Country Garden Bilingual Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Danyang Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Laian Country Garden Foreign Language School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Laian Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Chuzhou Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="width: 71%; text-align: justify"><span style="font-size: 10pt">Country Garden Huacheng Kindergarten</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 28%; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Country Garden Huacheng School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Kaiping Country Garden Jade Bay Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Chuzhou Country Garden Foreign Language School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Kaiping Country Garden School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Shaoguan Country Garden Foreign Language School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Xiangtan Yisuhe Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Guangyuan Lizhou Kasijia Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Dongguan Humen Bright Scholar Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Foshan Shunde Ronggui Street Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Guangdong Lelebao Education Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Baoding Baigou New City Bright Scholar Shenghua Education Consulting
    Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Shawan Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Heshan Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Heshan Country Garden School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Huanan Country Garden Cuiyun Mountain Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Country Garden Venice Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Zengcheng Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Zengcheng Country Garden School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Fengxin Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Phoenix City Fengyan Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Shenghua Country Garden Bilingual School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuhan Qiaosheng Education Investment Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuhan Qingshan District Bilingual Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuhan Donghu Tech Development Zone Xinqiao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuhan Donghu Tech Development Zone Xinqiao-Jinxiu Longcheng Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuhan Dongxihu District Dongqiao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuhan Hongshan District Xinqiao Aijia Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Haiyang Country Garden Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Tianjin Beichen Lelebao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify">Guangzhou Fettes School</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><span style="font-size: 10pt">Guigang Gangbei Country Garden Lelebao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Zhaoqing Lelebao Xingfuli Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
</table><div>

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</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 71%"><span style="font-size: 10pt">Lanzhou Lelebao Hyde Country Kindergarten</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: center; width: 28%"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">Lanzhou Lelebao Yorkshire Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Lanzhou Lelebao Edinburgh Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">Jinan Zhangqiu Phoenix City Lelebao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Jining Jizhou Yinxiang Lelebao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">Jining Feicuiwan Lelebao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Heze Mudan District Culture City Kindergarten</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">Weifang Boshixin Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Jinan Boshixing Education Consulting Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">Guangdong Country Garden School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Taishan Country Garden School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">Jurong Country Garden School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Wuyi Country Garden Bilingual School</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">Anqiu Lelebao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">Jurong Lelebao Yunxiyuan Kindergarten</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">Tianjin Wuqing Ziquantingyuan Lelebao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">Yiwu Bright Scholar Education Consulting Management
    Co. Ltd.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">Henan Lelebao Education Consulting Management
    Co. Ltd.</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">Jinxiang Lelebao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">Xianning Bright Scholar Country Garden Bilingual
    School</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: justify"><span style="font-size: 10pt">Shouguang Feicuihuafu Lelebao Kindergarten</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">The PRC</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Contractual Arrangements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Foreign ownership in education
services is subject to significant regulations in China. The PRC government regulates the provision of education services through strict
licensing requirements. In particular, PRC laws and regulations currently prohibit foreign ownership of companies and institutions providing
compulsory education services at primary and middle school levels, and restrict foreign investment in education services at the kindergarten
and high school level. We are a company incorporated in the Cayman Islands. Our PRC subsidiary, Zhuhai Bright Scholar, is a wholly foreign-owned
enterprise and currently ineligible to apply for and hold licenses to operate, or otherwise own equity interests in our schools. Due
to these restrictions, we, through our PRC subsidiary, Zhuhai Bright Scholar, have entered into a series of contractual arrangements
with (1) the VIEs, and (2) the shareholders of the VIEs, <i>i.e.</i>, Ms. Meirong Yang and Mr. Wenjie Yang.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 25pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On May 14, 2021, the State
Council promulgated the Implementation Rules, which became effective on September 1, 2021 and further stipulate the operation and management
of private schools and the capital operation of private education. Pursuant to the Implementation Rules, (1) foreign-invested enterprises
established in China and social organizations whose actual controllers are foreign parties shall not sponsor, participate in or actually
control private schools that provide compulsory education, (2) social organizations or individuals shall not control any private school
that provides compulsory education or any non-profit private school that provides pre-school education by means of merger, acquisition,
contractual arrangements, etc., and (3) private schools providing compulsory education shall not conduct any transaction with any related
party. As a result of the foregoing, in August 2021, shareholder of BGY Education Investment established a few new entities, including,
Foshan Meiliang Education Technology Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology
Co., Ltd., Foshan Yongliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd. and Beijing Boteng Consulting
Co., Ltd. On August 13, 2021, Foshan Meiliang Education Technology Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan
Renliang Education Technology Co., Ltd., Foshan Yongliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd.
and Beijing Boteng Consulting Co., Ltd. entered a series of supplementary agreements, which enabled them to join the 2017 contractual
arrangements and share the same rights and obligations, if applicable, of BGY Education Investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 25pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 25pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 25pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of the material provisions of these contractual arrangements with the VIEs, respectively, and their respective shareholders. We may not
amend or terminate these agreements unless authorized by a majority vote of our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Call Option Agreements</i>.
</b>Pursuant to the call option agreements between Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and the VIEs, Ms. Meirong
Yang and Mr. Wenjie Yang unconditionally and irrevocably granted Zhuhai Bright Scholar or its designee an exclusive option to purchase,
to the extent permitted under PRC laws and regulations, all or part of the equity interest in the VIEs at nil consideration or the lowest
consideration permitted by PRC laws and regulations under the circumstances where Zhuhai Bright Scholar or its designee is permitted
under PRC laws and regulations to own all or part of the equity interests of the VIEs or where we otherwise deem it necessary or appropriate
to exercise the option. Zhuhai Bright Scholar has the sole discretion to decide when to exercise the option, and whether to exercise
the option in part or in full. Without Zhuhai Bright Scholar&#8217;s written consent, Ms. Meirong Yang and Mr. Wenjie Yang may not sell,
transfer, pledge or otherwise dispose of or create any encumbrance on any of the VIEs&#8217; assets or equity interests. Without obtaining
Zhuhai Bright Scholar&#8217;s written consent, Ms. Meirong Yang and Mr. Wenjie Yang may not enter into any material contracts, incur
any indebtedness, or alter the business scope of the VIEs. The key factor for us to decide whether to exercise the option is whether
the current regulatory restrictions on foreign investment in the education services business will be removed in the future, the likelihood
of which we are not in a position to know or comment on.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><b><i>Power of Attorney</i>.
</b>In January 2017 and August 2021, respectively, Ms. Meirong Yang and Mr. Wenjie Yang each executed irrevocable powers of attorney,
appointing Zhuhai Bright Scholar, or any person designated by Zhuhai Bright Scholar, as his/her attorney-in-fact to (1) call and attend
shareholders meeting of the VIEs and execute relevant shareholders resolutions, (2) exercise on his/her behalf all his/her rights as
a shareholder of the VIEs, including those rights under PRC laws and regulations and the articles of association of the VIEs, such as
voting, appointing, replacing or removing directors, (3) submit all documents as required by government authorities on behalf of the
VIEs, (4) assign Ms. Meirong Yang&#8217;s and Mr. Wenjie Yang&#8217;s shareholding rights to Zhuhai Bright Scholar, including the rights
to receive dividends, dispose of equity interest and enjoy the rights and interests during and after liquidation, (5) review the resolutions,
books and accounts of the VIEs, and (6) exercise any other rights and benefits associated with shareholding that Ms. Meirong Yang or
Mr. Wenjie Yang receive from the VIEs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Exclusive Management
Services and Business Cooperation Agreement. </i></b>Pursuant to the exclusive management services and business cooperation agreement
among Zhuhai Bright Scholar, the VIEs, Ms. Meirong Yang and Mr. Wenjie Yang, as the shareholders of the VIEs, entered into in January
2017, Zhuhai Bright Scholar has the exclusive right to provide comprehensive technical and business support services to the VIEs. Such
services include conducting market research, offering strategic business advice and providing information technology services, advice
on mergers and acquisitions, human resources management services, intellectual property licensing services, support for teaching activities
and other services that the parties may mutually agree. Without the prior consent of Zhuhai Bright Scholar, none of the VIEs may accept
such services from any third party. Zhuhai Bright Scholar owns the exclusive intellectual property rights created as a result of the
performance of this agreement. The VIEs agree to pay Zhuhai Bright Scholar service fees in an amount solely decided by Zhuhai Bright
Scholar, but not to exceed the paying school&#8217;s total revenues deducted by costs, taxes, mandatory reserve fund and other expenses.
At the sole discretion of Zhuhai Bright Scholar, the calculation of the service fees should be determined based on the complexity of
the services provided, the time and resources committed by Zhuhai Bright Scholar, the commercial value of the services, the market reference
price and the operating condition of the paying school. As part of the exclusive management services and business cooperation agreement,
Ms. Meirong Yang, Mr. Wenjie Yang and the VIEs agree that they will not take any action, such as incurring indebtedness, disposing of
material assets, materially changing the scope or nature of the business of the VIEs, or disposing of their equity interests in the VIEs,
without the written consent of Zhuhai Bright Scholar. The exclusive management services and business cooperation agreement may not be
terminated by Ms. Meirong Yang, Mr. Wenjie Yang or any of the VIEs without the written consent of Zhuhai Bright Scholar.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 90; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless terminated, the agreement
shall remain in full force and effect during the term of operations of Zhuhai Bright Scholar and the VIEs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Equity Pledge Agreements.
</i></b>Pursuant to the equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang, Mr. Wenjie Yang and the VIEs, Ms. Meirong
Yang and Mr. Wenjie Yang unconditionally and irrevocably pledged all of their respective equity interests in the VIEs to Zhuhai Bright
Scholar to guarantee performance of the obligations of the VIEs under the call option agreements, power of attorneys and exclusive management
services and business cooperation agreements, each as described above. Ms. Meirong Yang and Mr. Wenjie Yang each agreed that without prior
written consent of Zhuhai Bright Scholar, they shall not transfer or dispose of the pledged equity interests or create or allow any encumbrance
on the pledged equity interests. Unless terminated, the equity pledge agreements remain in full force and effect until all of the obligations
of Ms. Meirong Yang, Mr. Wenjie Yang and the VIEs under the agreements described above have been duly performed and related payments are
duly paid. The pledge of equity interests in the VIEs has been effective upon the registration with the local branch of SAIC.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>D. Property, plants and equipment</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">See &#8220;&#8212;B. Business
Overview&#8212;Properties and Facilities.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 4A. UNRESOLVED STAFF COMMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following discussion of
our financial condition and results of operations is based upon and should be read in conjunction with our consolidated financial statements
and their related notes included in this annual report. This report contains forward-looking statements. You should carefully consider
the information provided under the caption &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; in this annual report. We caution
you that our businesses and financial performance are subject to substantial risks and uncertainties.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A. Operating Results</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a global premier education
service company, which primarily provides quality international education services to global students and equip them with the critical
academic foundation and skillsets necessary to succeed in the pursuit of higher education. As part of our global expansion plan, we have
been exploring mergers and acquisition opportunities abroad to expand our global school network, targeting quality K-12 private education
providers and reputable schools in the targeted overseas countries and jurisdictions. As of the date of this annual report, we have eight
domestic kindergartens within China and eight overseas school located in the United Kingdom and the United States.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 14, 2021, the PRC
State Council announced the Implementation Rules, which became effective on September 1, 2021. Pursuant to the Implementation Rules,
(1) foreign-invested enterprises established in China and social organizations whose actual controllers are foreign parties shall not
sponsor, participate in or actually control private schools that provide compulsory education, (2) social organizations or individuals
shall not control any private school that provides compulsory education or any non-profit private school that provides pre-school education
by means of merger, acquisition, contractual arrangements, etc., and (3) private schools providing compulsory education shall not conduct
any transaction with any related party.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 91; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Implementation Rules
have had significant impacts on our business and our results of operations. After consultation with its PRC legal counsel and external
advisors, we have reached the conclusion that, as a result of the effectiveness of the Implementation Rules, we have lost control over
the Affected Entities, which primarily include our private schools providing compulsory education, not-for-profit kindergartens and other
enterprises within China that are affected by the Implementation Rules. We have determined that, in substance, we had ceased to recognize
revenues for all activities related to the Affected Entities with compulsory education and discontinued all business activities with
such entities, by August 31, 2021 while continuing to provide essential services to keep these schools open.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our continued business includes
domestic for-profit kindergartens and K-12 operation services, overseas schools and complementary education services. We have built our
global presence primarily through acquiring established overseas schools and language training institutions in countries such as the
United Kingdom and the United States. Leveraging our experience and insights into learning needs at different stages, our kindergartens
seek to lay the necessary foundation for our students&#8217; future studies. We also offer a range of complementary education services,
primarily including camp programs, after-school programs, through our network of learning centers in China, as well as international
education consulting services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">For our continuing
operations, our revenue was RMB1,476.3 million, RMB1,401.8 million and RMB1,714.0 million (US$248.8 million) for the 2020, 2021 and
2022 fiscal years, respectively; our net loss was RMB307.3 million, RMB535.1 million and RMB703.5 million (US$102.1 million) for the
same periods, respectively. We use adjusted net loss, which excludes share-based compensation expense, amortization of intangible
assets, tax effect of amortization of intangible assets, impairment loss on operating lease right-of-use assets, impairment loss on
goodwill, impairment loss on intangible assets, impairment loss on property and equipment, and income/(loss) from discontinued
operations, net of tax, in evaluating our ongoing results of operations. Our adjusted net loss was RMB283.6 million, RMB420.2
million and RMB141.7 million (US$20.6 million) for the 2020, 2021 and 2022 fiscal years, respectively. See &#8220;&#8212;Non-GAAP
measures&#8221; for details.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Major Factors Affecting Our Results of Operations
</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our results
of operations are affected by general factors affecting the private K-12 education industry in China and overseas and company-specific
factors, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Demand for quality private kindergartens
in China and quality private K-12 education overseas</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have benefited from the
increasing demand for private education in China. Such demand is primarily driven by the increasing number of Chinese students who seek
quality education and aspire to study abroad, which is in turn driven by an increasing number of affluent families in China, the rising
recognition of the quality of higher education overseas, the emphasis placed by Chinese parents on the importance of enrollment in globally-recognized
universities to improve their children&#8217;s career prospects, and various economic and political factors. Demand for private K-12
education in each respective overseas market is affected by, among many other factors, the general economic conditions and political
trend, local policies and regulations on private education, and the quality of local public education. Material changes to these factors
will affect our operation results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our student enrollment and mix</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our revenue primarily consists
of tuition and fees from students enrolled at our schools. The level of students enrolled at our schools directly affects our revenue
and profitability. The following table sets forth the average number of students enrolled at our schools for our continuing operations
in the school years indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020 school year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021 school year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022 school year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: justify">Domestic Kindergartens</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">541</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">939</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-size: 10pt">Overseas Schools<sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,377</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt"><b>Total</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>3,753</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>100.0</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>3,282</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>100.0</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>3,548</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>100.0</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&#160;</p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 1pt; margin-bottom: 1pt; width: 25%"><div style="font-size: 1pt; border-top: black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">For the purpose of calculating average number of students enrolled
    at our schools, we do not take into account students at our language training institutions.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total student enrollment
for our continuing operations for the 2020, 2021 and 2022 fiscal years was 3,753, 3,282 and 3,548 respectively. Student enrollment is
generally dependent on, among other things, the reputation of our schools, which is primarily driven by our education quality and our
students&#8217; academic results, the ramp-up stage of our schools, the expansion of our school network. </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Student enrollment is also
affected by the number and capacity of our schools. The following table sets forth the number and capacity of schools for our continuing
operations as of the dates indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of September 1,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<br/> schools</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Student<br/> capacity</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left">Domestic Kindergartens</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">8</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">2,764</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">8</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">2,764</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Overseas Schools</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,422</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,422</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,260</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt"><b>Total</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>13</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>6,066</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>16</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>7,186</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>16</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>7,024</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The total number of schools
within our school network for our continuing operations for the 2020, 2021 and 2022 fiscal year was 13, 16 and 16, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As utilization rates are
                                                                                                                  generally higher for schools that have been in operation for a longer period of time, the unutilized capacity at our recently opened
                                                                                                                  schools, which are still at the ramp-up stage, allows us to readily increase student enrollment without incurring significant
                                                                                                                  additional investment. The utilization rate is defined as the average of monthly student enrollment at a school for a period divided
                                                                                                                  by the school capacity as of the start of such period. The average utilization rate for our domestic kindergartens as of August 31,
                                                                                                                  2022 was 42.4%. </p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our tuition and fees</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our results of operations
are affected by the level of the tuition and fees we charge our students. We charge tuition and fees based on the type of school that
the student is enrolled at, the location of the school and, in certain cases, the student&#8217;s grade level. We generally seek to gradually
increase our tuition and fee level without compromising our student enrollment. The tuition and fees we charge are subject to approval
by the competent government pricing authorities. The government pricing authorities, at both the provincial and local levels, have broad
powers to regulate the private education industry in China including the tuition, room and boarding fees and other fees charged by schools.
The following table sets forth the average tuition and fees of our schools for our continuing operations in the school years indicated.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020 school<br/> year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022 school<br/> year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">207,643</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">203,337</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">227,363</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&#160;</p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 1pt; margin-bottom: 1pt; width: 25%"><div style="font-size: 1pt; border-top: black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">For the purpose of calculating average tuition and fees of our schools,
    we do not take into account students at our language training institutions.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 93; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2020, 2021 and 2022
school years, our average tuition and fees across all of our domestic kindergartens for our continuing operations were RMB17,095. RMB25,703
and RMB27,070, respectively. Our tuition and fees charged for overseas schools take into consideration of market rates and consumption
levels of the relevant countries and areas where our schools are located. For the 2020, 2021 and 2022 school years, our average tuition
and fees per student for overseas schools were RMB207,643, RMB203,337 and RMB227,363, respectively. The fluctuation was largely attributable
to the impact of the COVID-19 pandemic.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have more discretion in
determining the tuition levels for our complementary education services. We generally raise the tuition for our complementary education
services based on factors including the demand for our services, the costs of offering our services, and the tuition and fees charged
by our competitors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our ability to control our costs and expenses
and improve our operating efficiency</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Staff costs and administrative
expenses have a direct impact on our profitability. The number of our staff, particularly our teachers, generally increases as our student
base expands, while other expenses, particularly those in relation to administrative functions, are relatively fixed. Our ability to drive
the productivity of our staff and enhance our operating efficiency affects our profitability. The ratio of the number of our students
to the number of our teachers in our schools affects our margins, with higher student-to-teacher ratios generally representing higher
operating efficiency and higher margins. Our student-to-teacher ratio for our overseas schools and domestic kindergartens in the 2022
school years was 6.7 and 6.5, respectively. We had a negative operating margin of 8.4%, 27.8% and 35.4% in the 2020, 2021 and 2022 fiscal
years, respectively.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our newly established schools&#8217;
ability to grow rapidly during the ramp-up period following their establishment is expected to result in their growing brand value and
increasing student enrollment, which will improve the capacity utilization of their campuses and further result in greater operating leverage
and increasing profitability at these schools.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 94; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Strategic acquisitions and investments</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In recent years, we have expanded
rapidly through acquisitions and strategic investments in China and overseas. For details, see &#8220;Item 4. Information on the Company&#8212;B.
Business Overview&#8212;Our Expansions and Investments.&#8221; We plan to continue to make strategic investments into and acquisitions
of schools and complementary businesses to better serve our students, expand our global school network and drive our future growth. Our
overall financial condition and profitability could be affected by the different levels of profitability of our acquisition targets.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Seasonality</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business in China is
subject to seasonal fluctuations as our costs and expenses vary significantly and do not necessarily correspond with our recognition
of revenues. Our students enrolled in our domestic kindergartens and overseas schools and their parents typically pay the tuition and
fees prior to the commencement of a semester, and we recognize revenues from the delivery of education services on a straight-line basis
over the semester. For our domestic kindergartens and overseas schools, we typically incur higher upfront operating expenses in the first
fiscal quarter at the start of each school year. We also typically recognize more revenue in the second half of fiscal years due to higher
revenues from complementary education services during the summer and, to a lesser extent, students who transfer into our schools for
the second semester. As a result of the combination of the forgoing, we have historically incurred net loss or significantly lower net
income in the second and fourth fiscal quarters, primarily due to our schools being closed due to the winter and summer holidays, when
no revenue from our school operations is recognized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our overseas operations are
subject to seasonal fluctuations similar to our domestic operations, with minimal school term revenue recognized typically in July and
August.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Key Components of Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables compare
revenue generated from our overseas schools, complementary education services, and domestic kindergartens and K-12 operation services
and as a percentage of total revenues for our continuing operations for the periods indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">835,927</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">652,773</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Complementary education services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">540,387</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">636,615</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">92,410</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Domestic kindergartens and K-12 operation services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100,033</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">424,577</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">61,631</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>1,476,347</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
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    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>100.0</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
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    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>248,797</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 95; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generally charge our students
tuition and other fees prior to the beginning of each semester. We also accept monthly payment for fees at certain kindergartens. We
offer a partial refund if a student withdraws during a semester and tuition discounts to certain of Country Garden&#8217;s homeowners,
our employees and Country Garden&#8217;s employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cost of revenue</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our cost of revenue primarily
consists of staff costs, comprising primarily salaries and other benefits for teachers and educational staff, and other costs, comprising
primarily expenses relating to room and board services, educational activities and utilities and maintenance of school facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables set
forth the components of our cost of revenue by amount and as a percentage of total business segment revenue for the periods indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Selling, general and administrative expenses</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our selling, general and
administrative expenses primarily consisted of salaries and other benefits for our administrative, management and marketing personnel,
maintenance costs of our office facilities and teaching equipment, and share-based compensation expenses. Our selling, general and administrative
expenses were RMB562.6 million, RMB535.9 million and RMB539.9 million (US$78.4 million) in the 2020, 2021 and 2022 fiscal years, respectively,
accounting 38.1%, 38.2% and 31.5% of our revenue for the same periods, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reportable Segment</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">During the year ended August 31, 2021, we operated under three reportable
segments, which included Overseas Schools, Complementary Education Services, and Domestic Kindergartens and K-12 Operation Services. Since
then and up to the date of this annual report, the composition of our reportable segments has remained unchanged.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables set
forth a summary of our consolidated results of operations by amount and as a percentage of total revenues for our continuing operations
for the periods indicated. This information should be read together with our consolidated financial statements and related notes included
elsewhere in this annual report. The results of operations in any period are not necessarily indicative of the results that may be expected
for any future period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(18,557</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(21.5</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(540,768</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(38.6</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(709,340</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(102,967</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(41.4</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">32.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">487,963</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34.8</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">161,005</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">10.9</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(3.8</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(709,340</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(102,967</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(41.4</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr>
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4.54</td><td style="text-align: left">)</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5.98</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.87</td><td style="text-align: left">)</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4.09</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-size: 11pt; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-GAAP measures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In evaluating our
business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA, adjusted net income/(loss), adjusted
gross profit/(loss) and adjusted operating income/(loss) as supplemental measures to review and assess our operating performance.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with U.S. GAAP. We define adjusted gross profit/(loss) from continuing
operations as gross profit/(loss) from continuing operations excluding amortization of intangible assets. We define adjusted EBITDA
as net income/(loss) excluding interest income/(expense), net, income tax expense/benefit, depreciation and amortization,
share-based compensation expense, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment
loss on intangible assets, impairment loss on property and equipment, and income/(loss) from
discontinued operations, net of tax. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation
expense, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on operating lease
right-of-use assets, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on property and equipment,
and income/(loss) from discontinued operations, net of tax. We define adjusted operating income/(loss) from continuing operations as
net operating income/(loss) from continuing operations excluding share-based compensation expense, amortization of intangible
assets, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment loss on intangible assets,
and impairment loss on property and equipment.</p><div>

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of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time
of acquisition and are then amortized over a period of several years after the acquisition. We believe that exclusion of these expenses
allows greater comparability of operating results that are consistent over time for the Company&#8217;s newly acquired and long-held business
as the related intangibles does not have significant connection to the growth of the business. Therefore, we provide exclusion of amortization
of intangible assets to define adjusted gross profit from continuing operations, adjusted operating income/(loss) from continuing operations,
adjusted net income/(loss). In addition, due to the impact of the Implementation Rules, the Affected Entities deconsolidated is classified
as discontinued operations, which is a non-recurring item. The exclusion facilitates comparisons of our operating performance on a period-to-period
basis. Therefore, we provide exclusion of income/(loss) from discontinued operations, net of tax, to define adjusted net income/(loss),
adjusted EBITDA.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We present the non-GAAP financial
measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures
include adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss) from continuing operations, adjusted operating income/(loss)
from continuing operations. Non-GAAP financial measures enable our management to assess our operating results without considering the
impact of non-cash charges, including depreciation and amortization and share-based compensation expense, and without considering the
impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expense; amortization
of intangible assets, tax effect of amortization of intangible assets, and without considering the impact of non-recurring item, <i>i.e.
</i>income/(loss) from discontinued operations. We also believe that the use of these non-GAAP measures facilitates investors&#8217;
assessment of our operating performance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The non-GAAP financial measures
are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations
as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income
and expense that affect our operations. Interest income/(expense), net; income tax expense/benefit; depreciation and amortization; share-based
compensation expense; and tax effect of amortization of intangible assets, have been and may continue to be incurred in our business
and are not reflected in the presentation of these non-GAAP measures, including adjusted EBITDA or adjusted net income/(loss). Further,
these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their
comparability may be limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We reconcile the non-GAAP
financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating our performance. We encourage
you to review our financial information in its entirety and not rely on a single financial measure.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables  continuing operations,
adjusted operating income/(loss) from continuing operations for the periods indicated to their respective most directly comparable financial
measures calculated and presented in accordance with U.S. GAAP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">113,385</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,586</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(94,906</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(271,386</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(40,897</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,936</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">164,174</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(165,803</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(703,537</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(102,125</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Add: Share-based compensation expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,631</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,865</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(816</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(118</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">16,141</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,814</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,586</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,148</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,343</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,764</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(546</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Add: Impairment loss on operating lease right-of-use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,772</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,575</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,861</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,286</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Add: Impairment loss on goodwill</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">84,730</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">419,805</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60,938</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Add: Impairment loss on intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">113,385</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,459</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Add: Impairment loss on property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,586</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">956</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">471,495</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">369,343</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0in; text-align: left">Adjusted net loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(283,574</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(420,178</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(141,666</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(20,564</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0in; font-weight: bold; text-align: left">Reconciliation of net income/(loss) to adjusted EBITDA</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0in; text-align: left">Net income/(loss)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">164,174</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(165,803</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(703,537</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(102,125</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Add: Interest expense, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">162,912</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">169,693</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">127,840</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">18,557</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Add: Income tax expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">63,815</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">94,176</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">58,919</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,553</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Add: Depreciation and amortization</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">118,160</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">138,847</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">115,934</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,829</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Add: Share-based compensation expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,631</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,865</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(816</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(118</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Add: Impairment loss on operating lease right-of-use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,772</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,575</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,861</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,286</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Add: Impairment loss on goodwill</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">84,730</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">419,805</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60,938</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Add: Impairment loss on intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">113,385</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,459</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Add: Impairment loss on property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,586</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">956</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">471,495</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">369,343</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 99; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Segment information</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the Implementation
Rules, we reorganized our business unites and operated in three segments. The following tables set forth the revenue, cost of revenue
and gross profit of our three segments of business by amount and as a percentage of total segment revenue for our continuing operations
for the periods indicated, with the change in segment reporting reflected retrospectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">%</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">RMB</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">%</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 7%; font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">100.0</span></td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 1%; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 7%; font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">1,401,780</span></td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 1%; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 7%; font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">100.0</span></td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 1%; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right"><span style="font-size: 10pt">1,713,965</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 1%; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right"><span style="font-size: 10pt">248,797</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 1%; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="width: 7%; font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">100</span></td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">835,927</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">502,607</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">38.1</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; font-size: 10pt; text-align: left"><span style="font-size: 10pt">Complementary
    education services</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">540,387</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">625,640</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">44.6</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">636,615</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">92,410</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">37.1</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; font-size: 10pt; text-align: left"><span style="font-size: 10pt">Domestic
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    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">100,033</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">6.8</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">273,533</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">19.5</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">61,631</span></td><td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">24.8</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">(1,059,537</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">(71.8</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">(1,180,263</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">(84.2</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">(1,237,306</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">(179,606</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">(72.2</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">Overseas schools</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(588,840</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(70.4</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(513,871</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(102.2</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(574,744</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(83,429</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(88.0</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; font-size: 10pt; text-align: left"><span style="font-size: 10pt">Complementary
    education services</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(338,363</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(62.6</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(382,548</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(61.1</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(373,753</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(54,254</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(58.7</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; font-size: 10pt; text-align: left"><span style="font-size: 10pt">Domestic
    kindergartens and K-12 operation services</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(132,334</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(132.3</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(283,844</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(103.8</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(288,809</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(41,923</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(68.0</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">Gross profit/(loss)</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">416,810</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">28.2</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">221,517</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">15.8</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">476,659</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">69,191</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><span style="font-size: 10pt">27.8</span></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">Overseas schools</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">247,087</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">29.6</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(11,264</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(2.2</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">78,029</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">11,327</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">12.0</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; font-size: 10pt; text-align: left"><span style="font-size: 10pt">Complementary
    education services</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">202,024</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">37.4</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">243,092</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">38.9</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">262,862</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">38,156</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">41.3</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; font-size: 10pt; text-align: left"><span style="font-size: 10pt">Domestic
    kindergartens and K-12 operation services</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(32,301</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(32.3</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(10,311</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(3.8</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">135,768</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">19,708</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">32.0</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Year ended August 31, 2021 compared to year ended August 31,
2022</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Revenue</i>. Our revenue
from continuing operations increased by 22.3% from RMB1,401.8 million in the 2021 fiscal year to RMB1,714.0 million (US$248.8 million)
in the 2022 fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><i>Overseas schools</i>. Our revenue from overseas schools increased
    by 29.9% from RMB502.6 million in the 2021 fiscal year to RMB652.8 million (US$94.8 million) in the 2022 fiscal year, primarily due
    to the recovery of overseas schools&#8217; operation from pandemic.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><i>Complementary education services</i>. Our revenue from complementary
    education services increased by 1.8% from RMB625.6 million in the 2021 fiscal year to RMB636.6 million (US$92.4 million) in the 2022
    fiscal year, primarily due to the recovery of overseas study counselling and career counselling business.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt"><i>Domestic kindergartens and K-12 operation services</i>. Our revenue
    from domestic kindergartens and K-12 operation services increased by 55.2% from RMB273.5 million in the 2021 fiscal year to RMB424.6 million (US$61.6 million) in the 2022 fiscal year, primarily due to the increase in revenue generated from catering services
    and expansion of procurement services.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Cost
of revenue. </i>Our cost of revenue increased by 4.8% from RMB1,180.3 million in the 2021 fiscal year to RMB1,237.3 million (US$179.6
million) in the 2022 fiscal year, primarily due to </span>increased teaching activities in our overseas schools, which have recovered
from the pandemic to certain extent<span style="font-family: Times New Roman, Times, Serif">. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px; font-size: 10pt">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Complementary education services.</i> Our cost of revenue incurred by complementary education services was relatively stable, which decreased by 2.3% from RMB382.5 million in the 2021 fiscal year to RMB373.8 million (US$54.3 million) in the 2022 fiscal year, primarily due to </span><span style="font-size: 10pt">our effective cost control measures<span style="font-family: Times New Roman, Times, Serif">.</span></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Domestic kindergartens and K-12 operation services.</i> Our cost of revenue incurred by domestic kindergartens and K-12 operation services was relatively stable, which increased by 1.7% from RMB283.8 million in the 2021 fiscal year to RMB288.8 million (US$41.9 million) in the 2022 fiscal year, primarily due to </span><span style="font-size: 10pt">our effective cost control measures<span style="font-family: Times New Roman, Times, Serif">. </span></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Gross profit</i>. As a
result of the foregoing, our gross profit increased by 115.2% from RMB221.5 million in the 2021 fiscal year to RMB476.7 million
(US$69.2 million) in the 2022 fiscal year. Our gross margin increased from 15.8% in the 2021 fiscal year to 27.8% in the 2022 fiscal
year, primarily due to the continuous recovery of our overseas business, our overseas study counselling and career counselling businesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Selling,
general and administrative expenses</i>. Our selling, general and administrative expenses increased by 0.7% from RMB535.9 million in the
2021 fiscal year to RMB539.9 million (US$78.4 million) in the 2022 fiscal year. Our selling, general and administrative expenses as a
percentage of our revenue decreased from 38.3% in the 2021 fiscal year to 31.4% in the 2022 fiscal year. The increase in selling, general
and administrative expenses was primarily due to </span>increased management and administrative activities in our overseas schools, which
<span style="font-size: 10pt">to certain extent</span> have <span style="font-size: 10pt">recovered from the pandemic<span style="font-family: Times New Roman, Times, Serif">.</span></span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Impairment loss on operating
lease right-of-use assets.</i> We recorded an impairment loss on operating lease right-of-use assets of RMB8.9 million (US$1.3 million) in the 2022 fiscal year as
compared to RMB15.6 million in the 2021 fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><i>Impairment loss on
goodwill. </i>We recorded an impairment loss on goodwill of RMB419.8 million  (US$60.9 million) in the 2022 fiscal year as compared
to RMB84.7 million in the 2021 fiscal year. The impairment is recorded in overseas schools reportable segment and complementary education services reportable
segment in the 2022 and 2021 fiscal year, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><i>Impairment loss on intangible
assets. </i>We recorded an impairment loss on intangible assets of RMB113.4 million (US$16.5 million) in the 2022 fiscal year as compared
to RMB nil in the 2021 fiscal year. The impairment is recorded in overseas schools reportable segment in the 2022 fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Operating loss</i>. As
a result of the foregoing, we experienced an operating loss of RMB389.7 million in the 2021 fiscal year and RMB606.5 million (US$88.0 million)
in the 2022 fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Interest expense, net</i>.
We recorded a net interest expense of RMB127.8 million (US$18.6 million) in the 2022 fiscal year as compared to RMB169.7 million in the
2021 fiscal year. The decrease was mainly due to the fluctuation of foreign currency
exchange rates and the redemption of senior notes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Income tax expense</i>.
Our income tax expense was RMB58.9 million (US$8.6 million) in the 2022 fiscal year. Our effective tax rate decreased from 52.4% in the
2021 fiscal year to -5.6% in the 2022 fiscal year, primarily due to the non-deductible expense of impairment loss on goodwill and impairment loss on intangible assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Loss for the year</i>.
As a result of the foregoing, we experienced a net loss from continuing operations of RMB535.1 million for the 2021 fiscal year and a
net loss of RMB703.5 million (US$102.1 million) for the 2022 fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Adjusted net
                                                                                                                         loss</i>. We recorded an adjusted net loss of RMB141.7 million (US$20.6 million) for the 2022 fiscal year, compared to an adjusted
                                                                                                                         net loss of RMB420.2 million for the 2021 fiscal year. See &#8220;&#8212;Non-GAAP measures.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Year ended August 31, 2020 compared to year ended August 31,
2021</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Revenue</i>. Our revenue
from continuing operations decreased by 5.1% from RMB1,476.3 million in the 2020 fiscal year to RMB1,401.8 million in the 2021 fiscal
year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><i>Overseas schools</i>. Our revenue from overseas schools decreased
    by 39.9% from RMB835.9 million in the 2020 fiscal year to RMB502.6 million in the 2021 fiscal year, primarily due to impact of the
    global COVID-19 pandemic on our overseas schools, which caused temporary shutdowns of campuses and resulted in our decreased revenue
    from boarding and accommodation services.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><i>Complementary education services</i>. Our revenue from complementary
    education services increased by 15.8% from RMB540.4 million in the 2020 fiscal year to RMB625.6 million in the 2021 fiscal year,
    primarily due to a moderate recovery of our camp and domestic tour business and after school all-round education services as compared
    to the previous fiscal year.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><i>Domestic kindergartens and K-12 operation services</i>. Our revenue
    from domestic kindergartens and K-12 operation services increased by 173.4% from RMB100.0 million in the 2020 fiscal year to RMB273.5
    million in the 2021 fiscal year, primarily due to increase in revenue from catering services.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Cost of revenue. </i>Our
cost of revenue increased by 11.4% from RMB1,059.5 million in the 2020 fiscal year to RMB1,180.3 million in the 2021 fiscal year, primarily
due to the growing size of our catering services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><i>Overseas schools</i>. Our costs of revenue incurred by our overseas
    schools decreased by 12.7% from RMB588.8 million in the 2020 fiscal year to RMB513.9 million in the 2021 fiscal year, primarily due
    to our effective cost control measures.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><i>Complementary education services.</i> Our cost of revenue incurred
    by complementary education services increased by 13.1% from RMB338.4 million in the 2020 fiscal year to RMB382.5 million in the 2021
    fiscal year, which was largely in line with the growth of our complementary education services in this fiscal year.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><i>Domestic kindergartens and K-12 operation services.</i> Our cost
    of revenue incurred by domestic kindergartens and K-12 operation services increased by 114.5% from RMB132.3 million in the 2020 fiscal
    year to RMB283.8 million in the 2021 fiscal year, primarily due to an increase in the provision of catering services.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Gross profit</i>. As a
result of the foregoing, our gross profit decreased by 46.9% from RMB416.8 million in the 2020 fiscal year to RMB221.5 million in the
2021 fiscal year. Our gross margin decreased from 28.2% in the 2020 fiscal year to 15.8% in the 2021 fiscal year, primarily due to a
decrease in the gross margin of our overseas school business caused by the still ongoing COVID-19 pandemic.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Selling, general and administrative
expenses</i>. Our selling, general and administrative expenses decreased by 4.7% from RMB562.6 million in the 2020 fiscal year to RMB535.9
million in the 2021 fiscal year. Our selling, general and administrative expenses as a percentage of our revenue increased slightly from
38.1% in the 2020 fiscal year to 38.2% in the 2021 fiscal year. The decrease in selling, general and administrative expenses was primarily
due to decreased managerial and administrative activities in our overseas schools caused by the COVID-19 pandemic.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Impairment loss on operating
lease right-of-use assets.</i> We recorded an impairment loss on operating lease right-of-use assets of RMB15.6 million in the 2021 fiscal
year as compared to RMB12.8 million in the 2020 fiscal year. The increase was primarily due to the increased adverse impact from the
COVID-19 pandemic overseas.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Impairment loss on goodwill.
</i>We recorded an impairment loss on goodwill of RMB84.7 million in the 2021 fiscal year as compared to nil in the 2020 fiscal year.
The impairment loss on goodwill in 2021 fiscal year was related to our career counseling business that was adversely affected by the
COVID-19 pandemic and after-school program business that was adversely affected by the recently promulgated regulations on after-school
tutoring in China.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Operating loss</i>. As
a result of the foregoing, we experienced an operating loss of RMB123.8 million in the 2020 fiscal year and RMB389.7 million in the 2021
fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Interest expense, net</i>.
We recorded a net interest expense of RMB169.7 million in the 2021 fiscal year as compared to RMB162.9 million in the 2020 fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Income tax expense</i>.
Our income tax expense was RMB94.2 million in the 2021 fiscal year. Our effective tax rate increased from 22.8% in the 2020 fiscal year
to 52.4% in the 2021 fiscal year, primarily due to the increase of undeductible expenses and impairment loss on goodwill.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Loss for the year</i>.
As a result of the foregoing, we experienced a net loss from continuing operations of RMB307.3 million for the 2020 fiscal year and a
net loss of RMB535.1 million for the 2021 fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Adjusted net loss</i>.
We recorded an adjusted net loss of RMB420.2 million for the 2021 fiscal year, compared to an adjusted net loss of RMB283.6 million for
the 2020 fiscal year. See &#8220;&#8212;Non-GAAP measures.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>B. Liquidity and Capital Resources</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Historically, we have financed our operations primarily through cash
generated from our operating activities and proceeds from our financing activities. As of August 31, 2020, 2021 and 2022, we had RMB2,011.9
million, RMB1,515.2 million and RMB857.8 million (US$124.5 million), respectively, in cash and cash equivalents and restricted cash for
our continuing operations. Approximately 53.2% of our cash and cash equivalents and restricted cash as of August 31, 2022 for our continuing
operations were held in China. Our cash primarily consists of cash on hand and interest-bearing financial instruments which are unrestricted
as to withdrawal or use. We intend to finance our future working capital requirements and capital expenditures primarily from cash generated
from operating activities, and to a lesser extent, from debt and equity financing activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we combine the results
of the VIEs and their respective subsidiaries, we do not have direct access to the cash and cash equivalents or future earnings of the
VIEs or their respective subsidiaries. However, a portion of the cash balances of the VIEs and their respective subsidiaries will be paid
to us pursuant to our contractual arrangements with the VIEs and their respective subsidiaries. For restrictions and limitations on liquidity
and capital resources as a result of our corporate structure, see &#8220;&#8212;Holding Company Structure.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not encountered any
difficulties in meeting our cash obligations to date. When considering our liquidity position and our future capital resources and needs,
we take into account price controls set by local governments that may affect the tuition and fees we are able to charge to students in
our schools, annual enrollment numbers approved for our schools, the economic benefits we have received from our subsidiaries and affiliated
entities attributable to the provision of services to these entities and the economic benefits we may receive from our subsidiaries and
affiliated entities directly through payments under our exclusive management services and business cooperation agreement. We believe
that our current cash and cash equivalents and anticipated cash flow from operations, will be sufficient to meet our anticipated cash
needs for longer than the next twelve months.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth a condensed summary of our cash flows for both continuing operations and discontinued operations for the periods indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,079,036</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(836,769</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(121,465</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(446,534</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">101,383</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,826,762</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(688,213</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(99,900</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,423,937</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,515,163</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">219,939</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Effect of exchange rate change</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(80,574</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(82,012</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,834</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,476</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cash and cash equivalents, and restricted cash at end of the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,423,937</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,515,163</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">857,784</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">124,515</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Operating activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generate cash from operating
activities primarily from tuition and fees for our schools and fees for our complementary education services, all of which are typically
paid in advance before the respective services are rendered. Tuition and fees for schools and fees for our complementary education services
are initially recorded under contract liabilities. We recognize such amounts received as revenue proportionately over the relevant period
in which the students attend the applicable programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2022 fiscal year,
we had net cash generated from operating activities of RMB47.2 million (US$6.8 million). This amount represents our net loss of RMB703.5
million (US$102.1 million), adjusted primarily for (1) noncash lease expenses of RMB132.4 million (US$19.2 million), (2) depreciation
of RMB98.1 million (US$14.2 million), (3) share of equity in loss of unconsolidated affiliates of RMB39.7 million (US$5.8 million), (4)
impairment loss on goodwill of RMB419.8 million (US$60.9 million), (5) impairment loss on intangible assets of RMB113.4 million (US$16.5
million) and (6) changes in working capital. Adjustment for changes in working capital primarily consisted of (1) an increase of RMB114.8
million (US$16.7 million) in contract liabilities, (2) an increase of RMB86.5 million (US$12.6 million) in the amounts due to related
parties, (3) an increase of RMB74.9 million (US$10.9 million) in accrued expenses and other current liabilities, partially offset by a
decrease of other assets and liabilities in RMB132.1 million (US$19.2 million) and a decrease of operating lease liabilities in RMB113.6
million (US$16.5 million).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2021 fiscal year,
we had net cash generated from operating activities of RMB698.8 million. This amount represents our net loss of RMB165.8 million, adjusted
primarily for (1) depreciation of RMB188.8 million, (2) noncash lease expenses of RMB257.2 million, (3) impairment loss on goodwill of
RMB84.7 million, (4) loss on deconsolidation of Affected Entities of RMB261.3 million, and (4) changes in working capital. Adjustment
for changes in working capital primarily consisted of (1) an increase of RMB220.3 million in accrued expenses and other current liabilities
and (2) an increase of RMB162.8 million in contract liabilities, partially offset by a decrease of lease liabilities in RMB213.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2020 fiscal year,
we had net cash generated from operating activities of RMB491.2 million. This amount represents our net income of RMB164.2 million, adjusted
primarily for (1) depreciation of RMB153.9 million, (2) noncash lease expenses of RMB142.5 million, (3) impairment loss on goodwill of
RMB68.7 million, (4) amortization of intangible assets of RMB41.4 million, and (4) changes in working capital. Adjustment for changes
in working capital primarily consisted of (1) an increase of RMB109.5 million in lease liabilities and (2) an increase of RMB25.2 million
in contract liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Investing activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2022 fiscal year,
we had net cash used in investing activities of RMB836.8 million (US$121.5 million), primarily attributable to (1) purchase of short-term
investments of RMB2,337.0 million (US$339.2 million), (2) additions of property and equipment and intangible assets of RMB89.6 million
(US$13.0 million), partially offset by proceeds from redemption of short-term investments upon maturity of RMB1,536.5 million (US$223.0
million) and proceeds from loan receivable of RMB55.4 million (US$8.0 million).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2021 fiscal year,
we had net cash used in investing activities of RMB3,079.0 million, primarily attributable to (1) purchase of short-term investments
of RMB3,892.7 million, (2) additions of property and equipment and intangible assets of RMB158.7 million and net cash outflow of RMB2,912.3
million from loss of control of Affected Entities, partially offset by proceeds from redemption of short-term investments upon maturity
of RMB3,905.7 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2020 fiscal year,
we had net cash generated from investing activities of RMB72.6 million, primarily attributable to proceeds from redemption of short-term
investments upon maturity of RMB2,390.0 million, partially offset by (1) purchase of short-term investments of RMB2,156.6 million, (2)
additions of property and equipment and intangible assets of RMB 149.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Financing activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2022 fiscal year,
we had net cash used in financing activities of RMB101.4 million (US$14.7 million), representing (1) dividend payment to shareholders
of RMB27.5 million (US$4.0 million), (2) repurchase of ordinary shares of RMB9.2 million (US$1.3 million), (3) repurchase of senior notes
of RMB1,908.2 million (US$277.0 million) and (4) repayment of bank loans of RMB1,221.8 million (US$177.4 million), partially offset by
proceeds from bank loan of RMB629.0 million (US$91.3 million) and proceeds from promissory note of RMB877.5 million (US$127.4 million).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2021 fiscal year,
we had net cash used in financing activities of RMB446.5 million, representing (1) dividend payment to shareholders of RMB92.6 million,
(2) repurchase of ordinary shares of RMB24.6 million, (3) repurchase of senior notes of RMB80.2 million and (4) repayment of bank loans
of RMB1,228.6 million, (4) payment for acquisition of Chengdu Yinzhe and Linstitute of RMB22.6 million and RMB12.2 million, partially
offset by proceeds from bank loan of RMB1,047.2 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2020 fiscal year,
we had net cash generated from financing activities of RMB675.7 million, representing proceeds from bank loan of RMB1,016.2 million,
partially offset by (1) dividend payment to shareholders of RMB184.2 million, (2) repurchase of ordinary shares of RMB56.1 million and
(3) repayment of bank loans of RMB50.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the translations of our
net proceeds from our initial public offering and follow-on offering as well as proceeds from issuance of senior notes, we used the foreign
exchange rates on the dates of closing of the initial public offering, follow-on offering and issuance of senior notes, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Capital Expenditures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incurred capital expenditures of RMB149.8 million, RMB158.7 million
and RMB89.6 million (US$13.0 million) in the 2020, 2021 and 2022 fiscal years, respectively, primarily in connection with the construction,
maintenance and renovation of school facilities and purchase of educational equipment. We intend to fund our future capital expenditures
with our existing cash balance, proceeds from our offering and other financing alternatives. We will continue to incur capital expenditures
to support the growth of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Holding Company Structure</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a holding company
with no material operations of our own. We conduct our operations primarily through our subsidiaries and affiliated entities in China,
the United Kingdom, the United States and Canada. As a result, our ability to pay dividends depends upon dividends paid by these subsidiaries.
If our PRC subsidiaries or any newly formed subsidiaries incur any debt in the future, the instruments governing their debt may restrict
their ability to pay dividends to us. Our PRC subsidiaries are permitted to pay dividends to us only out of their retained earnings,
if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of our subsidiaries and affiliated
entities is required to set aside at least 10.0% of its after-tax profits each year, if any, to fund a statutory surplus reserve until
such reserve reaches 50.0% of its registered capital. In addition, each of our PRC subsidiaries may allocate a portion of its after-tax
profits based on PRC accounting standards to enterprise expansion fund and staff bonus and welfare fund at its discretion. Each of the
VIEs may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion.
Although the statutory surplus reserves can be used to increase the registered capital and eliminate future losses in excess of retained
earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation. Furthermore,
at the end of each fiscal year, each of our schools that are private school in China is required to allocate a certain amount to its
development fund for the construction or maintenance of the school properties or purchase or upgrade of school facilities. In particular,
our for-profit&#160;schools must allocate no less than 10% of their annual net income, and our non-profit&#160;schools must allocate no less than 10% of their annual increase in the unrestricted&#160;net assets of the school for such purposes.
For the 2020, 2021 and 2022 fiscal years, our PRC subsidiaries and affiliated entities made apportions of RMB0.6 million, RMB1.9 million
and RMB12.3 million (US$1.8 million) to the statutory surplus reserve fund, and our schools made no apportions to the development
fund. Our PRC subsidiaries have not historically paid any dividends to our offshore entities until they generate accumulated profits
and meet the requirements for statutory reserve funds.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth the respective revenue contributions for our continuing operations of (1) the VIEs and (2) our subsidiaries for the periods indicated
as a percentage of total revenues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">239,968</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">311,373</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">22.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">327,573</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">47,550</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,236,379</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">83.7</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,090,407</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">77.8</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,386,392</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>1,476,347</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>100.0</b></td><td style="text-align: left"><b>%</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>1,401,780</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>100.0</b></td><td style="text-align: left"><b>%</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>1,713,965</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>248,797</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth the respective asset contributions of (1) BGY Education Investment and the six newly established companies, including Foshan Meiliang
Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd., Beijing Boteng Education Consulting Co., Ltd., Foshan
Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd. and Foshan Yongliang Education Technology Co.,
Ltd., collectively referred to as the &#8220;New VIE Entities&#8221;, see Note 2 to our consolidated financial statements pursuant to Item 17 of Part III of this annual report for more details, and (2) our subsidiaries as of the date indicated as a percentage of total assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><b>&#160;</b></td><td style="text-align: right"><b>13,463,936</b></td><td style="text-align: left"><b>&#160;</b></td><td><b>&#160;</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Financial Information Related to the VIEs</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following balances of
VIEs as of August 31, 2021 and 2022, were included in our consolidated balance sheet after the elimination of intercompany balances,
respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 108; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following amounts of
VIEs for the years ended August 31, 2020, 2021 and 2022, were included in our consolidated statements of operations and consolidated
statements of cash flows after the elimination of intercompany balances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cash Flows Through Our Organization</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a holding company
with no business operations of our own. We conduct our operations primarily through our PRC subsidiaries and VIEs in China. As a result,
our ability to pay dividends and to service any debt we may incur and pay our operating expenses principally depends on dividends paid
by our PRC subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under applicable PRC laws
and regulations, our PRC subsidiaries are permitted to pay dividends to us only out of their accumulated profits, if any, determined
in accordance with PRC accounting standards and regulations. In addition, our PRC subsidiaries are required to allocate at least 10%
of their accumulated profits each year, if any, to fund statutory reserves of up to 50% of the registered capital of the enterprise.
Statutory reserves are not distributable as cash dividends except in the event of liquidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we intend to distribute
dividends, we will transfer the dividends to Time Education China Holdings Limited, or Time Education, our Hong Kong subsidiary, in accordance
with the laws and regulations of the PRC, and then Time Education will transfer the dividends to Impetus Investment Limited, our Cayman
Islands subsidiary, and further to Bright Scholar Holdings, the Cayman Islands holding company, and the dividends will be distributed
from the Bright Scholar Holdings to all shareholders respectively in proportion to the shares they hold, regardless of whether the shareholders
are U.S. investors or investors in other countries or regions. For the fiscal years of 2020, 2021 and 2022, no dividends were declared
and paid by our PRC subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2020, 2021 and 2022
fiscal years, the subsidiaries of Bright Scholar Holdings provided interest-free loans of RMB66.5 million, nil and nil to Bright Scholar
Holdings, respectively. For the 2020, 2021 and 2022 fiscal years, the subsidiaries of Bright Scholar Holdings borrowed loans of RMB1,908.7
million, RMB49.6 million and nil from Bright Scholar Holdings, respectively. The subsidiaries of Bright Scholar Holdings repaid RMB542.3
million (US$78.7 million) to Bright Scholar Holdings in the 2022 fiscal year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2020 fiscal year,
the subsidiaries of Bright Scholar Holdings borrowed interest-free loans of RMB278.3 million from the VIEs. The VIEs repaid RMB447.6 million
to the subsidiaries of Bright Scholar Holdings in the 2021 fiscal year. For the 2020, 2021 and 2022 fiscal years, the subsidiaries of Bright
Scholar Holdings provided interest-free loans of RMB1,549.4 million, RMB107.5 million and 79.2 million (US$11.5 million) to the VIEs,
respectively. For the 2020, 2021
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and the VIEs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 109; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Off-Balance Sheet Arrangements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not entered into
any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we have not entered
into any derivative contracts that are indexed to our shares and classified as shareholders&#8217; equity or that are not reflected in
our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated
entity that serves as credit, liquidity or market risk support to such entity. Moreover, we do not have any variable interest in any
unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research
and development services with us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not currently have
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relationships with, unconsolidated entities or financial partnerships established for the purpose of facilitating off-balance sheet arrangements
or commitments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Contractual Obligations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We lease certain school
and office premises under non-cancellable operating leases that expire at various dates.&#160;We incurred lease costs, including
operating lease costs, short-term lease costs and variable lease&#160;costs,&#160;of RMB255.2 million, RMB241.2 million and RMB198.4
million (US$28.8 million) in the 2020, 2021 and 2022 fiscal years, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also have certain capital
commitments that primarily related to commitments for construction of schools and investment in an equity method investment. Total capital
commitments contracted but not yet reflected in the consolidated financial statement was RMB219.6 million (US$31.9 million)
as of August 31, 2022. All of these capital commitments will be fulfilled in the future according to the construction progress and the
investment payment schedule.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2019, we issued senior
notes in the aggregate principal amount of US$300.0 million, with interests of 7.45% per annum and maturing on July 31, 2022. As of the
date of this annual report, we have redeemed all outstanding senior notes matured on July 31, 2022. Upon the completion of such redemption,
all senior notes have been cancelled and delisted from the official list of the Stock Exchange of Hong Kong Limited.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we take
out loans with commercial banks to provide for our working capital for daily operation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 110; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>C. Research and Development, Patents and Licenses, etc.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">See &#8220;Item 4. Information
on the Company&#8212;B. Business Overview&#8212;Research and Curriculum Development.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>D. Trend Information</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as disclosed elsewhere
in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the 2022 fiscal year that are
reasonably likely to have a material adverse effect on our revenue, income, profitability, liquidity or capital resources, or that caused
the disclosed financial information to be not necessarily indicative of future operating results or financial condition.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>E. Critical Accounting Policy and Estimates</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We prepare our consolidated
financial statements in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management
to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial
statements and reported amounts of revenues and expenses during the reporting period. We continually evaluate these judgments and estimates
based on our own experience, knowledge and assessment of current business and other conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our expectations regarding
the future are based on available information and assumptions that we believe to be reasonable, which together form our basis for making
judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the
financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree
of judgment than others in their application.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An accounting policy is considered
critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time such
estimate is made and if different accounting estimates that reasonably could have been used, or changes in the accounting estimates that
are reasonably likely to occur, could materially impact the combined and consolidated financial statements. We believe that the following
accounting policies involve a higher degree of judgment and complexity in their application and require us to make significant accounting
estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><b>Impairment
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We test indefinite
lived intangible assets and goodwill for impairment on an annual basis as of August 31, or more frequently if events or changes in circumstances
indicate that it might be impaired.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; color: blue">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our indefinite lived intangible
assets consist of the overseas schools&#8217; brand name. As of August 31, 2022, the carrying value of indefinite lived intangible assets,
net of impairment, was RMB252.7 million. We test&#160;indefinite lived&#160;intangible&#160;assets&#160;for impairment by first assessing
qualitative factors to determine whether it is necessary to perform a quantitative impairment test. If based on the qualitative assessment,
it is more likely than not that the fair value of the&#160;indefinite lived&#160;intangible&#160;asset is less than its carrying amount,
a quantitative impairment test is required. We test indefinite lived intangible assets for impairment using the relief-from-royalty method
of the income approach, which requires management to make significant estimates and assumptions, including, but not limited to, royalty
rate, discount rate, terminal growth rate and forecasts of future revenues. In our 2022 annual impairment assessment for indefinite lived
intangible assets impairment, the key assumptions used are a royalty rate of 3.5%, a discount rate of 15.5%, a terminal growth rate of
2.3% and forecast of future revenues. Based on the results of our impairment assessment performed as of August 31, 2022, it is determined
that the carrying amounts of indefinite lived intangible assets brand names associated with Overseas Schools reporting unit exceeded
their fair values and, therefore, an impairment loss was recorded. We have determined that based on the underperformance of the Overseas
Schools reporting unit, market conditions and other factors including the adverse impacts from COVID-19, it was more likely than not
that there were indications of impairment. For the year ended August 31, 2022, we recorded RMB113.4 million of impairment loss on indefinite
lived intangible assets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In goodwill impairment
test, we have the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative
test. In the qualitative assessment, we consider primary factors such as industry and market considerations, overall financial performance
of the reporting unit, and other specific information related to the operations. We will perform the quantitative impairment test if we
bypass the qualitative assessment, or based on the qualitative assessment, if it is more likely than not that the fair value of each reporting
unit is less than the carrying amount.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On September 1, 2019, we early
adopted ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by eliminating
Step two from the goodwill impairment test. Under the new guidance, if the fair value of a reporting unit exceeds its carrying amount,
goodwill is not impaired and no further testing is required. If the fair value of a reporting unit is less than the carrying value, an
impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value; however, the
loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; color: blue">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We estimate the fair
values of reporting units using discounted cash flow model of the income approach, which requires management to make significant estimates
and assumptions, including, but not limited to, discount rate, terminal growth rate and others used to project future cash flows, such
as forecasts of future revenues. These assumptions were affected by management&#8217;s business plans and expectations about future market
and economic conditions, including the impact of the COVID-19.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; color: blue">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the results of our annual goodwill impairment assessment performed as of August 31, 2022 for all of reporting units, we determined
that the carrying amounts of our goodwill reporting units did not exceed their respective fair values and, therefore, no impairment existed,
except for the overseas schools reporting unit</span>. <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have
determined that based on the underperformance of the overseas schools reporting unit, market conditions and other factors including the
adverse impacts from COVID-19, it was more likely than not that there were indications of impairment. We utilized the discounted cash
flow model to estimate the fair value of the reporting units and concluded the carrying amount of overseas schools reporting unit exceeded
its fair value. Accordingly, we recorded RMB419.8 million as impairment loss on goodwill on the consolidated statement of operations for
the year ended August 31, 2022. As of August 31, 2022, the carrying value of goodwill allocated to the overseas schools reporting unit
after impairment was RMB704.7 million. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In our 2022 annual goodwill impairment assessment for the overseas
schools reporting unit, the key assumptions used are a discount rate of 15% (2021: 15%), a terminal growth rate of 2.3% (2021: 3%) and
forecasts of future revenues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; color: blue">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company continuously
monitors for events and circumstances that could negatively impact the key assumptions in determining fair value. While the Company believes
the judgments and assumptions used in the&#160;goodwill&#160;and&#160;indefinite-lived&#160;intangible&#160;impairment tests are reasonable,
different assumptions or changes in general industry, market and macro-economic conditions could change the estimated fair values and,
therefore, future impairment charges could be required, which could be material to the consolidated financial statements.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Assessment of realization of
deferred tax assets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The carrying amounts
of&#160;deferred&#160;tax&#160;assets&#160;are reduced by a valuation allowance if an&#160;assessment&#160;of their components indicates
that it is more likely than not that all or some portion of these&#160;assets&#160;will not be realized. Judgment is required in estimating
valuation allowances for deferred tax&#160;assets. The&#160;realization&#160;of a&#160;deferred&#160;tax&#160;asset ultimately depends
on the existence of sufficient taxable income in either the carryback or carryforward periods under&#160;the applicable tax&#160;law.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We regularly assess
the realizability of our&#160;deferred&#160;tax&#160;assets&#160;and related valuation allowances, or whenever events or changes in circumstances
indicate that an assessment is required. In determining the requirement for a valuation allowance, the historical and projected financial
results of the legal entity or consolidated group recording the net&#160;deferred&#160;tax&#160;asset are considered, along with any other
positive or negative evidence. Since future financial results may differ from previous estimates, periodic adjustments to our valuation
allowances may be necessary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; color: blue">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 -0.5in; text-align: justify; text-indent: 0.5in"><b>Lease</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We determine if an
arrangement is a lease or contains a lease at lease inception. Operating leases are required to be recorded in the balance sheets as
operating lease right-of-use (&#8220;ROU&#8221;) assets and operating lease liabilities, initially measured at the present value of
the lease payments. We have elected the package of practical expedients, which allows us not to reassess (1) whether any expired or
existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of
the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. We adopt the practical
expedient to account for each separate lease component and the non-lease components associated with that lease component as a single
lease component. Lastly, we also have elected to utilize the short-term lease recognition exemption and, for those leases that
qualified, we did not recognize operating lease ROU assets or operating lease liabilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have leases that have variable
payments, including lease payments where lease payment increases are based on the percentage change in the Consumer Price Index (&#8220;CPI&#8221;).
For such leases, payment at the lease commencement date is used to measure the operating lease ROU assets and operating lease liabilities.
Lease payments that are based on a change in&#160;CPI&#160;are treated as variable lease payments and recognized in the period in which
the obligation for those payments was incurred.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As the rate implicit in the lease
is not readily determinable, we estimate our incremental borrowing rate based on the information available at the commencement date in
determining the present value of lease payments. The incremental borrowing rate is estimated in a portfolio approach to approximate the
interest rate on a collateralized basis with similar terms and payments in a similar economic environment. Lease terms may include options
to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expenses are recorded on a straight-line
basis over the lease term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We evaluate the carrying
value of operating lease ROU assets, including the operating lease obligation of the asset group if there are indicators of
impairment and reviews the recoverability of the related asset group. If the carrying value of the asset group determined to not be
recoverable and is in excess of the estimated fair value, we record an impairment loss in the consolidated statement of operations.
Base on the impairment assessments of the operating lease ROU assets, we recorded impairment loss of RMB12.8 million, RMB15.6
million and RMB8.9 million (US$1.3 million) related to the operating lease ROU assets within the overseas schools&#8217; reportable
segment for the years ended August 31, 2020, 2021 and 2022, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the 2020, 2021 and 2022 fiscal years, we received COVID-19 related
rent concessions. Consistent with updated guidance from the Financial Accounting Standards Board (&#8220;FASB&#8221;) in April 2020, we
elected to treat COVID-19-related rental discount as variable rent and applied payable approach to COVID-19 related deferral of rent payment.
Rental discount, amounting to RMB2.7 million, RMB4.8 million and RMB4.5 million (US$0.7 million), were recognized as an offset to rent
expense within selling, general and administrative expenses and cost of revenue on our consolidated statement of operations, respectively.
Deferral payments, amounting to approximately RMB16.4 million, RMB0.5 million and nil, were recognized as concession payable within accrued
expenses and other current liabilities on our consolidated balance sheets as of August 31, 2020, 2021 and 2022, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><b>&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Revenue recognition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our revenue is derived principally from the provision of educational programs and services, complementary training course and program
fees, commission fees, and consulting service fees etc.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Income from educational programs and services</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The educational programs
and services from continuing operations consist of tuition, boarding and meal service from kindergartens in the PRC and overseas schools
in the UK and the US. Each contract of educational programs
and services is accounted for as a single performance obligation which is satisfied proportionately over the service period. The program
and service fee is generally collected in advance prior to the beginning of each semester, or prior to the beginning of the education
programs, and is initially recorded as contract liabilities. Refunds are provided to students if they decide within the predetermined
period that they no longer want to take the course or enroll in the program. After the predetermined period as agreed in the contract,
if a student withdraws from the program, the program fee is no longer available for refund. We determine the transaction price to be
earned based on the tuition fee and the estimated refund liability. The refund liability is determined based on historical refund ratio
on a portfolio basis using the expected value method. Historically, we have not had material refunds in this respect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Complementary training course and program fees</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We offer various types of
after-school tutoring services and art training services, which primarily consist of after-school group class courses, personalized tutoring
courses and art training courses. The tutoring services and art training services are accounted for as a single performance obligation.
Tutoring services and art training service fees is recognized proportionately as the tutoring sessions and art training courses are delivered.
The course fees are generally collected in advance and are initially recorded as contract liability. Tuition refunds are provided to
students if they decide within the trial period that they no longer want to take the course. For certain courses, we also offer refunds
for any unutilized classes for students who withdraw from the course. We determine the transaction price to be earned based on the tutoring
services and art training service fees and the estimated refund liability. The refund liability is determined based on historical refund
ratio on a portfolio basis using the expected value method.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Commission income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We earn commission revenue
by providing referral services to overseas education universities and institutions. Students&#8217; referral service is accounted for
as a single performance obligation. Commission income is recognized at the point in time when the referred students enrolled at the overseas
education universities or institutions&#8217; program, with the tuition fees are paid and upon we are entitled to the commission income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Consulting service fees</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We offer study abroad consulting
and career consulting services to students/candidates who intend to study abroad and to successfully obtain target job offer respectively.
Study-abroad consulting services and career consulting services are accounted for as a single performance obligation respectively. We
charge each student/candidate an up-front prepaid fee based on the scope of consulting services requested by the student/candidate. Portion
of the prepaid services fee are refundable if the student/candidate does not successfully gain admission or obtain target job offer.
We determine the transaction price to be earned based on service fees and the estimated refund liability. The refund liability is determined
based on historical refund ratio on a portfolio basis using the expected value method. We have not experienced significant refunds in
the past or in the current year. We recognize revenue over the consulting service period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Camp service income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We offer camp services for
students during school vacations. Camp service is accounted for as a single performance obligation. Camp service fees are generally collected
upfront and are initially recorded as contract liability. Portion of the prepaid service fees are refundable if the student requests
for refund prior to the camp starts. We determine the transaction price to be earned based on services and the estimated refund liability.
The refund liability is determined based on historical refund ratio on a portfolio basis using the expected value method. We have not
experienced significant refunds in current year. We recognize revenue over the camping period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Operation service income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We offer operation
services which mainly consist of marketing and consulting, procurement support, human resources, finance and legal support, and
information technology support.  Operation service is accounted for as a single performance obligation. We recognize the operation
service income over the service period.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Practical expedients and exemptions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have applied the new revenue
standard requirements to a portfolio of contracts (or performance obligations) with similar characteristics for transactions where it
is expected that the effects on the financial statements of applying the revenue recognition guidance to the portfolio would not differ
materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio. Therefore, we
elect the portfolio approach in applying the new revenue guidance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to record
the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise
would have recognized is one year or less.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Consolidation of Variable Interest Entity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the effectiveness of the Implementation
Rules, PRC laws and regulations prohibit foreign ownership of companies and institutions providing compulsory education services at primary
and middle school levels and restrict foreign investment in education services at the kindergarten and high school level. In addition,
the PRC government regulates the provision of education services through strict licensing requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, we, through our WFOE, Zhuhai Bright
Scholar, have entered into a series of contractual arrangements with BGY Education Investment, BGY Education Investment&#8217;s subsidiaries
and schools, and BGY Education Investment&#8217;s shareholders that enable the Company to (1) have power to direct the activities that
most significantly affects the economic performance of the VIE, and (2) receive the economic benefits of the VIE that could be significant
to the VIE.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to the Implementation Rules, a set
of supplementary agreements to the contractual arrangements were entered into among our WFOE, Zhuhai Bright Scholar, BGY Education Investment,
BGY Education Investment&#8217;s shareholders and six newly established companies in August 2021 to enable them, as well as their subsidiaries,
to entitle to the same power, rights and obligations of the contractual arrangements as BGY Education Investment. The six newly established
companies, including Foshan Meiliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd., Beijing Boteng Education
Consulting Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd. and Foshan Yongliang
Education Technology Co., Ltd. (collectively referred to as the &#8220;New VIE Entities&#8221;), are owned by the same equity shareholders
as BGY Education Investment. On the same day, the New VIE Entities obtained the equity interest of the subsidiaries providing complementary
education services, operation services for domestic schools and for-profit kindergartens from BGY Education Investment, which were previously
held by BGY Education Investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Implementation Rules, private schools
providing compulsory education are prohibited from being controlled through contractual arrangement and conducting transactions with their
related parties and hence, significantly affects the enforceability of the exclusive management services and business cooperation agreements
with the schools providing compulsory education, including the primary schools, middle schools and international schools. In addition,
we provided high school education services in conjunction with compulsory education under the same school entities. As such, they are
also affected by the Implementation Rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, taking into account BGY Education
Investment acted as a special purpose vehicle established as a holding company to hold interest in the Affected Entities and was engaged
in investment in private schools providing compulsory education and not-for-profit kindergartens education as the school sponsor or the
holding company thereof, the contractual arrangements with BGY Education Investment were more likely than not violating the Implementation
Rules, and accordingly, we were subject to significant risks of uncertainties of the validity and enforceability of the contractual arrangements
between Zhuhai Bright Scholar, BGY Education Investment, its subsidiaries and private schools that provides compulsory education and non-for-profit
kindergartens.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the effectiveness of the Implementation
Rules, we would no longer be able to use our power under the contractual arrangements to direct the relevant activities that would most
significantly affect the economic performance of those schools and hence, has lost control on August 31, 2021 over the private schools
providing compulsory education, not-for-profit kindergartens and other enterprises within China, including BGY Education Investment. Accordingly,
the carrying amount related to the net assets of the Affected Entities were deconsolidated from the consolidated financial statements
of the Group as of August 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe we have the power to control New VIE
Entities. Under the following agreements, including voting rights proxy agreement &amp; irrevocable power of attorney, exclusive call
option agreement, equity pledge agreement and the exclusive management services and business cooperation agreement, the shareholders of
New VIE Entities have irrevocably granted Zhuhai Bright Scholar the power to exercise all voting rights to which they are entitled. In
addition, Zhuhai Bright Scholar has the option to acquire all the equity interests in New VIE Entities to the extent permitted by the
then-effective PRC laws and regulations, for nominal consideration. Finally, Zhuhai Bright Scholar is entitled to receive service fees
for certain services to be provided to New VIE Entities. Therefore, we believe we have the power to direct the activities that most significantly
impact the economic performance of New VIE Entities under the exclusive call option agreement. We also believe that our ability to exercise
effective control, together with the exclusive management services and business cooperation agreement and the equity pledge agreement,
give us the rights to receive substantially all of the economic benefits from New VIE Entities in consideration for the services provided
by our subsidiaries in China. Accordingly, as the primary beneficiary of New VIE Entities and in accordance with U.S. GAAP, we consolidate
their financial results and assets and liabilities in our consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As advised by our PRC
legal counsel, other than the Affected Entities, our corporate structure in China complies with all existing PRC laws and
regulations with regard to the foreign ownership in all material aspects. However, our PRC legal counsel has also advised us that as there
are substantial uncertainties regarding the interpretation and application of PRC laws and regulations, and we cannot assure you
that the PRC government would agree that our corporate structure or any of the above contractual arrangements comply with current or
future PRC laws or regulations. PRC laws and regulations governing the validity of these contractual arrangements are uncertain and
the relevant government authorities may have broad discretion in interpreting these laws and regulations. For a detailed description
of the risks associated with our corporate structure, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related
to Our Corporate Structure&#8221; and &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in
China.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Recent Accounting Pronouncements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a summary of recent accounting
pronouncements, see Note 2 to our consolidated financial statements pursuant to Item 17 of Part III of this annual report.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"><b>ITEM 6. DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt"><b><i>A. Directors and Senior
Management</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth information regarding our executive officers and directors as of the date of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: left; width: 44%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors and Executive Officers</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 44%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position/Title</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hongru Zhou</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairperson of the Board of Director and Chief Executive Officer</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shuting Zhou</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">38</p></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meng Rui</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jun Zhao</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; vertical-align: top">Ruolei Niu</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Hongru Zhou</i> has served
as a director and the chairperson of our company since November 2022 and the chief executive officer of our company since February 2023.
Mr. Zhou is a co-founder of Country Garden Venture Capital and has served as its chief executive officer and chairman of investment committee
since its inception in 2019. Mr. Zhou joined Country Garden Holdings Company Limited in 2015 and served as special assistant to the chairman
of its board. Prior to that, Mr. Zhou served as a hedge fund analyst at Bear Stearns Asset Management Inc. from 2007 to 2008. He was also
an analyst at RBS Global Banking and Markets from 2008 to 2009, and an assistant fund manager at China Merchants Fund Management Co.,
Ltd. from 2009 to 2011. Mr. Zhou holds a bachelor&#8217;s degree in applied mathematics and economics from Harvard University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Shuting Zhou</i> became
a director of Bright Scholar Holdings in May 2017. Ms. Zhou has served as the general manager of new business department finance branch
at Country Garden Holdings Company Limited since November 2019. Ms. Zhou has been a deputy financial controller of Guangdong Country Garden
Property Management Co., Ltd., a subsidiary of Country Garden Holdings Company Limited, since May 2016. Ms. Zhou held various managerial
positions at Guangdong Country Garden Property Management Co., Ltd. from February 2009 to April 2016. From March 2007 to January 2009,
Ms. Zhou served as an accounting manager at Gaoyao Biyi Property Development Co., Ltd. and Shaoguan Country Garden Property Development
Co., Ltd., both of which are subsidiaries of Country Garden Holdings Company Limited. Ms. Zhou obtained a bachelor&#8217;s degree in financial
management from Guangdong University of Finance &amp; Economics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Meng Rui</i> became a director
of Bright Scholar Holdings in February 2023. Mr. Rui is the Parkland Chair Professor in Finance at China Europe International Business
School and has served as an independent director at various listed companies in China and overseas, including Shang Gong Group Co., Ltd.
(SSE: 600843), China Education Group Holdings Limited (HKEX: 00839), Landsea Green Management Limited (HKEX: 00106), Dexin Services Group
Limited (HKEX: 02215), Country Garden Services Holdings Company Limited (HKEX:06098) and Jiayin Group Inc. (NASDAQ: JFIN). Mr. Rui was
also an independent director at Midea Group Co., Ltd. (SZSE: 000333) from 2015 to 2018, Winner Technology Co., Inc. (SZSE: 300609) from
2014 to 2020, and Cosco Shipping Energy Transportation Co., Ltd. (HKEX: 01138; SSE: 600026) from 2015 to 2021. Mr. Rui holds a bachelor&#8217;s
degree in international economics from University of International Relations, a Master of Science degree in economics from Oklahoma State
University, and a Master of Business Administration degree and a Doctor of Philosophy degree in business administration from the University
of Houston. Mr. Rui is a Certified Financial Analyst by the Association for Investment Management and Research since 2000 and a Financial
Risk Manager by the Global Association of Risk Professionals since 2010.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Jun Zhao</i> became a director
of Bright Scholar Holdings in May 2017. Mr. Zhao has served as the chairman of Beijing Fellow Partners Investment Management Ltd. since
October 2014 and an independent director of China Merchants Bank Co., Ltd., a company listed on Shanghai Stock Exchange and The Stock
Exchange of Hong Kong Limited, since January 2015. Mr. Zhao served as a managing partner at DT Capital Partners from July 2005 to September
2014. From May 2000 to July 2005, he served as a managing director of ChinaVest, Ltd. Mr. Zhao obtained a bachelor&#8217;s degree in shipbuilding
engineering from Harbin Engineering University, a master&#8217;s degree in ocean engineering from Shanghai Jiao Tong University, a doctor
degree in civil engineering from University of Houston and a MBA from Yale University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Ruolei Niu</i> has served
as the chief financial officer of Bright Scholar Holdings since February 2023. Mr. Niu served as the vice general manager of Country
Garden Venture Capital from February 2022 to February 2023. Prior to that, Mr. Niu had also served as the founder, general manager, co-chief
investment officer and responsible officer at CG Partners Asset Management Co., Limited from 2015 to 2022, and the executive director,
fund manager and responsible officer at China Merchants Fund Management Co., Ltd. from 2010 to 2015. Mr. Niu was an investment analyst
and an investment and taxation accountant at ING Investment Management from 2007 to 2010 and 2004 to 2007, respectively. Mr. Niu holds
a Bachelor of Commerce degree in accounting from the University of Melbourne and a Master of Commerce degree in finance from the University
of Sydney. Mr. Niu is a Certified Financial Analyst and a member of Certified Practising Accountant Australia.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>B. Compensation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Compensation of Directors and Executive Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the fiscal year ended
August 31, 2022, we paid an aggregate of approximately RMB11.1 million (US$1.6 million) in cash to our officers and directors. Other than
the statutory benefits that we are required by the PRC law to contribute for each employee, including pension insurance, we have not set
aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Share Incentive Plan</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In February 2017, our board
of directors approved the 2017 Share Incentive Plan (the &#8220;2017 Plan&#8221;) to attract and retain the best available personnel,
provide additional incentives to employees, directors and consultants and promote the success of our business. Under the 2017 Plan, the
maximum aggregate number of shares which may be issued pursuant to all awards under the 2017 Plan shall be 5,263,158 ordinary shares,
which constitutes 5.0% of the total outstanding shares of our company on an as-converted basis as of the date of adoption of the 2017
Plan, after giving effect to a ten-for-one share split effected on April 26, 2017. In December 2017, we granted share options to purchase
a total of 845,000 Class A ordinary shares to certain school principals and management team members at an exercise price of US$8.74 per
share with vesting period varying from three to five years. In September 2018, we granted options to purchase 167,138 Class A ordinary
shares to certain members of the senior management team of Can-achieve pursuant to the 2017 Plan at an exercise price of US$8.74 per share
with vesting periods ending on December 31, 2018, 2019 and 2020. In January 2019, we granted options to purchase 2,545,000 Class A ordinary
shares to a certain member of our senior management team pursuant to the 2017 plan at an exercise price of US$8.74 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the 2020 fiscal year, our
share-based payment expenses were negative RMB10.6 million in connection with the share options granted to employees. In the 2021 fiscal
year, we recorded share-based payment expenses of RMB1.9 million. In the 2022 fiscal year, we recorded share-based payment expenses of
RMB0.8 million (US$0.1 million).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes,
as of May 31, 2023, the outstanding options we have granted to our directors, officers and other individuals under the 2017
Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise Price<br/>
(US$/Share)</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date of<br/>
Grant</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date of<br/>
Expiration</b></span></td>
    <td>&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 48%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior management members of Can-achieve</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; width: 9%">69,906</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
    <td style="vertical-align: bottom; text-align: right; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.74</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="vertical-align: top; text-align: center; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 1, 2018</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="vertical-align: top; text-align: center; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 14, 2027</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other individuals as a group</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">614,668</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.74</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 15, 2017</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 14, 2027</span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth the number of options that have been granted, exercised, and forfeited or cancelled as of &#160;May 31, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%">Granted</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">3,509,242</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14,457</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Forfeited/Cancelled</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,830,936</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Outstanding</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">663,849</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following paragraphs describe
the principal terms of the 2017 Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Types of awards</i></b>.
The 2017 Plan permits the awards of options, restricted shares or restricted share units.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Plan administration</b>.
Our board of directors or a committee of one or more members of the board of directors will administer the 2017 Plan. The committee or
the full board of directors, as applicable, will determine the participants to receive awards, the type and number of awards to be granted
to each participant, and the terms and conditions of each award grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Award agreement. </i></b>Awards
granted under the 2017 Plan are evidenced by an award agreement that sets forth terms, conditions and limitations for each award, which
may include the term of the award, the provisions applicable in the event of the grantee&#8217;s employment or service terminates, and
our authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind the award.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Eligibility. </i></b>We
may grant awards to our employees, directors and consultants of our company, and other individuals, as determined by the plan administrator.
However, we may grant options that are intended to qualify as incentive share options only to our employees and employees of our parent
companies and subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Vesting schedule. </i></b>In
general, the plan administrator determines the vesting schedule, which is specified in the relevant award agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Exercise of options.
</i></b>The plan administrator determines the exercise price for each award, which is stated in the award agreement. The vested portion
of option will expire if not exercised prior to the time as the plan administrator determines at the time of its grant. However, the maximum
exercisable term is 10 years from the date of a grant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Transfer restrictions.
</i></b>Awards may not be transferred in any manner by the recipient except under limited circumstances, including by will or the laws
of descent and distribution, unless otherwise provided by the plan administrator.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Termination and amendment
of the 2017 Plan. </i></b>Unless terminated earlier, the 2017 Plan has a term of 10 years. Our board of directors has the authority to
amend or terminate the plan. However, no such action may adversely affect in any material way any awards previously granted without the
prior written consent of the recipient.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>C. Board Practices</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors consists
of four directors, including two independent directors. A director is not required to hold any shares in our company. A director may vote
with respect to any contract, proposed contract, or arrangement in which he or she is materially interested provided (1) such director,
if his interest in such contract or arrangement is material, has declared the nature of his interest at the earliest meeting of the board
at which it is practicable for him to do so, either specifically or by way of a general notice and (2) if such contract or arrangement
is a transaction with a related party, such transaction has been approved by the audit committee. A director may exercise all the powers
of the company to borrow money, mortgage its business, property and uncalled capital, and issue debentures or other securities whenever
money is borrowed or as security for any obligation of the company or of any third party. None of our directors has a service contract
with us that provides for benefits upon termination of service.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Committees of the Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
established an audit committee, a compensation committee and a nominating and corporate governance committee and adopted a charter for
each of the three committees. Each committee&#8217;s members and functions are described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Audit Committee</i></b>.
Our audit committee consists of Mr. Jun Zhao and Mr. Meng Rui, and is chaired by Mr. Rui. Mr. Rui and Mr. Zhao satisfy the &#8220;independence&#8221;
requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange and meet the independence standards under
Rule 10A-3 under the Exchange Act. We have determined that Mr. Rui qualifies as an &#8220;audit committee financial expert.&#8221; The
audit committee oversees our accounting and financial reporting processes and the audits of the financial statements of our company. The
audit committee is responsible for, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">reviewing with the independent registered public accounting firm any audit problems or difficulties and management&#8217;s response;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">discussing the annual audited financial statements with management and the independent registered public accounting firm;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">reviewing and reassessing annually the adequacy of our audit committee charter;</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">meeting separately and periodically with management and the independent registered public accounting firm; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Compensation Committee</i></b>.
Our compensation committee consists of Mr. Jun Zhao and Mr. Hongru Zhou, and is chaired by Mr. Zhao. Mr. Zhao satisfies the &#8220;independence&#8221;
requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange. The compensation committee assists the
board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive
officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated upon.
The compensation committee is responsible for, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person&#8217;s independence from management.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b><i>Nominating and Corporate
Governance Committee</i></b>. Our nominating and corporate governance committee consists of Mr. Jun Zhao and Mr. Hongru Zhou, and is chaired
by Mr. Zhao. Mr. Zhao satisfies the &#8220;independence&#8221; requirements of Section 303A of the Corporate Governance Rules of the New
York Stock Exchange. The nominating and corporate governance committee assists the board in selecting individuals qualified to become
our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is
responsible for, among other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">reviewing annually with the board the current composition of the board with regards to characteristics such as independence, age, skills, experience and availability of service to us;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">developing and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">evaluating the performance and effectiveness of the board as a whole.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Duties of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Cayman Islands law,
our directors owe to us fiduciary duties, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider
in good faith to be in our best interests. Our directors also have a duty to exercise the skill they actually possess and such care and
diligence that a reasonably prudent person would exercise in comparable circumstances. In fulfilling their duty of care to us, our directors
must ensure compliance with our memorandum and articles of association, as amended and restated from time to time. Our company may have
the right to seek damages if a duty owed by our directors is breached.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Terms of Directors and Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the amended and
restated memorandum and articles of association, our officers are elected by and serve at the discretion of the board. Our directors are
not subject to a term of office and hold office until such time as they resign or are removed from office by ordinary resolution of our
shareholders. A director will be removed from office automatically if, among other things, the director (1) becomes bankrupt or has a
receiving order made against him or her or suspends payment or compounds with his or her creditors; or (2) dies or becomes of unsound
mind.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Employment Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into employment
agreements with our executive officers. Each of our executive officers is employed for a specified time period, which will be automatically
extended for successive one-year terms unless either party gives the other party a prior written notice to terminate employment. We may
terminate the employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, including
conviction or pleading of guilty to a felony, fraud, misappropriation or embezzlement; negligent or dishonest act to our detriment; misconduct
or failure to perform his or her duty; disability; or death. An executive officer may terminate his or her employment at any time with
a one-month prior written notice if there is a material and substantial reduction in such executive officer&#8217;s existing authority
and responsibilities or at any time if the termination is approved by our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each executive officer has
agreed to hold, both during and after the employment agreement expires, in strict confidence and not to use or disclose to any person,
corporation or other entity without written consent, any confidential information. Each executive officer has also agreed to assign to
us all his or her all inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer
software programs, databases, mask works and trade secrets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>D. Employees</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We had 3,112, 3,025 and 2,941
employees for our continuing operations in the 2020, 2021 and 2022 fiscal years, respectively. The majority of our employees are full-time
and have signed employment agreements for one year, renewable with substantially same terms on mutual agreements. In addition to teachers,
we also have supporting staff such as security guards, chefs, electricians and chauffeurs, and educational and administrative staff including
teaching assistants, librarians, medical staff, and employees in sales and marketing, finance and general administration. The following
table sets forth the average numbers of our employees, categorized by function for the period indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>3,112</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><b>&#160;</b></td><td style="border-bottom: Black 4pt double; text-align: right"><b>3,025</b></td><td style="padding-bottom: 4pt; text-align: left"><b>&#160;</b></td><td style="padding-bottom: 4pt"><b>&#160;</b></td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As required by PRC laws and
regulations, we participate in various employee social security plans for our employees that are administered by local PRC governments,
including housing, pension, medical insurance and unemployment insurance. We compensate our employees with basic salaries and performance-based
bonuses. None of our employees is represented by any collective bargaining arrangements. We believe we have maintained good relationship
with our employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 121; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>E. Share Ownership</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
information concerning the beneficial ownership of our ordinary shares as of  May 31, 2023 by:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">each of our directors and executive officers; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">each person known to us to beneficially own more than 5.0% of our ordinary shares.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The calculations in the table
below are based on the fact that there are 118,904,817 ordinary shares outstanding, including 31,314,817 Class A ordinary shares and 87,590,000
Class B ordinary shares outstanding as of May 31, 2023. </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial ownership is determined
in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage
ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise
of any option, warrant, or other right or the conversion of any other security. These shares, however, are not included in the computation
of the percentage ownership of any other person.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
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    <td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
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    <td style="text-align: center">&#160;</td>
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    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>shares***</b></span></td>
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    <td style="text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">-</p></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">-</p></td>
    <td></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">-</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal Shareholders:</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms. Huiyan Yang<sup>(1)</sup></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,451,559</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87,590,000</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93,041,559</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78.40</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">98.56</p></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0px"></td>
    <td style="width: 24px"><span style="font-size: 10pt">&#8224;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">For each person and group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our Class A and Class B ordinary shares as a single class. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to 20 votes per share on all matters submitted to them for a vote. Our Class A ordinary shares and Class B ordinary shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Our Class B ordinary shares are convertible at any time by the holder thereof into Class A ordinary shares on a one-for-one basis.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">*</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Less than 1% of our total outstanding share on an as-converted basis or voting power.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">**</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The business address of our directors and executive officers is No. 1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong 528300, China.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The calculation
of percentage of aggregate ordinary shares and aggregate voting power does not take into account the 235,022 Class A ordinary shares
issued to The Bank of New York Mellon and reserved for further issuance to beneficiaries under the 2017 Plan. We have, however, included
the 14,457 Class A ordinary shares already issued upon exercise of options under the 2017 Plan as of May 31, 2023.  We have also included
Class A ordinary shares that may be issued for options exercisable within 60 days from the date of this annual report, provided that
these shares are not included in the computation of the percentage ownership or voting power of any other person.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0px"></td>
    <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">Represents
                                            5,000,000 Class A ordinary shares directly held by Sure Brilliant Global Limited (&#8220;Sure
                                            Brilliant&#8221;) wholly owned by Ms. Huiyan Yang, our ex-chairlady, and 451,559 Class A
                                            ordinary shares and 15,000,000 Class B ordinary shares directly held by Ultimate Wise Group
                                            Limited (&#8220;Ultimate Wise&#8221;) and 72,590,000 Class B Ordinary Shares directly held
                                            by Excellence Education Investment Limited (&#8220;Excellence Education&#8221;), both of
                                            which are wholly owned subsidiaries of Noble Pride Global Limited (&#8220;Noble Pride&#8221;).
                                            The sole shareholder of Noble Pride is TMF Trust (HK) Limited (&#8220;TMF Trust&#8221;),
                                            which acts as the trustee for Yeung Family Trust V, in which Ms. Huiyan Yang is a joint settlor
                                            and a member of the two-person investment committee. Sure Brilliant, Noble Pride, Ultimate
                                            Wise and Excellence Education are all British Virgin Islands companies. Excellence Education&#8217;s
                                            registered office is located at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town,
                                            Tortola, British Virgin Islands. Ultimate Wise&#8217;s registered office is located at Trident
                                            Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands. Sure Brilliant&#8217;s
                                            registered office is located at Vistra Corporate Services Centre, Wickhams Cay II, Road Town,
                                            Tortola, British Virgin Islands. TMF Trust is incorporated and existing under the laws of
                                            Hong Kong, with its principal business address at 31/F, Tower Two, Times Square, 1 Matheson
                                            Street, Causeway Bay, Hong Kong. Yeung Family Trust V is an irrevocable discretionary trust
                                            established under the laws of Jersey. Ms. Huiyan Yang and Ms. Meirong Yang, a relative of
                                            hers, are the joint settlors and the members of the two-person investment committee of Yeung
                                            Family Trust V. The investment committee retains the sole right to vote the ordinary shares
                                            beneficially owned by Yeung Family Trust V in our company. Ms. Meirong Yang has two votes
                                            and Ms. Huiyan Yang has one vote on the investment committee. In addition, according to an
                                            acting-in-concert agreement entered into in February 2017, Ms. Huiyan Yang agreed to consult
                                            and agree with Ms. Meirong Yang when voting and deciding on material matters in relation
                                            to the management of our company. See the Schedule 13D/A jointly filed by Ms. Huiyan Yang,
                                            Sure Brilliant, Ultimate Wise, Excellence Education, Noble Pride, TMF Trust and Yeung Family
                                            Trust V on January 3, 2023 for further details.</span></p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
February 8, 2017, Ms. Meirong Yang and Ms. Huiyan Yang, who together beneficially own approximately 98.6% of the aggregate voting power
of our company, entered into an acting-in-concert agreement. According to the acting-in-concert agreement, Ms. Huiyan Yang and Ms. Meirong
Yang must consult with each other before voting and deciding on material matters in relation to the management of our company, including
matters subject to approvals by board or shareholders&#8217; meetings, such as appointment of directors and officers and adoption of
key group-level policies. If no consensus could be reached through consultation, the decision made by Ms. Meirong Yang prevails. Ms.
Huiyan Yang and Ms. Meirong Yang retrospectively confirmed in the acting-in-concert agreement that they have been acting-in-concert since
2008. The acting-in-concert agreement will continue until (1) such agreement is terminated by the parties thereto or (2) the disposal
of all of either party&#8217;s interests in our company and affiliated entities and termination of either party&#8217;s employment or
directorship with our company and affiliated entities. In 2018, Ms. Huiyan Yang and Ms. Meirong Yang further set up Yeung Family Trust
V, an irrevocable discretionary trust established under the laws of Jersey with TMF Trust, a company incorporated and existing under
the laws of Hong Kong, acting as its trustee. Ms. Huiyan Yang and Ms. Meirong Yang are the joint settlors and the members of the two-person
investment committee of Yeung Family Trust V. The investment committee retains the sole right to vote the ordinary shares beneficially
owned by Yeung Family Trust V in our company. Ms. Meirong Yang has two votes and Ms. Huiyan Yang has one vote on the investment committee.
Yeung Family Trust V was established for succession planning purposes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">To
our knowledge, as of August 31, 2022, the record holders of our Class A ordinary shares in the United States included Mr. Junli He, our
former director and executive vice chairman, and The Bank of New York Mellon, the depositary of our ADS program. The number of beneficial
owners of the ADSs in the United States is likely to be much larger than the number of record holders of our ordinary shares in the United
States.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>A.
Major Shareholders</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;E. Share Ownership.&#8221;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>B.
Related Party Transactions</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Contractual
Arrangements with the VIEs and Their Shareholders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif">We
entered into a series of contractual arrangements with the VIEs, including the schools held by the VIEs, and Ms. Meirong Yang, and Mr.
Wenjie Yang, the shareholders of the VIEs, in August 2021. Such contractual arrangements enable us to (1) have the power to direct the
activities that most significantly affects the economic performance of the VIEs; (2) bear the obligation to absorb losses of the VIEs
that could potentially be significant to the affiliated entities or to receive benefits from the affiliated entities that could potentially
be significant to the affiliated entities; and (3) have an exclusive option to purchase all of the equity interests in the VIEs when
and to the extent permitted under PRC law. Therefore, we control the VIEs, including the subsidiaries and domestic kindergartens owned
and operated by the VIEs. For a description of these contractual arrangements, see &#8220;Item 4. Information on the Company&#8212;C.
Organizational Structure&#8212;Our Contractual Arrangements.&#8221;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">All
of our domestic for-profit kindergartens have executed Rights and Obligations Assumption Letters to enjoy the rights and perform the
obligations under the contractual arrangements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Kindergarten
Operation Agreements with Country Garden</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of August 31, 2022, substantially all of our kindergartens in China, other than those that do not operate on Country Garden properties,
had each entered into an operation agreement with Country Garden. Under these agreements, Country Garden provides the premises and facilities
for us to operate these kindergartens, while we are responsible for the operation and management of these kindergartens. We may also
provide preferential student placements and tuition discounts to Country Garden&#8217;s homeowners and employees.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Trademark
Licensing Agreements with Country Garden</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of August 31, 2022, four of our kindergartens in China had entered into a trademark licensing agreement with Zhuhai Bright Scholar, pursuant
to which Zhuhai Bright Scholar agreed to grant those schools the right to use certain trademarks, including &#8220;Country Garden,&#8221;
free of charge for a term expiring in 2028 or 2030, which was permitted under a trademark licensing agreement made between Zhuhai Bright
Scholar and Country Garden, pursuant to which Country Garden agreed to grant Zhuhai Bright Scholar the right to use, with a right to
sublicense, the same trademarks.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Transactions
with Certain Related Parties</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Purchase
of services and materials</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
purchase services and materials, which include mechanics and electrics engineering services, construction services, shuttle bus services
and furniture, from other entities controlled by Ms. Huiyan Yang, our ex-chairlady, including Country Garden. In the 2020, 2021 and 2022
fiscal years, we entered into various agreements with certain entities controlled by Ms. Huiyan Yang or her affiliates, including primarily
the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong
                                            Phoenix Holiday International Travel Service Co., Ltd.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong
                                            Shunde Chuang Xi Bang Sheng Furniture Co., Ltd.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foshan
                                            Shunde Country Garden Property Development Co., Ltd.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong
                                            Teng An Mechanics and Electrics Engineering Co., Ltd.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guandong
                                            Elite Architectural Co., Ltd</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huidong
                                            Country Garden Real Estate Development Co., Ltd.</span></td>
</tr><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     <tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#9679;</td><td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Guangdong Chengjia Design Co., Ltd.</p></td></tr>
     </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
the 2020, 2021 and 2022 fiscal years, we entered into transactions of an aggregate of approximately RMB4.5 million, RMB7.5 million and
RMB11.1 million (US$1.6 million), respectively, to purchase materials, construction services and other services from such related parties.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the fiscal year 2022,
we continued to provide essential services to keep these schools open without recognizing relevant revenues. Services provided to these
schools primarily include marketing and consulting, procurement support, human resources, finance and legal support, and information technology
support, all of which were conducted through our centralized management system. Our centralized management system provided services to
the Affected Entities without charges together with other kindergartens that we charged services fee for. As we did not track the costs
incurred by the centralized management system separately among different service recipients, and majority of the costs are staff costs
incurred by the centralized management system, there are significant limitations for us to accurately determine the costs attributable
to providing services to the Affected Entities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 124; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Advances
and loans from and to related parties</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table presents amounts owed from and to our related parties as of August 31, 2021 and 2022:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of August 31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">(in Thousands)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">Amounts due from related parties*</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">BGY Education Investment and its
    affiliates (1)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,028,866</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">185,366</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">26,907</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shaoguan Shunhong Real Estate Development Co.,
    Ltd. (2)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,452</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Can-Achieve Global Edutour Co., Ltd. (2)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,906</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hangzhou Mashao Enterprise Management Consulting
    Co., Ltd. (3)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,206</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Kaiping Country Garden Property Development
    Co., Ltd. (4)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,060</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,060</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">154</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">Others</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,148</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">772</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">112</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less: allowance for
    amounts due from related parties</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(233</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(572</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(83</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,043,953</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">196,626</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,542</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
</span><span style="font-family: Times New Roman, Times, Serif">Amounts due from related parties are non-interest bearing, unsecured,
and due on demand.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            amounts mainly represent the loan receivables from BGY Education Investment and its affiliates
                                            for the purpose of opening new schools and maintaining daily operation of the private schools
                                            before fiscal year 2021, which had been fully repaid in fiscal year 2022. As of August 31,
                                            2022, the amounts mainly represent the acquisition payable paid on behalf of affiliates of
                                            BGY Education investment, and the receivables from disposal of property and equipment to
                                            BGY Education investment.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            amounts mainly represent the receivables from the entities in which consist of expense was
                                            paid on behalf of entities controlled by Ms. <span style="font-size: 10pt">Huiyan Yang, our
                                            ex-chairlady,</span> and a non-controlling interest shareholder, respectively.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            amounts represent loan receivables from the non-controlling interest shareholders of Hangzhou
                                            Impression.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            amounts mainly represent the receivables of providing consulting services on pre-opening
                                            schools to Kaiping Country Garden Property Development Co., Ltd.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of August 31,</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">(in Thousands)</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">Amounts due to related parties*</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">BGY Education
    Investment and its affiliates (1)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">333,270</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">307,587</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">44,649</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Chuzhou Country Garden
    Property Development Co., Ltd. (2)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,769</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,769</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,466</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shanghai Hanlue Information
    Technology Center Limited Partnership (3)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,885</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gongqingcheng Yuansen
    Commercial Information Consulting Center Ltd. (4)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,462</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Others</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,329</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,676</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">679</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">373,715</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">343,032</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">49,794</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">*
Amounts due to related parties are non-interest bearing, unsecured, and payable on demand.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of August 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">US$</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in Thousands)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Other non-current liability due to related
    parties*</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Shanghai
    Hanlue Information Technology Center Limited Partnership (3)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,650</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: 10pt"><span style="font-family: Times New Roman, Times, Serif">Gongqingcheng
    Yuansen Commercial Information Consulting Center Ltd. (4)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,504</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,197</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,625</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,154</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,197</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,625</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">*
Other non-current liabilities due to related parties are non-interest bearing and unsecured.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            amounts mainly represent the acquisition payables to BGY Education Investment and its affiliates
                                            for the acquisition of certain PRC subsidiaries under common control in fiscal year 2021.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-indent: -25.15pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            amounts mainly represent financing funds from other entities controlled by <span style="font-size: 10pt">Ms.
                                            Huiyan Yang, our ex-chairlady</span>, for the purpose of maintaining daily operation of certain
                                            schools.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 125; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            amounts represent the acquisition payables to Shanghai Hanlue Information Technology Center
                                            Limited Partnership for the acquisition of Linstitute in fiscal year 2020.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            amounts represent the acquisition payables to Gongqingcheng Yuansen Commercial Information
                                            Consulting Center Ltd. for the acquisition of Leti in fiscal year 2021.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Employment
Agreements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">See &#8220;Item 6. Directors,
Senior Management and Employees&#8212;C. Board Practices&#8212;Employment Agreements.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Share
Incentive Plan</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 6. Directors, Senior Management and Employees-B. Compensation-Share Incentive Plan.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>C.
Interests of Experts and Counsel</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
8. FINANCIAL INFORMATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>A.
Consolidated Statements and Other Financial Information</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have appended consolidated financial statements filed as part of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Legal
Proceedings</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Legal Proceedings.&#8221;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Dividend
Policy</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
September 18, 2019, we declared a cash dividend of US$0.10 per ordinary share; on July 23, 2020, we declared a cash dividend of US$0.12
per ordinary share; and on July 21, 2021, we declared a cash dividend of US$0.12 per ordinary share. We currently have no further plan
to declare or pay any dividends in the near future on our shares or ADSs. We currently intend to retain most, if not all, of our available
funds and any future earnings to operate and expand our business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
board of directors has discretion as to whether to distribute dividends, subject to applicable laws. Under Cayman Islands law, a Cayman
Islands company may pay a dividend on its shares out of its profits, realized or unrealized, or from any reserve set aside from profits
which its directors determine is no longer required or out of the share premium account or any other fund or account that can be authorized
for this purpose in accordance with the Companies Act (As Revised) of the Cayman Islands, provided that in no circumstances may a dividend
be paid if this would result in the company being unable to pay its debts due in the ordinary course of business. Even if our board of
directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements
and surplus, general financial condition, contractual restrictions and other factors that our board of directors may deem relevant. If
we pay any dividends, we will pay our ADS holders to the same extent as holders of our Class A ordinary shares, subject to the terms
of the deposit agreement, including the fees and expenses payable thereunder. Cash dividends on our Class A ordinary shares, if any,
will be paid in U.S. dollars.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif">We
are a holding company incorporated in the Cayman Islands. We rely principally on dividends from our Hong Kong and PRC subsidiaries for
our cash requirements, including any payment of dividends to our shareholders. PRC regulations may restrict the ability of our PRC subsidiaries
to pay dividends to us. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Doing Business in China&#8212;Our
subsidiaries and affiliated entities in China are subject to restrictions on making dividends and other payments to us.&#8221;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>B.
Significant Changes</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Except
as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
9. THE OFFER AND LISTING</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>A.
Offer and Listing Details</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
ADSs are listed on the New York Stock Exchange under the symbol &#8220;BEDU.&#8221; Effective on August 19, 2022, we changed the ratio
of the ADSs to Class A ordinary shares from the then&#160;ADS&#160;ratio&#160;of one ADS to one Class A ordinary share to a new&#160;ADS&#160;ratio&#160;of
one ADS representing four Class A ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>B.
Plan of Distribution</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>C.
Markets</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
ADSs have been listed for trading on the New York Stock Exchange under the symbol &#8220;BEDU&#8221; since May 18, 2017.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>D.
Selling Shareholders</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>E.
Dilution</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>F.
Expenses of the Issue</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 127; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
10. ADDITIONAL INFORMATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>A.
Share Capital</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>B.
Memorandum and Articles of Association</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
incorporate by reference into this annual report our amended and restated memorandum of association and our amended and restated articles
of association filed as Exhibit 3.2 to our F-1 registration statement (File No. 333-217359), as amended, initially filed with the SEC
on April 18, 2017.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>C.
Material Contracts</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Material
contracts other than in the ordinary course of business are described in Item 4 and Item 7 or elsewhere in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>D.
Exchange Controls</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulations&#8212;PRC Laws and Regulations Relating to Foreign
Exchange.&#8221;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>E.
Taxation</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion of material Cayman Islands, PRC and United
States federal income tax consequences of an investment in the ADSs or Class A ordinary shares is based upon laws and relevant interpretations
thereof in effect as of the date of this annual report, all of which are subject to change. This discussion does not deal with all possible
tax consequences relating to an investment in the ADSs or Class A ordinary shares, such as the tax consequences under state, local and
other tax laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Cayman
Islands Taxation</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the
jurisdiction of, the Cayman Islands.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Cayman Islands are a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double
tax treaties.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">There
are no exchange control regulations or currency restrictions in the Cayman Islands.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to Section 6 of the Tax Concessions Act (revised) of the Cayman Islands, we have obtained an undertaking from the Governor-in-Cabinet
that:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">no law which is enacted
    in the Cayman Islands imposing any tax to be levied on profits or income or gains or appreciation shall apply to us or our operations;
    and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aforesaid tax or any
    tax in the nature of estate duty or inheritance tax shall not be payable on our shares, debentures or other obligations.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undertaking for us
    is for a period of 20 years from January 10, 2017.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>People&#8217;s
Republic of China Taxation</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif">Bright
Scholar Holdings is a holding company incorporated in the Cayman Islands and its income depends primarily on dividends from our PRC subsidiaries.
The PRC enterprise income tax law and its implementation rules provide that an income tax rate of 10.0% will be applicable to dividends
payable by Chinese companies to non-PRC-resident enterprise shareholders unless otherwise exempted or reduced according to treaties or
arrangements between the PRC central government and governments of other countries or regions. Under the Double Tax Avoidance Arrangement,
dividends paid by a foreign-invested enterprise in the PRC to its direct holding company, which is considered a Hong Kong tax resident
and is determined by the PRC tax authority to have satisfied relevant requirements under the Double Tax Avoidance Arrangement between
China and Hong Kong and other applicable PRC laws, will be subject to withholding tax at the rate of 5.0%. Entitlement to a lower tax
rate on dividends according to tax treaties or arrangements between the PRC central government and governments of other countries or
regions is subject to inspection or approval of the relevant tax authorities. Furthermore, the State Administration of Taxation promulgated
Circular 9 to clarify the definition of beneficial owner under PRC tax treaties and tax arrangements. According to Circular 9, a beneficial
owner refers to a party who holds ownership of and control over the income of the entity, or the rights or assets from which such income
is derived. The test to determine whether a resident of the other contracting party to the double taxation treaty or arrangement is a
beneficial owner shall focus on several factors including, among others, (1) whether the applicant is under the obligation to pay 50%
or more of the income received to any resident of any third country or region within 12 months upon receipt of the income; and (2) whether
the business activities carried out by the applicant constitutes substantive business activities, which include substantive manufacturing,
distribution, management and other activities. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risk Related to Doing Business
in China&#8212;There are significant uncertainties under the PRC enterprise income tax law relating to the withholding tax liabilities
of our PRC subsidiaries, and dividends payable by our PRC subsidiaries to our offshore subsidiaries may not qualify to enjoy certain
treaty benefits.&#8221;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif">Under
the PRC enterprise income tax law, enterprises established under the laws of jurisdictions outside China with their &#8220;de facto management
body&#8221; located within China may be considered to be PRC tax resident enterprises for tax purposes and therefore subject to PRC enterprise
income tax at the rate of 25% on their worldwide income. The implementation rules of the PRC enterprise income tax law define the term
&#8220;de facto management body&#8221; as a management body which substantially manages, or has control over the business, personnel,
finance and assets of an enterprise. The State Administration of Taxation issued the Notice Regarding the Determination of Chinese-Controlled
Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies, or Circular 82, on April
22, 2009. Circular 82 provides certain specific criteria for determining whether the &#8220;de facto management body&#8221; of a Chinese-controlled
offshore incorporated enterprise is located in China, which include all of the following conditions: (1) the senior management and core
management departments in charge of daily operations are located mainly within China, (2) financial and human resources decision are
subject to determination or approval by persons or bodies in China, (3) major assets, accounting books, company seals and minutes and
files of board and shareholders&#8217; meeting are located or kept within China, and (4) at least half of the enterprise&#8217;s directors
with voting rights or senior management reside within China. The State Administration of Taxation issued a bulletin on August 3, 2011
to provide more guidance on the implementation of Circular 82. The bulletin clarifies certain matters relating to resident status determination,
post-determination administration and competent tax authorities. Although both the circular and the bulletin only apply to offshore enterprises
controlled by PRC enterprises and not those by PRC individuals, the determination criteria set forth in the circular and administration
clarification made in the bulletin may reflect the general position of the State Administration of Taxation on how the &#8220;de facto
management body&#8221; test should be applied in determining the tax resident status of offshore enterprises and the administration measures
should be implemented, regardless of whether they are controlled by PRC enterprises or PRC individuals. See &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8212;Risk Related to Doing Business in China&#8212;Under the PRC enterprise income tax law, we may be classified as a PRC
&#8220;resident enterprise,&#8221; which could result in unfavorable tax consequences to us and our non-PRC shareholders.&#8221;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>United
States Federal Income Tax Considerations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
is a summary of United States federal income tax considerations relating to the ownership and disposition of the ADSs or Class A
ordinary shares by a U.S. Holder, as defined below, who holds the ADSs or Class A ordinary shares as &#8220;capital assets&#8221;
(generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended, or the Code. This
discussion is based upon existing United States federal income tax law, which is subject to differing interpretations or change,
possibly with retroactive effect. No ruling has been sought from the Internal Revenue Service, or the IRS, with respect to any
United States federal income tax consequences described below, and we cannot assure you that the IRS or a court will not take a
contrary position. This discussion does not address all aspects of United States federal income taxation that may be important to
particular investors in light of their individual circumstances, including investors subject to special tax rules (such as, for
example, financial institutions, insurance companies, regulated investment companies, real estate investment trusts, broker-dealers,
traders in securities that elect mark-to-market treatment, partnerships or other pass-through entities and their partners or
investors, tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors subject to
special accounting rules under Section 451(b) of the Code, investors that own (directly, indirectly, or constructively) 10% or more
of our stock by vote or by value, investors that hold their ADSs or ordinary shares as part of a straddle, hedge, conversion,
constructive sale or other integrated transaction, or investors that have a functional currency other than the U.S. dollar, all of
whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not
address any state, local, alternative minimum tax, or non-United States tax considerations, or the Medicare contribution tax on net
investment income. Each potential investor is urged to consult its tax advisor regarding the United States federal, state, local and
non-United States income and other tax considerations of an investment in the ADSs or ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>General</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this discussion
or arrangement, a &#8220;U.S. Holder&#8221; is a beneficial owner of the ADSs or Class A ordinary shares that is, for United States federal
income tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a corporation (or other entity treated as
a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state
thereof or the District of Columbia, (3) an estate the income of which is includible in gross income for United States federal income
tax purposes regardless of its source, or (4) a trust (a) the administration of which is subject to the primary supervision of a United
States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust
or (b) that has otherwise elected to be treated as a United States person under the Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a partnership (or other
entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of the ADSs or Class
A ordinary shares, the tax treatment of a partner in the partnership will depend upon the status of the partner and the activities of
the partnership. Partnerships and partners of a partnership holding the ADSs or Class A ordinary shares are urged to consult their tax
advisors regarding an investment in the ADSs or Class A ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
United States federal income tax purposes, a U.S. Holder of ADSs will generally be treated as the beneficial owner of the underlying
shares represented by the ADSs. Accordingly, deposits or withdrawals of Class A ordinary shares for ADSs will generally not be subject
to United States federal income tax.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Passive
foreign investment company considerations</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
non-United States corporation, such as our company, will be classified as a &#8220;passive foreign investment company,&#8221; or PFIC,
for United States federal income tax purposes, if, in the case of any particular taxable year, either (1) 75% or more of its gross income
for such year consists of certain types of &#8220;passive&#8221; income or (2) 50% or more of its average quarterly assets during such
year produce or are held for the production of passive income. For this purpose, cash is categorized as a passive asset and the company&#8217;s
unbooked intangibles associated with active business activities may generally be classified as active assets. Passive income generally
includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated
as owning our proportionate share of the assets and earning our proportionate share of the income of any other non-U.S. corporation in
which we own, directly or indirectly, more than 25% (by value) of the stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Although
the law in this regard is unclear, we treat the New VIEs as being owned by us for United States federal income tax purposes, not
only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all
of their economic benefits, and, as a result, we consolidate their operating results in our consolidated financial statements.
Assuming that we are the owner of the New VIEs for United States federal income tax purposes, based upon our historical and current
income and assets, we do not believe that we were classified as a PFIC for the taxable year ending August 31, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The determination of
whether we are or will become a PFIC will depend upon the composition of our income (which may differ from our historical results
and current projections) and assets and the value of our assets from time to time, including, in particular the value of our
goodwill and other unbooked intangibles (which may depend upon the market value of the ADSs or Class A ordinary shares from
time-to-time and may be volatile). In estimating the value of our goodwill and other unbooked intangibles, we have taken into
account our market capitalization, which may fluctuate. If our market capitalization declines further, we may be classified as a PFIC for
the current or future taxable years. It is also possible that the IRS may challenge our classification or valuation of our goodwill
and other unbooked intangibles, which may result in our company being, or becoming classified as, a PFIC for the current or one or
more future taxable years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Finally, in determining our PFIC status, we have relied in our unaudited
and audited financials. If we are required to restate or amend our financials further, it is possible that our company may have been,
or we may determine that it is, a PFIC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The determination of
whether we are or will be a PFIC may also depend, in part, on how, and how quickly, we use our liquid assets, including cash. Under
circumstances where we retain significant amounts of liquid assets including cash, or if the New VIEs were not treated as owned by
us for United States federal income tax purposes, our risk of being classified as a PFIC may substantially increase. Because there
are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close
of each taxable year, we cannot assure you that we will not be a PFIC for the current taxable year or any future taxable year. If we
are classified as a PFIC for any year during which a U.S. Holder holds the ADSs or Class A ordinary shares, we generally would
continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds the ADSs or Class A ordinary
shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
discussion below under &#8220;Dividends&#8221; and &#8220;Sale or Other Disposition of ADSs or Ordinary Shares&#8221; is written on the
basis that we will not be classified as a PFIC for United States federal income tax purposes. The United States federal income tax rules
that apply if we are classified as a PFIC for the current taxable year or any subsequent taxable year are discussed below under &#8220;Passive
Foreign Investment Company Rules.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Dividends</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Subject
to the PFIC rules described below, any cash distributions (including the amount of any PRC tax withheld) paid on the ADSs or Class A
ordinary shares out of our current or accumulated earnings and profits, as determined under United States federal income tax principles,
will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by
the U.S. Holder, in the case of Class A ordinary shares, or by the depositary bank, in the case of ADSs. Because we do not intend to
determine our earnings and profits on the basis of United States federal income tax principles, any distribution will generally be treated
as a &#8220;dividend&#8221; for United States federal income tax purposes. Under current law, a non-corporate recipient of dividend income
will generally be subject to tax on dividend income from a &#8220;qualified foreign corporation&#8221; at the lower applicable net capital
gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period and other
requirements are met.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-United States
corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the
preceding taxable year) will generally be considered to be a qualified foreign corporation (1) if it is eligible for the benefits of
a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory
for purposes of this provision and which includes an exchange of information program, or (2) with respect to any dividend it pays on
stock (or ADSs in respect of such stock) which is readily tradable on an established securities market in the United States. Our
ADSs are listed on the New York Stock Exchange. Accordingly, we believe that the ADSs are readily tradable on an established
securities market in the United States and that we will be a qualified foreign corporation with respect to dividends paid on the
ADSs. Since we do not expect that our Class A ordinary shares will be listed on established securities markets, it is unclear
whether dividends that we pay on our Class A ordinary shares that are not backed by ADSs currently meet the conditions required for
the reduced tax rate. We cannot assure you that the ADSs will continue to be considered readily tradable on an established
securities market in later years. In the event we are deemed to be a PRC resident enterprise under the EIT Law, we may be eligible
for the benefits of the Agreement Between the Government of the United States of America and the Government of the People&#8217;s
Republic of China for the Avoidance of Double Taxation and the Prevention of Tax Evasion with Respect to Taxes on Income (the
&#8220;United States-PRC income tax treaty&#8221;) (which the Secretary of the Treasury of the United States has determined is
satisfactory for this purpose), in which case we would be treated as a qualified foreign corporation with respect to dividends paid
on our Class A ordinary shares or ADSs. U.S. Holders are urged to consult their tax advisors regarding the availability of the
reduced tax rate on dividends in their particular circumstances. Dividends received on the ADSs or Class A ordinary shares will not
be eligible for the dividends received deduction allowed to corporate shareholders of a domestic corporation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For United States foreign tax credit purposes, dividends paid on the
ADSs or Class A ordinary shares will generally be treated as income from foreign sources and will generally constitute passive category
income. In the event that we are deemed to be a PRC resident enterprise under the EIT Law, a U.S. Holder may be subject to PRC withholding
taxes on dividends paid, if any, on the ADSs or Class A ordinary shares. A U.S. Holder may be eligible, subject to a number of complex
limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on the ADSs or Class
A ordinary shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction
for United States federal income tax purposes in respect of such withholding, but only for a year in which such holder elects to do so
for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are urged to consult their
tax advisors regarding the availability of the foreign tax credit under their particular circumstances.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Sale
or other disposition of ADSs or ordinary shares</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Subject
to the PFIC rules discussed below, a U.S. Holder will generally recognize capital gain or loss, if any, upon the sale or other disposition
of ADSs or Class A ordinary shares in an amount equal to the difference between the amount realized upon the disposition and the holder&#8217;s
adjusted tax basis in such ADSs or Class A ordinary shares. Any capital gain or loss will be long-term gain or loss if the ADSs or Class
A ordinary shares have been held for more than one year and will generally be United States source gain or loss for United States foreign
tax credit purposes. Long-term capital gains of non-corporate tax payers are currently eligible for reduced rates of taxation. In the
event that we are treated as a PRC resident enterprise under the EIT Law, and gain from the disposition of the ADSs or Class A ordinary
shares is subject to tax in the PRC, such gain may be treated as PRC source gain for foreign tax credit purposes under the United States-PRC
income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors
regarding the tax consequences if a foreign tax is imposed on a disposition of the ADSs or Class A ordinary shares, including the availability
of the foreign tax credit under their particular circumstances.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Passive
Foreign Investment Company Rules</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds the ADSs or Class A ordinary shares, unless the U.S.
Holder makes a mark-to-market election (as described below), the U.S. Holder will, except as discussed below, be subject to special tax
rules that have a penalizing effect, regardless of whether we remain a PFIC, on (1) any excess distribution that we make to the U.S.
Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual
distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder&#8217;s holding period for the ADSs or Class
A ordinary shares), and (2) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of
ADSs or Class A ordinary shares. Under the PFIC rules:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the excess distribution
    and/or gain will be allocated ratably over the U.S. Holder&#8217;s holding period for the ADSs or Class A ordinary shares;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount allocated to
    the current taxable year and any taxable years in the U.S. Holder&#8217;s holding period prior to the first taxable year in which
    we are classified as a PFIC, or a pre-PFIC year, will be taxable as ordinary income; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount allocated to
    each prior taxable year, other than the current taxable year or a pre-PFIC year, will be subject to tax at the highest tax rate in
    effect applicable to the individuals or corporations, as appropriate, for that year, and will be increased by an additional tax equal
    to interest on the resulting tax deemed deferred with respect to each such other taxable year.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
we are a PFIC for any taxable year during which a U.S. Holder holds the ADSs or Class A ordinary shares and any of our non-United States
subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier
PFIC for purposes of the application of these rules. Each U.S. Holder is advised to consult its tax advisors regarding the application
of the PFIC rules to any of our subsidiaries.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As an alternative to the foregoing rules, a U.S. Holder of &#8220;marketable
stock&#8221; in a PFIC may make a mark-to-market election with respect to the ADSs, provided that the ADSs are &#8220;regularly traded&#8221;
(as specially defined) on the New York Stock Exchange. No assurances may be given regarding whether the ADSs will continue to qualify
as being regularly traded in this regard. If a mark-to-market election is made, the U.S. Holder will generally (1) include as ordinary
income for each taxable year that we are a PFIC the excess, if any, of the fair market value of ADSs held at the end of the taxable year
over the adjusted tax basis of such ADSs and (2) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the ADSs
over the fair market value of such ADSs held at the end of the taxable year, but only to the extent of the net amount previously included
in income as a result of the mark-to-market election. The U.S. Holder&#8217;s adjusted tax basis in the ADSs would be adjusted to reflect
any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year
that we are a PFIC any gain recognized upon the sale or other disposition of the ADSs will be treated as ordinary income and loss will
be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market
election. Because our ordinary shares are not listed on a stock exchange, U.S. Holders will not be able to make a mark-to-market election
with respect to our ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified
as a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period
that such corporation is not classified as a PFIC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Because
a mark-to-market election cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market
election with respect to the  ADSs may continue to be subject to the general PFIC rules with respect to such U.S. Holder&#8217;s
indirect interest in any of our non-United States subsidiaries that is classified as a PFIC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections, which, if available, would
result in tax treatment different from the general tax treatment for PFICs described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
discussed above under &#8220;Dividends,&#8221; dividends that we pay on the ADSs or Class A ordinary shares will not be eligible for
the reduced tax rate that applies to qualified dividend income if we are classified as a PFIC for the taxable year in which the
dividend is paid or the preceding taxable year. In addition, if a U.S. Holder owns the  ADSs or Class A ordinary shares during
any taxable year that we are a PFIC, the holder must file an annual information return with the IRS. Each U.S. Holder is urged to
consult its tax advisor concerning the United States federal income tax consequences of purchasing, holding, and disposing ADSs or
Class A ordinary shares if we are or become a PFIC, including the possibility of making a mark-to-market election and the
unavailability of the qualified electing fund election.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Information
reporting and backup withholding</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Certain
U.S. Holders are required to report information to the IRS relating to an interest in &#8220;specified foreign financial assets,&#8221;
including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial
assets exceeds $50,000 (or a higher dollar amount prescribed by the IRS), subject to certain exceptions (including an exception for shares
held in custodial accounts maintained with a United States financial institution). These rules also impose penalties if a U.S. Holder
is required to submit such information to the IRS and fails to do so.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, U.S. Holders may be subject to information reporting to the IRS and backup withholding with respect to dividends on and
proceeds from the sale or other disposition of the  ADSs or ordinary shares. Information reporting will apply to payments of
dividends on, and to proceeds from the sale or other disposition of, ordinary shares or ADSs by a paying agent within the United
States to a U.S. Holder, other than U.S. Holders that are exempt from information reporting and properly certify their exemption. A
paying agent within the United States will be required to withhold at the applicable statutory rate, currently 24%, in respect of
any payments of dividends on, and the proceeds from the disposition of, ordinary shares or ADSs within the United States to a U.S.
Holder (other than U.S. Holders that are exempt from backup withholding and properly certify their exemption) if the holder fails to
furnish its correct taxpayer identification number or otherwise fails to comply with applicable backup withholding requirements.
U.S. Holders who are required to establish their exempt status generally must provide a properly completed IRS Form W-9.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a U.S. Holder&#8217;s U.S. federal
income tax liability. A U.S. Holder generally may obtain a refund of any amounts withheld under the backup withholding rules by filing
the appropriate claim for refund with the IRS in a timely manner and furnishing any required information. Each U.S. Holder is advised
to consult with its tax advisor regarding the application of the United States information reporting rules to their particular circumstances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>F.
Dividends and Paying Agents</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>G.
Statement by Experts</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>H.
Documents on display</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have previously filed with the SEC our registration statement on Form F-1 (File Number 333-217359), as amended and our registration statement
on Form F-1 (File Number 333-223193), as amended.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F within four months after
the end of each fiscal year. Copies of reports and other information, when so filed, may be inspected without charge and may be obtained
at prescribed rates at the public reference facilities maintained by the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549.
The public may obtain information regarding the Washington, D.C. Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC
also maintains a web site at www.sec.gov that contains reports, proxy and information statements, and other information regarding registrants
that make electronic filings with the SEC using its EDGAR system.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing
profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file
periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
will furnish The Bank of New York Mellon, the depositary of the  ADSs, with our annual reports, which will include a review of
operations and annual audited consolidated financial statements prepared in conformity with U.S. GAAP, and all notices of
shareholders&#8217; meetings and other reports and communications that are made generally available to our shareholders. The
depositary will make such notices, reports and communications available to holders of ADSs and, upon our request, will mail to all
record holders of ADSs the information contained in any notice of a shareholders&#8217; meeting received by the depositary from
us.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>I.
Subsidiary Information</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>J.
Annual Report to Security Holders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">We are not required to provide an annual report to security holders
in response to the requirements of Form 6-K.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Foreign
currency risk</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
revenues, expenses and assets and liabilities are primarily denominated in Renminbi. Renminbi is not freely convertible into foreign
currencies for capital account transactions. The value of the Renminbi against the U.S. dollar and other currencies is affected by changes
in China&#8217;s political and economic conditions and by China&#8217;s foreign exchange policies, among other things. In July 2005,
the PRC government changed its decades-old policy of pegging the value of the Renminbi to the U.S. dollar, and the Renminbi appreciated
more than 20% against the U.S. dollar over the following three years. Between July 2008 and June 2010, this appreciation subsided and
the exchange rate between the Renminbi and the U.S. dollar remained within a narrow band. Since June 2010, the Renminbi has fluctuated
against the U.S. dollar, at times significantly and unpredictably. On March 17, 2014, the PRC government announced a policy to further
expand the maximum daily floating range of Renminbi trading prices against the U.S. dollar in the inter-bank spot foreign exchange market
to 2.0%. On August 10, 2015, the PRC government announced that it had changed the calculation method for Renminbi&#8217;s daily central
parity exchange rate against the U.S. dollar, which resulted in an approximately 2.0% depreciation of Renminbi on that day. We expect
Renminbi to fluctuate more significantly in value against the U.S. dollar or other foreign currencies in the future, depending on the
market supply and demand with reference to a basket of major foreign currencies. It is difficult to predict how market forces or PRC
or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">To
date, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. To the
extent that we need to convert U.S. dollars we received from the offering into Renminbi for our operations or capital expenditures, appreciation
of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we would receive from the conversion. Conversely,
if we decide to convert our Renminbi into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs
or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar
amount available to us.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, very limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have
not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide
to enter into hedging transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be
able to adequately hedge our exposure or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations
that restrict our ability to convert Renminbi into foreign currency.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Concentration
of credit risk</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial
instruments that potentially subject us to significant concentration of credit risk consist primarily of cash and cash equivalents and
restricted cash. As of August 31, 2022, substantially all of our cash and cash equivalents and term deposits were deposited with financial
institutions with high-credit ratings and quality.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>A.
Debt Securities</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>B.
Warrants and Rights</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>C.
Other Securities</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>D.
American Depositary Shares</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Fees
and Expenses</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
ADS holders are required to pay the following service fees to the depositary bank, the Bank of New York Mellon, and certain taxes and
governmental charges (in addition to any applicable fees, expenses, taxes and other governmental charges payable on the deposited securities
represented by any of your ADSs):</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 49%"><div style="padding: 0in; border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Persons
    depositing or withdrawing shares or ADS holders must pay :</b></span></p>
</div></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 49%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif"><b>For:</b></span></p></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$5.00 (or less) per 100
    ADSs (or portion of 100 ADSs)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of ADSs, including
    issuances resulting from a distribution of shares or rights or other property Cancellation of ADSs for the purpose of withdrawal,
    including if the deposit agreement terminates</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$0.05 (or less) per ADS</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any cash distribution to
    ADS holders</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A fee equivalent to the
    fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution of securities
    distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$0.05 (or less) per ADS
    per calendar year</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary services</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration or transfer
    fees</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer and registration
    of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses of the depositary</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cable, telex and facsimile
    transmissions (when expressly provided in the deposit agreement) converting foreign currency to U.S. dollars</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes and other governmental
    charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty
    or withholding taxes</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As necessary</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any charges incurred by
    the depositary or its agents for servicing the deposited securities</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As necessary</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and
not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate
assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when
buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained
in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the
method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary&#8217;s obligations
under the deposit agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><b>PART
II</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">None.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Material
Modifications to the Rights of Security Holders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 10. Additional Information&#8221; for a description of the rights of securities holders, which remain unchanged.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Use
of Proceeds</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following &#8220;Use of Proceeds&#8221; information relates to the registration statement on Form F-1, as amended (File Number 333-217359)
in relation to our initial public offering of 17,250,000 ADSs representing 17,250,000 Class A ordinary shares, at an initial offering
price of US$10.50 per ADS, and the F-1 Registration Statement (File Number 333-223193) in relation to our follow-on public offering of
10,000,000 ADSs representing 10,000,000 Class A ordinary shares at US$19.00 per ADS. Our initial public offering closed in June 2017,
and our follow-on offering closed in March 2018. Morgan Stanley &amp; Co. International plc and Deutsche Bank Securities Inc. were the
representatives of the underwriters for our initial public offering, and Deutsche Bank Securities Inc. and Goldman Sachs (Asian) LLC
were the representatives of the underwriters for our follow-on public offering.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
F-1 registration statement for our initial public offering was declared effective by the SEC on May 17, 2017. For the period from the
effective date of the F-1 registration statement to August 31, 2017, the total expenses incurred for our company&#8217;s account in connection
with our initial public offering was approximately US$0.6 million. We received net proceeds of approximately US$174.7 million from our
initial public offering. None of the transaction expenses included payments to directors or officers of our company or their associates,
persons owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds from the initial public offering
were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity
securities or our affiliates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
F-1 registration statement for our follow-on public offering was declared effective by the SEC on February 27, 2018. For the period from
the effective date of the F-1 registration statement to August 31, 2018, the total expenses incurred for our company&#8217;s account
in connection with our follow-on public offering was approximately US$1.0 million. We received net proceeds of approximately US$181.4
million from our follow-on offering. None of the transaction expenses included payments to directors or officers of our company or their
associates, persons owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds from the follow-on
offering were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our
equity securities or our affiliates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
the period from May 17, 2017, the date that the F-1 registration statement in connection with our initial public offering was declared
effective by the SEC, to the date of this annual report, we have used (1) approximately US$2.0 million as the registered capital of Guangdong
Bright Scholar Education Technology Co., Ltd., (2) approximately US$90.3 million for the repurchase of the ADSs, and (3) approximately
US$228.7 million for overseas acquisitions, of the net proceeds received from our public offerings.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM
15. CONTROLS AND PROCEDURES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Disclosure
Controls and Procedures</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under
the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we carried
out an evaluation of the effectiveness of our disclosure controls and procedures, which is defined in Rules 13a-15(e) of the Exchange
Act, as of August 31, 2022. Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure
controls and procedures as of August 31, 2022 were effective.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 137; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management&#8217;s Annual Report on Internal
Control over Financial Reporting </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f), of the
Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. Because of its
inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or because
the degree of compliance with policies or procedures may deteriorate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the supervision and
with the participation of our management, including our chief executive officer and chief financial officer, we conducted an assessment
of the effectiveness of our internal control over financial reporting as of August 31, 2022.   The assessment was based on criteria established in the framework Internal Control-Integrated Framework
(2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission. A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company&#8217;s
annual or interim financial statements will not be prevented or detected on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on this assessment,
management concluded that our internal control over financial reporting was not effective as of August 31, 2022 due to the material weaknesses
identified. Specifically, we identified (1) a material weakness in the design and maintenance of an effective control environment that
commensurate with the Company&#8217;s financial reporting requirements due to an insufficient complement of resources in the accounting/finance
and IT department with an appropriate level of knowledge, experience and training; and (2) a material weakness in the design and implementation
of the Company&#8217;s internal controls relating to lease accounting due to the lack of comprehensive assessment process over lease accounting
in the overseas schools component.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Management&#8217;s Remediation Plan</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to remediate the
material weaknesses identified in our overseas schools component, specifically, in control environment and in lease accounting, we plan
to take the following actions:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">recruit additional personnel with knowledge of GAAP for our overseas
schools component;</td>
</tr><tr style="vertical-align: top">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     <tr style="vertical-align: top">
<td>&#160;</td><td style="text-align: left">&#9679;</td><td style="text-align: justify">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">continue evaluating the structure of the finance organization, IT department
and add resources as needed;</p></td></tr>
     <tr style="vertical-align: top">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     <tr style="vertical-align: top">
<td>&#160;</td><td style="text-align: left">&#9679;</td><td style="text-align: justify">increase the level of relevant training in accounting and disclosure
under the requirement of U.S. GAAP to our financial reporting department personnel;</td></tr>
     <tr style="vertical-align: top">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     <tr style="vertical-align: top">
<td>&#160;</td><td style="text-align: left">&#9679;</td><td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">improve
our controls designed and implemented over the financial reporting process, e.g. specify the criteria used for investigation and the
process for follow up, design and implement relevant controls on the recognition and measurement of the deferred tax asset and valuation
allowance, implement monthly reconciliation on all balance sheet accounts and etc;</p>
</td></tr>
     <tr style="vertical-align: top">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     <tr style="vertical-align: top">
<td>&#160;</td><td style="text-align: left">&#9679;</td><td style="text-align: justify">continue communicating and emphasizing the importance of internal control
across the overseas schools component;</td></tr>
     </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">continue improving and implementing the IT internal control framework
requirements across the overseas schools component;</td></tr></table><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">continue engaging an accounting advisory firm to assist with
the documentation, evaluation, remediation and testing of our internal control over financial reporting based on the criteria established
in Internal Control &#8211; Integrated Framework (2013) issued by COSO.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to actions taken
to address material weaknesses identified, we are also working to remediate the significant deficiencies identified, specifically, lack
of comprehensive documentation on goodwill and indefinite lived intangible assets impairment assessment and lack of comprehensive assessment
process on valuation of equity method investments. For example, we are in the process of the implementation of a set of internal control
policies that include detailed procedures and guidance on goodwill and indefinite lived intangible assets impairment assessment, in particular,
the estimates and assumptions within the impairment test. We are increasing communication with our equity investee companies to ensure
timely receipt of relevant financial information; we have instructed our material investees to provide quarterly financial statements;
and we are implementing completeness and accuracy controls surrounding the financial data received from investees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the items noted above, as we continue to evaluate, remediate
and improve our internal control over financial reporting, executive management may elect to implement additional measures to address
control deficiencies or may determine that the remediation efforts described above require modification. Executive management, in consultation
with and at the direction of our Audit Committee, will continue to assess the control environment and the above-mentioned&#160;efforts
to remediate the underlying causes of the identified material weaknesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Attestation Report of the Registered Public
Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">This annual report
on Form 20-F does not include an&#160;</span>attestation<span style="font-size: 10pt">&#160;</span>report<span style="font-size: 10pt">&#160;of
our registered public accounting firm because our company is neither an accelerated filer nor a large accelerated filer, as such terms
are defined in Rule&#160;12b-2&#160;under the&#160;Exchange Act.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Changes in Internal Control over Financial
Reporting</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have implemented remediation
measures to address the significant deficiencies related to lack of comprehensive assessment process over lease accounting and lack of
comprehensive documentation on assessment transition and implementation of new accounting standards or pronouncements as of and for the
fiscal year ended August 31, 2021 by enhancing the implementation of a set of internal control policies. However, as part of our remediation
procedures, we identified additional errors in fiscal year 2022 and resulted in a restatement of previously issued financial statements
in lease accounting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Aside from the identification
of the material weaknesses and significant deficiencies, and the actions taken as described in Management&#8217;s Remediation Plan above
to improve the Company&#8217;s internal control over financial reporting, there were no changes in our internal control over financial
reporting that occurred during the year ended August 31, 2022 that have materially affected or are reasonably likely to materially affect,
our internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, we cannot
                                                                                                                  assure you that we will not identify additional material weaknesses or significant deficiencies in the future. In addition, the
                                                                                                                  process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate
                                                                                                                  and react to changes in our business and the economic and regulatory environments and to employ significant resources to maintain a
                                                                                                                  financial reporting system that satisfies our reporting obligations. See &#8220;Item 3. Key Information&#8212;D. Risk
                                                                                                                  Factors&#8212;Risks Related to Our Business&#8212;If we fail to implement and maintain an effective system of internal controls, we
                                                                                                                  may be unable to accurately or timely report our results of operations or prevent fraud, and investor confidence and the market
                                                                                                                  price of the ADSs may be materially and adversely affected.&#8221; As a result, we may be subject to a number of risks, including
                                                                                                                  increased risks that we have or may not file our financial statements and related reports with the SEC on a timely basis and that
                                                                                                                  there are errors in our reported financial statements and material misstatements in our reports and other documents filed with the
                                                                                                                  SEC.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
determined that Mr. Meng Rui, an independent director (under the standards set forth in Section 303A of the Corporate Governance Rules
of the New York Stock Exchange and Rule 10A-3 under the Exchange Act) and the chairman of our audit committee, is our audit committee
financial expert.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16B. CODE OF ETHICS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
adopted our code of conduct and ethics, a code that applies to members of the board of directors including its chairman and other senior
officers, including the chief executive officer, the chief financial officer and the chief operations officer. This code is publicly available
on our website at http://ir.brightscholar.com/.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the aggregate fees by categories specified below in connection with certain professional services rendered by Deloitte Touche Tohmatsu
Certified Public Accountants LLP (&#8220;Deloitte&#8221;), our independent registered public accounting firm, its member firms of Deloitte
Touche Tohmatsu Limited, and their respective affiliates (&#8220;Deloitte Entities&#8221;), for the periods indicated. We did not pay
any other fees to the Deloitte Entities during the periods indicated below.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 1pt; margin-bottom: 1pt; width: 25%"><div style="font-size: 1pt; border-top: black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 24px"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#8220;Audit fees&#8221; represent the aggregate fees billed for each of the fiscal years listed for professional services rendered by our principal accountant for the audit of our annual consolidated financial statements, review of quarterly financial information, and audit services that are normally provided by the principal accountant in connection with regulatory filings or engagements for those fiscal years.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS
FOR AUDIT COMMITTEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 139; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16E PURCHASES OF EQUITY SECURITIES BY
THE ISSUER AND AFFILIATED PURCHASERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In April 2018, our board
of directors announced a share repurchase program pursuant to which we would repurchase up to US$100 million worth of the  ADSs.
The 2018 share repurchase program expired on April 30, 2019 and as of such date we had repurchased 6,679,183 of our outstanding ADSs
for an aggregate purchase price of approximately US$77 million pursuant to the program.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2019, our
board of directors announced a new share repurchase program pursuant to which we would repurchase up to US$30 million worth of the
 ADSs. The 2019 Share Repurchase Program expired on November 29, 2020 and as of such date we had repurchased 1.2 million of our
outstanding ADSs for an aggregate purchase price of approximately US$9.4 million pursuant to the program.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2020, our board
of directors announced a new share repurchase program pursuant to which we would repurchase up to US$50 million worth of the ADSs. The
2020 Share Repurchase Program expired on November 19, 2021 and as of such date we had repurchased 0.7 million of our outstanding ADSs
for an aggregate purchase price of approximately US$3.1 million pursuant to the program.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below is a summary
of the shares repurchased by us during the 2021 fiscal year and up to December 31, 2022. All ADSs were repurchased in the open market
pursuant to the applicable share repurchase programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 as Part of<br/>
 Publicly<br/>
 Announced<br/>
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 Dollar Value of ADSs that May<br/>
 Yet Be Purchased<br/>
 Under the<br/>
 Programs (US$)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>February 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>March 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>April 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>May 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>June 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Effective on August 19, 2022, we changed the ratio of the ADSs
to Class A ordinary shares from the then ADS ratio of one ADS to one Class A ordinary share to a new ADS ratio of one ADS representing
four Class A ordinary shares.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING
ACCOUNTANT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16G. CORPORATE GOVERNANCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a Cayman Islands company
listed on the New York Stock Exchange, we are subject to New York Stock Exchange corporate governance listing standards. However, the
New York Stock Exchange rules permit a foreign private issuer like us to follow the corporate governance practices of its home country.
Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from New York Stock
Exchange corporate governance listing standards. Shareholders of Cayman Islands exempted companies like us have no general rights under
Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies. Our directors have discretion
under our articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our
shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information
needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy
contest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain corporate governance
practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other
jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to corporate governance
matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic
issuers. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Ordinary Shares and ADSs&#8212;As a company
incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters
that differ significantly from New York Stock Exchange corporate governance listing standards; these practices may afford less protection
to shareholders than they would enjoy if we complied fully with New York Stock Exchange corporate governance listing standards.&#8221;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16H. MINE SAFETY DISCLOSURE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="b_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>ITEM 16J. INSIDER TRADING POLICIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have adopted an insider
trading policy to promote compliance with applicable securities laws and regulations, including those that prohibit insider trading.
This policy applies to all officers, directors, employees and consultants of our Group (each, an &#8220;Affiliate&#8221;) and extends
to all activities within and outside an individual&#8217;s duties at our group. The insider trading policy establishes guidelines and
procedures for the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; "><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; "><b><i>1. No Trading</i></b>: No
Affiliate can trade any securities or enter into a trading plan while possessing material non-public information about us. Affiliates
in possession of such information must wait for a 48-hour period after public disclosure and the lapse of one full trading day on Nasdaq
before trading. Additionally, affiliates cannot trade during limited trading periods, regardless of the possession of material information.
All transactions of securities by officers, directors, and key employees must be pre-approved by our compliance officer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; ">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; "><b><i>2. Trading Window</i></b>:
The insider trading policy establishes a trading window for officers, directors, employees, or consultants, during which they can trade
our securities or enter into a trading plan. The trading window begins at the close of business on the second trading day following the
public disclosure of our financial results for the previous fiscal year or quarter and ends on the last day of each fiscal quarter. Trading
during the trading window does not provide a safe harbor, and affiliates must comply with all policies. If in doubt, consult the compliance
officer before trading.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; ">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; "><b><i>3. No Tipping</i></b>: No
Affiliate may directly or indirectly disclose any material information to anyone who trades in our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; ">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; "><b><i>4. Confidentiality</i></b>:
No Affiliate may communicate any material information to anyone outside our Group under any circumstances unless approved by the compliance
officer in advance, or to anyone within our group other than on a need-to-know basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; "><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; "><b><i>5. No Comment</i></b>: No
Affiliate may discuss any internal matters or developments of our Group with anyone outside our group, except as required in the performance
of regular corporate duties. Unless expressly authorized to do otherwise, if an affiliate receives any inquiries about our group or its
securities from any press, investment analyst, investor or other outsiders, or any requests for comments or interviews, they should decline
to comment and direct the inquiry or request to the compliance officer or any other office designated by the chief executive officer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; ">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; "><b><i>6. Corrective Action</i></b>:
If any information that may be considered material information is unintentionally disclosed, any affiliate with knowledge of the disclosure
should notify the compliance officer immediately. This allows our group to determine if any corrective action, such as public disclosure,
is necessary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are committed to maintaining
the highest standards of ethical conduct and have implemented these insider trading policies and procedures to ensure compliance with
applicable securities laws and to protect the interests of our shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>PART
III</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 17. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to provide
financial statements pursuant to Item 18.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 18. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated financial
statements are included at the end of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="a_033"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ITEM 19. EXHIBITS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 10%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: black 1.5pt solid"><b>Exhibit No.</b></p></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 89%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1.5pt solid"><b>Description
    of Exhibit</b></p></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">1.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex32.htm"><span style="font-size: 10pt">Amended and Restated Articles of Association of the Registrant (incorporated by reference to Exhibit 3.2 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">2.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517161012/d304113dex43.htm"><span style="font-size: 10pt">Registrant&#8217;s specimen American depositary receipt (included in Exhibit 2.3)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">2.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517161012/d304113dex42.htm"><span style="font-size: 10pt">Registrant&#8217;s specimen certificate for ordinary shares (incorporated by reference to Exhibit 4.2 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on May 5, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">2.3</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517161012/d304113dex43.htm"><span style="font-size: 10pt">Form of deposit agreement by and among the Registrant, the depositary and holders of the American Depositary Receipts (incorporated by reference to Exhibit 4.3 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on May 5, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">2.4</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex2d4.htm"><span style="font-size: 10pt">Indenture, dated as of July 31, 2019, among Bright Scholar Education Holdings Limited, its Subsidiary Guarantors and The Bank of New York Mellon, London Branch, as the Trustee (incorporated by reference to Exhibit 2.4 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">2.5</span>*</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex2-5_brightscholar.htm"><span style="font-size: 10pt">Description of Securities</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">3.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex44.htm"><span style="font-size: 10pt">English translation of acting-in-concert agreement between Ms. Meirong Yang and Ms. Huiyan Yang dated February 8, 2017 (incorporated by reference to Exhibit 4.4 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex101.htm"><span style="font-size: 10pt">Form of employment agreement between the Registrant and the executive officers of the Registrant (incorporated by reference to Exhibit 10.1 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex102.htm"><span style="font-size: 10pt">Form of indemnification agreement by and between the Registrant and its directors and executive officers (incorporated by reference to Exhibit 10.2 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.3</span></td>
    <td>&#160;</td>
    <td style="padding-left: -0.25in; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex103.htm"><span style="font-size: 10pt">English translation of exclusive management service and business cooperation agreement among Zhuhai Bright Scholar, our affiliated entities, and Ms. Meirong Yang and Mr. Wenjie Yang, dated January 25, 2017 (incorporated by reference to Exhibit 10.3 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.4</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex104.htm"><span style="font-size: 10pt">English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and BGY Education Investment dated January 25, 2017 (incorporated by reference to Exhibit 10.4 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.5</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex105.htm"><span style="font-size: 10pt">English translation of power of attorney granted by BGY Education Investment dated January 25, 2017 (incorporated by reference to Exhibit 10.5 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 10%"><span style="font-size: 10pt">4.6</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex106.htm"><span style="font-size: 10pt">English translation of power of attorney granted by Ms. Meirong Yang dated January 25, 2017 (incorporated by reference to Exhibit 10.6 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.7</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex107.htm"><span style="font-size: 10pt">English translation of power of attorney granted by Mr. Wenjie Yang dated January 25, 2017. (incorporated by reference to Exhibit 10.7 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 142; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 10%; border-bottom: black 1.5pt solid; text-align: justify"><span style="font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="width: 1%; padding-bottom: 1.75pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 89%; padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt"><b>Description of Exhibit</b></span></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 10%"><span style="font-size: 10pt">4.8</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex108.htm"><span style="font-size: 10pt">English translation of equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and BGY Education Investment dated January 25, 2017 (incorporated by reference to Exhibit 10.8 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.9</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex109.htm"><span style="font-size: 10pt">2017 Share Incentive Plan (incorporated by reference to Exhibit 10.9 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.10</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000156459017024670/bedu-ex410_511.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Baoding Baigou New City Bright Scholar Shenghua Education Consulting Co., Ltd. dated June 14, 2017 (incorporated by reference to Exhibit 4.10 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.11</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000156459017024670/bedu-ex412_510.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Chuzhou Country Garden Kindergarten dated August 30, 2017 (incorporated by reference to Exhibit 4.12 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.12</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000156459017024670/bedu-ex413_508.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Chuzhou Country Garden Foreign Language School dated October 13, 2017 (incorporated by reference to Exhibit 4.13 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.13</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000156459017024670/bedu-ex414_506.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Kaiping Country Garden Jade Bay Kindergarten dated July 5, 2017 (incorporated by reference to Exhibit 4.14 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.14</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000156459017024670/bedu-ex415_507.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Shaoguan Country Garden English Foreign Language School dated September 3, 2017 (incorporated by reference to Exhibit 4.15 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.15</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000156459017024670/bedu-ex416_571.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Shenghua Country Garden Bilingual School dated October 10, 2017 (incorporated by reference to Exhibit 4.16 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.16</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000156459017024670/bedu-ex417_570.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Kaiping Country Garden School dated September 25, 2017 (incorporated by reference to Exhibit 4.17 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.17</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312518349902/d634443dex417.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Wuhan East Lake High-tech Development Zone Xinqiao-Jinxiu Longcheng Kindergarten dated October 22, 2018 (incorporated by reference to Exhibit 4.17 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.18</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312518349902/d634443dex418.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Wuhan East Lake High-tech Development Zone Xinqiao Kindergarten dated October 22, 2018 (incorporated by reference to Exhibit 4.18 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.19</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312518349902/d634443dex419.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Wuhan Dongxihu District Dongqiao Kindergarten dated October 22, 2018 (incorporated by reference to Exhibit 4.19 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.20</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312518349902/d634443dex420.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Wuhan Hongshan District Xinqiao Aijia Kindergarten dated October 22, 2018 (incorporated by reference to Exhibit 4.20 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)</span></a></td></tr>

<tr style="vertical-align: top; ">
    <td style="text-align: justify; width: 10%"><span style="font-size: 10pt">4.21</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312518349902/d634443dex421.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Wuhan Qingshan District Xinqiao Bilingual Kindergarten dated October 22, 2018 (incorporated by reference to Exhibit 4.21 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)</span></a></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 10%"><span style="font-size: 10pt">4.22</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312518349902/d634443dex422.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Wuhan Qiaosheng Education Investment Co., Ltd. dated October 23, 2018 (incorporated by reference to Exhibit 4.22 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)</span></a></td></tr>
</table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; width: 10%; text-align: justify"><span style="font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="width: 1%; padding-bottom: 1.75pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 89%; padding-bottom: 2.25pt; text-align: center"><span style="font-size: 10pt"><b>Description of Exhibit</b></span></td></tr>


<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 10%"><span style="font-size: 10pt">4.23</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312518349902/d634443dex423.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Foshan Shunde Beijiao Country Garden Guilanshan Kindergarten Co., Ltd. dated November 3, 2018 (incorporated by reference to Exhibit 4.23 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.24</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312518349902/d634443dex424.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Chengdu Yinzhe Education and Technology Co., Ltd. dated December 13, 2018 (incorporated by reference to Exhibit 4.24 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.25</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312518349902/d634443dex425.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Chengdu Laizhe Education and Technology Co., Ltd. dated December 13, 2018 (incorporated by reference to Exhibit 4.25 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.26</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312518349902/d634443dex426.htm"><span style="font-size: 10pt">Business and Asset Sale and Purchase Agreement in relation to the sale and purchase of the Business and Asset of Bournemouth Collegiate School dated October 1, 2018 (incorporated by reference to Exhibit 4.26 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.27</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex4d27.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Hubei Sannew Education Development Limited dated December 15, 2019 (incorporated by reference to Exhibit 4.27 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.28</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex4d28.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Sannew American Middle School dated December 20, 2019 (incorporated by reference to Exhibit 4.28 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.29</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex4d29.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Wuhan Mierdun Education Technology Limited dated December 10, 2019 (incorporated by reference to Exhibit 4.29 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.30</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex4d30.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Heze Qiqiaoban Education Technology Limited dated December 10, 2019 (incorporated by reference to Exhibit 4.30 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.31</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex4d31.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Heze Development Zone Electric Kindergarten dated December 9, 2019 (incorporated by reference to Exhibit 4.31 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.32</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex4d32.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by HeZe Qiqiaoban Juancheng Kindergarten dated December 10, 2019 (incorporated by reference to Exhibit 4.32 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.33</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex4d33.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Beijing Huanxue International Travel Limited dated December 12, 2019 (incorporated by reference to Exhibit 4.33 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.34</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex4d34.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Guangzhou Huihua Education Consulting Co., Ltd. dated December 12, 2019 (incorporated by reference to Exhibit 4.34 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.35</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex4d35.htm"><span style="font-size: 10pt">Purchase Agreement in relation to the issuance and sales of US$300,000,000 7.45% Senior Notes due 2022 to the Initial Purchaser dated July 24, 2019 (incorporated by reference to Exhibit 4.35 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.36</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465919075306/a19-23533_1ex4d36.htm"><span style="font-size: 10pt">Sale and Purchase Agreement relating to CATS Colleges Holdings Limited dated July 5, 2019 (incorporated by reference to Exhibit 4.36 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.37</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d37.htm"><span style="font-size: 10pt">English translation of exclusive management service and business cooperation agreement among Zhuhai Bright Scholar, our affiliated entities, Beijing Haidian Bright Scholar Training School and Beijing Elib Technology Co., Ltd., dated November 26, 2019 (incorporated by reference to Exhibit 4.37 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.38</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d38.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Baoding Baigou New City Shenghua Country Garden Kindergarten Co., Ltd. dated August 31, 2019 (incorporated by reference to Exhibit 4.38 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="border-bottom: black 1.5pt solid; vertical-align: top; width: 10%; text-align: justify"><span style="font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="vertical-align: bottom; width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 89%; text-align: center"><span style="font-size: 10pt"><b>Description of Exhibit</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.39</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d39.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Heze Economic Development Zone Qiqiaoban -OTC Kindergarten dated September 30, 2020 (incorporated by reference to Exhibit 4.39 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.40</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d40.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Cao xian Qiqiaoban Kindergarten dated December 15, 2020 (incorporated by reference to Exhibit 4.40 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.41</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d41.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Guangyuan Lizhou Kasijia Kindergarten dated August 31, 2019 (incorporated by reference to Exhibit 4.41 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.42</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d42.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Beijing Huanxue Tianxia International Travel Limited dated January 31, 2020 (incorporated by reference to Exhibit 4.42 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.43</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d43.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Chengdu Zhiyimeng Software Technology Co., Ltd. dated July 25, 2019 (incorporated by reference to Exhibit 4.43 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.44</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d44.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Guangzhou Xingzhu Information Technology Co., Ltd. dated August 31, 2019 (incorporated by reference to Exhibit 4.44 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.45</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d45.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Dongguan Humen Bright Scholar Country Garden Kindergarten dated December 2, 2020 (incorporated by reference to Exhibit 4.45 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.46</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d46.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Foshan Shunde Ronggui Street Country Garden Kindergarten dated June 16, 2020 (incorporated by reference to Exhibit 4.46 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.47</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.48</span></td>
    <td>&#160;</td>
    <td style="padding-left: -0.125in; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d48.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Huizhou Huiyang Lelebao Shenhui City Kindergarten Co., Ltd. dated December 10, 2020 (incorporated by reference to Exhibit 4.48 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.49</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d49.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Chengdu Pidu Bright Scholar Kindergarten Co., Ltd. dated December 3, 2020 (incorporated by reference to Exhibit 4.49 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.50</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d50.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Tianjin Beichen Lelebao Kindergarten dated August 30, 2020 (incorporated by reference to Exhibit 4.50 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.51</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d51.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Guangzhou Zengcheng Fettes College Kindergarten Co., Ltd. dated June 15, 2020 (incorporated by reference to Exhibit 4.51 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.52</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d52.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Guigang Gangbei Country Garden Lelebao Kindergarten dated October 21, 2020 (incorporated by reference to Exhibit 4.52 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.53</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d53.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Jinan Zhangqiu Phoenix City Lelebao Kindergarten dated December 14, 2020 (incorporated by reference to Exhibit 4.53 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.54</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d54.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Heze Mudan District Cultural City Kindergarten dated December 17, 2020 (incorporated by reference to Exhibit 4.54 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="border-bottom: black 1.5pt solid; vertical-align: top; width: 10%; text-align: justify"><span style="font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="vertical-align: bottom; width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 89%; text-align: center"><span style="font-size: 10pt"><b>Description of Exhibit</b></span></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.55</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d55.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Fettes College Experimental School of Zengcheng, Guangzhou dated June 15, 2020 (incorporated by reference to Exhibit 4.55 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.56</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d56.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Shanghai Huodai Commercial Information Consulting Co., Ltd. dated July 20, 2020 (incorporated by reference to Exhibit 4.56 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.57</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d57.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Shanghai Youxun Education Technology Co., Ltd. dated May 26, 2020 (incorporated by reference to Exhibit 4.57 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.58</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d58.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Shanghai Hanlin Education Technology Co., Ltd. dated July 20, 2020 (incorporated by reference to Exhibit 4.58 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.59</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d59.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Guangdong Lebeimeng Education Consulting Co., Ltd. dated November 29, 2019 (incorporated by reference to Exhibit 4.59 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.60</span></td>
    <td>&#160;</td>
    <td style="padding-left: -0.125in; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d60.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Guangdong Lelebao Education Technology Co., Ltd. dated November 30, 2019 (incorporated by reference to Exhibit 4.60 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.61</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d61.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Jinan Boshixing Education Consulting Co., Ltd. dated January 27, 2020 (incorporated by reference to Exhibit 4.61 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.62</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d62.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Jining Boshiwei Education Consulting Limited dated October 29, 2019 (incorporated by reference to Exhibit 4.62 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.63</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d63.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Taishan Lebeimeng Education Consulting Co., Ltd. dated December 26, 2019 (incorporated by reference to Exhibit 4.63 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.64</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d64.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Weifang Boshixin Education Consulting Co., Ltd. dated March 29, 2020 (incorporated by reference to Exhibit 4.64 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.65</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d65.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Foshan Shunde Beijiao Town Country Garden Ivy League Education Training Centre Co., Ltd. dated December 7, 2020 (incorporated by reference to Exhibit 4.65 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.66</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d66.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Guangdong Bright Scholar Ivy League Education Science Research Institute Co., Ltd. dated December 7, 2020 (incorporated by reference to Exhibit 4.66 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">4.67</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d67.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Shanghai Bolai Training Center Co., Ltd. dated December 7, 2020 (incorporated by reference to Exhibit 4.67 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: justify"><span style="font-size: 10pt">4.68</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000110465920139121/bedu-20200831xex4d68.htm"><span style="font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Wuhan Qiaokou Mierdun Training School Limited dated November 20, 2019 (incorporated by reference to Exhibit 4.68 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)</span></a></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="border-bottom: black 1.5pt solid; vertical-align: top; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center; width: 89%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Exhibit</b></span></td></tr>



<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: justify; width: 10%"><span style="font-size: 10pt">4.69</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-69_brightsch.htm"><span style="font-size: 10pt">English translation of supplemental agreement to the exclusive management service and business cooperation agreement among Zhuhai Bright Scholar, BGY Education Investment, Foshan Meiliang Education Technology Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd., Foshan Yongliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd., and Beijing Boteng Consulting Co., Ltd., dated August 13, 2021 <span style="text-decoration:underline">(incorporated by reference to Exhibit 4.69 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">4.70</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-70_brightsch.htm"><span style="font-size: 10pt">English translation of equity transfer framework agreement among BGY Education Investment, Baoding Baigou New City Shenghua Country Garden Kindergarten Co., Ltd., Hubei Sannew Education Development Limited, Foshan Meiliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd., and Beijing Boteng Consulting Co., Ltd., dated August 13, 2021 <span style="text-decoration:underline">(incorporated by reference to Exhibit 4.70 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></span></a></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 10%"><span style="font-size: 10pt">4.71</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-71_brightsch.htm"><span style="font-size: 10pt">English translation of supplementary power of attorney granted by Ms. Meirong Yang dated August 13, 2021 <span style="text-decoration:underline">(incorporated by reference to Exhibit 4.71 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">4.72</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-72_brightsch.htm"><span style="font-size: 10pt">English translation of supplementary power of attorney granted by Mr. Wenjie Yang dated August 13, 2021 <span style="text-decoration:underline">(incorporated by reference to Exhibit 4.72 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">4.73</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-73_brightsch.htm"><span style="font-size: 10pt">English translation of power of attorney granted by Foshan Meiliang Education Technology Co., Ltd. dated August 13, 2021 <span style="text-decoration:underline">(incorporated by reference to Exhibit 4.73 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></span></a></td></tr>

<tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">4.74</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-74_brightsch.htm"><span style="font-size: 10pt">English translation of power of attorney granted by Foshan Zhiliang Education Technology Co., Ltd. dated August 13, 2021 <span style="text-decoration:underline">(incorporated by reference to Exhibit 4.74 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">4.75</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-75_brightsch.htm"><span style="font-size: 10pt">English translation of power of attorney granted by Beijing Boteng Consulting Co., Ltd. dated August 13, 2021 <span style="text-decoration:underline">(incorporated by reference to Exhibit 4.75 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></span></a></td></tr>

<tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.76</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-76_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of power of attorney granted by Foshan Shangtai Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.76 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.77</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-77_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of power of attorney granted by Foshan Renliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.77 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.78</span></td>
    <td>&#160;</td>
    <td style="padding-left: -0.125in; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-78_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of power of attorney granted by Foshan Yongliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.78 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.79</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-79_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Meiliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.79 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.80</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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</div><p style="margin: 0">&#160;</p><div>

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    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 89%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Exhibit</b></span></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-85_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Meiliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.85 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
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    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-86_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Zhiliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.86 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-87_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Beijing Boteng Consulting Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.87 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>

<tr style="vertical-align: top; ">
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    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-88_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Shangtai Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.88 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-89_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Renliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.89 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
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    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-90_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Yongliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.90 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.91</span></td>
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    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-91_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Aijia Education Training (Shanghai) Co., Ltd. dated May 20, 2021 (incorporated by reference to Exhibit 4.91 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.92</span></td>
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    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-92_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Anqiu Lelebao Kindergarten dated April 14, 2021 (incorporated by reference to Exhibit 4.92 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.93</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-93_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Beijing Bright Scholar Education Consulting Limited Co., Ltd. dated August 31, 2021 (incorporated by reference to Exhibit 4.93 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-94_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Beijing Chaoyang Bright Scholar Training School dated August 31, 2021 (incorporated by reference to Exhibit 4.94 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-95_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Guangzhou Elan Education Consulting Co., Ltd. dated August 31, 2021 (incorporated by reference to Exhibit 4.95 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
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    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-96_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Henan Lelebao Education Consulting Management Co. Ltd. dated May 21, 2021 (incorporated by reference to Exhibit 4.96 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.97</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-97_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Jurong Lelebao Yunxiyuan Kindergarten dated May 21, 2021 (incorporated by reference to Exhibit 4.97 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.98</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-99_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Shanghai Xinghanhai Education Technology Co., Ltd. dated August 31, 2021 (incorporated by reference to Exhibit 4.99 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.99</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-99_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Shanghai Yuhanlin Education Technology Co., Ltd. dated August 31, 2021 (incorporated by reference to Exhibit 4.99 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
</table><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="margin: 0">&#160;</p><div>

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<tr>
    <td style="border-bottom: black 1.5pt solid; vertical-align: top; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit No.</b></span></td>
    <td style="vertical-align: bottom; text-align: center; width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center; width: 89%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Exhibit</b></span></td></tr>

</table><div>

</div><p style="margin: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.100</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-100_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Shenzhen Elan Education Training Co., Ltd. dated August 31, 2021 (incorporated by reference to Exhibit 4.100 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.101</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-101_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Shouguang Feicui Huafu Lelebao Kindergarten dated April 21, 2021 (incorporated by reference to Exhibit 4.101 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.102</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: justify; width: 89%"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-102_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Tianjin Wuqing Ziquantingyuan Lelebao Kindergarten dated February 24, 2021 (incorporated by reference to Exhibit 4.102 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.103</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.104</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.105</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-105_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Tongxiang Wuzhen Leti Camping Operation Management Co., Ltd. dated May 6, 2021 (incorporated by reference to Exhibit 4.105 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.106</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000121390022002381/f20f2021ex4-106_brightsch.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">English Translation of Rights and Obligations Assumption Letter executed by Jiangxi Leyan Education Management Co., Ltd. dated January 12, 2021 (incorporated by reference to Exhibit 4.106 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)</span></a></td></tr>
  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex8-1_brightscholar.htm">List of subsidiaries and affiliated entities of the Registrant</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1696355/000119312517127489/d304113dex991.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of business conduct and ethics (incorporated by reference to Exhibit 99.1 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td>11.2*</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="f20f2022ex11-2_brightscholar.htm">Insider Trading Policy</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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of 2002</span></a></td></tr>
  <tr style="vertical-align: top; ">
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of 2002</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><a href="f20f2022ex13-1_brightscholar.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act
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  <tr style="vertical-align: top; ">
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    <td style="text-align: justify"><a href="f20f2022ex13-2_brightscholar.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex15-1_brightscholar.htm">Consent of JunHe LLP</a></span></td></tr>
  <tr style="vertical-align: top; ">
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</div><p style="margin: 0">&#160;</p><div>

</div><p style="margin: 0"></p><div>

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</div><p style="margin: 0"></p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-size: 10pt">Filed with this annual report
on Form 20-F</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">**</span></td><td style="text-align: justify"><span style="font-size: 10pt">Furnished with this annual report
on Form 20-F</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>SIGNATURES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this
annual report on its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED</span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 60%">&#160;</td>
    <td style="width: 4%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="width: 36%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ruolei Niu</span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruolei Niu</span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: June 21, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 0.8pt">&#160;</td> <td> <p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Page</b></p></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-right: 0.8pt; width: 93%"><a href="#f_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of Independent Registered Public Accounting Firm<span style="background-color: #CCEEFF"> (PCAOB ID <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">1113</ix:nonNumeric>)</span></span></a></td> <td style="vertical-align: bottom; padding-right: 0.8pt; text-align: center; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>2</td> </tr> <tr> <td style="vertical-align: top; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><a href="#f_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Balance Sheets as of August&#160;31, 2021 and 2022 </span></a></td> <td style="vertical-align: bottom; padding-right: 0.8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><a href="#f_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Operations for the years ended August&#160;31, 2020, 2021 and 2022 </span></a></td> <td style="vertical-align: bottom; padding-right: 0.8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>7</td> </tr> <tr> <td style="vertical-align: top; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><a href="#f_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Comprehensive Income for the years ended August&#160;31, 2020, 2021 and 2022 </span></a></td> <td style="vertical-align: bottom; padding-right: 0.8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>8</td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><a href="#f_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Shareholders&#8217; Equity for the years ended August&#160;31, 2020, 2021 and 2022 </span></a></td> <td style="vertical-align: bottom; padding-right: 0.8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>9</td> </tr> <tr> <td style="vertical-align: top; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><a href="#f_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements of Cash Flows for the years ended August&#160;31, 2020, 2021 and 2022 </span></a></td> <td style="vertical-align: bottom; padding-right: 0.8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>10</td> </tr> <tr style="background-color: rgb(204,238,255)"> <td style="vertical-align: top; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><a href="#f_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Consolidated Financial Statements </span></a></td> <td style="vertical-align: bottom; padding-right: 0.8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>12</td> </tr> <tr> <td style="vertical-align: top; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><a href="#f_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule 1-Condensed Financial Statement of Bright Scholar Education Holdings Limited </span></a></td> <td style="vertical-align: bottom; padding-right: 0.8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>55</td> </tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">To the Shareholders and the Board of Directors of Bright
Scholar Education Holdings Limited</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion</b></span><b>
of the Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Bright Scholar Education H</span>oldings Limited and its subsidiaries (the
&#8220;Company&#8221;) as of August 31, 2021 and 2022, the related consolidated statements of operations, comprehensive income, shareholders&#8217;
equity and cash flows for each of the three years in the period ended August 31, 2022, and the related notes and the schedule (collectively
referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of August 31, 2021 and 2022, and the results of their operations and their cash flows for each
of the three years in the period ended August 31, 2022, in conformity with accounting principles generally accepted in the United States
of America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Convenience Translation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits also comprehended the translation of Renminbi amounts into United States dollar amounts and, in our opinion, such translation
has been made in conformity with the basis stated in Note 2(i). Such United States dollar amounts are presented solely for the convenience
of the readers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Restatement of Previously Issued Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">As discussed in Note 2(d) to the financial statements, the
Company has restated its 2020 and 2021 financial statements to correct errors relating to lease accounting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Basis for Opinion</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">These financial statements are the responsibility of the
Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the </span>PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Our audits included performing procedures to assess the
risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Critical Audit Matters</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The critical audit matters communicated below
are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to
the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our
especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion
on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate
opinion on the critical audit matters or on the accounts or disclosures to which they relate.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Critical Audit Matters (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Goodwill and indefinite lived intangible assets &#8212;
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Critical Audit Matter Description</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management conducts an impairment assessment annually or more frequently
if events or circumstances indicate that the carrying values of goodwill and indefinite lived intangible assets may be impaired. The Company&#8217;s
impairment evaluation involves the comparison of the fair values to the carrying values of each reporting unit and the comparison of the
fair values to the carrying values of each indefinite lived intangible asset. The fair value of each reporting unit is estimated by management
using the discounted cash flow model. The fair values of indefinite lived intangible assets are estimated by management using the relief-from-royalty
method. The determination of the fair values of the reporting units and the indefinite lived intangible assets requires management to
make significant estimates and assumptions. In particular, the fair value estimate is sensitive to certain assumptions, such as discount
rate, terminal growth rate and royalty rate as well as others used to project future cash flows, such as forecasts of future revenues.
These assumptions were affected by management&#8217;s business plans and expectations about future market and economic conditions, including
the impact of the Coronavirus Disease 2019 (&#8220;COVID-19&#8221;) pandemic.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of August 31, 2022, the carrying values of
the goodwill and indefinite lived intangible assets, net of impairment allocated to the Overseas Schools segment, which also represents
as Overseas Schools Reporting Unit, were RMB 704.7 million and RMB 252.7 million, respectively. Based on the Company&#8217;s annual impairment
test performed as of August 31, 2022, the Company recognized impairment loss of RMB 419.8 million on goodwill and RMB 113.4 million on
indefinite lived intangible assets associated with Overseas Schools reporting unit, respectively, for the year ended August 31, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We identified goodwill and indefinite lived intangible
assets impairment assessments for Overseas Schools reporting unit as a critical audit matter because of the significant estimates and
assumptions made by management in estimating the fair values. This required a high degree of auditor judgment and an increased extent
of effort, including the need to involve our valuation specialists, when performing audit procedures to evaluate the reasonableness of
management&#8217;s estimates and assumptions relating to discount rate, terminal growth rate, royalty rate, forecasts of future revenue,
specifically due to the sensitivity of Overseas Schools&#8217; operations to changes of the market and economic conditions.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>How the Critical Audit Matter Was Addressed in the Audit</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit procedures related to discount rate,
terminal growth rate and royalty rate and forecasts of future revenue used by management to estimate the fair values of the Overseas Schools
reporting unit and indefinite lived intangible assets included the following, among others:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">We evaluated management&#8217;s ability to appropriately forecast future
revenue by comparing actual results to management&#8217;s historical forecasts.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">We evaluated the reasonableness of management&#8217;s forecasts
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td><td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">Historical and current performances.</p>
</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td><td style="text-align: justify">Future business plans, developed by the management of the
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;</span></td><td style="text-align: justify">Current industry and economic trends, including the impact
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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reasonableness of the (1) valuation methodology, (2) terminal growth rate, (3) discount rate and (4) royalty rate, including testing the
source information underlying the determination of the terminal growth rate, discount rate and royalty rate, and the mathematical accuracy
of the calculation, and developing an independent estimate of discount rate and comparing it to the discount rate selected by management.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Critical Audit Matters (Continued)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Leases&#8212; Overseas
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Critical Audit Matter Description</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When measuring the operating lease right-of-use
assets and operating lease liabilities, the Company calculates the present value of the future lease payments over lease term. The determination
of expected future lease payments requires the Company consider whether the variable lease payments in the future, should be included
in the lease payments.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of August 31, 2022, the Company had RMB 1,453.8
million of operating lease right-of-use assets and RMB 1,543.8 million of operating lease liabilities, of which RMB 1,297.3 million of
operating lease right-of-use assets and RMB 1,363.5 million of operating lease liabilities were derived from operations in Overseas Schools
segment. As of August 31, 2022, RMB 872.1 million of operating lease right-of-use assets and RMB 897.0 million of operating lease liabilities
are subject to terms of variable payments in the lease agreements. Whether operating lease right-of-use assets and operating lease liabilities
are accurately computed and recorded may have a significant effect on the Company&#8217;s consolidated financial statements. Given the
high amounts of payments and the variety of payment terms in the lease agreements, we identified the evaluation of the variable payments
to be included in or excluded from the lease payments in Overseas Schools segment, as a critical audit matter. The audit of appropriate
application of variable lease payments required an increased extent of effort, when performing audit procedures to evaluate the reasonableness
of Company&#8217;s determination of lease payments.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>How the Critical Audit Matter Was Addressed in the Audit</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit procedures related to the evaluation
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">We performed audit procedures that included, testing the accuracy of
data used in the calculation of the operating lease right-of-use assets and operating lease liabilities, by agreeing the underlying inputs,
such as lease term and payment terms to source documents on a sample basis.</p>
</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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management&#8217;s assessment on the nature of payments to be included or excluded from the lease payment that are consistent with guidance
in Accounting Standards Codification 842, Leases (&#8220;ASC 842&#8221;).</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">/s/ <ix:nonNumeric contextRef="c0" name="dei:AuditorName">Deloitte Touche Tohmatsu
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">June 21, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">We have served as the Company&#8217;s auditor since 2016.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSOLIDATED BALANCE SHEETS</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">8</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.375in">Goodwill, net</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">10</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.375in">Prepayments for construction contracts</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseNoncurrent" scale="3" unitRef="cny">5,974</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseNoncurrent" scale="3" unitRef="usd">711</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">19</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 155; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSOLIDATED BALANCE SHEETS
- CONTINUED</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands, except shares and par value
data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
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August 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">TOTAL EQUITY</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">TOTAL LIABILITIES AND EQUITY</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US">The Affected Entities refer to the schools and entities been
affected by the Implementation Rules and consequently deconsolidated on August 31, 2021. They became the related parties of the Company
since September 1, 2021.</ix:footnote></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><!-- Field: Page; Sequence: 156; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSOLIDATED STATEMENTS
OF OPERATIONS&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FOR THE YEARS ENDED AUGUST
31, 2020, 2021 AND 2022&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands, except for share and per
share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Notes</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Continuing operations</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-weight: bold; text-indent: -7.1pt; padding-left: 7.1pt">Revenue</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Other operating income</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Impairment loss on intangible assets</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ImpairmentOfIntangibleAssetsFinitelived" scale="3" unitRef="cny">113,385</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Impairment loss on goodwill</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLossNetOfTax" scale="3" unitRef="cny">84,730</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLossNetOfTax" scale="3" unitRef="usd">60,938</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Operating loss</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="3" sign="-" unitRef="cny">123,801</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="3" sign="-" unitRef="cny">389,697</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="3" sign="-" unitRef="cny">606,532</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="3" sign="-" unitRef="usd">88,043</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Interest expense, net</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeExpenseNet" scale="3" sign="-" unitRef="cny">162,912</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeExpenseNet" scale="3" sign="-" unitRef="cny">169,693</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeExpenseNet" scale="3" sign="-" unitRef="usd">18,557</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Investment income</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeNonoperating" scale="3" unitRef="cny">54,166</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeNonoperating" scale="3" unitRef="cny">129,575</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeNonoperating" scale="3" unitRef="cny">135,309</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeNonoperating" scale="3" unitRef="usd">19,641</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Other expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherExpenses" scale="3" unitRef="cny">10,364</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherExpenses" scale="3" unitRef="cny">10,137</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherExpenses" scale="3" unitRef="cny">5,808</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherExpenses" scale="3" unitRef="usd">843</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Loss before income taxes and share of equity in loss of unconsolidated affiliates</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" scale="3" sign="-" unitRef="cny">242,911</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" scale="3" sign="-" unitRef="usd">87,802</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Income tax expense</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">19</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="3" unitRef="cny">63,815</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="3" sign="-" unitRef="usd">102,125</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Less: Net income/(loss) attributable to the non-controlling interests</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="3" unitRef="usd">842</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Net income/(loss) attributable to Bright Scholar Education Holdings Limited ordinary shareholders</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" unitRef="cny">161,005</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" sign="-" unitRef="cny">52,805</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" sign="-" unitRef="cny">709,340</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" sign="-" unitRef="usd">102,967</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Amounts attributable to Bright Scholar Education Holdings Limited shareholders</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Net loss from continuing operations</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic" scale="3" sign="-" unitRef="cny">316,878</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic" scale="3" sign="-" unitRef="cny">540,768</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic" scale="3" sign="-" unitRef="cny">709,340</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic" scale="3" sign="-" unitRef="usd">102,967</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Income from discontinued operations, net of tax</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossFromDiscontinuedOperationsAvailableToCommonShareholdersBasic" scale="3" unitRef="cny">477,883</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-25">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-26">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Net income/(loss) attributable to Bright Scholar Education Holdings Limited shareholders</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" unitRef="cny">161,005</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" sign="-" unitRef="cny">52,805</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" sign="-" unitRef="cny">709,340</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" sign="-" unitRef="usd">102,967</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt"><span style="font-size: 10pt"><b>Net earnings/(loss) per share attributable to ordinary shareholders <span style="font-family: Times New Roman, Times, Serif">&#8212;</span> basic and diluted:</b></span></td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">20</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;The accompanying
notes are an integral part of these consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FOR THE YEARS ENDED AUGUST
31, 2020, 2021 AND 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" scale="3" sign="-" unitRef="cny">17,156</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><!-- Field: Page; Sequence: 158; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSOLIDATED STATEMENTS
OF SHAREHOLDERS&#8217; EQUITY</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands, except for share data)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 paid-in<br/>
 capital</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 reserves</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 earnings<br/>
(accumulated<br/>
 deficit)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 other<br/>
 comprehensive<br/>
 income</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 Scholar<br/>
 Education<br/>
 Holdings<br/>
 Limited<br/>
 shareholders&#8217;<br/>
 equity</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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controlling<br/>
 interests</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 equity</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="width: 10%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Net income for the year</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -7.1pt; padding-left: 7.1pt">Acquisition of subsidiaries</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-53">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Capital injection</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-57">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-60">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-61">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-63">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-64">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c25" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" scale="3" sign="-" unitRef="cny">29</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -7.1pt; padding-left: 7.1pt">Repurchase of ordinary shares**</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-73">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-75">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-77">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Share-based compensation (Note 18)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Provision for statutory reserves</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Distribution of dividends to shareholders***</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Distribution of dividends to non-controlling interest shareholders****</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-96">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-97">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-98">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-99">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">Disposal of a subsidiary</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-103">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-104">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-105">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-106">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-108">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c25" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DisposalOfASubsidiary" scale="3" sign="-" unitRef="cny">5,650</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DisposalOfASubsidiary" scale="3" sign="-" unitRef="cny">5,650</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Balance as of August 31, 2020</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c26" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="3" unitRef="cny">8</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c27" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="3" unitRef="cny">1,854,262</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c30" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="3" unitRef="cny">185,371</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="3" unitRef="cny">2,737,930</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c32" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="3" unitRef="cny">386,451</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Cumulative-effect adjustment upon adoption of ASC Topic 326</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-110">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-111">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c37" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CumulativeeffectAdjustment" scale="3" sign="-" unitRef="cny">4,244</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-112">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c39" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CumulativeeffectAdjustment" scale="3" sign="-" unitRef="cny">4,244</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-113">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CumulativeeffectAdjustment" scale="3" sign="-" unitRef="cny">4,244</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Net loss for the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-114">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-115">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-116">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c37" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" sign="-" unitRef="cny">52,805</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c39" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" sign="-" unitRef="cny">52,805</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c40" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" sign="-" unitRef="cny">112,998</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" sign="-" unitRef="cny">165,803</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Loss of control over Affected Entities (Note 3) </td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c35" decimals="-3" format="ixt:num-dot-decimal" name="bedu:LossOfControlOverAffectedEntities" scale="3" sign="-" unitRef="cny">10,235</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="bedu:LossOfControlOverAffectedEntities" scale="3" sign="-" unitRef="cny">64,945</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c37" decimals="-3" format="ixt:num-dot-decimal" name="bedu:LossOfControlOverAffectedEntities" scale="3" unitRef="cny">75,180</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Acquisition of subsidiaries (Note 4)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-124">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-125">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-126">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c40" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestIncreaseFromBusinessCombination" scale="3" unitRef="cny">18,012</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestIncreaseFromBusinessCombination" scale="3" unitRef="cny">18,012</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Capital injection</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-129">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-130">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-131">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c40" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CapitalInjection" scale="3" unitRef="cny">1,370</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CapitalInjection" scale="3" unitRef="cny">1,370</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Foreign currency translation adjustment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-138">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c38" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" scale="3" sign="-" unitRef="cny">17,047</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c39" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" scale="3" sign="-" unitRef="cny">17,047</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c40" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" scale="3" sign="-" unitRef="cny">109</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" scale="3" sign="-" unitRef="cny">17,156</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -7.1pt; padding-left: 7.1pt">Repurchase of ordinary shares**</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c35" decimals="-3" format="ixt:num-dot-decimal" id="ix_7_fact" name="us-gaap:TreasuryStockValueAcquiredCostMethod" scale="3" unitRef="cny">24,628</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c39" decimals="-3" format="ixt:num-dot-decimal" id="ix_8_fact" name="us-gaap:TreasuryStockValueAcquiredCostMethod" scale="3" unitRef="cny">24,628</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" id="ix_9_fact" name="us-gaap:TreasuryStockValueAcquiredCostMethod" scale="3" unitRef="cny">24,628</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Cancellation of Treasury Stock**</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c34" decimals="INF" format="ixt:num-dot-decimal" id="ix_10_fact" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" scale="0" sign="-" unitRef="shares">1,058,389</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-144; font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-145; font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-146">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-150">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-151">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Share-based compensation (Note 18)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-152">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c35" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" scale="3" unitRef="cny">1,865</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-153">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-154">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-155">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c39" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" scale="3" unitRef="cny">1,865</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-156">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" scale="3" unitRef="cny">1,865</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Provision for statutory reserves</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-157">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-158">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ProvisionForStatutoryReserves" scale="3" unitRef="cny">1,909</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c37" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ProvisionForStatutoryReserves" scale="3" sign="-" unitRef="cny">1,909</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-159">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-160">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-161">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-162">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Distribution of dividends to shareholders***</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-163">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-164">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c35" decimals="-3" format="ixt:num-dot-decimal" id="ix_17_fact" name="us-gaap:Dividends" scale="3" unitRef="cny">92,554</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-165">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-166">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-167">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Distribution of dividends to non-controlling interest shareholders****</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Acquisition of additional interest in subsidiaries of non-controlling
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Balance as of August 31, 2021 in RMB</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-180">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-181">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-182">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c51" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" sign="-" unitRef="cny">709,340</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-183">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c53" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" sign="-" unitRef="cny">709,340</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" sign="-" unitRef="cny">703,537</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Capital injection</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-184">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CapitalInjection" scale="3" unitRef="cny">1,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-185">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-186">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-187">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c53" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CapitalInjection" scale="3" unitRef="cny">1,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c54" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CapitalInjection" scale="3" unitRef="cny">6,160</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CapitalInjection" scale="3" unitRef="cny">7,160</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Foreign currency translation adjustment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-188">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-189">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-190">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-191">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c52" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" scale="3" sign="-" unitRef="cny">133,923</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c53" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" scale="3" sign="-" unitRef="cny">133,923</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c54" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" scale="3" unitRef="cny">83</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" scale="3" sign="-" unitRef="cny">133,840</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -7.1pt; padding-left: 7.1pt">Repurchase of ordinary shares**</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-192">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-193">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" id="ix_11_fact" name="us-gaap:TreasuryStockValueAcquiredCostMethod" scale="3" unitRef="cny">9,245</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-194">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-195">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-196">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c53" decimals="-3" format="ixt:num-dot-decimal" id="ix_12_fact" name="us-gaap:TreasuryStockValueAcquiredCostMethod" scale="3" unitRef="cny">9,245</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-197">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" id="ix_13_fact" name="us-gaap:TreasuryStockValueAcquiredCostMethod" scale="3" unitRef="cny">9,245</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Cancellation of Treasury Stock**</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-198">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-199">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-200">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-201">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-202">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Balance as of August 31, 2022 in RMB</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c60" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="3" unitRef="cny">1,669,902</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Balance as of August 31, 2022 in USD</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c59" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="3" unitRef="usd">4,994</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c61" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="3" unitRef="usd">32,754</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="3" unitRef="usd">275,156</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Note*: <ix:footnote id="ix_1_footnote" xml:lang="en-US">The amount is less than RMB one thousand.</ix:footnote></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N</span>ote**:
<ix:footnote id="ix_2_footnote" xml:lang="en-US">The repurchase of ordinary shares is accounted for under the cost method whereby the entire cost of the acquired ordinary shares is recorded
as treasury stock. During the years ended August 31, 2020, 2021 and 2022, the Group repurchased a total of 1,096,312, 560,436 and 258,731
ordinary shares from the market for a cash consideration of RMB 56,058, RMB 24,628, and RMB 9,245, respectively. Total of 569,732 ordinary
shares, 1,058,389 ordinary shares and 287,358 ordinary shares have been cancelled by the Group during the years ended August 31, 2020,
2021 and 2022, respectively. As of August 31, 2022, the number of treasury stock is nil.</ix:footnote></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note***</span><span style="font-size: 10pt">:
</span><ix:footnote id="ix_3_footnote" xml:lang="en-US">Board of directors (the &#8220;Board&#8221;) has approved and declared a cash dividend of US$0.12, US$0.12 and US$0.12 per ordinary
shares in September 2019, July 2020 and July 2021, respectively. The total amount of cash dividends distributed is US$26,000 (equivalents
to RMB 184,238) and US$14,326 (equivalents to RMB 92,554) during the years ended August 31, 2020 and 2021, respectively. The cash dividend
has been fully paid as of August 31, 2020 and 2021, respectively.</ix:footnote></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note****:
<ix:footnote continuedAt="ix_4_footnote_cont_1" id="ix_4_footnote" xml:lang="en-US">The C</ix:footnote></span><ix:continuation id="ix_4_footnote_cont_1">ompany has distributed a cash dividend of RMB 3,104, RMB 17,697 and RMB 27,473 to the non-controlling interest shareholders
during the years ended August 31, 2020, 2021 and 2022, respectively. The cash dividend has been fully paid as of August 31, 2020, 2021
and 2022, respectively.</ix:continuation></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSOLIDATED STATEMENTS
OF CASH FLOWS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR
THE YEARS ENDED AUGUST 31, 2020, 2021 AND 20</span>22</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Notes</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">As Restated</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">As Restated</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">Note 2(d)</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 40%; text-align: left">Net income/(loss) for the year</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: center">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" sign="-" unitRef="cny">165,803</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-style: italic; text-align: left">Adjustments to reconcile net cash flows from operating activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Depreciation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="3" unitRef="cny">153,850</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="3" unitRef="usd">14,243</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Amortization of land use rights</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AmortizationOfLandUseRights" scale="3" unitRef="cny">2,128</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-213">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-214">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Amortization of intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfIntangibleAssets" scale="3" unitRef="cny">41,447</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfIntangibleAssets" scale="3" unitRef="usd">2,586</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Noncash lease expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseExpense" scale="3" unitRef="cny">143,268</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseExpense" scale="3" unitRef="cny">132,392</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseExpense" scale="3" unitRef="usd">19,218</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Impairment loss on goodwill</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="3" unitRef="cny">68,723</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="3" unitRef="cny">84,730</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="3" unitRef="cny">419,805</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="3" unitRef="usd">60,938</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Impairment loss on intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Impairment loss on operating lease right-of-use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ImpairmentLossOnOperatingLeaseRightOfUseAssets" scale="3" unitRef="cny">12,772</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ImpairmentLossOnOperatingLeaseRightOfUseAssets" scale="3" unitRef="cny">8,861</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Impairment loss on property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-215">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-216">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain on lease early termination</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-217">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-218">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Provision/(reversal) of current expected credit losses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-219">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Finance costs</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss on disposal of property and equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Share of equity in loss of unconsolidated affiliates*</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Share-based compensation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Gain on disposal of a subsidiary</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainOrLossOnSaleOfStockInSubsidiary" scale="3" unitRef="cny">14,865</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-220">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-221">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-222">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Loss on deconsolidation of Affected Entities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-223">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-224">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-225">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investment income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="3" unitRef="cny">211</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-226">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="3" unitRef="cny">83,787</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred income taxes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxExpenseBenefit" scale="3" sign="-" unitRef="cny">12,971</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxExpenseBenefit" scale="3" sign="-" unitRef="usd">4,868</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-style: italic; text-align: left">Changes in operating assets and liabilities and other, net:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="3" sign="-" unitRef="cny">5,467</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="3" sign="-" unitRef="cny">27,279</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="3" sign="-" unitRef="usd">3,960</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="3" unitRef="cny">1,345</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="3" sign="-" unitRef="cny">710</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="3" sign="-" unitRef="usd">103</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Amounts due from related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" scale="3" unitRef="cny">7,868</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" scale="3" sign="-" unitRef="cny">897</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" scale="3" unitRef="cny">12,361</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" scale="3" unitRef="usd">1,794</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other receivables, deposits and other assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:IncreaseDecreaseInOtherReceivablesDepositsAndOtherAssets" scale="3" sign="-" unitRef="cny">7,746</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:IncreaseDecreaseInOtherReceivablesDepositsAndOtherAssets" scale="3" unitRef="cny">2,194</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:IncreaseDecreaseInOtherReceivablesDepositsAndOtherAssets" scale="3" unitRef="cny">36,650</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:IncreaseDecreaseInOtherReceivablesDepositsAndOtherAssets" scale="3" unitRef="usd">5,320</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="3" sign="-" unitRef="cny">7,876</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="3" unitRef="cny">997</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="3" unitRef="cny">36,857</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="3" unitRef="usd">5,350</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Amounts due to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceed from redemption of short-term investments upon maturity</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Additions of property and equipment and intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds from sale of property and equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-227">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Payment for an equity method investment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-242">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-243">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-244">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-245">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify"><ix:footnote id="ix_5_footnote" xml:lang="en-US">This amount included share of equity in loss of unconsolidated
affiliates in discontinued operation.</ix:footnote></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 160; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSOLIDATED STATEMENTS
OF CASH FLOWS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR
THE YEARS ENDED AUGUST 31, 2020, 2021 AND 20</span>22 - CONTINUED</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">As Restated</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-251">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Proceeds from related party loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-253">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="3" unitRef="cny">480,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="3" unitRef="usd">69,676</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Repayment for related party loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-254">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-255">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RepaymentForRelatedPartyLoan" scale="3" unitRef="cny">480,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RepaymentForRelatedPartyLoan" scale="3" unitRef="usd">69,676</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">Repurchase of ordinary shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfCommonStock" scale="3" unitRef="cny">56,058</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfCommonStock" scale="3" unitRef="cny">24,628</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfCommonStock" scale="3" unitRef="cny">9,245</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfCommonStock" scale="3" unitRef="usd">1,342</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Dividend to shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsCommonStock" scale="3" unitRef="cny">184,238</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsCommonStock" scale="3" unitRef="cny">92,554</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-256">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-257">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Dividend to non-controlling interests</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsMinorityInterest" scale="3" unitRef="cny">3,104</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsMinorityInterest" scale="3" unitRef="cny">17,697</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsMinorityInterest" scale="3" unitRef="cny">27,473</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsMinorityInterest" scale="3" unitRef="usd">3,988</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Proceeds from bank loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromBankDebt" scale="3" unitRef="cny">1,016,219</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromBankDebt" scale="3" unitRef="cny">1,047,188</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromBankDebt" scale="3" unitRef="cny">629,008</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromBankDebt" scale="3" unitRef="usd">91,306</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Repayment for bank loans</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfBankDebt" scale="3" unitRef="cny">50,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfBankDebt" scale="3" unitRef="cny">1,228,550</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfBankDebt" scale="3" unitRef="cny">1,221,799</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfBankDebt" scale="3" unitRef="usd">177,355</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in">Repurchase of bonds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RepurchaseOfBonds" scale="3" unitRef="cny">10,659</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RepurchaseOfBonds" scale="3" unitRef="cny">80,174</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RepurchaseOfBonds" scale="3" unitRef="cny">394,756</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RepurchaseOfBonds" scale="3" unitRef="usd">57,302</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">Redemption of bonds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-258">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-259">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RedemptionOfBonds" scale="3" unitRef="cny">1,513,460</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RedemptionOfBonds" scale="3" unitRef="usd">219,693</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Capital injection from non-controlling interests</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromMinorityShareholders" scale="3" unitRef="cny">2,650</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromMinorityShareholders" scale="3" unitRef="cny">1,370</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromMinorityShareholders" scale="3" unitRef="cny">7,160</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromMinorityShareholders" scale="3" unitRef="usd">1,039</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Proceeds from promissory note</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-260">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-261">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ProceedsFromPromissoryNote" scale="3" unitRef="cny">877,487</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ProceedsFromPromissoryNote" scale="3" unitRef="usd">127,375</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Payment for acquisition of Chengdu Yinzhe</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c62" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AcquisitionOfSubsidiaries" scale="3" unitRef="cny">30,375</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c63" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AcquisitionOfSubsidiaries" scale="3" unitRef="cny">22,579</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-262">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-263">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Payment for acquisition of Leti</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-264">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-265">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c67" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AcquisitionOfSubsidiaries" scale="3" unitRef="cny">2,500</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c67" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AcquisitionOfSubsidiaries" scale="3" unitRef="usd">363</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Payment for acquisition of Linstitute</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-266">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c69" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AcquisitionOfSubsidiaries" scale="3" unitRef="cny">12,240</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c70" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AcquisitionOfSubsidiaries" scale="3" unitRef="cny">6,120</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c70" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AcquisitionOfSubsidiaries" scale="3" unitRef="usd">888</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Net cash provided by/(used in) financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="3" sign="-" unitRef="cny">446,534</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Supplemental disclosure of cash flow information:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Income tax paid</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.25in">Non-cash investing and financing activities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in">For the years ended of August 31, 2020, 2021 and 2022</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.375in">Acquisition of subsidiaries</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-269">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.375in">Accounts payable balance for acquisition of property and equipment</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AccountsPayableBalanceForAcquisitionOfPropertyAndEquipment" scale="3" sign="-" unitRef="cny">13,038</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AccountsPayableBalanceForAcquisitionOfPropertyAndEquipment" scale="3" sign="-" unitRef="cny">14,668</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AccountsPayableBalanceForAcquisitionOfPropertyAndEquipment" scale="3" sign="-" unitRef="usd">756</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.375in">Amounts due to related parties balance for acquisition of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AmountsDueToRelatedPartiesBalanceForAcquisitionOfPropertyAndEquipment" scale="3" sign="-" unitRef="cny">15,545</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Right-of-use assets obtained in exchange for the new operating lease liabilities <br/>(Note 15)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.375in">Decrease of Right-of-use assets for early termination	</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated
financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>


</div><!-- Field: Page; Sequence: 161; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><div><a id="f_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amounts in thousands, except for share and per
share data, unless otherwise stated)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td><td><b>ORGANIZATION AND PRINCIPAL ACTIVITIES</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bright
Scholar Education Holdings L</span>imited (the &#8220;Company&#8221;) was incorporated under the laws of Cayman Islands on December 16,
2016. The Company, its subsidiaries, schools, its variable interest entities (the &#8220;VIE&#8221;s) and its VIEs&#8217; subsidiaries and schools
(collectively referred to as the &#8220;Group&#8221;) are principally engaged in the provision of full spectrum private fundamental education,
including for-profit kindergarten in the People&#8217;s Republic of China (the &#8220;PRC&#8221;), complementary education services, operation
services for domestic schools, and education programs and services including independent schools and colleges in United Kingdom (the &#8220;UK&#8221;)
and the United States (the &#8220;US&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On May 14, 2021, the General Office of the State Council of the People&#8217;s
Republic of China (the &#8220;PRC State Council&#8221;) announced the issuance of the Implementation Regulations of the People&#8217;s
Republic of China on the Law Regarding the Promotion of Private Education (the &#8220;Implementation Rules&#8221;), which became effective
on September 1, 2021. The Implementation Rules prohibit social organizations and individuals from controlling a private school that provides
compulsory education or a non-profit private school that provides pre-school education by means of merger, acquisition, contractual arrangements,
etc., and a private school providing compulsory education is prohibited from conducting transactions with its related parties, and any
other private school conducting any transaction with any related party shall follow the principles of openness, fairness and impartiality,
fix the price reasonably and regulate the decision-making, and shall not damage the interests of the state and the school or the rights
and interests of the teachers and students, which may impose restrictions on the above-mentioned related party transactions. Compulsory
education in this context means the nine years of curriculum education mandated by the PRC, consisting of six years of primary education
at primary school and three years of secondary education at middle school. Moreover, all Company&#8217;s international schools provide
partial or complete compulsory education services in the PRC. Pursuant to the Implementation Rules, (1) foreign-invested enterprises established
in China and social organizations whose actual controllers are foreign parties shall not sponsor, participate in or actually control private
schools that provide compulsory education, (2) social organizations or individuals shall not control any private school that provides
compulsory education or any non-profit private school that provides pre-school education by means of merger, acquisition, contractual
arrangements, etc., and (3) private schools providing compulsory education shall not conduct any transaction with any related party.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under the Implementation Rules, private schools providing compulsory
education is prohibited from being controlled through contractual arrangement and conducting transactions with its related parties and
hence, significantly affects the enforceability of the exclusive management services and business cooperation agreements with the schools
providing compulsory education, including the Company&#8217;s primary schools, middle schools and international schools. In addition,
the Company&#8217;s high schools provide high school education services in conjunction with compulsory education under the same school
entities, as such, they are also affected by the Implementation Rules. Such prohibition has significantly affected the enforceability
of the exclusive management services and business cooperation agreements with school entities providing compulsory education. As such, the Company have ceased to recognize revenues for all activities related to the Affected Entities with compulsory education and discontinued
all business activities with such entities, by August 31, 2021 while continuing to provide essential services to keep these schools open.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
taking into account Guangdong Country Garden Education Investment Management Co., Ltd.</span> (&#8220;BGY Education
Investment&#8221;) acts as a special purpose vehicle established as a holding company to hold interest in the Affected Entities and
is engaged in investment in private schools providing compulsory education and not-for-profit kindergartens education as the school
sponsor or the holding company thereof, the contractual arrangements with BGY Education Investment are more likely than not
violating the Implementation Rules, and accordingly, the Company is subject to significant risks of uncertainties of the validity
and enforcement of the contractual arrangements between the Company&#8217;s wholly owned subsidiary (the &#8220;WFOE&#8221;) Zhuhai
Hengqin Bright Scholar Management Consulting Co. Ltd. (&#8220;Zhuhai Bright Scholar&#8221;), BGY Education Investment, its
subsidiaries and private schools that provides compulsory education and non-for-profit kindergartens.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As a result of the effectiveness of
the Implementation Rules, the Company would no longer be able to use its power under the contractual arrangements as disclosed in Note
2(b) to direct the relevant activities that would most significantly affect the economic performance of those schools and hence, has lost
control on August 31, 2021 over the private schools providing compulsory education, not-for-profit kindergartens and other enterprises
within China, including BGY Education Investment, that are affected by the Implementation Rules. All such entities are collectively named
as &#8220;Affected Entities&#8221;. The Company assessed the implications of Implementation Rules and concluded that, based on all relevant
facts and circumstances, and after consultation with its PRC legal counsel and external advisors, the ability of the Group to use its
power under the contractual arrangements with BGY Education Investment to direct the relevant activities that would most significantly
affect the economic performance of the Affected Entities had ceased on August 31, 2021 immediately before the Implementation Rules became
effective. Accordingly, the carrying amount related to the net assets of the Affected Entities were deconsolidated from the consolidated
financial statements of the Group as of August 31, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">

</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, after August 31, 2021, </span>the remaining businesses of the Group are mainly engaged in the provision of operation services
for domestic schools, including catering and procurement services, for-profit kindergarten education programs and services, complementary
education services, and overseas education programs and services. The schools under the VIE entities are 8 for-profit kindergartens as
of August 31, 2021 and 2022. There were no significant changes in the nature of the Group&#8217;s principal activities during the year
ended August 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:nonNumeric><div>

</div><div>


</div><!-- Field: Page; Sequence: 162; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td><td><b>ORGANIZATION AND PRINCIPAL ACTIVITIES</b>- continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 7pt">&#160;</span></p><div>

</div><ix:continuation id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 31, 2022, details of the material Company&#8217;s subsidiaries, schools, its VIEs and the VIE&#8217;s major subsidiaries and schools </span>of
the continuing operations were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 7pt">&#160;</span></p>

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 attributed&#160;to<br/>
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August 31, </b></span><b>2022</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 7pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>&#160;</i></b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(a) Basis of presentation</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 7pt">&#160;</span></p>

<ix:continuation continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2" id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The consolidated financial statements the Group have been
prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 7pt">&#160;</span></p>

<ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">As a result of the Implementation Rules stated in Note 1,
the Group has considered that it lost control over Affected Entities providing compulsory education and not-for-profit kindergartens education
in China by August 31, 2021, and therefore deconsolidated the Affected Entities on August 31, 2021. In addition, the Group concluded that
the Affected Entities together represent a group of components of the Group and the deconsolidation represents a strategic shift that
has (or will have) a major effect on the Group&#8217;s operations and financial results. Therefore, the Group has presented the results
related to the Affected Entities as discontinued operations&#160;in its consolidated statements of operations and comprehensive income
for&#160;all historical comparative periods presented.</p></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(b) Principles of consolidation</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_2" id="_ConsolidationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The consolidated financial statements include the financial
statements of the Company, its subsidiaries, schools, its VIEs and the VIEs&#8217; subsidiaries and schools. All inter-company transactions
and balances have been eliminated upon consolidation.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_3" id="_ConsolidationPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration:underline">Consolidation of VIEs</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_4" id="_ConsolidationPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Prior to the effectiveness of the Implementation Rules,
PRC laws and regulations prohibit foreign ownership of companies and institutions providing compulsory education services at primary and
middle school levels, and restrict foreign investment in education services at the kindergarten and high school level. In addition, the
PRC government regulates the provision of education services through strict licensing requirements.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_5" id="_ConsolidationPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Accordingly, the Company, through its WFOE, Zhuhai Bright
Scholar, have entered into the following contractual arrangements with BGY Education Investment, BGY Education Investment&#8217;s subsidiaries
and schools, and BGY Education Investment&#8217;s shareholders that enable the Company to (1)&#160;have power to direct the activities that
most significantly affects the economic performance of the VIE, and (2)&#160;receive the economic benefits of the VIE that could be significant
to the VIE.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_6" id="_ConsolidationPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Implementation Rules, a set of supplementary agreements to the contractual arrangements were entered into among Company&#8217;s
WFOE, Zhuhai Bright Scholar, BGY Education Investment, BGY Education Investment&#8217;s shareholders and six newly established companies
in August 2021 to enable them, as well as their subsidiaries, to entitle to the same power, rights and obligations of the contractual
arrangements as BGY Education Investment. The six newly established companies, including Foshan Meiliang Education Technology Co., Ltd.,
Foshan Zhiliang Education Technology Co., Ltd., Beijing Boteng Education Consulting Co., Ltd., Foshan Shangtai Education Technology Co.,
Ltd., Foshan Renliang Education Technology Co., Ltd. and Foshan Yongliang Education Technology Co., Ltd. (collectively referred to as
the &#8220;New VIEs&#8221;), are owned by the same equity shareholders as BGY Education Investment. On the same day, the New VIEs obtained
the equity interest of the subsidiaries providing complementary education services, operation services for domestic schools and for-profit
kindergartens from BGY Education Investment, which were previously held by BGY Education Investment.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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operating results of BGY Education Investment, new VIEs and its subsidiaries and schools in the consolidated financial statements of the
Company during the year ended August 31, 2020 and 2021 before the Group lost control over the Affected Entities by August 31, 2021 as
a result of the effectiveness of the Implementation Rules. The Company&#8217;s VIE includes (1) BGY Education Investment and the schools
and subsidiaries it held, prior to August 31, 2021; and (2) the New VIEs and subsidiaries and schools they hold respectively before and
after August 31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)
Principles of consolidation</i></b></span> - continued</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_2" id="_SignificantAccountingPoliciesTextBlock-c0_cont_1"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_8" id="_ConsolidationPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Agreements that provide the Group with effective control
over the VIEs include:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_9" id="_ConsolidationPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration:underline">Voting Rights Proxy Agreement&#160;&amp; Irrevocable
Power of Attorney</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_10" id="_ConsolidationPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the </span>year ended August 2020 and 2021 before the Group lost control over the Affected Entities by August 31, 2021, under voting right
proxy agreement and irrevocable power of attorney, each of the shareholders of BGY Education Investment has executed a power of attorney
to grant Zhuhai Bright Scholar the power of attorney to act on his or her behalf on all matters pertaining to the BGY Education Investment
and to exercise all of his or her rights as a shareholder of BGY Education Investment, including but not limited to convene, attend and
vote at shareholders&#8217; meetings, designate and appoint directors and senior management members. The proxy agreement will remain in
effect unless Zhuhai Bright Scholar terminates the agreement by giving a prior written notice or gives its consent to the termination
by BGY Education Investment.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_11" id="_ConsolidationPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">As agreed in the aforementioned supplementary agreements, including
supplementary irrevocable power of attorney, the irrevocable power of attorney between each of the shareholders of BGY Education Investment
and Zhuhai Bright Scholar was terminated on August 31, 2021 due to the effectiveness of the Implementation Rules. Meanwhile, under the
respective supplementary agreements, the shareholders of New VIEs entitle to the same power, rights and obligations of the contractual
arrangements as the shareholders of BGY Education Investment previously entitled.</p></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_12" id="_ConsolidationPolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration:underline">Exclusive Call Option Agreement</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_13" id="_ConsolidationPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under the exclusive call option agreement,
each of the shareholders of BGY Education Investment and the New VIEs granted Zhuhai Bright Scholar or its designated representative(s)
an irrevocable and exclusive option to purchase their equity interests in BGY Education Investment and the New VIEs when and to the extent
permitted by PRC law. Zhuhai Bright Scholar or its designated representative(s) has sole discretion as to when to exercise such options,
either in part or in full. Without Zhuhai Bright Scholar&#8217;s written consent, the shareholders of BGY Education Investment and the
New VIEs shall not transfer, donate, pledge, or otherwise dispose any equity interests of BGY Education Investment and the New VIEs in
any way. The acquisition price for the shares or assets will be the minimum amount of consideration permitted under the PRC law at the
time when the option is exercised. The agreement cannot be terminated by BGY Education Investment, the New VIEs or their shareholders.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_14" id="_ConsolidationPolicyTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">There is no change made on the exclusive call option agreement among
each of the shareholders of BGY Education Investment and Zhuhai Bright Scholar during years ended August 31, 2020, 2021 and 2022. In August
2021, the shareholders of New VIEs entered into the exclusive call option agreement with Zhuhai Bright Scholar, and no change was made
since then.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_15" id="_ConsolidationPolicyTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration:underline">Equity Pledge Agreement</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_16" id="_ConsolidationPolicyTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Under the equity pledge agreement, each of the shareholders pledged
all of their equity interests in BGY Education Investment and the New VIEs to Zhuhai Bright Scholar as collateral to secure their obligations
under the equity pledge agreements. If the shareholders of BGY Education Investment and the New VIEs breach their respective contractual
obligations, Zhuhai Bright Scholar, as pledgee, will be entitled to certain rights, including the right to dispose the pledged equity
interests. Pursuant to the agreement, the shareholders of BGY Education Investment and the New VIEs shall not transfer, assign or otherwise
create any new encumbrance on their respective equity interest in BGY Education Investment and the New VIEs without prior written consent
of Zhuhai Bright Scholar. The equity pledge right held by Zhuhai Bright Scholar will expire when the shareholders of BGY Education Investment
and the New VIEs, and Zhuhai Bright Scholar have fully performed their respective obligations under the Consulting Services Agreement
and Operating Agreement, or the shareholder is no longer a shareholder of BGY Education Investment, the New VIEs or the satisfaction of
all its obligations by BGY Education Investment and the New VIEs under the VIE contractual arrangements.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_17" id="_ConsolidationPolicyTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">There is no change made on the equity
pledge agreement among each of the shareholders of BGY Education Investment and Zhuhai Bright Scholar during years ended August 31, 2020,
2021 and 2022. In August 2021, the shareholders of New VIEs entered into the equity pledge agreement with Zhuhai Bright Scholar, and
no change was made since then.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt"></p><div>

</div><!-- Field: Page; Sequence: 165; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td></tr></table><div>
</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)
Principles of consolidation</i></b></span> - continued</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_18" id="_ConsolidationPolicyTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The agreements that transfer economic
benefits of BGY Education Investment and the New VIEs to the Group include:</p></ix:continuation>
<p style="font: 8pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_19" id="_ConsolidationPolicyTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration:underline">Exclusive Management Services and Business Cooperation
Agreement</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_20" id="_ConsolidationPolicyTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the </span>year ended August 2020 and 2021 before the Group lost control over the Affected Entities by August 31, 2021, under the exclusive
management services and business cooperation agreement, BGY Education Investment engages Zhuhai Bright Scholar as its exclusive technical
and operational consultant and under which Zhuhai Bright Scholar agrees to assist in business development and related services necessary
to conduct BGY Education Investment&#8217;s operational activities. BGY Education Investment shall not seek or accept similar services
from other providers without the prior written approval of Zhuhai Bright Scholar. The agreements will be effective as long as BGY Education
Investment exists. Zhuhai Bright Scholar may terminate this agreement at any time by giving a prior written notice to BGY Education Investment.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_21" id="_ConsolidationPolicyTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">As agreed in the aforementioned supplementary
agreements, including supplementary exclusive management services and business cooperation agreement, the exclusive management services
and business cooperation agreement between BGY Education Investment and Zhuhai Bright Scholar was terminated on August 31, 2021 due to
the effectiveness of the Implementation Rules.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_22" id="_ConsolidationPolicyTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Meanwhile, under the respective supplementary
agreements, the New VIEs engages Zhuhai Bright Scholar as its exclusive technical and operational consultant and under which Zhuhai Bright
Scholar agrees to assist in business development and related services necessary to conduct the New VIEs&#8217; operational activities.
The New VIEs shall not seek or accept similar services from other providers without the prior written approval of Zhuhai Bright Scholar.
The agreements will be effective as long as the New VIEs exists. Zhuhai Bright Scholar may terminate this agreement at any time by giving
a prior written notice to the New VIEs.</p></ix:continuation>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_23" id="_ConsolidationPolicyTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under the above agreements, the shareholders
of BGY Education Investment (prior to termination of the agreement on August 31, 2021) and the New VIEs irrevocably granted Zhuhai Bright
Scholar the power to exercise all voting rights to which they were entitled in the respective periods. In addition, Zhuhai Bright Scholar
has the option to acquire all of the equity interests in BGY Education Investment and the New VIEs, to the extent permitted by the then-effective
PRC laws and regulations, for nominal consideration in the respective periods. Finally, Zhuhai Bright Scholar is entitled to receive service
fees for services to be provided to BGY Education Investment and the New VIEs in the respective periods.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_24" id="_ConsolidationPolicyTextBlock-c0_cont_23"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As of August 31, 2021, based on all relevant facts and circumstances,
and advices from the Company&#8217;s PRC legal advisor, the Company concluded that it no longer has a controlling interest in the Affected
Entities due to the effectiveness of the Implementation Rules, which resulted to the deconsolidation of the Affected Entities. In addition,
as agreed in the aforementioned supplementary agreements, certain contractual agreements with BGY Education Investment and its shareholders
including exclusive management services and business cooperation agreement and irrevocable power of attorney were terminated on August
31, 2021 due to the effectiveness of the Implementation Rules. Nevertheless, the legal enforceability of the contractual arrangements
with the New VIEs and its subsidiaries and schools is not impacted by the Implementation Rules. During year ended August 31, 2022, the
Group believes that the contractual arrangements with the New VIEs are in compliance with the PRC law and regulations and are legally
enforceable.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_25" id="_ConsolidationPolicyTextBlock-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Call Option Agreement and Voting
Rights Proxy Agreement provide the Group with effective control over the BGY Education Investment (prior to August 31, 2021) and the New
VIEs, while the Equity Pledge Agreements secure the obligations of the shareholders of BGY Education Investment (prior to August 31, 2021)
and the New VIEs under the relevant agreements. Because the Group, through Zhuhai Bright Scholar, has (i)&#160;the power to direct the
activities of BGY Education Investment (prior to the termination of the <span style="text-decoration:underline">Exclusive Management Services and Business Cooperation Agreement
on August 31, 2021)</span> and the New VIEs, that most significantly affect the entity&#8217;s economic performance and (ii)&#160;the right
to receive substantially all of the benefits from BGY Education Investment and the New VIEs, the Group is deemed the primary beneficiary
of BGY Education Investment (prior to August 31, 2021) and the New VIEs. Accordingly, the Company consolidates BGY Education Investment&#8217;s
(prior to August 31, 2021) and the New VIEs&#8217; financial results of operations, assets and liabilities in the Group&#8217;s consolidated
financial statements in the respective periods.</p></ix:continuation>
<p style="font: 8pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_26" id="_ConsolidationPolicyTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">P</span>rior
to the effective of the Implementation Rules, during the years ended August 31, 2020 and August 31, 2021 before the Group lost control
over the Affected Entities as a result of the effect of the Implementation Rules, the Group believes that the contractual arrangements
with the VIEs are in compliance with the PRC law and regulations and are legally enforceable.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_27" id="_ConsolidationPolicyTextBlock-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Risks related contractual arrangements
</i></b></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_28" id="_ConsolidationPolicyTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Subsequent to the Implementation Rules became effective
on September 1, 2021, except for Affected Entities, the contractual arrangements continue to be legally enforceable. However, there are
uncertainties regarding the interpretation and application of existing and future PRC laws and regulations. If the ownership structure
of the Company and the contractual arrangements are found to violate any PRC laws or regulations, or if the Company is found to be required
but failed to obtain any of the permits or approvals for its private education business, the relevant PRC regulatory authorities would
have broad discretion in imposing fines or punishments upon the Company for such violations, including:</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_29" id="_ConsolidationPolicyTextBlock-c0_cont_28"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>revoking the business and operating licenses of the Group and/or its VIEs;</td></tr></table></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_30" id="_ConsolidationPolicyTextBlock-c0_cont_29"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">discontinuing or restricting any related-party transactions between the Group and its VIEs;</td></tr></table></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_31" id="_ConsolidationPolicyTextBlock-c0_cont_30"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">imposing fines and penalties, or imposing additional requirements for the Group&#8217;s operations with which it, or its VIEs may not be
able to comply;</td></tr></table></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_32" id="_ConsolidationPolicyTextBlock-c0_cont_31"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>requiring the Group to restructure the ownership and control structure or its current schools;</td></tr></table><p style="font: 8pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p><div>


</div><!-- Field: Page; Sequence: 166; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)
Principles of consolidation</i></b></span> - continued</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_4" id="_SignificantAccountingPoliciesTextBlock-c0_cont_3"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_33" id="_ConsolidationPolicyTextBlock-c0_cont_32"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">restricting or prohibiting the use of the proceeds of the Company&#8217;s equity offerings to finance its business and operations in China,
particularly the expansion of its business through strategic acquisitions; or</td></tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_34" id="_ConsolidationPolicyTextBlock-c0_cont_33"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">restricting the use of financing sources by the Group or its affiliated entities or otherwise restricting the Group&#8217;s or its VIEs&#8217;
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_35" id="_ConsolidationPolicyTextBlock-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group&#8217;s ability to conduct
its business may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result, the
Group may not be able to consolidate BGY Education Investment and the New VIEs in its consolidated financial statements as it may lose
the ability to exert effective control over BGY Education Investment, the New VIEs and their shareholders, and it may lose the ability
to receive economic benefits from BGY Education Investment and the New VIEs.</p></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_36" id="_ConsolidationPolicyTextBlock-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The following balances of VIEs as of August 31, 2021 and
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.375in; text-align: left">Amounts due from related parties, net</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.375in">Inventories</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left; padding-bottom: 1.5pt">Amounts due from Affected Entities, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c140" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AmountsDueFromAffectedEntities" scale="3" unitRef="cny">133,092</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Restricted cash - non current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue" scale="3" unitRef="cny">1,450</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.375in; text-align: left">Property and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="3" unitRef="cny">25,034</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Intangible assets, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" scale="3" unitRef="cny">46,253</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.375in; text-align: left">Goodwill, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Goodwill" scale="3" unitRef="cny">227,814</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Long-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermInvestments" scale="3" unitRef="cny">70,315</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermInvestments" scale="3" unitRef="cny">30,289</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.375in; text-align: left">Prepayments for construction contract</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-275">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ConstructionInProgressGross" scale="3" unitRef="cny">4,025</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Operating lease right-of-use assets &#8211; non-current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" unitRef="cny">87,752</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" unitRef="cny">76,607</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.375in; text-align: left; padding-bottom: 1.5pt">Other non-current assets, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsNoncurrent" scale="3" unitRef="cny">1,043</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsNoncurrent" scale="3" unitRef="cny">6,311</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total non-current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="3" unitRef="cny">459,661</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="3" unitRef="cny">437,580</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0in; font-weight: bold; text-align: left; padding-bottom: 4pt">TOTAL ASSETS</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="3" unitRef="cny">765,945</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="3" unitRef="cny">626,055</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0in; font-weight: bold">LIABILITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; font-weight: bold; text-align: left">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableOtherCurrent" scale="3" unitRef="cny">10,941</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableOtherCurrent" scale="3" unitRef="cny">6,154</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.375in; text-align: left">Amounts due to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="3" unitRef="cny">5,641</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="3" unitRef="cny">294,164</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Accrued expenses and other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrent" scale="3" unitRef="cny">13,876</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrent" scale="3" unitRef="cny">27,790</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.375in; text-align: left">Income tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedIncomeTaxesNoncurrent" scale="3" unitRef="cny">19,091</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedIncomeTaxesNoncurrent" scale="3" unitRef="cny">19,983</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Contract liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ContractLiabilitiesGeneratedFromOperatingActivity" scale="3" unitRef="cny">139,126</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ContractLiabilitiesGeneratedFromOperatingActivity" scale="3" unitRef="cny">107,494</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.375in; text-align: left">Refund liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerRefundLiabilityCurrent" scale="3" unitRef="cny">10,398</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerRefundLiabilityCurrent" scale="3" unitRef="cny">9,458</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left">Operating lease liabilities &#8211; current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="3" unitRef="cny">12,005</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="3" unitRef="cny">20,779</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.375in; text-align: left; padding-bottom: 1.5pt">Amounts due to Affected Entities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c138" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AmountsDueToAffectedEntities" scale="3" unitRef="cny">276,378</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-276">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>


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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(b)
Principles of consolidation</i></b></span> - continued</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_5" id="_SignificantAccountingPoliciesTextBlock-c0_cont_4"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_38" id="_ConsolidationPolicyTextBlock-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The following amounts of VIEs for the years ended August
31, 2020, 2021 and 2022, were included in the Group&#8217;s consolidated statements of operations and consolidated statements of cash flows
after the elimination of intercompany balances.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfCondensedFinancialStatementsTableTextBlock-c0_cont_2" id="_ScheduleOfCondensedFinancialStatementsTableTextBlock-c0_cont_1"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_39" id="_ConsolidationPolicyTextBlock-c0_cont_38"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_40" id="_ConsolidationPolicyTextBlock-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note*:
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<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_41" id="_ConsolidationPolicyTextBlock-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">VIEs contributed an aggregate of <ix:nonFraction contextRef="c9" decimals="3" format="ixt:num-dot-decimal" name="bedu:PercentageOfRevenueContributedByVariableInterestEntityOfCombinedRevenue" scale="-2" unitRef="pure">63.3</ix:nonFraction>%,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

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September 30, 2021. The loan facility is secured by the Group&#8217;s equity interest in Chengdu Yinzhe, and guaranteed by Zhuhai Bright
Scholar and Country Garden Real Estate Group Co., Ltd. As of August 31, 2020, BGY Education Investment drew down RMB <ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherInvestments" scale="3" unitRef="cny">85,000</ix:nonFraction> from SPD Bank,
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to Affected Entities as of August 31, 2022.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial
support to BGY Education Investment (prior to deconsolidation on August 31, 2021) and the New VIEs. However, if BGY Education Investment
and the New VIEs were ever to need financial support, the Group may, at its option and subject to statutory limits and restrictions, provide
financial support to its VIEs through loans to the shareholders of BGY Education Investment, the New VIEs or entrustment loans to BGY
Education Investment and the New VIEs. After the effectiveness of the Implementation Rules, the loans provided to BGY Education Investment
and its subsidiaries and schools (if any) would then be accounted for as related party transactions.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="_ConsolidationPolicyTextBlock-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group believes that there are no
assets held in the BGY Education Investment and the New VIEs that can be used only to settle obligations of BGY Education Investment and
the New VIEs, except for registered capital and the PRC statutory reserves,&#160;in the respective periods. As the BGY Education Investment
and the New VIEs is incorporated as a limited liability company under the PRC Company Law, creditors of the BGY Education Investment and
the New VIEs do not have recourse to the general credit of the Company for any of the liabilities of the BGY Education Investment and
the New VIEs in the respective periods. Relevant PRC laws and regulations restrict BGY Education Investment and the New VIEs in the respective
periods from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to
the Company in the form of loans and advances or cash dividends. Please refer to Note 26 for disclosure of restricted net assets.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="bedu_DeconsolidationsPolicyTextBlock-c0_cont_1" escape="true" name="bedu:DeconsolidationsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(c) Deconsolidation</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="bedu_DeconsolidationsPolicyTextBlock-c0_cont_2" id="bedu_DeconsolidationsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of certain events and on a regular basis, the Group evaluates whether it no longer has a controlling interest in its subsidiaries,
including consolidated variable interest entities. If the Company determines it no longer has a controlling interest, the subsidiary is
deconsolidated. The Company records a gain or loss on&#160;deconsolidation&#160;based on the difference on the&#160;deconsolidation&#160;date
between (i)&#160;the aggregate of (a)&#160;the fair value of any consideration received, (b)&#160;the fair value of any retained non</span>-controlling
investment in the former subsidiary and (c)&#160;the carrying amount of any non-controlling interest in the subsidiary being deconsolidated,
less (ii)&#160;the carrying amount of the former subsidiary&#8217;s assets and liabilities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation id="bedu_DeconsolidationsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The
Company assesses whether a&#160;deconsolidation&#160;is required to be presented as discontinued operations in its consolidated
financial statements on the&#160;deconsolidation&#160;date. This assessment is based on whether or not
the&#160;deconsolidation&#160;represents a strategic shift that has or will have a major effect on the Company&#8217;s operations or
financial results. If the Company determines that a&#160;deconsolidation&#160;requires presentation as a discontinued operation on
the&#160;deconsolidation&#160;date, or at any point during the one-year&#160;period following such date, it will present the
former subsidiary as a discontinued operation in current and comparative period financial statements.</p></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_1" escape="true" name="bedu:RestatementsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>d)
Restatements</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt"><b><i>&#160;</i></b></p>

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of financial statements of the Company as of and for the year ended August&#160;31, 2022, the Company determined that there were errors
in the prior year financial statements relating to the identification and measurement of certain overseas operating leases upon the initial
adoption of ASC 842. In addition, the Company identified an lease contract which was terminated in 2021, but not accounted for in the
correct period. Therefore, certain information in the consolidated financial statements for the year ended August 31, 2020 and 2021 has
been restated to correct for these errors, including operating lease right-of-use assets-non current, operating lease liabilities-current
and operating lease liabilities- non current in the consolidated balance sheets and the related items on the consolidated statements of
cash flows.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_3" id="bedu_RestatementsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The restatements to the consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfCondensedFinancialStatementsTableTextBlock-c0_cont_3" id="_ScheduleOfCondensedFinancialStatementsTableTextBlock-c0_cont_2"><ix:continuation continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_4" id="bedu_RestatementsPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify"></p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td></tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b><i>(d)
Restatements -</i></b> continued</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_7" id="_SignificantAccountingPoliciesTextBlock-c0_cont_6"><ix:continuation continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_6" id="bedu_RestatementsPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The restatements to the consolidated
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfCondensedFinancialStatementsTableTextBlock-c0_cont_5"><ix:continuation continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_8" id="bedu_RestatementsPolicyTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Net cash provided by operating activities</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Right-of-use assets obtained in exchange for the new operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c154" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" scale="3" unitRef="cny">228,123</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c156" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" scale="3" unitRef="cny">179,968</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Decrease of Right-of-use assets for early termination</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c154" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DecreaseOfRightofuseAssetsForEarlyTerminationinDollars" scale="3" unitRef="cny">14,415</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table></ix:continuation></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;</p>

<ix:continuation continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_9" id="bedu_RestatementsPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The corresponding footnotes have been restated for the adjustments
noted above.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;</p>

<ix:continuation continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_10" id="bedu_RestatementsPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: left">The nature of these error corrections
is as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;</p>



<ix:continuation continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_11" id="bedu_RestatementsPolicyTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify">Certain overseas operating leases were not properly determined
their respective variable lease payment upon the adoption of ASC 842 and adjustments have been made to correct these errors in the years
ended August 31, 2020 and 2021.</td>
</tr><tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
     </table></ix:continuation>



<ix:continuation continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_12" id="bedu_RestatementsPolicyTextBlock-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify">Two operating leases existed prior to the adoption of ASC 842 but not have been appropriately identified,
adjustments have been made to correct these errors in the years ended August 31, 2020 and 2021.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                         </table></ix:continuation>



<ix:continuation continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_13" id="bedu_RestatementsPolicyTextBlock-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</span></td><td>One of the lease contracts of the Overseas Schools was early terminated in fiscal year 2021, but it has been inappropriately accounted
for as a termination in fiscal year 2022. Adjustment has been made to correct the error in the year ended August 31, 2021.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                    </table></ix:continuation>

<ix:continuation continuedAt="bedu_RestatementsPolicyTextBlock-c0_cont_14" id="bedu_RestatementsPolicyTextBlock-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</span></td><td style="text-align: justify">As part of the error corrections being made, the resultant classification of operating lease liabilities-current
and operating lease liabilities-non current was corrected.</td></tr></table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt"><b><i>&#160;</i></b></p>

<ix:continuation id="bedu_RestatementsPolicyTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The errors were immaterial to the consolidated
statements of operations and consolidated statements of shareholders&#8217; equity for the years ended August 31, 2020 and 2021, and thus
the Company recorded the accumulated impact in the fiscal year 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td></tr>
</table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_8" id="_SignificantAccountingPoliciesTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimates-c0_cont_1" escape="true" name="us-gaap:UseOfEstimates"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(e) Use of estimates</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p>



<ix:continuation id="_UseOfEstimates-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with US&#160;GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses
during the reporting period. Actual results may differ from these estimates. The Group bases its estimates on historical experience and
various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected
in the Group&#8217;s financial statements include&#160;the consolidation and deconsolidation of variable interest entities, impairment
assessment of goodwill and long-lived assets, and assessment of realization of deferred tax assets. Actual results may differ materially
from those estimates.</span></p></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>f)
Fair value</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Fair value is considered to be the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When
determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers
the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when
pricing the asset or liability.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Authoritative literature provides a fair value hierarchy,
which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within
which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement
as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Level 1 applies to assets or liabilities for which there
are quoted prices in active markets for identical assets or liabilities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Level 2 applies to assets or liabilities for which there
are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar
assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_6" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Level 3 applies to assets or liabilities
for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the
assets or liabilities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in">&#160;</p>

<ix:continuation id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The carrying values of financial instruments, which consist
of cash and cash equivalents, restricted cash, accounts receivable, amounts due from related parties, amounts due from Affected Entities,
other receivables, deposits, accounts payable, amounts due to related parties, amounts due to Affected Entities, short-term loans, bond
payable and other current liabilities are recorded at cost which approximates their fair value due to the short-term nature of these instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_9" id="_SignificantAccountingPoliciesTextBlock-c0_cont_8"><ix:nonNumeric contextRef="c0" continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(g) Foreign currency translation</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p>

<ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_2" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s reporting currency is Renminbi (&#8220;RMB&#8221;). The functional currency of the affiliates incorporated outside of mainland
China includes the United States dollar (&#8220;US dollar&#8221; or &#8220;US$&#8221;), Great Britain Pound (&#8220;GBP&#8221;), Hong
Kong dollar (&#8220;HKD&#8221; or &#8220;HK$&#8221;)</span>, and Canadian dollar (&#8220;CAD&#8221;). The functional currency of all the
other subsidiaries and the VIEs is RMB.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Monetary assets and liabilities denominated in currencies
other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the
balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange
rates. Exchange gains and losses are recognized in the consolidated statement of operation. All assets and liabilities are translated
at exchange rates at the balance sheet date and revenue and expenses are translated at the average yearly exchange rates and equity is
translated at historical exchange rate. Any translation adjustments are not included in determining net income but are included in foreign
exchange adjustment to other comprehensive income.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="bedu_ForeignCurrencyRiskPolicyTextBlock-c0_cont_1" escape="true" name="bedu:ForeignCurrencyRiskPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(h) Foreign currency risk</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation id="bedu_ForeignCurrencyRiskPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The RMB is not a freely convertible currency. The State
Administration for Foreign Exchange, under the authority of the People&#8217;s Bank of China, controls the conversion of RMB into other
currencies. The value of the RMB is subject to changes in central government policies, international economic and political developments
affecting supply and demand in the China Foreign Exchange Trading System market. The Group&#8217;s cash and cash equivalents and restricted
cash denominated in RMB amounted to RMB <ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue" scale="3" unitRef="cny">461,350</ix:nonFraction> and RMB <ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue" scale="3" unitRef="cny">468,184</ix:nonFraction> as of August&#160;31, 2021 and 2022, respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="bedu_ConvenienceTranslationPolicyTextBlock-c0_cont_1" escape="true" name="bedu:ConvenienceTranslationPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(i) Convenience translation</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation id="bedu_ConvenienceTranslationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s reporting currency is RMB. However, periodic reports made to shareholders will include current period amounts translated
into US dollars using the then current exchange rates, for the convenience of the readers. Translations of balances in the consolidated
balance sheets, and the related consolidated statements of operations, comprehensive income, shareholders&#8217; equity and cash flows
from RMB into US dollars as of and for the year ended August&#160;31, 202</span>2 are solely for the convenience of the readers and were
calculated at the rate of US$<ix:nonFraction contextRef="c0" decimals="-1" format="ixt:num-dot-decimal" name="bedu:ForeignCurrencyExchangeRateTranslation" scale="3" unitRef="usd">1.00</ix:nonFraction>=RMB<ix:nonFraction contextRef="c0" decimals="1" format="ixt:num-dot-decimal" name="bedu:ForeignCurrencyExchangeRateTranslation" scale="3" unitRef="cny">6.8890</ix:nonFraction><b>,</b> representing the noon buying rate set forth in the H.10 statistical release of the
U.S. Federal Reserve Board on August 31, 2022. No representation is made that the RMB amounts could have been, or could be, converted,
realized or settled into US$ at that rate on August 31, 2022, or at any other rate.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(j) Cash and cash equivalents</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Cash and cash equivalents consist of cash on hand, cash
in banks and highly liquid investments which are unrestricted as to withdrawal or use, and which have original maturities of three months
or less when purchased.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(k) Restricted cash</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation id="_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Group&#8217;s restricted cash mainly represents (a)&#160;deposits
in connection with the short-term loan disclosed in Note 14; (b)&#160;deposit&#160;restricted as to withdrawal or use under government
regulations; and (c) deposit held in a designated bank account for the sole purpose of business operation including the establishment
of new kindergartens and subsidiaries.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>



</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_10" id="_SignificantAccountingPoliciesTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" continuedAt="_InvestmentPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:InvestmentPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(l) Investments</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_2" id="_InvestmentPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Short-term investments primarily consist of wealth management
products, which are certain deposits with different interest rates and fixed maturity dates ranging from three months to one year.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_3" id="_InvestmentPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group reviews its </span>short-term investments for other-than-temporary impairment (&#8220;OTTI&#8221;) based on the specific identification
method. The Group considers available quantitative and qualitative evidence in evaluating the potential impairment of its short-term investments.
If the cost of an investment exceeds the investments fair value, the Group considers, among other factors, general market conditions,
expected future performance of the investees, the duration and the extent to which the fair value of the investment is less than the cost,
and the Group&#8217;s intent and ability to hold the investments. OTTI is recognized as a loss in the consolidated statements of operations.</p></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_4" id="_InvestmentPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Long-term investments include held-to-maturity investment
with maturity date which is longer than one year, equity securities without readily determinable fair values and equity method investments.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_5" id="_InvestmentPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">Equity securities without readily determinable fair values</td>
</tr></table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_6" id="_InvestmentPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Group elects a practicability exception to fair value
measurement for the equity securities without readily determinable fair values, under which these investments are measured at cost, less
impairment, plus or minus observable price changes of an identical or similar investment of the same issuer with fair value change recorded
in the consolidated statements of operations.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_7" id="_InvestmentPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Group reviews its equity securities without readily
determinable fair value for impairment at each reporting period. If a qualitative assessment indicates that the investment is impaired,
the Group estimates the investment&#8217;s fair value in accordance with the principles of ASU 2011-4: Fair Value Measurement (ASC 820).
If the fair value is less than the investment&#8217;s carrying value, the Group recognizes an impairment loss equal to the difference
between the carrying value and fair value in the consolidated statements of operations.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_8" id="_InvestmentPolicyTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">Equity method investments</td>
</tr></table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_9" id="_InvestmentPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investee
companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest through investment
in </span>ordinary shares or in-substance ordinary shares, are accounted for using the equity method. Significant influence is generally
considered to exist when the Group has an ownership interest in the voting stock of the investee between <ix:nonFraction contextRef="c127" decimals="2" format="ixt:num-dot-decimal" name="bedu:VotingInterestRatePercentage" scale="-2" unitRef="pure">20</ix:nonFraction>% and <ix:nonFraction contextRef="c128" decimals="2" format="ixt:num-dot-decimal" name="bedu:VotingInterestRatePercentage" scale="-2" unitRef="pure">50</ix:nonFraction>%, and other factors,
such as representation on the investee&#8217;s board of directors, voting rights and the impact of commercial arrangements, are also considered
in determining whether the equity method of accounting is appropriate. For certain investments in limited partnerships, where the Group
holds less than a <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="bedu:VotingInterestRatePercentage" scale="-2" unitRef="pure">20</ix:nonFraction>% equity or voting interest, the Group may also have significant influence.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation continuedAt="_InvestmentPolicyTextBlock-c0_cont_10" id="_InvestmentPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Under the equity method, the Group initially records its
investment at cost and subsequently recognizes the Group&#8217;s proportionate share of each equity investee&#8217;s net income or loss
after the date of investment into the consolidated statements of operations and accordingly adjusts the carrying amount of the investment.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:continuation id="_InvestmentPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group reviews its equity method investments for impairment whenever an event or circumstance indicates that an OTTI has occurred. The
Group considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments</span><span style="font-family: Times New Roman, Times, Serif">.</span>
An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to
be other-than-temporary.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy-c0_cont_1" escape="true" name="us-gaap:ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(m) Allowance for doubtful accounts</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt"></p>

<ix:continuation id="_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Accounts receivable mainly represents amounts due from corporate
customers of the Group&#8217;s various subsidiaries, and amounts due from students of the Group&#8217;s UK schools. The allowance for
doubtful accounts is the Group&#8217;s best estimates of the amount of probable credit losses in the Group&#8217;s existing accounts receivable
balance. The Group provides allowance for doubtful accounts based on historical credit loss experience and a review of the current status
and reasonable and supportable forecasts of future events and economic conditions. Accounts receivable, restricted cash, other receivables,&#160;amounts
due from related parties and amounts due from Affected Entities&#160;are presented net of allowance for doubtful accounts.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_InventoryPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:InventoryPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(n) Inventories</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation id="_InventoryPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Inventories are stated at the lower of cost or net realizable
value.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 173; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_11" id="_SignificantAccountingPoliciesTextBlock-c0_cont_10"><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(o) Property and equipment, net</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_2" id="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and equipment is generally stated at historical
cost and depreciated on a straight-line basis over the estimated useful lives of the assets. Depreciation expense is included in either
cost of revenue or selling, general and administrative expenses, as appropriate. Property and equipment consist of the following and depreciation
is calculated on a straight-line basis over the following estimated useful lives:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock"><ix:continuation continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_3" id="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: #CFF0FC">
    <td style="vertical-align: top; width: 44%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buildings</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 55%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c157" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">20</ix:nonNumeric>&#160;-&#160;<ix:nonNumeric contextRef="c158" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">50</ix:nonNumeric>&#160;years</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvement</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c159" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric>&#160;-&#160;<ix:nonNumeric contextRef="c160" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">20</ix:nonNumeric>&#160;years or the lesser of remaining life of lease</span></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor vehicles</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c161" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">4</ix:nonNumeric>&#160;-&#160;<ix:nonNumeric contextRef="c162" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</ix:nonNumeric>&#160;years</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic equipment</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c163" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">4</ix:nonNumeric> - <ix:nonNumeric contextRef="c164" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10</ix:nonNumeric> years</span></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office equipment</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c165" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric> - <ix:nonNumeric contextRef="c166" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric> years</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and other equipment</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c167" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric> - <ix:nonNumeric contextRef="c168" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric> years</span></td></tr>
  <tr style="background-color: #CFF0FC">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c169" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric> years</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction in progress</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td></tr>
  </table></ix:continuation></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_4" id="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Note*: The Group constructs certain of its property. In
addition to cost under the construction contracts, external costs, including consulting fee directly related to the construction of such
facilities, are capitalized. Depreciation is recorded at the time assets are ready for the intended use.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation id="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Group assesses lands with indefinite life for impairment
periodically.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="bedu_LandUseRightNetPolicyTextBlock-c0_cont_1" escape="true" name="bedu:LandUseRightNetPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(p) Land use rights, net</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation id="bedu_LandUseRightNetPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Land use right represents the amount paid and relevant costs
incurred for the Group&#8217;s leases for the right of use of land located in PRC and is recorded at cost less accumulated amortization. Amortization
is provided over the term of the land use right agreement on a straight-line basis over the term of the agreement, which is <ix:nonNumeric contextRef="c127" format="ixt-sec:duryear" name="bedu:PeriodOfLeaseForLandUseRights">40</ix:nonNumeric>-<ix:nonNumeric contextRef="c129" format="ixt-sec:duryear" name="bedu:PeriodOfLeaseForLandUseRights">50</ix:nonNumeric> years.
Land use right is relating to the discontinued operations (Note 3).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p>

<ix:nonNumeric contextRef="c0" continuedAt="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>(q) Impairment of long-lived assets</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation id="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates the recoverability of long-lived assets with determinable useful lives whenever events or changes in circumstances indicate
that an asset&#8217;s carrying amount may not be recoverable. The Group measures the carrying amount of long-lived asset against the estimated
undiscounted future cash flows associated with it. Impairment exists when the sum of the expected future net cash flows is less than the
carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds
its fair value. Fair value is estimated based on various valuation techniques, including the discounted value of estimated future cash
flows. The evaluation of asset impairment requires the Group to make assumptions about future cash flows over the life of the asset being
evaluated. These assumptions require judgment and actual results may differ from assumed and estimated amounts. The Group recorded RMB
<span style="-sec-ix-hidden: hidden-fact-279">15</span></span>,575 and RMB 8,861 impairment loss on operating lease right-of-use assets during the year ended August 31, 2021 and 2022, respectively
(Note 15). In addition, for the year ended August 31, 2022, the Group recorded RMB <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ImpairmentLossOnOperatingLeaseRightofuseAsset" scale="3" unitRef="usd">6,586</ix:nonFraction> impairment loss on property and equipment (Note
7).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 174; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_12" id="_SignificantAccountingPoliciesTextBlock-c0_cont_11"><ix:nonNumeric contextRef="c0" continuedAt="bedu_GoodWillPolicyTextBlock-c0_cont_1" escape="true" name="bedu:GoodWillPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(r)
Goodwill</i></b></span><b><i>, net</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p>

<ix:continuation continuedAt="bedu_GoodWillPolicyTextBlock-c0_cont_2" id="bedu_GoodWillPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Goodwill represents the excess of the purchase consideration
over the fair value of the identifiable net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment
on an annual basis as of August 31, or more frequently if events or changes in circumstances indicate that it might be impaired. The Group
has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill
impairment test. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall
financial performance of the reporting unit, and other specific information related to the operations. The Group will perform the quantitative
impairment test if the Group bypasses the qualitative assessment, or based on the qualitative assessment, if it is more likely than not
that the fair value of each reporting unit is less than the carrying amount.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="bedu_GoodWillPolicyTextBlock-c0_cont_3" id="bedu_GoodWillPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On September 1, 2019, the Group early adopted ASU No. 2017-04,
simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by eliminating Step two from the
goodwill impairment test. Under the new guidance, if the fair value of a reporting unit exceeds its carrying amount, goodwill is not impaired
and no further testing is required. If the fair value of a reporting unit is less than the carrying value, an impairment charge is recognized
for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value; however, the loss recognized should not exceed
the total amount of goodwill allocated to that reporting unit.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="bedu_GoodWillPolicyTextBlock-c0_cont_4" id="bedu_GoodWillPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">T</span>he
Group estimate the fair values of reporting units using discounted cash flow model of the income approach, which requires management to
make significant estimates and assumptions, including, but not limited to, discount rate, terminal growth rate and others used to project
future cash flows, such as forecasts of future revenues. These assumptions were affected by management&#8217;s business plans and expectations
about future market and economic conditions, including the impact of the COVID-19.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>



<ix:continuation id="bedu_GoodWillPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended August&#160;31, 2020, 2021 and 2022, the Group recorded RMB <ix:nonFraction contextRef="c130" decimals="-3" format="ixt:num-dot-decimal" name="bedu:GoodwillImpairmentLosses" scale="3" unitRef="cny">68,723</ix:nonFraction>, RMB <ix:nonFraction contextRef="c131" decimals="-3" format="ixt:num-dot-decimal" name="bedu:GoodwillImpairmentLosses" scale="3" unitRef="cny">84,730</ix:nonFraction> and RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:GoodwillImpairmentLosses" scale="3" unitRef="cny">419,805</ix:nonFraction> impairment loss on goodwill
respectively, of which </span>RMB <ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:GoodwillImpairmentLosses" scale="3" unitRef="cny">68,723</ix:nonFraction> and RMB <span style="-sec-ix-hidden: hidden-fact-280">nil</span> were related to discontinued operations for the years ended August 31, 2020 and 2021,
respectively&#160;(Note 3 and Note 10).</p></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_IntangibleAssetsFiniteLivedPolicy-c0_cont_1" escape="true" name="us-gaap:IntangibleAssetsFiniteLivedPolicy"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>(s) Intangible assets</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation continuedAt="_IntangibleAssetsFiniteLivedPolicy-c0_cont_2" id="_IntangibleAssetsFiniteLivedPolicy-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets with finite lives are amortized over their estimated useful lives. The useful life of an intangible asset is the period over which
the asset is expected to contribute directly or indirectly to future cash flows. Intangible assets with indefinite lives consist of oversea
schools&#8217; brand name and is tested for impairment annually, or whenever events are indicators of impairment occur between annual
impairment tests. Management expects to use the brand name</span> indefinitely.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_IntangibleAssetsFiniteLivedPolicy-c0_cont_3" id="_IntangibleAssetsFiniteLivedPolicy-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Like goodwill, the Group test indefinite lived intangible
assets for impairment by first assessing qualitative factors to determine whether it is necessary to perform a quantitative impairment
test. If based on the qualitative assessment, it is more likely than not that the fair value of the indefinite lived intangible asset
is less than its carrying amount, a quantitative impairment test is required. The Group test indefinite lived intangible assets for impairment
using the relief-from-royalty method of the income approach, which requires management to make significant estimates and assumptions,
including, but not limited to, royalty rate, discount rate, terminal growth rate and forecasts of future revenues.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_IntangibleAssetsFiniteLivedPolicy-c0_cont_4" id="_IntangibleAssetsFiniteLivedPolicy-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Acquired intangible assets, other than goodwill, consist
of trademarks and brand names, customer relationship, backlog and student base, non-compete agreements and core curriculum are carried
at cost, less accumulated amortization and impairment. The amortization periods by major intangible asset classes are as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock"><ix:continuation continuedAt="_IntangibleAssetsFiniteLivedPolicy-c0_cont_5" id="_IntangibleAssetsFiniteLivedPolicy-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: #CFF0FC">
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  <tr>
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    <td>&#160;</td>
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  <tr style="background-color: #CFF0FC">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationship, backlog and student base</span></td>
    <td>&#160;</td>
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  <tr>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-compete agreements</span></td>
    <td>&#160;</td>
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  <tr style="background-color: #CFF0FC">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</span></td>
    <td>&#160;</td>
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  <tr>
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    <td>&#160;</td>
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  </table></ix:continuation></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><ix:continuation id="_IntangibleAssetsFiniteLivedPolicy-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended August 31, 2020, 2021 and 2022, the Group recorded RMB <span style="-sec-ix-hidden: hidden-fact-281">nil</span>, RMB <span style="-sec-ix-hidden: hidden-fact-282">nil</span> and RMB <ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherIndefiniteLivedIntangibleAssets" scale="3" unitRef="cny">113,385</ix:nonFraction> impairment loss on </span>indefinite
lived intangible assets, respectively (Note 8).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">

</p></ix:continuation></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 175; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_13" id="_SignificantAccountingPoliciesTextBlock-c0_cont_12"><ix:nonNumeric contextRef="c0" continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>t)
Leases</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p>

<ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_2" id="_LesseeLeasesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group determines if an arrangement is a lease or contains a lease at lease inception. Operating leases are required to be recorded in
the balance sheets as operating lease right-of-use </span>(ROU) assets and operating lease liabilities, initially measured at the present
value of the lease payments. The Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether
any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing
leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. The Group adopts
the practical expedient to account for each separate lease component and the non-lease components associated with that lease component
as a single lease component. Lastly, the Company also has elected to utilize the short-term lease recognition exemption and, for those
leases that qualified, the Group did not recognize operating lease ROU assets or operating lease liabilities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

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Company has leases that have variable payments, including lease payments where lease payment increases are based on the percentage
change in the Consumer Price Index (&#8220;CPI</span>&#8221;). For such leases, payment at the lease commencement date is used to
measure the operating lease ROU assets and operating lease liabilities. Lease payments that are based on a change
in&#160;CPI&#160;are treated as variable lease payments and recognized in the period in which the obligation for those payments was
incurred. Majority of the leases within Overseas Schools reportable segment have variable payments. As of August 31, 2021 and 2022,
the leases within Overseas Schools reportable segment that are subject to terms of variable payments contributed to the operating
lease right-of-use assets by RMB <ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:OperatingLeaseRightOfUseAssets" scale="3" unitRef="cny">909,180</ix:nonFraction> and RMB <ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="bedu:OperatingLeaseRightOfUseAssets" scale="3" unitRef="cny">872,143</ix:nonFraction> respectively, and to operating lease liabilities by RMB <ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:OperatingLeasesLiability" scale="3" unitRef="cny">926,544</ix:nonFraction> and RMB
<ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="bedu:OperatingLeasesLiability" scale="3" unitRef="cny">896,994</ix:nonFraction>, respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_4" id="_LesseeLeasesPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As the rate implicit in the lease is not readily determinable,
the Group estimates its incremental borrowing rate based on the information available at the commencement date in determining the present
value of lease payments. The incremental borrowing rate is estimated in a portfolio approach to approximate the interest rate on a collateralized
basis with similar terms and payments in a similar economic environment. Lease terms may include options to extend or terminate the lease
when it is reasonably certain that the Group will exercise that option. Lease expenses are recorded on a straight-line basis over the
lease term.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_LesseeLeasesPolicyTextBlock-c0_cont_5" id="_LesseeLeasesPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group evaluates the carrying value of right-of-use assets,
including the operating lease obligation of the asset group if there are indicators of impairment and reviews the recoverability of the
related asset group. If the carrying value of the asset group determined to not be recoverable and is in excess of the estimated fair
value, the Group records an impairment loss in the consolidated statement of operations. Based on the impairment assessments of the ROU
assets, the Group recognized RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RightOfUsersAssetsImpairments" scale="3" unitRef="cny">15,575</ix:nonFraction> and RMB <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RightOfUsersAssetsImpairments" scale="3" unitRef="cny">8,861</ix:nonFraction> impairment loss on certain operating lease right-of-use assets during the years
ended August 31, 2021 and 2022, respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="_LesseeLeasesPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the fiscal year ended August 31, 2021 and 2022, the
Group received Coronavirus Disease 2019 (&#8220;COVID-19&#8221;) related rent concessions. Consistent with updated guidance from the Financial
Accounting Standards Board (&#8220;FASB&#8221;) in April 2020, the Group elected to treat COVID-19-related rental discount as variable
rent and applied payable approach to COVID-19 related deferral of rent payment. Rental discount, amounting to RMB <ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ConcessionPayableCovid19Current" scale="3" unitRef="cny">4,759</ix:nonFraction> and RMB <ix:nonFraction contextRef="c133" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ConcessionPayableCovid19Current" scale="3" unitRef="cny">4,479</ix:nonFraction>,
were recognized as an offset to rent expense within selling, general and administrative expenses and cost of revenue on the Group&#8217;s
consolidated statement of operations during the years ended August 31, 2021 and 2022, respectively, of which RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestPaidDiscontinuedOperations" scale="3" unitRef="cny">1,685</ix:nonFraction> were related to
the discontinued operations during the years ended August 31, 2021. Deferral payments, amounting to approximately RMB <ix:nonFraction contextRef="c134" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ConcessionPayableCovid19Current" scale="3" unitRef="cny">519</ix:nonFraction> and RMB <span style="-sec-ix-hidden: hidden-fact-283">nil</span>,
were recognized as concession payable within accrued expenses and other current liabilities on the Group&#8217;s consolidated balance
sheets as of August 31, 2021 and 2022, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 176; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_14" id="_SignificantAccountingPoliciesTextBlock-c0_cont_13"><ix:nonNumeric contextRef="c0" continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>u)
Revenue recognition</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_2" id="_RevenueRecognitionPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Revenue is recognized when control of promised goods or
services is transferred to the Group&#8217;s customers in an amount of consideration to which Group expects to be entitled to in exchange for
those goods or services. The Group follows the five steps approach for revenue recognition under Topic 606: (i) identify the contract(s)
with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction
price to the performance obligations in the contract, and (v) recognize revenue when (or as) the Group satisfies a performance obligation.
The primary sources of the Group&#8217;s revenues are as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_3" id="_RevenueRecognitionPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Income from educational programs and services</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_4" id="_RevenueRecognitionPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The educational programs and
services from continuing operations consist of tuition, boarding and meal service from kindergartens in the PRC and overseas schools
in the UK and the US. The educational programs and services from discontinued operations consist of tuition, boarding and
meal service from international schools, bilingual schools and not-for-profit kindergartens in the PRC. Each contract of educational
programs and services is accounted for as a single performance obligation which is satisfied proportionately over the service
period. The program and service fee is generally collected in advance prior to the beginning of each semester, or prior to the
beginning of the education programs, and is initially recorded as contract liabilities. Refunds are provided to students if they
decide within the predetermined period that they no longer want to take the course or enroll in the program. After the predetermined
period as agreed in the contract, if a student withdraws from the program, the program fee is no longer available for refund	.
The Group determines the transaction price to be earned based on the tuition fee and the estimated refund liability. The refund
liability is determined based on historical refund ratio on a portfolio basis using the expected value method. Historically, the
Group has not had material refunds in this respect.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>&#160;</i></b></p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_5" id="_RevenueRecognitionPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Complementary training course and program fees</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_6" id="_RevenueRecognitionPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group offers various types of after-school tutoring
services and art training services, which primarily consist of after-school group class courses, personalized tutoring courses and art
training courses. The tutoring services and art training services are accounted for as a single performance obligation. Tutoring services
and art training service fees is recognized proportionately as the tutoring sessions and art training courses are delivered. The course
fees are generally collected in advance and are initially recorded as contract liability. Tuition refunds are provided to students if
they decide within the trial period that they no longer want to take the course. For certain courses, the Group also offers refunds for
any unutilized classes for students who withdraw from the course. The Group determines the transaction price to be earned based on the
tutoring services and art training service fees and the estimated refund liability. The refund liability is determined based on historical
refund ratio on a portfolio basis using the expected value method.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_7" id="_RevenueRecognitionPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Commission income</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_8" id="_RevenueRecognitionPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group earns commission revenue by providing referral services to overseas education universities and institutions. Students&#8217; referral
service is accounted for as a single performance obligation. Commission income is recognized at the point in time when the referred students
enrolled at the overseas education universities or institutions&#8217; program, with the tuition fees are paid </span>and upon the Group is
entitled to the commission income.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_9" id="_RevenueRecognitionPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Consulting service fees</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_10" id="_RevenueRecognitionPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group offers study abroad consulting and career consulting
services to students/candidates who intend to study abroad and to successfully obtain target job offer respectively. Study-abroad consulting
services and career consulting services are accounted for as a single performance obligation respectively. The Group charges each student/candidate
an up-front prepaid fee based on the scope of consulting services requested by the student/candidate. Portion of the prepaid services
fee are refundable if the student/candidate does not successfully gain admission or obtain target job offer. The Group determines the
transaction price to be earned based on the consulting service fees and the estimated refund liability. The refund liability is determined
based on historical refund ratio on a portfolio basis using the expected value method. The Group has not experienced significant refunds
in the past or in the current year. The Group recognizes revenue over the consulting service period.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_11" id="_RevenueRecognitionPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Camp service income</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

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vacations. Camp service is accounted for as a single performance obligation. Camp service fees are generally collected upfront and are
initially recorded as contract liability. Portion of the prepaid service fees are refundable if the student requests for refund prior
to the camp starts. The Group determines the transaction price to be earned based on the camp service fee and the estimated refund liability.
The refund liability is determined based on historical refund ratio on a portfolio basis using the expected value method. The Group has
not experienced significant refunds in current year. The Group recognizes revenue over the camping period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 177; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>u)
Revenue recognition</i></b>- continued</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_15" id="_SignificantAccountingPoliciesTextBlock-c0_cont_14"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_13" id="_RevenueRecognitionPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Operation service income</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

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of marketing and consulting, procurement support, human resources, finance and legal support, and information technology support, to domestic
not-for-profit kindergartens. Operation service is accounted for as a single performance obligation. The Group recognizes the operation
service income over the service period.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_15" id="_RevenueRecognitionPolicyTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Practical expedients and exemptions</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

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to a portfolio of contracts (or performance obligations) with similar characteristics for transactions where it is expected that the effects
on the financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from applying this
guidance to the individual contracts (or performance obligations) within that portfolio. Therefore, the Group elects the portfolio approach
in applying the new revenue guidance.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation id="_RevenueRecognitionPolicyTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group has elected to record the incremental costs of
obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized
is one year or less.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>&#160;</i></b></p>

<ix:nonNumeric contextRef="c0" continuedAt="_CostOfSalesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CostOfSalesPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>v)
Cost of revenues</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p>

<ix:continuation continuedAt="_CostOfSalesPolicyTextBlock-c0_cont_2" id="_CostOfSalesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Cost of revenues consists of the following:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_CostOfSalesPolicyTextBlock-c0_cont_3" id="_CostOfSalesPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">staff costs, which primarily consist of salaries and other benefits for the teachers,</td></tr></table></ix:continuation>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation continuedAt="_CostOfSalesPolicyTextBlock-c0_cont_4" id="_CostOfSalesPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">education expenses, which primarily consist of expenses related to educational activities, including teaching material expenses and
student activity expenses,</td></tr></table></ix:continuation>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation continuedAt="_CostOfSalesPolicyTextBlock-c0_cont_5" id="_CostOfSalesPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">depreciation and amortization costs of long-lived assets used in the provision of educational activities,</td></tr></table></ix:continuation>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation continuedAt="_CostOfSalesPolicyTextBlock-c0_cont_6" id="_CostOfSalesPolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">utilities and maintenance costs for the schools,</td></tr></table></ix:continuation>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation continuedAt="_CostOfSalesPolicyTextBlock-c0_cont_7" id="_CostOfSalesPolicyTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">cost of goods sold for ancillary services, which primarily consist of cost of goods sold at the on-campus canteens,</td></tr></table></ix:continuation>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation id="_CostOfSalesPolicyTextBlock-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">commission expenses to agents in relation to referral services and overseas school enrollment.</td></tr></table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c0" continuedAt="bedu_GovernmentSubsidiesPolicyTextBlock-c0_cont_1" escape="true" name="bedu:GovernmentSubsidiesPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>w)
Government Subsidies</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p>

<ix:continuation id="bedu_GovernmentSubsidiesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognizes government subsidies as other operating income when they are received because they are not subject to any past or future
conditions, there are no performance conditions or conditions of use, and they are not subject to future refunds. Government subsidies
received and recognized as other operating income totaled RMB <ix:nonFraction contextRef="c135" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherOperatingIncome" scale="3" unitRef="cny">28,249</ix:nonFraction>, RMB <ix:nonFraction contextRef="c136" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherOperatingIncome" scale="3" unitRef="cny">20,213</ix:nonFraction> and RMB <ix:nonFraction contextRef="c137" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherOperatingIncome" scale="3" unitRef="cny">2,256</ix:nonFraction> for the years ended August&#160;31, 2020,
2021 and 2022, respectively, of which RMB <ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:OperatingIncomeDiscontinuedOperations" scale="3" unitRef="cny">1,622</ix:nonFraction> and RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:OperatingIncomeDiscontinuedOperations" scale="3" unitRef="cny">5,441</ix:nonFraction> were related to discontinued operations for the years ended August 31, 2020
and 2021, respectively. The government subsidies income recognized for the year ended August 31, 2020 </span>and 2021 were primarily from
the remuneration compensation plan executed by UK government due to COVID-19.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>x)
Income Taxes</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p>

<ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_2" id="_IncomeTaxPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Income taxes are accounted for under the asset and liability
method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between
the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities
are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.
Valuation allowances are established when necessary to reduce deferred tax assets for amounts more likely than not to be realized.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_3" id="_IncomeTaxPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The determination of Group&#8217;s provision for income taxes
requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. Significant judgment
is required in assessing the timing and amounts of deductible and taxable items.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="_IncomeTaxPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group record unrecognized tax benefit liabilities for
known or anticipated tax issues based on the Group&#8217;s analysis of whether, and the extent to which, additional taxes will be due. The Group
accrues interest and penalties related to unrecognized tax benefits in other liabilities and recognizes the related expense in income
tax expense.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 178; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> - continued</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_16" id="_SignificantAccountingPoliciesTextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" continuedAt="bedu_EmployeeBenefitsPolicyTextBlock-c0_cont_1" escape="true" name="bedu:EmployeeBenefitsPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>y)
Employee Benefits</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p>

<ix:continuation continuedAt="bedu_EmployeeBenefitsPolicyTextBlock-c0_cont_2" id="bedu_EmployeeBenefitsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Obligations for contributions to defined contribution pension
plans are recognized as an employee benefit expense in profit or loss in the period during which services are rendered by employees. Pursuant
to the relevant labor rules and regulations in the PRC, the Group participates in defined contribution retirement schemes (the &#8220;Schemes&#8221;)
organized by the relevant local government authorities for its eligible employees whereby the Group is required to make contributions
to the Schemes at certain percentages of the deemed salary rate announced annually by the local government authorities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="bedu_EmployeeBenefitsPolicyTextBlock-c0_cont_3" id="bedu_EmployeeBenefitsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of the PRC
(see Note </span>25).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="bedu_EmployeeBenefitsPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has no other material obligation for payment of pension benefits associated with those schemes beyond the annual contributions described
above</span>.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_1" escape="true" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>z)
Share-based compensation</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p>
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employees are measured based on the grant date fair value of the equity instrument issued and recognized as compensation expense net
of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional
paid-in capital.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_3" id="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the share option with both service condition and performance condition, </span>the Group recognizes the compensation cost, net of estimated
forfeitures, if it is probable that the performance condition will be achieved at the end of each reporting period. The Group will reassess
the probability of achieving the performance conditions at each reporting period and record a cumulative catch-up adjustment for any changes
to its assessment.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the share option with service condition only, changes
in estimated forfeiture rate will be adjusted on a prospective basis. The estimate of forfeiture rate will be adjusted over the requisite
service period to the extent that actual forfeiture rate differs, or is expected to differ, from such estimates.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ComprehensiveIncomePolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(</i></b></span><b><i>aa)
Comprehensive income</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation id="_ComprehensiveIncomePolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Comprehensive income is defined to include all changes in
equity from transactions and other events and circumstances from non-owner sources. For the years presented, the Group&#8217;s comprehensive
income includes net income and foreign currency translation adjustments and is presented in the consolidated statements of comprehensive
income.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a</i></b></span><b><i>b)
Segment</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation id="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group uses management approach to determine operating
segment. The management approach considers the internal organization and reporting used by the Group&#8217;s chief operating decision
maker (&#8220;CODM&#8221;) for making decisions, allocation of resource and assessing performance. The CODM was identified as the management
committee who reviews the financial information of its operating and reportable segments when making decisions about allocation of resources
and assessing performance. In response to the Implementation Rules, the Group operates in three reportable segments due to the reorganization
of the business units, including Overseas Schools, Complementary Education Services, and Domestic Kindergartens and K-12 Operation Services.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ConcentrationRiskCreditRisk-c0_cont_1" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a</i></b></span><b><i>c)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 335.4pt">&#160;</p>

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instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents,
restricted cash</span>, short-term investments and long-term investments. As of August 31, 2022, substantially all of the Group&#8217;s
cash and cash equivalents, term deposits and restricted cash were deposited with financial institutions with high-credit ratings.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt"><b><i>&#160;</i></b></p>

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Earnings per Share</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt">&#160;</p>

<ix:continuation id="_EarningsPerSharePolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
earnings per share are computed by dividing earning attributable to holders of ordinary shares by the weighted average number of ordinary
shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other
contracts to issue </span>ordinary shares were exercised into ordinary shares. The Group had share options which could potentially dilute
basic earnings per ordinary share in the future. To calculate the number of shares for diluted earnings per ordinary shares, the effect
of the share options is computed using the treasury stock method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> &#8211; continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c0_cont_16"><ix:nonNumeric contextRef="c0" continuedAt="bedu_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c0_cont_1" escape="true" name="bedu:RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a</i></b></span><b><i>e)
Recent accounting pronouncements adopted</i></b></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt"><b><i>&#160;</i></b></p>

<ix:continuation continuedAt="bedu_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c0_cont_2" id="bedu_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended
to simplify various aspects related to accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related
to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition
for deferred tax liabilities for outside basis differences. ASU 2019-12 is effective for annual periods beginning after December 15, 2020
and interim periods within those annual periods, with early adoption permitted. The Group adopted this new standard beginning </span>September&#160;1,
2021 with no material impact on its consolidated financial statements.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation id="bedu_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2020, the FASB issued ASU 2020-01, Investments&#8212;Equity Securities (Topic 321), Investments&#8212;Equity Method and Joint
Ventures (Topic 323), which clarifies that a company should consider observable transactions that require a company to either apply or
discontinue the equity method of accounting under Topic 323, Investments&#8212;Equity Method and Joint Ventures, for the purposes of applying
the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The ASU
is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted,
including early adoption in an interim period, for periods for which financial statements have not yet been issued.</span> The Group adopted
this new standard beginning September&#160;1, 2021 with no material impact on its consolidated financial statements.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

<ix:nonNumeric contextRef="c0" continuedAt="bedu_RecentAccountingPronouncementsIssuedNotYetAdoptedPolicyTextBlock-c0_cont_1" escape="true" name="bedu:RecentAccountingPronouncementsIssuedNotYetAdoptedPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a</i></b></span><b><i>f)
Recent accounting pronouncements issued not yet adopted</i></b></p></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="bedu_RecentAccountingPronouncementsIssuedNotYetAdoptedPolicyTextBlock-c0_cont_2" id="bedu_RecentAccountingPronouncementsIssuedNotYetAdoptedPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In October 2021, the FASB issued ASU 2021-08, Business Combinations
(Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which the amendments in this update
require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in
accordance with Topic 606. The amendments in this Update address how to determine whether a contract liability is recognized by the acquirer
in a business combination. The ASU is effective for the fiscal year beginning after December 15, 2022, and interim periods within those
fiscal years. Early adoption is permitted, including early adoption in an interim period, for periods for which financial statements have
not yet been issued. The Group is currently evaluating the impact of this update on its consolidated financial statements.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="bedu_RecentAccountingPronouncementsIssuedNotYetAdoptedPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In November 2021, the FASB issued ASU 2021-10, &#8220;Government Assistance
(Top 832): Disclosures by Business Entities about Government Assistance.&#8221; This update requires certain annual disclosures about
transactions with a&#160;government&#160;that are accounted for by applying a grant or contribution accounting model by analogy, including
the nature of the transaction, the related accounting policy, the financial statement line items affected and the amounts applicable to
each financial statement line item, as well as any significant terms and conditions, including commitments and contingencies. The amendments
in this ASU are effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those
fiscal years. Early adoption is permitted. An entity should apply the amendments in this Update either (1) prospectively to all transactions
within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions
that are entered into after the date of initial application or (2) retrospectively to those transactions. The Group is in the process
of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>3.</b></td><td style="text-align: justify"><b>DISCONTINUED OPERATIONS</b></td>
</tr></table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As refer to Note 2(a), in connection with the deconsolidation
of the Affected Entities, the Group evaluated and concluded that the Affected Entities should be accounted as discontinued operations
during the year ended and as of August 31, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Reconciliation of the carrying amounts of the major classes
of assets and liabilities from the discontinued operations in the consolidated balance sheets as of August 31, 2021 is as follow. In addition,
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of the major classes of assets and liabilities at deconsolidation date is presented as follow.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">ASSETS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet" scale="3" unitRef="cny">6,541</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Amounts due from continuing operations</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Total non-current assets</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">LIABILITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="3" unitRef="cny">77,500</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left">Accounts payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableTradeCurrent" scale="3" unitRef="cny">21,745</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Amounts due to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="3" unitRef="cny">38,422</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left">Accrued expenses and other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="3" unitRef="cny">512,404</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Income tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedIncomeTaxesCurrent" scale="3" unitRef="cny">38,678</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left">Operating lease liabilities &#8211; current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="3" unitRef="cny">6,343</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Contract liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerLiabilityCurrent" scale="3" unitRef="cny">1,229,601</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left">Refund liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerRefundLiabilityCurrent" scale="3" unitRef="cny">14,008</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Amounts due to continuing operations</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AmountsDueToContinuingOperations" scale="3" unitRef="cny">2,028,866</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Total current liabilities</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="3" unitRef="cny">3,967,567</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Deferred tax liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxLiabilitiesNet" scale="3" unitRef="cny">22,959</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left">Other non-current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilitiesNoncurrent" scale="3" unitRef="cny">2,213</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Operating lease liabilities &#8211; non-current</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="3" unitRef="cny">157,136</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font-weight: bold; text-align: left">Total non-current liabilities</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c177" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="3" unitRef="cny">182,308</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">TOTAL LIABILITIES</td><td style="font-weight: bold">&#160;</td>
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  </table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:nonNumeric></ix:nonNumeric><div>


</div><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span></td><td><b>DISCONTINUED OPERATIONS</b>- continue</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation id="_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Reconciliation of the major classes of income and losses
from discontinued operations in the consolidated statements of operations and comprehensive loss for the years ended August 31, 2020 and
2021 is as follow:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_CondensedStatementOfComprehensiveIncomeTableTextBlock-c0_cont_1" escape="true" name="srt:CondensedStatementOfComprehensiveIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended August 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 76%">Revenue</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="3" unitRef="cny">1,890,156</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt">Cost of revenue</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CostOfRevenue" scale="3" unitRef="cny">1,085,249</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Gross profit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss" scale="3" unitRef="cny">804,907</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss" scale="3" unitRef="cny">988,313</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Selling, general and administrative expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="3" unitRef="cny">308,554</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="3" unitRef="cny">400,012</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other operating income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherOperatingIncome" scale="3" unitRef="cny">3,900</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherOperatingIncome" scale="3" unitRef="cny">7,604</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Impairment loss on goodwill*</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c180" decimals="-3" format="ixt:num-dot-decimal" id="ix_30_fact" name="us-gaap:GoodwillImpairedAccumulatedImpairmentLoss" scale="3" unitRef="cny">68,723</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-284">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Operating income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="3" unitRef="cny">431,530</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="3" unitRef="cny">595,905</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Interest income/(expense), net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeExpenseNet" scale="3" unitRef="cny">3,560</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeExpenseNet" scale="3" sign="-" unitRef="cny">695</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Investment income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="3" unitRef="cny">52,509</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="3" unitRef="cny">56,657</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Other expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherOperatingIncomeExpenseNet" scale="3" unitRef="cny">927</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherOperatingIncomeExpenseNet" scale="3" unitRef="cny">4,180</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Income before income taxes and share of equity in loss of unconsolidated <br/>affiliate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" scale="3" unitRef="cny">486,672</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" scale="3" unitRef="cny">647,687</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Income tax expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c179" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" sign="-" unitRef="cny">15,177</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c178" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" sign="-" unitRef="cny">16,877</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_CondensedStatementOfComprehensiveIncomeTableTextBlock-c0_cont_2" id="_CondensedStatementOfComprehensiveIncomeTableTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N</span>ote*:
<ix:footnote id="ix_6_footnote" xml:lang="en-US">For the year ended August 31, 2020, the Group has determined that based on the underperformance of the Wuhan Sannew reporting unit since
the acquisition date, market conditions and other factors including the uncertainty in the Sino-US relationship and adverse impacts from
COVID-19, it was more likely than not that the fair value of Wuhan Sannew reporting unit was less than the carrying amount. The Group
utilized the discounted cash flow model to estimate the fair value of the reporting unit and concluded the carrying amount of Wuhan Sannew
reporting unit exceeded its fair value. Accordingly, the Group recorded RMB <ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="3" unitRef="cny">68,723</ix:nonFraction> as impairment loss on goodwill on the consolidated
statement of operations for the year ended August 31, 2020.</ix:footnote></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.65pt">&#160;</p>

<ix:continuation continuedAt="_CondensedStatementOfComprehensiveIncomeTableTextBlock-c0_cont_3" id="_CondensedStatementOfComprehensiveIncomeTableTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N</span>ote**:
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cash was redeemed from continuing operations for the year ended August 31, 2021.</ix:footnote></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.65pt">&#160;</p>

<ix:continuation id="_CondensedStatementOfComprehensiveIncomeTableTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note***:
<ix:footnote continuedAt="ix_8_footnote_cont_1" id="ix_8_footnote" xml:lang="en-US">There was amount of RMB <ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CashReceivedFromContinuingOperations" scale="3" unitRef="cny">1,641,732</ix:nonFraction> cash received from continuing operations by the Affected Entities during the year ended August 31, 2020.
The amount of RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CashRepaidToContinuingOperations" scale="3" unitRef="cny">111,668</ix:nonFraction> was repaid to continuing operations for the year ended August 31, 2021</ix:footnote></span><ix:continuation id="ix_8_footnote_cont_1">.</ix:continuation></p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.65pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:BusinessCombinationDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span></td><td><b>BUSINESS COMBINATION</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Business combinations in fiscal year 2021:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 31, 2021, the Group acquired <ix:nonFraction contextRef="c181" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">60</ix:nonFraction>% equity interest of Jiangxi Leti Camp Education Technology Co., Ltd. (&#8220;Leti&#8221;) with
a total consideration of approximately RMB <ix:nonFraction contextRef="c182" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ConsiderationOfAcquisition" scale="3" unitRef="cny">26,026</ix:nonFraction>. As of August 31, 2021, the total unpaid consideration was RMB <ix:nonFraction contextRef="c183" decimals="-3" format="ixt:num-dot-decimal" name="bedu:unpaidAmount" scale="3" unitRef="cny">26,026</ix:nonFraction> at present value,
which will be paid in <ix:nonNumeric contextRef="c183" format="ixt-sec:duryear" name="bedu:UnpaidConsiderationPeriod">3.25</ix:nonNumeric> years and recorded in amounts due to related parties and other non-current liability due to related parties
(non-controlling interest shareholder of Leti) in the consolidated balance sheets. For the year ended August 31, 2022, the Group paid
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provides outdoor camp services to students in PRC.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span></td><td><b>BUSINESS COMBINATION</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:continuation id="_BusinessCombinationDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="text-decoration:underline">Pro forma results of acquisitions (unaudited) </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the unaudited pro forma consolidated results of operations for the years ended August 31, 20</span>20 and 2021,
assuming that these acquisitions occurred as of the beginning of the comparable annual reporting period. These pro forma results have
been prepared for comparative purpose only based on management&#8217;s best estimate and do not purport to be indicative of the results
of operations which actually would have resulted had the acquisitions occurred as of the beginning of period:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Pro forma for the years ended August&#160;31, 2020 and 2021</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:BusinessAcquisitionProFormaInformationTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2020<br/>
Unaudited</b></p></td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2021<br/>
Unaudited</b></p></td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Pro forma revenue from continuing operations</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionsProFormaRevenue" scale="3" unitRef="cny">1,514,453</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Pro forma operating income from continuing operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax" scale="3" unitRef="cny">127,726</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Pro forma net income/(loss) attributable to the Group</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss" scale="3" unitRef="cny">163,949</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:InvestmentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span></td><td><b>SHORT-TERM INVESTMENTS</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of August 31, 2020, the balance of short-term investments
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notional amount of USD <ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NotionalAmountOfNonderivativeInstruments" scale="3" unitRef="usd">2,000</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NotionalAmountOfNonderivativeInstruments" scale="3" unitRef="cny">13,695</ix:nonFraction>). According&#160;to the term sheet,&#160;the GMT Note will be redeemed at the maturity
date at an amount determined by reference to the performance of the underlying fund and such performance will therefore affect the nature
and value of the investment return on the GMT Note. During the fiscal year 2021, the GMT Note was redeemed at the maturity date and the
Group recognized an investment income of approximately RMB <ix:nonFraction contextRef="c188" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetInvestmentIncome" scale="3" unitRef="cny">1,962</ix:nonFraction>.</p></ix:nonNumeric><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OtherCurrentAssetsTextBlock-c0_cont_1" escape="true" name="us-gaap:OtherCurrentAssetsTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span></td><td style="text-align: justify"><b>OTHER RECEIVABLES, DEPOSITS AND OTHER ASSETS</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Other receivables, deposits and other assets consisted of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfOtherCurrentAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivablesNetCurrent" scale="3" unitRef="cny">9,026</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AdvancesToEmployeesCurrent" scale="3" unitRef="cny">5,089</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DepositAssets" scale="3" unitRef="cny">11,656</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestReceivable" scale="3" unitRef="cny">2,262</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PrepaidTaxes" scale="3" unitRef="cny">7,733</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Rental prepayment (a)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" id="ix_35_fact" name="us-gaap:PrepaidRent" scale="3" unitRef="cny">3,085</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" id="ix_36_fact" name="us-gaap:PrepaidRent" scale="3" unitRef="cny">28,003</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Prepayment for suppliers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Supplies" scale="3" unitRef="cny">34,979</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Supplies" scale="3" unitRef="cny">45,661</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Others</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsMiscellaneousCurrent" scale="3" unitRef="cny">8,086</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsMiscellaneousCurrent" scale="3" unitRef="cny">7,061</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:TotalOtherReceivablesDepositsAndOtherAssets" scale="3" unitRef="cny">81,916</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="bedu:TotalOtherReceivablesDepositsAndOtherAssets" scale="3" unitRef="cny">114,439</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Less: allowance for other receivables</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AllowanceOfOtherReceivablesDepositsAndOtherAssets" scale="3" sign="-" unitRef="cny">797</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:NetTotalOtherReceivablesDepositsAndOtherAssets" scale="3" unitRef="cny">81,119</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="bedu:NetTotalOtherReceivablesDepositsAndOtherAssets" scale="3" unitRef="cny">112,762</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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<td style="width: 18pt">(a)</td><td><ix:footnote id="ix_9_footnote" xml:lang="en-US">Rental prepayment represents the prepayment of rent related to leases less than <ix:nonNumeric contextRef="c0" format="ixt-sec:durmonth" name="bedu:RentalPaymentPeriod">12</ix:nonNumeric> months.</ix:footnote></td></tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span></td><td><b>PROPERTY AND EQUIPMENT, NET</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Property and equipment, net, consisted of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of August 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">Buildings</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c189" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="3" unitRef="cny">298,260</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Leasehold improvement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c191" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="3" unitRef="cny">362,341</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Motor vehicles</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c193" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="3" unitRef="cny">1,526</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c194" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="3" unitRef="cny">1,839</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Electronic equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c195" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="3" unitRef="cny">55,304</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Office equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c197" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="3" unitRef="cny">123,161</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c198" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="3" unitRef="cny">125,630</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Furniture and other equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c199" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="3" unitRef="cny">56,342</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c200" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="3" unitRef="cny">60,017</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Others</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Less: accumulated depreciation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DepreciationDepletionAndAmortization" scale="3" unitRef="cny">469,011</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DepreciationDepletionAndAmortization" scale="3" unitRef="cny">531,195</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Construction in progress</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ConstructionInProgressGross" scale="3" unitRef="cny">34,523</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Property and equipment, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentOtherNet" scale="3" unitRef="cny">519,452</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span></td><td><b>PROPERTY AND EQUIPMENT, NET</b>- continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:continuation id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>&#160;</b></p><div>

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<td style="width: 0"></td><td style="width: 0.25in"><b>8.</b></td><td><b>INTANGIBLE ASSETS, NET</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>&#160;</b></p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table></ix:nonNumeric>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Note*: <ix:footnote id="ix_10_footnote" xml:lang="en-US">Others include core curriculum,
software, backlog and license.</ix:footnote></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expenses for the intangible assets for the years ended August 31, 2020, 2021 and 2022 were RMB <ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfRegulatoryAsset" scale="3" unitRef="cny">41,447</ix:nonFraction>, RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfRegulatoryAsset" scale="3" unitRef="cny">30,781</ix:nonFraction> and RMB <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfRegulatoryAsset" scale="3" unitRef="cny">17,814</ix:nonFraction> respectively</span>,
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As of August 31, 2022, the estimated amortization expenses related to intangible assets for continuing operations for each of the next
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Based on the result of the Group&#8217;s annual impairment assessment
on indefinite lived intangible assets performed as of August 31, 2022, it is determined that the carrying amounts of indefinite lived
intangible assets brand names associated with Overseas Schools reporting unit exceeded their fair values and, therefore, an impairment
loss was recorded. The Group has determined that based on the underperformance of the Overseas Schools reporting unit, market conditions
and other factors, it was more likely than not that there were indications of impairment. The Group utilized the relief-from-royalty method
to estimate the fair value of indefinite lived intangible assets brand names. For the year ended August 31, 2022, the Group recorded RMB
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="bedu_LongTermInvestmentsDisclosureTextBlock-c0_cont_1" escape="true" name="bedu:LongTermInvestmentsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.</b></span></td><td><b>LONG-TERM INVESTMENTS</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Long-term investments, consisted of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="bedu_ScheduleOfLongTermInvestmentsTextBlock-c0_cont_1" escape="true" name="bedu:ScheduleOfLongTermInvestmentsTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of August 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Equity method investments:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; width: 76%; text-align: left">Foshan Yingrui Gaoze Equity Investment Partnership (Limited Partnership)&#160;&#160;(&#8220;Gaoze Partnership&#8221;) (a)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">BOTO Academic English Co., Ltd. (&#8220;BOTO&#8221;) (c)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Equity securities without readily determinable fair value (e)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:continuation id="bedu_LongTermInvestmentsDisclosureTextBlock-c0_cont_1"><ix:continuation continuedAt="bedu_ScheduleOfLongTermInvestmentsTextBlock-c0_cont_2" id="bedu_ScheduleOfLongTermInvestmentsTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">(a)</td><td style="text-align: justify"><ix:footnote id="ix_11_footnote" xml:lang="en-US">On June 1, 2020, Gaoze Partnership was established with the total committed capital of RMB <ix:nonFraction contextRef="c217" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyCommittedCapital" scale="3" unitRef="cny">1,270,000</ix:nonFraction>. The Group participates in Gaoze
Partnership as a limited partner, and invested RMB <ix:nonFraction contextRef="c218" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestments" scale="3" unitRef="cny">42,000</ix:nonFraction> and RMB <ix:nonFraction contextRef="c219" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestments" scale="3" unitRef="cny">1,134</ix:nonFraction> in fiscal year 2020 and 2021, respectively. The Group accounts
for the investment under the equity method in accordance with ASC 323 because the Group is a limited partner and owns <ix:nonFraction contextRef="c10" decimals="4" format="ixt:num-dot-decimal" name="bedu:EquityInterestPercentage" scale="-2" unitRef="pure">19.84</ix:nonFraction>% interest
in Gaoze Partnership. The fair value of the underlying investment of Gaoze Partnership is estimated using discounted cash flow model.
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value change of underlying investments of Gaoze Partnership.</ix:footnote></td></tr></table></ix:continuation>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation continuedAt="bedu_ScheduleOfLongTermInvestmentsTextBlock-c0_cont_3" id="bedu_ScheduleOfLongTermInvestmentsTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in">(b)</td><td style="text-align: justify"><ix:footnote id="ix_12_footnote" xml:lang="en-US">The Group acquired <ix:nonFraction contextRef="c223" decimals="2" format="ixt:num-dot-decimal" name="bedu:EquityInterestPercentage" scale="-2" unitRef="pure">25</ix:nonFraction>% equity interest in Startcamp for total cash consideration of RMB <ix:nonFraction contextRef="c223" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferred" scale="3" unitRef="cny">10,000</ix:nonFraction> in the year ended August 31, 2019.
The Group accounts for the investment under the equity method because the Group has the ability to exercise significant influence but
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and 2022, respectively.</ix:footnote></td></tr></table></ix:continuation>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation continuedAt="bedu_ScheduleOfLongTermInvestmentsTextBlock-c0_cont_4" id="bedu_ScheduleOfLongTermInvestmentsTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in">(c)</td><td style="text-align: justify"><ix:footnote id="ix_13_footnote" xml:lang="en-US">The Group holds <ix:nonFraction contextRef="c227" decimals="2" format="ixt:num-dot-decimal" name="bedu:EquityInterestPercentage" scale="-2" unitRef="pure">30</ix:nonFraction>% equity interest in BOTO through acquisition of Can-achieve Education Consultants Co., Ltd. and its subsidiaries
(&#8220;Can-achieve Group&#8221;) in fiscal year 2018. The Group accounts for the investment under the equity method because the Group has
the ability to exercise significant influence but does not have control over the investee. Loss of RMB <ix:nonFraction contextRef="c228" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="3" unitRef="cny">15</ix:nonFraction>, RMB <ix:nonFraction contextRef="c229" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="3" unitRef="cny">4</ix:nonFraction> and RMB <span style="-sec-ix-hidden: hidden-fact-304">nil</span> were recorded
for the years ended August 31, 2020, 2021 and 2022, respectively.</ix:footnote></td></tr></table></ix:continuation>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation continuedAt="bedu_ScheduleOfLongTermInvestmentsTextBlock-c0_cont_5" id="bedu_ScheduleOfLongTermInvestmentsTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in">(d)</td><td style="text-align: justify"><ix:footnote id="ix_14_footnote" xml:lang="en-US">The other investments include <ix:nonFraction contextRef="c231" decimals="2" format="ixt:num-dot-decimal" name="bedu:EquityInterestPercentage" scale="-2" unitRef="pure">46</ix:nonFraction>% equity interest in Beijing Cloud Apply Co., Ltd. through the acquisition of Can-achieve Group in fiscal year 2018 and <ix:nonFraction contextRef="c232" decimals="2" format="ixt:num-dot-decimal" name="bedu:EquityInterestPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% equity interest in Sanli Foundation Education Limited through the acquisition of Foundation Global Education Limited and its subsidiaries (&#8220;FGE Group&#8221;) in fiscal year 2018. The Group accounts for these investments under the equity method because the Group has the ability to exercise significant influence but does not have control over the investees. During the year ended August 31, 2022, the Group redeemed its <ix:nonFraction contextRef="c233" decimals="2" format="ixt:num-dot-decimal" name="bedu:EquityInterestPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% equity interest in Sanli Foundation Education Limited by offsetting the consideration payable of RMB <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ConsiderationPayable" scale="3" unitRef="cny">251</ix:nonFraction>, which is equal to the investment cost. Loss of RMB <ix:nonFraction contextRef="c234" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="3" unitRef="cny">53</ix:nonFraction>, RMB <ix:nonFraction contextRef="c235" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="3" unitRef="cny">16</ix:nonFraction> and gain of RMB <ix:nonFraction contextRef="c236" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="3" unitRef="cny">43</ix:nonFraction> were recorded for the years ended August 31, 2020, 2021 and 2022, respectively.</ix:footnote></td></tr></table></ix:continuation>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<ix:continuation id="bedu_ScheduleOfLongTermInvestmentsTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><ix:nonNumeric contextRef="c0" continuedAt="_GoodwillDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:GoodwillDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span></td><td><b>GOODWILL</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table summarizes the change in the carrying
amount of goodwill by segment for the years ended August 31, 2022 and 2021:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="bedu_ScheduleOfTableSummarizesTheChangeInTheCarryingAmountOfGoodwillBySegmentTableTextBlock-c0_cont_1" escape="true" name="bedu:ScheduleOfTableSummarizesTheChangeInTheCarryingAmountOfGoodwillBySegmentTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Overseas</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Schools</b></p></td><td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Complementary<br/>
 Education&#160;Services</td><td style="white-space: nowrap; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total</td><td style="white-space: nowrap; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%">Balance as of August 31, 2020</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Addition (a)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-305">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Impairment (b)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-306">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c253" decimals="-3" format="ixt:num-dot-decimal" id="ix_55_fact" name="us-gaap:GoodwillOtherIncreaseDecrease" scale="3" sign="-" unitRef="cny">84,730</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" id="ix_56_fact" name="us-gaap:GoodwillOtherIncreaseDecrease" scale="3" sign="-" unitRef="cny">84,730</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">Exchange realignment</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c252" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossUnrealized" scale="3" sign="-" unitRef="cny">38,682</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-307">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossUnrealized" scale="3" sign="-" unitRef="cny">38,682</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Impairment (c)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c256" decimals="-3" format="ixt:num-dot-decimal" id="ix_57_fact" name="us-gaap:GoodwillOtherIncreaseDecrease" scale="3" sign="-" unitRef="cny">419,805</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-308">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" id="ix_58_fact" name="us-gaap:GoodwillOtherIncreaseDecrease" scale="3" sign="-" unitRef="cny">419,805</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c256" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossUnrealized" scale="3" sign="-" unitRef="cny">96,465</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-309">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossUnrealized" scale="3" sign="-" unitRef="cny">96,465</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Balance as of August 31, 2022</td><td>&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c259" decimals="-3" format="ixt:num-dot-decimal" name="bedu:GoodwillBalance" scale="3" unitRef="cny">729,221</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="bedu:GoodwillBalance" scale="3" unitRef="cny">433,916</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Notes:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p></ix:nonNumeric><div>

</div><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>



</div><ix:continuation id="_GoodwillDisclosureTextBlock-c0_cont_1"><ix:continuation continuedAt="bedu_ScheduleOfTableSummarizesTheChangeInTheCarryingAmountOfGoodwillBySegmentTableTextBlock-c0_cont_2" id="bedu_ScheduleOfTableSummarizesTheChangeInTheCarryingAmountOfGoodwillBySegmentTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 18pt">(a)</td><td style="text-align: justify"><ix:footnote id="ix_16_footnote" xml:lang="en-US">For the year ended August 31, 2021, the additions to goodwill reflects the excess of the consideration paid over the fair values of
the identifiable net assets acquired of Leti (Note 4).</ix:footnote></td></tr></table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify">&#160;</p>

<ix:continuation continuedAt="bedu_ScheduleOfTableSummarizesTheChangeInTheCarryingAmountOfGoodwillBySegmentTableTextBlock-c0_cont_3" id="bedu_ScheduleOfTableSummarizesTheChangeInTheCarryingAmountOfGoodwillBySegmentTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 18pt">(b)</td><td style="text-align: justify"><ix:footnote id="ix_17_footnote" xml:lang="en-US">For each of the years ended August 31, 2020 and 2021, the Company performed
impairment test of its goodwill. The impairment test performed during fiscal years ended August 31, 2020 did not result in the fair value
exceeding the carrying value; therefore, the Group recorded nil impairment loss on goodwill for the year. For the year ended August 31,
2021, the Group has determined that based on the underperformance of Elan reporting unit, market conditions and other factors including
the adverse impacts from the regulations on after-school tutoring promulgated by the General Office of State Council and the General Office
of Central Committee of the Communist Party of China in fiscal year 2021, it was more likely than not that there were indications of impairment.
Furthermore, the Group also has determined that based on the underperformance of the Chengdu Yinzhe reporting unit, market conditions
and other factors, it was more likely than not that there were indications of impairment. The Group utilized the discounted cash flow
model to estimate the fair value of the reporting units and concluded the carrying amount of Elan and Chengdu Yinzhe reporting unit exceeded
their respective fair values. <ix:nonNumeric contextRef="c0" name="bedu:GoodwillImpairmentLossDescription">Accordingly, the Group recorded RMB 51,361 and RMB 33,369 as impairment loss on goodwill of Elan and Chengdu
Yinzhe on the consolidated statement of operations for the year ended August 31, 2021, respectively.</ix:nonNumeric> The impairment is recorded in complementary
education services reportable segment.</ix:footnote></td></tr></table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify">&#160;</p>

<ix:continuation id="bedu_ScheduleOfTableSummarizesTheChangeInTheCarryingAmountOfGoodwillBySegmentTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="text-align: justify"><ix:footnote id="ix_18_footnote" xml:lang="en-US">For the year ended August 31, 2022, the Company performed impairment
test of its goodwill. Based on the results of the Group&#8217;s annual goodwill impairment assessment performed as of August 31, 2022
for all of reporting units, it is determined that the carrying amounts of the Group&#8217;s goodwill reporting units did not exceed their
respective fair values and, therefore, no impairment existed, except for the Overseas Schools reporting unit. The Group has determined
that based on the underperformance of the Overseas Schools reporting unit, market conditions and other factors, it was more likely than
not that there were indications of impairment. The Group utilized the discounted cash flow model to estimate the fair value of the reporting
units and concluded the carrying amount of the Overseas Schools reporting unit exceeded its fair value. Accordingly, the Group recorded
RMB <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="bedu:GoodwillImpairmentLossNetOftax" scale="0" unitRef="cny">419,805</ix:nonFraction> as impairment loss on goodwill on the consolidated statement of operations for the year ended August 31, 2022. In the Company&#8217;s
2022 annual goodwill impairment assessment for the Overseas Schools reporting unit, the key assumptions used are a discount rate of <ix:nonFraction contextRef="c8" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseDiscountRate" scale="-2" unitRef="pure">15</ix:nonFraction>%
(2021: <ix:nonFraction contextRef="c7" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseDiscountRate" scale="-2" unitRef="pure">15</ix:nonFraction>%), a terminal growth rate of <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="bedu:TerminalGrowthRatePercenatge" scale="-2" unitRef="pure">2.3</ix:nonFraction>% (2021: <ix:nonFraction contextRef="c10" decimals="2" format="ixt:num-dot-decimal" name="bedu:TerminalGrowthRatePercenatge" scale="-2" unitRef="pure">3</ix:nonFraction>%) and forecast future revenue. The impairment is recorded in Overseas Schools reportable
segment.</ix:footnote></td></tr></table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:InvestmentsAndOtherNoncurrentAssetsTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>11.</b></td><td style="text-align: justify"><b>OTHER NON CURRENT ASSETS</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
non current assets primarily consist of receivable from a third party and deposits for operating leases. In fiscal year 2020, USD <ix:nonFraction contextRef="c33" decimals="0" format="ixt:num-dot-decimal" name="bedu:DepositPaidForAcquisitionOfEquityInterest" scale="0" unitRef="usd">8,711</ix:nonFraction>(approximately
RMB <ix:nonFraction contextRef="c33" decimals="0" format="ixt:num-dot-decimal" name="bedu:DepositPaidForAcquisitionOfEquityInterest" scale="0" unitRef="cny">59,648</ix:nonFraction>) deposit was paid for acquisition of equity interest of an US education group, </span>and subsequently the acquisition was
terminated before year ended August 31, 2020. The deposit paid was then turned into a promissory note issued by the Company to the contractual
parties in November 2020. Pursuant to the promissory note, the principal amount of USD <ix:nonFraction contextRef="c260" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" scale="0" unitRef="usd">8,711</ix:nonFraction> will be repaid on December 31, 2022 at a
rate of <ix:nonFraction contextRef="c261" decimals="2" format="ixt:num-dot-decimal" name="bedu:InterestRatePercentage" scale="-2" unitRef="pure">9</ix:nonFraction>% per annum compounding quarterly. As of August 31, 2021, it was recorded as other non-current asset on the consolidated balance
sheet. In fiscal year 2021, the Group recorded RMB <ix:nonFraction contextRef="c10" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestAndOtherIncome" scale="0" unitRef="cny">5,319</ix:nonFraction> interest income, of which RMB <ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestReceivableNoncurrent" scale="0" unitRef="cny">2,262</ix:nonFraction> was included in interest receivable as of
August 31, 2021. The promissory note was early redeemed in March 2022, and the Group recorded RMB <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestAndOtherIncome" scale="0" unitRef="cny">3,788</ix:nonFraction> interest income in fiscal year
2022. As of August 31, 2022, the principal and interest receivable of the promissory note has been fully settled.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>&#160;</b></p><div>


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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="bedu:BondPayableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.</b></span></td><td><b>BOND PAYABLE</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 31, 2019, the Company issued USD <ix:nonFraction contextRef="c262" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="3" unitRef="usd">300,000</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c262" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="3" unitRef="cny">2,146,190</ix:nonFraction>) in aggregate principal amount of bond due on July 31, 2022
(the &#8220;Bond&#8221;), unless earlier redeemed </span>by the Company. The Bond bears interest at a rate of <ix:nonFraction contextRef="c262" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" unitRef="pure">7.45</ix:nonFraction>% per year, payable semi-annually
in arrears on the business day on or nearest to January 31 and July 31 of each year, beginning on January 31, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The net proceeds from the Bond, after deducting the issuance
costs, were USD <ix:nonFraction contextRef="c263" decimals="-3" format="ixt:num-dot-decimal" name="bedu:NetProceedsFromBondAfterIssuanceCost" scale="3" unitRef="usd">294,224</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c263" decimals="-3" format="ixt:num-dot-decimal" name="bedu:NetProceedsFromBondAfterIssuanceCost" scale="3" unitRef="cny">2,104,964</ix:nonFraction>). The Company has accounted for the Bond as a single instrument as bond payable.
The value of the Bond is measured by the cash received.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may at its option to redeem the Bond, in whole but not in part, at any time prior to July 31, 2022, at a redemption price equal
to <ix:nonFraction contextRef="c264" decimals="2" format="ixt:num-dot-decimal" name="bedu:PercentageOfRedemptionPrice" scale="-2" unitRef="pure">100</ix:nonFraction>% of the principal amount of the Bond plus the premium defined in the Bond terms, and accrued and unpaid interest, if any, to (but
not including) the redemption date. The premium is the greater of (1) <ix:nonFraction contextRef="c264" decimals="4" format="ixt:num-dot-decimal" name="bedu:MaximumRedemptionPricePercentage" scale="-2" unitRef="pure">1.00</ix:nonFraction>% of the principal amount of the Bond or (2) the excess of (A)
the present value at the redemption date of the redemption price of </span>the Bond at July 31, 2022 plus all required remaining scheduled
interest payments due on the Bond (but excluding accrued and unpaid interest to the redemption date) through July 31, 2022 computed using
a discount rate defined in the Bond terms, over (B) the principal amount of such Bond on such redemption date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At any time and from time to time prior to July 31, 2022,
the Company may at its option redeem up to <ix:nonFraction contextRef="c264" decimals="2" format="ixt:num-dot-decimal" name="bedu:percentageOfAggregatePrincipalAmount" scale="-2" unitRef="pure">35</ix:nonFraction>% of the aggregate principal amount of the Bond at a redemption price of <ix:nonFraction contextRef="c264" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentRedemptionPricePercentage" scale="-2" unitRef="pure">107.45</ix:nonFraction>% of the principal
amount of the Bond, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the proceeds from sales
of certain kinds of the Company&#8217;s capital stock, subject to certain conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended August 31, 2021 and 2022, the Group repurchased principal amount of USD <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:PaymentsForRepurchaseOfBond" scale="3" unitRef="usd">12,410</ix:nonFraction> and USD <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:PaymentsForRepurchaseOfBond" scale="3" unitRef="usd">62,106</ix:nonFraction> in the open market with
cash payment of RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:PaymentsForRepurchaseOfBond" scale="3" unitRef="cny">80,174</ix:nonFraction> and RMB <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:PaymentsForRepurchaseOfBond" scale="3" unitRef="cny">394,756</ix:nonFraction>, respectively. As of August 31, 2021, the carrying amount of the bond payable was USD <ix:nonFraction contextRef="c265" decimals="-3" format="ixt:num-dot-decimal" name="bedu:BondsPayable" scale="3" unitRef="usd">284,249</ix:nonFraction>
(approximately RMB <ix:nonFraction contextRef="c265" decimals="-3" format="ixt:num-dot-decimal" name="bedu:BondsPayable" scale="3" unitRef="cny">1,836,362</ix:nonFraction>) . On July 31, 2022, the Company redeemed all its outstanding Bond, including the principal amount of outstanding
Bond of </span>USD <ix:nonFraction contextRef="c264" decimals="-3" format="ixt:num-dot-decimal" name="bedu:PrincipalOutstanding" scale="3" unitRef="usd">223,984</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c264" decimals="-3" format="ixt:num-dot-decimal" name="bedu:PrincipalOutstanding" scale="3" unitRef="cny">1,513,460</ix:nonFraction>) and the interest of USD <ix:nonFraction contextRef="c264" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="3" unitRef="usd">8,343</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c264" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="3" unitRef="cny">56,374</ix:nonFraction>) accrued till the day
before the maturity date. For the years ended August 31, 2021 and 2022, the Group recognized interest expense of USD <ix:nonFraction contextRef="c265" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="3" unitRef="usd">24,181</ix:nonFraction> (approximately
RMB <ix:nonFraction contextRef="c265" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="3" unitRef="cny">158,077</ix:nonFraction>) and USD <ix:nonFraction contextRef="c263" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="3" unitRef="usd">19,200</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c263" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="3" unitRef="cny">124,911</ix:nonFraction>) respectively, at an effective interest rate of <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">8.37</ix:nonFraction>% per annum.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.</b></span></td><td><b>ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Accrued expenses and other current liabilities consisted
of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of August 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Payroll and related benefits</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedPayrollTaxesCurrent" scale="3" unitRef="cny">65,719</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedPayrollTaxesCurrent" scale="3" unitRef="cny">75,750</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Temporary receipt from students</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:TemporaryReceipt" scale="3" unitRef="cny">47,885</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="bedu:TemporaryReceipt" scale="3" unitRef="cny">51,555</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deposits received</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Deposits" scale="3" unitRef="cny">35,939</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Deposits" scale="3" unitRef="cny">34,940</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Bond interest payables</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Professional fee</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-311">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedRentCurrent" scale="3" unitRef="cny">1,971</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Accrual utilities expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedUtilitiesCurrent" scale="3" unitRef="cny">1,391</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilities" scale="3" unitRef="cny">33,213</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilities" scale="3" unitRef="cny">50,973</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesCurrent" scale="3" unitRef="cny">234,036</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesCurrent" scale="3" unitRef="cny">262,490</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric></ix:nonNumeric><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:DebtDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span><b>4.</b></td><td style="text-align: justify"><b>SHORT-TERM AND LONG-TERM LOANS</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In January 2021, the Group entered into a banking facility
agreement of RMB <ix:nonFraction contextRef="c266" decimals="-3" format="ixt:num-dot-decimal" name="bedu:BankingFacilityAmount" scale="3" unitRef="cny">871,000</ix:nonFraction> with Agricultural Bank of China with a fixed interest rate of Loan Prime Rate (released by the National Inter-Bank
Funding Center of the PRC) minus 55 basis points. Under the agreement, the Group drew down RMB <ix:nonFraction contextRef="c267" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DrewDownAmount" scale="3" unitRef="cny">871,000</ix:nonFraction> from Agricultural Bank of China
during fiscal year 2021, of which, RMB <ix:nonFraction contextRef="c267" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RepaidAmount" scale="3" unitRef="cny">290,250</ix:nonFraction> has been repaid as of August 31, 2021, and RMB <ix:nonFraction contextRef="c268" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AmountToBePaidInFutureOrShortTermLoanBalance" scale="3" unitRef="cny">580,750</ix:nonFraction> is to be repaid on January 19, 2022
and therefore classified as short-term loan. The loan is intended for general working capital purposes. As of August 31, 2021, the loan
facility is secured by a bank deposit pledge of USD <ix:nonFraction contextRef="c269" decimals="-3" format="ixt:num-dot-decimal" name="bedu:BankDepositsPledgedAsCollateralForBorrowings" scale="3" unitRef="usd">100,000</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c269" decimals="-3" format="ixt:num-dot-decimal" name="bedu:BankDepositsPledgedAsCollateralForBorrowings" scale="3" unitRef="cny">646,040</ix:nonFraction>) which is recorded as restricted cash on the consolidated
balance sheet as of August 31, 2021. The loan has been fully repaid on its maturity date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In May 2021, the Group entered into a senior secured term
loan facility agreement with China Merchants Bank Co., Ltd., New York Branch in an aggregate principal amount of up to GBP <ix:nonFraction contextRef="c270" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="3" unitRef="gbp">22,000</ix:nonFraction> (approximately
RMB <ix:nonFraction contextRef="c270" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="3" unitRef="cny">195,384</ix:nonFraction>). The interest is at a rate per annum equal to the LIBOR Rate for the applicable interest period plus the spread, which is
defined as <ix:nonFraction contextRef="c271" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">1.50</ix:nonFraction>% per annum for any loan for any applicable interest period. As of August 31, 2021, the Group drew down principal amount
of GBP <ix:nonFraction contextRef="c272" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DrewDownAmounts" scale="3" unitRef="gbp">19,480</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c272" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DrewDownAmounts" scale="3" unitRef="cny">173,004</ix:nonFraction>) with a maturity date of <ix:nonNumeric contextRef="c273" format="ixt:date-monthname-day-year-en" name="us-gaap:DebtInstrumentMaturityDate">May 16, 2022</ix:nonNumeric>. The loan is guaranteed by Bright Scholar Education Holdings
Limited and is intended for general working capital purposes. The loan has been fully repaid on its maturity date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Subsequent in July 2022, the Group entered into another
senior secured term loan facility agreement with China Merchants Bank Co., Ltd., New York Branch in an aggregate principal amount of up
to GBP <ix:nonFraction contextRef="c274" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="3" unitRef="gbp">19,480</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c274" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="3" unitRef="cny">156,300</ix:nonFraction>). The interest is at a rate per annum equal to the Sterling Overnight Interbank Average Rate
for the applicable interest period plus the spread, which is defined as <ix:nonFraction contextRef="c275" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">1.40</ix:nonFraction>% per annum for any loan for any applicable interest period.
As of August 31, 2022, the Group drew down principal amount of GBP <ix:nonFraction contextRef="c276" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DrewDownAmounts" scale="3" unitRef="gbp">18,600</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c276" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DrewDownAmounts" scale="3" unitRef="cny">149,239</ix:nonFraction>) with a maturity date of July 10,
2023. The loan is guaranteed by Bright Scholar Education Holdings Limited and is intended for general working capital purposes. As of
August 31, 2022, the loan facility is secured by a bank deposit pledge of RMB <ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="bedu:BankDepositsPledgedAsCollateralForBorrowings" scale="3" unitRef="cny">180,000</ix:nonFraction>) which is recorded as restricted cash on the consolidated
balance sheet as of August 31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In April 2020, one of the Canadian subsidiaries of the Group
received an interest free loan amounted to CAD <ix:nonFraction contextRef="c277" decimals="-3" format="ixt:num-dot-decimal" name="bedu:InterestFreeLoanAmount" scale="3" unitRef="cad">80</ix:nonFraction> from the government of Canada under the program named &#8220;Canada Emergency Business
Account&#8221; (&#8220;CEBA&#8221;) due on or before December 31, 2022. The program intends to help cover the small businesses&#8217; operating
costs during a period where the revenue has been temporarily reduced due to the economic impacts of the COVID-19. In fiscal year 2021,
the Canadian subsidiary received additional CAD <ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:InterestFreeLoanAmount" scale="3" unitRef="cad">40</ix:nonFraction> interest free loan under the same grogram, which is also due on or before December
31, 2022. Further in fiscal year 2022, the CEBA program has been updated and the repayment date of the interest free loan is extended
to be due on or before December 31, 2023. As of August 31, 2022, the total amount of interest free loan was CAD <ix:nonFraction contextRef="c278" decimals="-3" format="ixt:num-dot-decimal" name="bedu:InterestFreeLoanAmount" scale="3" unitRef="cad">120</ix:nonFraction> (approximately RMB
<ix:nonFraction contextRef="c278" decimals="-3" format="ixt:num-dot-decimal" name="bedu:InterestFreeLoanAmount" scale="3" unitRef="cny">633</ix:nonFraction>). Subsequent in December, the loan has been fully repaid.</p></ix:nonNumeric><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_LesseeOperatingLeasesTextBlock-c0_cont_1" escape="true" name="us-gaap:LesseeOperatingLeasesTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>15.</b></td><td style="text-align: justify"><b>LEASES</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group has operating leases mainly for campuses, office
space and learning centers, the lease term ranges from less than 12 months to 28 years. Leases with an initial term of 12 months or less
are not recorded on the balance sheet. The Group does not have options to extend or terminate leases, as the renewals or terminations
of these leases are on negotiation basis. None of these leases contain material residual value guarantees or material restrictive covenants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">Supplemental
balance sheet information related to the leases</span><span>&#160;</span>a<span>re
as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="bedu_ScheduleOfSupplementalBalanceSheetInformationRelatedToTheOperatingLeasesTableTextBlock-c0_cont_1" escape="true" name="bedu:ScheduleOfSupplementalBalanceSheetInformationRelatedToTheOperatingLeasesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center; font-weight: bold"><b>&#160;</b></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><b>As&#160;of&#160;<br/>
    August&#160;31,</b></td><td style="text-align: center; font-weight: bold"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="text-align: center"><p style="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><b>As&#160;of&#160;<br/>
                                            August&#160;31,</b></p></td><td style="text-align: center"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">ROU assets*</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" id="ix_59_fact" name="bedu:OperatingLeaseRightOfUseAsset1" scale="3" unitRef="cny">1,693,463</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" id="ix_60_fact" name="bedu:OperatingLeaseRightOfUseAsset1" scale="3" unitRef="cny">1,453,833</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Operating lease liabilities &#8211; current*</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" id="ix_61_fact" name="bedu:OperatingLeaseLiabilitiesCurrent1" scale="3" unitRef="cny">122,995</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" id="ix_62_fact" name="bedu:OperatingLeaseLiabilitiesCurrent1" scale="3" unitRef="cny">104,515</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating lease liabilities &#8211; non current*</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" id="ix_63_fact" name="bedu:OperatingLeaseLiabilitiesNonCurrent1" scale="3" unitRef="cny">1,672,577</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" id="ix_64_fact" name="bedu:OperatingLeaseLiabilitiesNonCurrent1" scale="3" unitRef="cny">1,439,239</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Weighted-average remaining lease term</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonNumeric contextRef="c7" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">14.06</ix:nonNumeric></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonNumeric contextRef="c8" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">13.45</ix:nonNumeric></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Weight-average discount rate</td><td>&#160;</td>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.</b></span></td><td><b>LEASES</b>- continued</td></tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation id="_LesseeOperatingLeasesTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: 0.05pt">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_LeaseCostTableTextBlock-c0_cont_1" escape="true" name="us-gaap:LeaseCostTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center; font-weight: bold"><b>&#160;</b></td>
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 August&#160;31,</b></td><td style="text-align: center; font-weight: bold"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
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 August&#160;31,</b></td><td style="text-align: center"><b>&#160;</b></td></tr>
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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: 0.05pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Supplemental cash flow information related to the operating
leases is as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
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 August&#160;31,</b></td><td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
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 August&#160;31,&#160;</b></td><td style="text-align: center"><b>&#160;</b></td></tr>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Decrease of ROU assets for early terminations*</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>

<ix:continuation id="bedu_ScheduleOfSupplementalBalanceSheetInformationRelatedToTheOperatingLeasesTableTextBlock-c0_cont_1"><ix:continuation id="_LeaseCostTableTextBlock-c0_cont_1"><ix:continuation id="_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note</span>*:
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides the maturities of </span>the operating lease liabilities as of August 31, 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Fiscal year ending</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">August 2025</td><td>&#160;</td>
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    <td style="text-indent: -10pt; padding-left: 10pt">August 2026</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">August 2027</td><td>&#160;</td>
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    <td style="text-indent: -10pt; padding-left: 10pt">August 2028 and thereafter</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total future undiscounted lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="bedu:OperatingLeasesFutureMinimumPaymentDue" scale="3" unitRef="cny">2,017,572</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="bedu:LessImputedInterest" scale="3" unitRef="cny">473,818</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total present value of operating lease liabilities</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="bedu:TotalPresentValueOfOperatingLeaseLiabilities" scale="3" unitRef="cny">1,543,754</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.75in; text-indent: 1in"><b>Impairment loss on operating lease right-of-use
assets</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group tests its long-lived assets for recoverability whenever events or changes in circumstances indicate that its carrying amount
may not be recoverable. As a result of the adverse impacts of the COVID-19 pandemic on the economic environment and change in the
Group&#8217;s business strategy, the Group determine</span>s to close certain language training centers in the US resulting in four
idled operating leases. The Group determines the fair value of the ROU assets based on the discounted value of estimated future cash
flows from subleases, if any. For the year ended August 31, 2020, 2021 and 2022, the Group recorded impairment loss of RMB <ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseImpairmentLoss" scale="3" unitRef="cny">12,772</ix:nonFraction>, RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseImpairmentLoss" scale="3" unitRef="cny">15,575</ix:nonFraction>
and RMB <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseImpairmentLoss" scale="3" unitRef="usd">8,861</ix:nonFraction> related to the ROU assets within the Overseas Schools reportable segment, respectively.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.</b></span></td><td><b>SHARE CAPITAL</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Holders of Class A Ordinary Shares and Class B Ordinary
Shares are entitled to the same rights except for voting and conversion rights. In respect of matters requiring a shareholder&#8217;s vote,
each Class A Ordinary Share is entitled to <ix:nonFraction contextRef="c279" decimals="0" format="ixt-sec:numwordsen" name="bedu:CommonStockVotingRightsNumberOfVotes" scale="0" unitRef="pure">one</ix:nonFraction> vote and each Class B Ordinary Share is entitled to <ix:nonFraction contextRef="c280" decimals="0" format="ixt:num-dot-decimal" name="bedu:CommonStockVotingRightsNumberOfVotes" scale="0" unitRef="pure">20</ix:nonFraction> votes. Class B Ordinary Shares are
convertible at any time by the holder thereof into Class A Ordinary Shares on a one-for-one basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company was incorporated on December 16, 2016. As of
the incorporation date, the total issued share capital of the Company was USD <ix:nonFraction contextRef="c281" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockNoParValue" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> consisting of <ix:nonFraction contextRef="c282" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">10</ix:nonFraction> ordinary shares with a par value
of USD <ix:nonFraction contextRef="c282" decimals="5" format="ixt:num-dot-decimal" name="us-gaap:CommonStockNoParValue" scale="0" unitRef="usdPershares">0.00001</ix:nonFraction> and total authorized share capital was USD <ix:nonFraction contextRef="c282" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CommonStockAuthorizedShareCapital" scale="3" unitRef="usd">50</ix:nonFraction> divided into <ix:nonFraction contextRef="c282" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">5,000,000,000</ix:nonFraction> shares<span style="text-decoration:line-through">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company completed a follow-on public offering of American Depositary Shares (&#8220;</span>ADSs&#8221;) priced at US$<ix:nonFraction contextRef="c283" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">19.00</ix:nonFraction> per ADS on March
2, 2018. The Company issued and sold <ix:nonFraction contextRef="c284" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">10,000,000</ix:nonFraction> ADSs, each representing <ix:nonFraction contextRef="c5" decimals="0" format="ixt-sec:numwordsen" name="dei:EntityListingDepositoryReceiptRatio" scale="0" unitRef="pure">one</ix:nonFraction> Class A Ordinary Share of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2019, the Board of Directors approved a US<span style="-sec-ix-hidden: hidden-fact-312">$30</span></span>,000 share repurchase program (the &#8220;2019 Repurchase Program&#8221;).
Under the 2019 Repurchase Program, the Group repurchased <ix:nonFraction contextRef="c286" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedDuringPeriodShares" scale="0" unitRef="shares">1,096,312</ix:nonFraction> shares during the year ended August 31, 2020 with a cost of USD <ix:nonFraction contextRef="c286" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValueAcquiredParValueMethod" scale="3" unitRef="usd">8,721</ix:nonFraction>
(approximately RMB <ix:nonFraction contextRef="c286" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValueAcquiredParValueMethod" scale="3" unitRef="cny">56,058</ix:nonFraction>). For the year ended August 31, 2020, the Board of Directors approved and the Company completed the cancellation
and retirement of <ix:nonFraction contextRef="c286" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" scale="0" unitRef="shares">569,732</ix:nonFraction> shares that were repurchased.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
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Under the 2020 Repurchase Program, the Group repurchased <ix:nonFraction contextRef="c288" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedDuringPeriodShares" scale="0" unitRef="shares">560,436</ix:nonFraction> shares and <ix:nonFraction contextRef="c289" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedDuringPeriodShares" scale="0" unitRef="shares">258,731</ix:nonFraction> shares during the year ended August 31, 2021 and 2022,
respectively with a cost of US$ <ix:nonFraction contextRef="c288" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValueAcquiredParValueMethod" scale="3" unitRef="usd">3,075</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c288" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValueAcquiredParValueMethod" scale="3" unitRef="cny">24,628</ix:nonFraction>) and US$ <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValueAcquiredParValueMethod" scale="3" unitRef="usd">1,530</ix:nonFraction> (approximately RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValueAcquiredParValueMethod" scale="3" unitRef="cny">9,245</ix:nonFraction>), respectively. For the year ended
August 31, 2021 and 2022, the Board of Directors approved and the Company completed the cancellation and retirement of <ix:nonFraction contextRef="c288" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" scale="0" unitRef="shares">1,058,389</ix:nonFraction> shares
and <ix:nonFraction contextRef="c289" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" scale="0" unitRef="shares">287,358</ix:nonFraction> shares that were repurchased respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
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per share, from the previous ADS Ratio of <ix:nonFraction contextRef="c290" decimals="0" format="ixt-sec:numwordsen" name="dei:EntityListingDepositoryReceiptRatio" scale="0" unitRef="pure">one</ix:nonFraction> ADS to <ix:nonFraction contextRef="c290" decimals="2" format="ixt-sec:numwordsen" name="bedu:ADSRatio" scale="-2" unitRef="pure">one</ix:nonFraction> Class A Ordinary Share to the current ADS Ratio of <ix:nonFraction contextRef="c291" decimals="0" format="ixt-sec:numwordsen" name="dei:EntityListingDepositoryReceiptRatio" scale="0" unitRef="pure">one</ix:nonFraction> ADS to <ix:nonFraction contextRef="c291" decimals="2" format="ixt-sec:numwordsen" name="bedu:ADSRatio" scale="-2" unitRef="pure">four</ix:nonFraction> Class A Ordinary
Shares, effective August 19, 2022.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RevenueFromContractWithCustomerTextBlock-c0_cont_1" escape="true" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></span></td><td><b>REVENUE</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><span style="text-decoration:underline">Continuing operations</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group provides domestic kindergartens education program and international education program oversea. Overseas business includes arts programs,
language programs and university foundation programs. The Group&#8217;s revenue includes tuition income from education programs, meal income,
boarding income, commission income, study-abroad and career consulting service income</span>, camp service and other education services
related revenue. Revenue for the years ended August&#160;31, 2020, 2021 and 2022 were primarily generated in the PRC, Hong Kong, Canada,
the UK and US. Please refer to Note 24 for disaggregation of revenue by geographical areas. The Group recognized majority of its revenue
over time and have insignificant amount of revenue recognized at a point in time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 18pt">(a)</td><td>Disaggregation of revenue</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Tuition income from complementary training institutes</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Meal income</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Boarding income</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Consulting service income</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operation service income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-314">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Other revenues</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:nonNumeric></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></span></td><td><b>REVENUE </b>- continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:continuation id="_RevenueFromContractWithCustomerTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 18pt">(b)</td><td>Contract balances</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="bedu:ScheduleOfContractBalances"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Refund liabilities</td><td>&#160;</td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Contract liabilities principally relate to customer advances
received prior to performance of services. Substantially all contract liabilities at the beginning of the year ended August 31, 2022 were
recognized as revenue during the year ended August 31, 2022 and substantial all contract liabilities as of August 31, 2022 are expected
to be realized in the following year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.4pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Refund liabilities mainly related to the estimated refunds
that are expected to be provided to students if they decide they no longer want to take the course. Refund liabilities estimates are based
on historical refund ratio on a portfolio basis using the expected value method.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.4pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_1" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.</b></span></td><td><b>SHARE-BASED COMPENSATION</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="text-decoration:underline">Share incentive plan </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On December 15, 2017, the Company adopted the Bright Scholar
Education Holdings Limited 2017 Share Incentive Plan (the &#8220;2017 Plan&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In 2017, the Company provided up to an aggregate of <ix:nonFraction contextRef="c316" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" scale="0" unitRef="shares">845,000</ix:nonFraction>
Class A ordinary shares of the Company as share based compensation to school principals and management team members with vesting period
varying from <ix:nonNumeric contextRef="c317" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">3</ix:nonNumeric> to <ix:nonNumeric contextRef="c318" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">5</ix:nonNumeric> years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 1, 2018, the Company granted <ix:nonFraction contextRef="c319" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" scale="0" unitRef="shares">167,138</ix:nonFraction> Class A ordinary shares to management of Can-achieve Group pursuant to the 2017 Plan. The</span>
vesting period of option is <ix:nonNumeric contextRef="c320" format="ixt-sec:duryear" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">3</ix:nonNumeric> year, and the vesting is subject to the performance indicator of the option holders. During any authorized
leave of absence, the vesting of the option shall be suspended after the leave of absence exceeds a period of <ix:nonNumeric contextRef="c320" format="ixt-sec:duryear" name="bedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriodSuspensionThresholdPeriodForAuthorizedLeaveOfAbsenceMaximum">90</ix:nonNumeric> days.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
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from grant date. Vesting is subject to the continuous services of the option holders to the Company and the financial and operating performance
of the Group. During any authorized leave of absence, the vesting of the option shall be suspended after the leave of absence exceeds
a period of <ix:nonNumeric contextRef="c322" format="ixt-sec:duryear" name="bedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriodSuspensionThresholdPeriodForAuthorizedLeaveOfAbsenceMaximum">90</ix:nonNumeric> days.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the event of termination of the option holders&#8217; continuous
service for cause, the option holders&#8217; right to exercise the option shall terminate concurrently, except otherwise determined by the plan
administrator, and the Group shall have the rights to repurchase all vested options purchased by the option holders. The Company uses
the Binomial tree of lattice pricing model to determine the estimated fair value for each option granted below with the assistance of
an independent valuation firm. The post-vesting forfeiture rate is estimated by the Group at the range of <ix:nonFraction contextRef="c127" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions" scale="-2" unitRef="pure">0</ix:nonFraction>%-<ix:nonFraction contextRef="c129" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions" scale="-2" unitRef="pure">15</ix:nonFraction>% by different level of
principals and management team members.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The assumptions used in determining the fair value of the
share options on the grant date were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Assumptions</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2018</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Expected dividend yield</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 15%; text-align: center"><ix:nonFraction contextRef="c227" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" scale="-2" unitRef="pure">0</ix:nonFraction>%</td><td style="width: 1%; text-align: left"></td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Risk-free interest rate</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Expected volatility</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Expected life</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt">&#160;</p></ix:nonNumeric></ix:nonNumeric><div>

</div><div>


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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>18.</b></span></td><td><b>SHARE-BASED COMPENSATION</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Share
incentive plan</span></span> - continued</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Notes:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 18pt">(1)</td><td style="text-align: justify">The expected dividend yield was estimated by the Company based on its dividend policy over the expected life of the options.</td></tr></table>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 18pt">(2)</td><td style="text-align: justify">The risk-free interest rate was estimated based on the US Government Bond yield with the maturity commensurate with the expected life.</td></tr></table>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 18pt">(3)</td><td style="text-align: justify">The expected volatility of the underlying ordinary shares was estimated based on historical volatility of the Company for the period
before the valuation date with length commensurate to expected life of the options.</td></tr></table>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 18pt">(4)</td><td style="text-align: justify">The expected life was the contractual life of the share options.</td></tr></table>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 18pt">(5)</td><td style="text-align: justify">The Company estimated the exercise multiple based on a consideration of various research studies regarding exercise pattern from historical
statistical data.</td></tr></table>

<p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 18pt">(6)</td><td style="text-align: justify">The fair values of ordinary shares were determined based on the closing price in the market.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended A</span>ugust 31, 2020, 2021 and 2022, the share options movement were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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 fair value at <br/>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -2.25pt; padding-left: 2.25pt">Granted</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -2.25pt; padding-left: 2.25pt">Granted</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -2.25pt; padding-left: 2.25pt">Granted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-327">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -2.25pt; padding-left: 2.25pt">Outstanding as of August 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" scale="0" unitRef="shares">684,574</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" scale="0" unitRef="usdPershares">8.74</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="bedu:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingInPeriodWeightedAverageGrantDateFairValue">5.29</ix:nonNumeric></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="2" format="ixt:num-dot-decimal" name="bedu:WeightedAverageFairValueAtGrantDateOutstanding" scale="0" unitRef="usdPershares">10.92</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" scale="3" sign="-" unitRef="usd">3,778,848</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -2.25pt; padding-left: 2.25pt">Vested and exercisable as of August 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber" scale="0" unitRef="shares">649,428</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice" scale="0" unitRef="usdPershares">8.74</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1">5.29</ix:nonNumeric></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="bedu:WeightedAverageFairValueAtGrantDateVestedAndExercisable" scale="0" unitRef="usdPershares">10.83</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue" scale="3" sign="-" unitRef="usd">3,584,843</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0in 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended August 31, 2020, 2021 and 2022, the Group recognized share-based payment expenses of RMB (<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="3" sign="-" unitRef="cny">10,631</ix:nonFraction>), RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="3" unitRef="usd">1,865</ix:nonFraction> and RMB (<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="3" sign="-" unitRef="cny">816</ix:nonFraction>),</span>
respectively, in connection with the share options granted to employees. The share-based award granted to members of senior management
requires both a performance condition and service condition. During the fiscal year ended August 31, 2020, the Group assessed that the
performance condition of certain employees is not probable of being met and recorded a reversal of share-based compensation amounting
to RMB <ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ReversalOfSharebasedCompensation" scale="3" unitRef="cny">34,252</ix:nonFraction>. <ix:nonNumeric contextRef="c0" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOtherDescription">The total fair value of share options vested as of August 31, 2020, 2021 and 2022 was RMB 32,851, RMB 43,341 and RMB 48,450,
respectively.</ix:nonNumeric></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0in 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total compensation expense is recognized on a straight-line basis over the respective vesting periods. As of August 31, 2020, 2021 and
2022, there were RMB <ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" scale="3" unitRef="cny">4,098</ix:nonFraction>, RMB <ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" scale="3" unitRef="cny">748</ix:nonFraction> and RMB <span style="-sec-ix-hidden: hidden-fact-330">nil</span> unrecognized compensation expense, respectively, related to un-vested share options granted
to executive and employees of the Group. As of August 31, 2021 and 2022, the unvested share options expense relating to the share options
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0in 0.25in; text-align: justify">&#160;</p><div>

</div><!-- Field: Page; Sequence: 192; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.</b></span></td><td><b>INCOME TAX EXPENSE</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0pt"><span style="text-decoration:underline">Continuing operations</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Income tax expense consisted of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended August 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Current income tax expense (benefit):</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 64%">PRC</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c344" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" unitRef="cny">79,223</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c345" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" unitRef="cny">113,045</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c337" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" unitRef="cny">64,352</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Hong Kong</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c346" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" sign="-" unitRef="cny">897</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">US</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in">Canada</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-331">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-332">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">UK</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-333">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-334">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherIncomeTaxExpenseBenefitContinuingOperations" scale="3" unitRef="cny">94,176</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Cayman Islands</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company and Impetus are incorporated in the Cayman Islands.
Under the current laws of the Cayman Islands, the Company and Impetus are not subject to income or capital gains taxes. In addition, dividend
payments are not subject to withholdings tax in the Cayman Islands.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U</i></b></span><b><i>S</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Can-achieve Global Education, Inc. (Los Angeles), Cambridge
Education Group Holding Inc. (US) and its subsidiaries are located in US and are subject to an income tax rate of <ix:nonFraction contextRef="c332" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">21</ix:nonFraction>% for taxable income
earned in the US.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>UK</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company&#8217;s subsidiaries operating in UK are subjected
to income tax rate at <ix:nonFraction contextRef="c333" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">19</ix:nonFraction>%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Canada</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Can-Achieve International Education Limited (Vancouver)
operating in Vancouver, Can-Achieve Academy Limited and CEG Holdings Canada Inc. and its subsidiaries operating in Toronto are subject
to income tax rate ranging from <ix:nonFraction contextRef="c334" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">26</ix:nonFraction>% to <ix:nonFraction contextRef="c335" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">26.5</ix:nonFraction>% according to the province tax rates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Hong Kong</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group&#8217;s subsidiaries operating in Hong Kong are
subject to a two-tiered income tax rate for taxable income earned in Hong Kong effectively since April 1, 2018. The first <ix:nonFraction contextRef="c336" decimals="-6" format="ixt:num-dot-decimal" name="bedu:ProfitEarnedBySubsidiaries" scale="6" unitRef="hkd">2</ix:nonFraction> million Hong
Kong dollars of profits earned by a company are subject to be taxed at an income tax rate of <ix:nonFraction contextRef="c336" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">8.25</ix:nonFraction>%, while the remaining profits will continue
to be taxed at the existing tax rate of <ix:nonFraction contextRef="c336" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationDeductionsOther" scale="-2" unitRef="pure">16.5</ix:nonFraction>%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>PRC</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The subsidiaries and VIEs incorporated in the PRC were generally
subject to a corporate income tax rate of <ix:nonFraction contextRef="c337" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">25</ix:nonFraction>%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Effective from January&#160;1, 2008, a new Enterprise Income
Tax Law, or (&#8220;the New EIT Law&#8221;), consolidated the previous income tax laws for foreign invested and domestic invested enterprises
in the PRC by the adoption a unified tax rate of <ix:nonFraction contextRef="c337" decimals="2" format="ixt:num-dot-decimal" name="bedu:PercentageOfUnifiedTaxRate" scale="-2" unitRef="pure">25</ix:nonFraction>% for most enterprises with the following exceptions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhuhai
Bright Scholar is a company registered in Hengqin New Area whose main business, providing outsourcing consulting services, falls within
the preferential enterprise income tax (&#8220;EIT&#8221;) catalogue of Hengqin New Area in Zhuhai and whose revenue derived from its main
business accounts for more than <ix:nonFraction contextRef="c337" decimals="2" format="ixt:num-dot-decimal" name="bedu:PercentageOfRevenueDerivedFromMainBusiness" scale="-2" unitRef="pure">60</ix:nonFraction>% of its total revenue. Zhuhai Bright Scholar was classified as a domestically-owned enterprise in Hengqin
New Area, Zhuhai in an encouraged industry sector, and was approved by the PRC tax authorities to enjoy a preferential EIT rate of <ix:nonFraction contextRef="c337" decimals="2" format="ixt:num-dot-decimal" name="bedu:PercentageOfPreferentialEITRate" scale="-2" unitRef="pure">15</ix:nonFraction>%
from January 24, 2017 (date of incorporation). As of the&#160;issuance date of this consolidated financial statements,&#160;Zhuhai Bright
Scholar continues to meet the relevant requirements and is eligible for the preferential EIT rate</span>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>


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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.</b></span></td><td><b>INCOME TAX EXPENSE</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC</i></b></span>
- continued</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_2" id="_IncomeTaxDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Chengdu Yinzhe Education and Technology Co., Ltd. and Chengdu
Laizhe Education and Technology Co., Ltd. established in the western development area of the PRC were subject to preferential tax rate
of <ix:nonFraction contextRef="c337" decimals="2" format="ixt:num-dot-decimal" name="bedu:PreferentialEnterpriseIncomeTaxRate" scale="-2" unitRef="pure">15</ix:nonFraction>% of taxable profit for the years ended August 31, 2020, 2021 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Entities qualified as Software Enterprises (&#8220;SEs&#8221;)
enjoy EIT exemption for&#160;two&#160;years starting from its first profitable calendar year, followed by a <ix:nonFraction contextRef="c337" decimals="2" format="ixt:num-dot-decimal" name="bedu:TaxReductionPercent" scale="-2" unitRef="pure">50</ix:nonFraction>% reduction for the subsequent
<ix:nonNumeric contextRef="c337" continuedAt="bedu_TaxReductionPeriod-c337_cont_1" format="ixt-sec:durwordsen" name="bedu:TaxReductionPeriod">three</ix:nonNumeric> calendar<ix:continuation id="bedu_TaxReductionPeriod-c337_cont_1"> years</ix:continuation>. Chengdu Zhi Yi Meng Software Technology Co., Ltd. was qualified as SEs and enjoyed the&#160;zero&#160;preferential
tax rate in calendar year 2019 and 2020, and was subject to <ix:nonFraction contextRef="c338" decimals="2" format="ixt:num-dot-decimal" name="bedu:TaxReductionPercent" scale="-2" unitRef="pure">50</ix:nonFraction>% reduction of EIT at <ix:nonFraction contextRef="c338" decimals="3" format="ixt:num-dot-decimal" name="bedu:PreferentialEnterpriseIncomeTaxRate" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c339" decimals="3" format="ixt:num-dot-decimal" name="bedu:TaxReductionPercent" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c339" decimals="3" format="ixt:num-dot-decimal" name="bedu:PreferentialEnterpriseIncomeTaxRate" scale="-2" unitRef="pure">12.5</ix:nonFraction></ix:nonFraction></ix:nonFraction>% preferential tax rate in calendar year 2021
and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Further, according to Caishui
[2019]13 No.2, certain subsidiaries in the PRC qualified as &#8220;small-scaled minimal profit enterprise&#8221;. The first RMB
<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="bedu:FirstThresholdOfTaxableIncomeForPreferentialIncomeTaxRate" scale="0" unitRef="cny">1,000</ix:nonFraction> of taxable income earned by a qualified company is subject to preferential income tax rate of <ix:nonFraction contextRef="c9" decimals="2" format="ixt:num-dot-decimal" name="bedu:PreferentialEnterpriseIncomeTaxRate" scale="-2" unitRef="pure">5</ix:nonFraction>%, while the remaining profits
will be subject to income tax rate of <ix:nonFraction contextRef="c9" decimals="2" format="ixt:num-dot-decimal" name="bedu:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRates" scale="-2" unitRef="pure">10</ix:nonFraction>%, in calendar year 2020. According to Announcement [2021] No. 12 from the Ministry of
Finance and the State Administration of Taxation (&#8220;MOF&amp;SAT&#8221;), these PRC subsidiaries are subject to preferential
income tax rate of <ix:nonFraction contextRef="c10" decimals="3" format="ixt:num-dot-decimal" name="bedu:PreferentialEnterpriseIncomeTaxRate" scale="-2" unitRef="pure">2.5</ix:nonFraction>% and 10% for the first RMB <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="bedu:FirstThresholdOfTaxableIncomeForPreferentialIncomeTaxRate" scale="0" unitRef="cny"><ix:nonFraction contextRef="c10" decimals="0" format="ixt:num-dot-decimal" name="bedu:FirstThresholdOfTaxableIncomeForPreferentialIncomeTaxRate" scale="0" unitRef="cny">1,000</ix:nonFraction></ix:nonFraction> of taxable income and remaining profit respectively, in calendar year 2021.
While according to Announcement [2022] No. 13 from the MOF&amp;SAT subsequently issued, the applicable preferential income tax rate
is <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="bedu:PreferentialEnterpriseIncomeTaxRate" scale="-2" unitRef="pure">2.5</ix:nonFraction>% and <ix:nonFraction contextRef="c340" decimals="2" format="ixt:num-dot-decimal" name="bedu:PreferentialEnterpriseIncomeTaxRate" scale="-2" unitRef="pure">5</ix:nonFraction>% for the first RMB <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeSecuritiesTaxable" scale="0" unitRef="cny">1,000</ix:nonFraction> of taxable income and remaining profit respectively, in calendar year 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Deferred income taxes reflect the net tax effects of temporary
differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax
purposes. The Group&#8217;s deferred tax assets and liabilities were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of August 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Deferred tax assets:</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 76%; text-align: left">Net operating loss carry-forward</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Movement in valuation allowance is as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SummaryOfValuationAllowanceTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DeferredTaxAssetValuationAllowance" scale="3" unitRef="cny">61,448</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 31, 2020, 2021 and 2022, the tax loss carry-forward in the PRC amounted to RMB <ix:nonFraction contextRef="c341" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration" scale="0" unitRef="cny">251,368</ix:nonFraction>, RMB <ix:nonFraction contextRef="c342" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration" scale="0" unitRef="cny">396,192</ix:nonFraction> and RMB </span><ix:nonFraction contextRef="c343" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration" scale="0" unitRef="cny">399,660</ix:nonFraction> respectively,
which would expire by the end of calendar year 2025, 2026 and 2027. The Group operates its business through its subsidiaries and VIEs.
The Group does not file consolidated tax returns, therefore, losses from individual subsidiaries or the VIEs may not be used to offset
other subsidiaries&#8217; or VIEs&#8217; earnings within the Group. Valuation allowance is considered on each individual subsidiary and VIE basis.
A valuation allowance of RMB <ix:nonFraction contextRef="c33" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="cny">61,448</ix:nonFraction>, RMB <ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="cny">98,081</ix:nonFraction> and RMB <ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="cny">98,978</ix:nonFraction> had been established as of August&#160;31, 2020, 2021 and 2022, respectively,
in respect of certain deferred tax assets as it is considered more likely than not that the relevant deferred tax assets will not be realized
in the foreseeable future.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The total deferred tax assets of RMB <ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOther" scale="0" unitRef="cny">64,096</ix:nonFraction> and RMB <ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOther" scale="0" unitRef="cny">85,103</ix:nonFraction> as of August
31, 2021 and 2022 respectively, was mainly attributed to the deductible tax losses carry-forward arising from Overseas Schools, with indefinite
expiration date for future utilization. The Group considered it is more likely than not that future taxable profit against which the losses
can be utilized will be available in the relevant tax jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A deferred tax liability should be recorded for taxable
temporary differences attributable to the excess of financial reporting amounts over tax basis amounts, including those differences attributable
to a more than <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="bedu:PercentageOfTemporaryDifferencesInterestInDomesticSubsidiaryIncludedInDeferredTaxLiability" scale="-2" unitRef="pure">50</ix:nonFraction>% interest in a domestic subsidiary. However, recognition is not required in situations where the tax law provides a
means by which the reported amount of that investment can be recovered tax-free and the enterprise expects that it will ultimately use
that means. The Company has not recorded any such deferred tax liability attributable to the undistributed earnings of its financial interest
in VIEs because it believes such excess earnings can be distributed in a manner that is considered to be indefinitely reinvested and thus
would not be subject to income tax.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 194; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>19.</b></span></td><td><b>INCOME TAX EXPENSE</b> - continued</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The impact of an uncertain income tax position on the income
tax return is recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant tax authority.
An uncertain income tax position will not be recognized if it has less than a <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="bedu:IncomeTaxPositionOfLikelihoodBeingSustainedPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% likelihood of being sustained. Interest and penalties
on income taxes will be classified as a component of the provisions for income taxes. The Group has concluded that there are no significant
uncertain tax positions requiring recognition in consolidated financial statements for the years ended August&#160;31, 2020, 2021 and
2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group did not incur any interest and penalties related
to potential underpaid income tax expenses and also does not anticipate any significant increases or decreases in unrecognized tax benefits
in the next <ix:nonNumeric contextRef="c0" format="ixt-sec:durmonth" name="bedu:UnrecognizedTaxBenefit">12</ix:nonNumeric> months. The Group has no material unrecognized tax benefits which would favorably affect the effective income tax rate
in future periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><ix:nonNumeric contextRef="c0" name="us-gaap:PartnersCapitalLimitationOfLiability">According to PRC Tax Administration and Collection Law,
the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding
agent. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined (but an underpayment
of tax liability exceeding RMB 0.1 million is specifically listed as a special circumstance). In the case of a related party transaction,
the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. From inception to 2022, the Group
is subject to examination of the PRC tax authorities.</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Reconciliation between the provision for income taxes computed
by applying the PRC EIT rates of <ix:nonFraction contextRef="c9" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c10" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" scale="-2" unitRef="pure">25</ix:nonFraction></ix:nonFraction></ix:nonFraction>% in year 2020, 2021 and 2022 to income before income taxes and the actual provision for income tax
were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock-c0_cont_2" id="_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note</span>*:
<ix:footnote id="ix_22_footnote" xml:lang="en-US">Included in the expenses that are not deductible in determining taxable profit were primarily related to impairment loss, share based
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">If the tax holidays granted to certain schools and entities
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 31, </span>2020, 2021 and 2022, there were <ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" unitRef="shares">840,767</ix:nonFraction>, <ix:nonFraction contextRef="c10" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" unitRef="shares">759,525</ix:nonFraction> and <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" unitRef="shares">684,574</ix:nonFraction> employee share options or non-vested ordinary shares
excluded from the computation of diluted net earnings/(loss) per share in the periods presented, as their inclusion would have been anti-dilutive
for the years presented.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 196; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>21.</b></td><td style="text-align: justify"><b>RELATED PARTY TRANSACTIONS</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt; text-indent: -24.3pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt">The table below sets forth the major related parties and
their relationships with the Group:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="bedu:ScheduleOfMajorRelatedPartiesAndTheirRelationshipsWithTheGroupTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; width: 55%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of related parties</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 44%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship with the group</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foshan Shunde Country Garden Property Development Co., Ltd.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><ix:nonNumeric contextRef="c371" id="ix_79_fact" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities controlled by Ms. Huiyan Yang (&#8220;Ms. H&#8221;)*</span></ix:nonNumeric></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huidong Country Garden Real Estate Development Co., Ltd.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><ix:nonNumeric contextRef="c372" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities controlled by Ms. H*</span></ix:nonNumeric></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong Phoenix Holiday International Travel Service Co., Ltd. </span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><ix:nonNumeric contextRef="c373" id="ix_80_fact" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities controlled by Ms. H*</span></ix:nonNumeric></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong Shunde Chuang Xi Bang Sheng Furniture Co., Ltd.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><ix:nonNumeric contextRef="c374" id="ix_81_fact" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities controlled by Ms. H*</span></ix:nonNumeric></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong Teng An Mechanics and Electrics Engineering Co., Ltd. </span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><ix:nonNumeric contextRef="c375" id="ix_82_fact" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities controlled by Ms. H*</span></ix:nonNumeric></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong Chengjia Design Co., Ltd.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><ix:nonNumeric contextRef="c376" id="ix_83_fact" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities controlled by Ms. H*</span></ix:nonNumeric></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong Elite Architectural Co., Ltd. </span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><ix:nonNumeric contextRef="c377" id="ix_84_fact" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities controlled by Ms. H*</span></ix:nonNumeric></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong Biyouwei Catering Co., Ltd.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><ix:nonNumeric contextRef="c378" id="ix_85_fact" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities controlled by Ms. H*</span></ix:nonNumeric></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kaiping Country Garden Property Development Co., Ltd. </span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><ix:nonNumeric contextRef="c379" id="ix_86_fact" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities controlled by Ms. H*</span></ix:nonNumeric></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chuzhou Country Garden Property Development Co., Ltd.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><ix:nonNumeric contextRef="c380" id="ix_87_fact" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entities controlled by Ms. H*</span></ix:nonNumeric></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fine Nation Group Limited</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"> <ix:nonNumeric contextRef="c381" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Entities controlled by the immediate family of the</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">chairperson of the Group</p></ix:nonNumeric></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Can-Achieve Global Edutour Co., Ltd.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"> <ix:nonNumeric contextRef="c382" name="us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Entities controlled by non-controlling interest</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.15pt">shareholder</p></ix:nonNumeric></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou Mashao Enterprise Management Consulting Co., Ltd.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
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  <tr>
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  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gongqingcheng Yuansen Commercial Information Consulting Center Ltd.</span></td>
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<tr>
    <td style="vertical-align: top; width: 55%; font-size: 10pt"><span style="font-size: 10pt"><b>Name of Affected Entities</b></span></td>
    <td style="padding-bottom: 1.5pt; vertical-align: bottom; width: 1%; font-size: 10pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; vertical-align: top; width: 44%; font-size: 10pt">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font-size: 10pt"><span style="font-size: 10pt">BGY Education Investment and its affiliates**</span></td>
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  <tr>
    <td style="vertical-align: top; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><span style="font-size: 10pt">Phoenix City Bilingual Kindergarten and other non-for-profit Kindergartens** </span></td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Note*: Ms. H served as the
chairperson for the year ended August 31, 2020, 2021 and 2022. The Board has accepted Ms. H&#8217;s resignation and appointed Mr.
Hongru Zhou as the chairman of the Board on November 29, 2022, the appointment is effective on November 30, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Note**:
These entities were deconsolidated on August 31, 2021 due to the effectiveness of the Implementation Rules stated in Note 2(a)</span>,
and became the related parties of the Company since September 1, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 197; Value: 1 --><div>
    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RELATED
PARTY TRANSACTIONS</b></span>- continued</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group entered into the following transactions with its
related parties:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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for the years ended August 31, 2020 and 2021, respectively. Details of related party transactions in continuing operations for the years
ended August 31, 2020, 2021 and 2022 are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Foshan Shunde Country Garden Property Development Co., Ltd.</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Guangdong Phoenix Holiday International Travel Service Co., Ltd.</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-355">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-356">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group has received construction services from related
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_2" id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Guangdong Chengjia Design Co., Ltd.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-indent: -25.15pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group has paid interest expense to related parties at
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31, 2022. Details of related party transactions in continuing operations for the years ended August 31, 2020, 2021 and 2022 are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_3" id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Interest expense paid to the related parties are as below</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -7.1pt; padding-left: 7.1pt">Fine Nation Group Limited (1)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -7.1pt; padding-left: 7.1pt">BGY Education Investment (2)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c425" decimals="-3" format="ixt:num-dot-decimal" id="ix_91_fact" name="bedu:RelatedPartyTransactionAmount" scale="3" unitRef="cny">4,172</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-370">-</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-indent: -25.15pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-indent: -25.15pt"></p><div>



</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 22, 2022, the Group issued a Promissory Note (the &#8220;Note&#8221;) to Fine Nation Group Limited with a principal amount of USD
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with the Group&#8217;s short-term investments in accordance to the agreement among the Group, Fine Nation Group Limited and the investment
management institution.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 198; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RELATED
PARTY TRANSACTIONS</b></span>- continued</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group has disposed property and equipment at negotiated
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August 31, 2022. Details of related party transactions in continuing operations for the years ended August 31, 2020, 2021 and 2022 are
as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_4" id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; padding-bottom: 4pt; text-indent: -7.1pt; padding-left: 7.1pt">BGY Education Investment
    (1)</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-372">&#160;&#160;&#160;&#160;&#160;-</div></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-indent: -25.15pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-indent: -25.15pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-indent: -25.15pt"></p><div>



</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 28, 2022, the Group </span>has disposed property
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as of the transaction date.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group provided services at negotiated price to related parties for a total amount of RMB <ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="cny">3,198</ix:nonFraction> </span>and RMB <ix:nonFraction contextRef="c10" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="cny">4,745</ix:nonFraction> for the years ended
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31, 2020 and 2021, respectively. Details of related party transactions in continuing operations for the years ended August 31, 2020, 2021
and 2022 are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 1.25in">&#160;</p>

<ix:continuation id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>



</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_6" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount represented the management fees charged for the
provision of services to the Phoenix City Bilingual Kindergarten and other non-for-profit kindergartens</span>.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the fiscal year 2022,
other than the services above, the Group provided various types of services to keep the Affected Entities open without entering into
any service contract. Services provided to the Affected Entities include marketing and consulting, procurement support, human
resources, finance and legal support, and information technology support, all of which were conducted through the centralized
management system in the Group&#8217;s headquarter. The Group does not expect to be entitled to any compensation in exchange for
those services, and therefore does not recognize relevant revenues. This centralized management system provided services to the
Affected Entities without charges together with other kindergartens that the Group charged services fee for. As the Group did not
track the costs incurred by the services center separately among different service recipients, and majority of the costs are staff
costs incurred by the service centers, there are significant limitations for the Group to accurately determine the costs
attributable to providing services to the Affected Entities. As a result, such costs related to services provided to the Affected
Entities are not disclosed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.65pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table presents amounts owed from and to related
parties as of August&#160;31, 2021 and 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Amounts due from related parties</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-left: 0.125in">BGY Education Investment and its affiliates (1)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c450" decimals="-3" format="ixt:num-dot-decimal" id="ix_94_fact" name="us-gaap:DueFromOtherRelatedParties" scale="3" unitRef="cny">2,028,866</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in">Shaoguan Shunhong Real Estate Development Co., Ltd. (2)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c452" decimals="-3" format="ixt:num-dot-decimal" id="ix_96_fact" name="us-gaap:DueFromOtherRelatedParties" scale="3" unitRef="cny">10,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Can-Achieve Global Edutour Co., Ltd. (2)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-380">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-381">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Kaiping Country Garden Property Development Co., Ltd. (4)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in">Others</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AllowanceForAmountsDueFromRelatedParties" scale="3" unitRef="cny">233</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
due from related parties are non-interest bearing, unsecured, and </span>due on demand.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>



</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_7" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amounts mainly represent the loan receivables from BGY
Education Investment and its affiliates for the purpose of opening new schools and maintaining daily operation of the private schools
before fiscal year 2021, which had been fully repaid in fiscal year 2022. As of August 31, 2022, the amounts mainly represent the acquisition
payable paid on behalf of affiliates of BGY Education investment, and the receivables from disposal of property and equipment to BGY Education
investment</span>.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p></ix:continuation><div>

</div><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.65pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.65pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>21.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RELATED
PARTY TRANSACTIONS</b></span>- continued</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<ix:continuation id="bedu_ScheduleOfAmountsOwedFromAndToRelatedPartiesTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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</div><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>



</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts mainly represent the acquisition payables to BGY Education Investment </span>and its affiliates for the acquisition of certain
PRC subsidiaries under common control in fiscal year 2021.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-indent: -25.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in">(2)</td><td style="text-align: justify">The amounts mainly represent financing funds from other entities controlled by Ms. H, for the purpose of maintaining daily operation
of certain schools.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify">The amounts represent the acquisition payables to Shanghai Hanlue Information Technology Center Limited Partnership for the acquisition
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify">The amounts represent the acquisition payables to Gongqingcheng Yuansen Commercial Information Consulting Center Ltd. for the acquisition
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>22.</b></span></td><td><b>COMMITMENTS AND CONTINGENCIES</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="text-decoration:underline">Capital commitments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="text-decoration:underline">Contingent liabilities</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group has been named in a number of lawsuits arising
in its ordinary course of business. Although the outcome of those lawsuits are uncertain, the Group does not believe the possibility of
a material loss is probable. The Group is unable to estimate a range of loss, if any, that could result if there would be an adverse decision,
as such, and the Group has not accrued any liabilities.</p></ix:nonNumeric><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:MinorityInterestDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></span><b>3.</b></td><td style="text-align: justify"><b>NON-CONTROLLING INTERESTS</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table summarizes the
changes in non-controlling interests from August&#160;31, 2019 through August&#160;31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p>

<ix:nonNumeric contextRef="c0" continuedAt="bedu_ScheduleOfChangesInNonControllingInterestTableTextBlock-c0_cont_1" escape="true" name="bedu:ScheduleOfChangesInNonControllingInterestTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Sannew</b></p></td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
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</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Impression
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-392">&#8212;</div></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; width: 7%; text-align: right"><ix:nonFraction contextRef="c493" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">26,095</ix:nonFraction></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Capital injection from non-controlling interest shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-393">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-394">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-395">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-396">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-397">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-398">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-402">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Acquisition of subsidiaries</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-406">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Disposal of a subsidiary*</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-411">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-412">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-413">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-414">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Distribution of dividends to shareholders</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-416">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-417">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-418">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-419">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c498" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DistributionOfDividendsToShareholders" scale="3" unitRef="cny">3,104</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-420">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-421">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DistributionOfDividendsToShareholders" scale="3" unitRef="cny">3,104</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-bottom: 1.5pt; padding-left: 0.125in">Balance at August 31, 2020</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c502" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">34,039</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c503" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">74,435</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c504" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">72,994</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c505" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">27,138</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c506" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">28,573</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c507" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">27,402</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">386,451</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Capital injection from non-controlling interest shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-422">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-423">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-424">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-425">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-426">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-427">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" scale="3" unitRef="cny">1,370</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Income attributable to non-controlling interests</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c508" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable" scale="3" unitRef="cny">277</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c509" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable" scale="3" sign="-" unitRef="cny">34,039</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c510" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable" scale="3" unitRef="cny">77</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c511" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable" scale="3" sign="-" unitRef="cny">72,994</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c512" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable" scale="3" sign="-" unitRef="cny">916</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c513" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable" scale="3" unitRef="cny">8,730</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c514" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable" scale="3" sign="-" unitRef="cny">14,133</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable" scale="3" sign="-" unitRef="cny">112,998</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Foreign currency translation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c508" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" scale="3" unitRef="cny">66</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-428">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-429">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-430">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-431">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-432">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c514" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" scale="3" sign="-" unitRef="cny">175</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" scale="3" sign="-" unitRef="cny">109</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Acquisition of a subsidiary (Note 4)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-433">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-434">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-435">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-436">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-437">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-438">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c514" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AcquisitionOfSubsidiary" scale="3" unitRef="cny">18,012</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="bedu:AcquisitionOfSubsidiary" scale="3" unitRef="cny">18,012</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Acquisition of additional interest in a subsidiary of non-controlling interests*</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-439">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-440">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c510" decimals="-3" format="ixt:num-dot-decimal" id="ix_113_fact" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" scale="3" unitRef="cny">14,980</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-441">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-442">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-443">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-444">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" id="ix_114_fact" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" scale="3" unitRef="cny">14,980</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Distribution of dividends to shareholders</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-459">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-460">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-461">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-462">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-463">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Acquisition of additional interest in a subsidiary of non-controlling interests*</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-466">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c524" decimals="-3" format="ixt:num-dot-decimal" id="ix_115_fact" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" scale="3" unitRef="cny">12,183</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-467">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-468">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-469">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c528" decimals="-3" format="ixt:num-dot-decimal" id="ix_116_fact" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" scale="3" unitRef="cny">6,798</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" id="ix_117_fact" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" scale="3" unitRef="cny">18,981</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Distribution of dividends to shareholders</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-470">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-471">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c524" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DistributionOfDividendsToShareholders" scale="3" unitRef="cny">12,522</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-472">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c526" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DistributionOfDividendsToShareholders" scale="3" unitRef="cny">1,451</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c527" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DistributionOfDividendsToShareholders" scale="3" unitRef="cny">8,802</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c528" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DistributionOfDividendsToShareholders" scale="3" unitRef="cny">4,698</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:DistributionOfDividendsToShareholders" scale="3" unitRef="cny">27,473</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-bottom: 4pt; padding-left: 0.125in">Balance at August 31, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c529" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">107,615</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-473">&#8212;</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c531" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">37,521</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-474">&#8212;</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c533" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">23,901</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c534" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">33,286</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherMinorityInterests" scale="3" unitRef="cny">225,641</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">Note*:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="bedu_ScheduleOfChangesInNonControllingInterestTableTextBlock-c0_cont_3" id="bedu_ScheduleOfChangesInNonControllingInterestTableTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
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interest shareholder with total cash consideration of RMB <ix:nonFraction contextRef="c483" decimals="0" format="ixt:num-dot-decimal" name="bedu:CashConsiderationOfAcquiringEquity" scale="0" unitRef="cny">16,670</ix:nonFraction>. The net carrying amount of the acquired non-controlling interests was
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with total cash consideration of RMB <ix:nonFraction contextRef="c484" decimals="0" format="ixt:num-dot-decimal" name="bedu:CashConsiderationOfAcquiringEquity" scale="0" unitRef="cny">12,708</ix:nonFraction>. The net carrying amount of the acquired non-controlling interests was RMB <ix:nonFraction contextRef="c484" decimals="0" format="ixt:num-dot-decimal" name="bedu:NetCarryingAmountOfTheAcquiredNoncontrollingInterests" scale="0" unitRef="cny">12,183</ix:nonFraction> and the
difference of RMB <ix:nonFraction contextRef="c484" decimals="0" format="ixt:num-dot-decimal" name="bedu:AdditionalPaidInCapitalIncreasesFromBusinessCombination" scale="0" unitRef="cny">525</ix:nonFraction> was charged to additional paid in capital of the Company accordingly. As of August 31, 2022, the equity interest
of the Company in Chengdu Yinzhe is <ix:nonFraction contextRef="c485" decimals="2" format="ixt:num-dot-decimal" name="bedu:PercentageOfEquityInSubsidiaries" scale="-2" unitRef="pure">85</ix:nonFraction>%.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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shareholder with total cash consideration of RMB <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="bedu:CashConsiderationOfAcquiringEquity" scale="0" unitRef="cny">30,874</ix:nonFraction>. The net carrying amount of the acquired non-controlling interests was RMB <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="bedu:NetCarryingAmountOfTheAcquiredNoncontrollingInterests" scale="0" unitRef="cny">6,798</ix:nonFraction>
and the difference of RMB <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="bedu:AdditionalPaidInCapitalIncreasesFromBusinessCombination" scale="0" unitRef="cny">24,076</ix:nonFraction> was charged to additional paid in capital of the Company accordingly. As of August 31, 2022, the equity
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></span><b>4.</b></td><td style="text-align: justify"><b>SEGMENT INFORMATION</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The CODM reviews financial information of operating segments
based on internal management report when making decisions about allocating resources and assessing the performance of the Group.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the year ended August 31, 2020, the Group changed
its internal management structure and expanded the service offerings in utilizing technology to deliver online study programs, which forms
an additional reportable segment called, Education Technology. As of August 31, 2020, the Group has <ix:nonFraction contextRef="c9" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:NumberOfReportableSegments" scale="0" unitRef="pure">six</ix:nonFraction> reportable segments, including
International Schools, Bilingual Schools, Kindergartens, Overseas Schools, Complementary Education Services and Education Technology.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the year ended August 31,
2021, in response to the Implementation Rules, the Group reorganized its business units and made change in its reportable segments.
As of August 31, 2021 and 2022, the Group has identified <ix:nonFraction contextRef="c10" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:NumberOfReportableSegments" scale="0" unitRef="pure"><ix:nonFraction contextRef="c0" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:NumberOfReportableSegments" scale="0" unitRef="pure">three</ix:nonFraction></ix:nonFraction> reportable segments, including Overseas Schools, Complementary
Education Services, and Domestic Kindergartens and K-12 Operation Services. Given the change in the composition of the Group&#8217;s
reportable segments, in fiscal year 2021, fiscal year 2020 segment information was recast to conform to the fiscal year 2021
presentation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group&#8217;s CODM evaluates performance based on the operating
segment&#8217;s revenue and their operating results. The revenue and operating results by segments were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">For the year ended August 31, 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfSegmentReportingInformationBySegmentTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding-bottom: 1.5pt">Costs of revenue</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c536" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CostsOfRevenues" scale="3" unitRef="cny">588,840</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c536" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GrossProfit" scale="3" unitRef="cny">247,087</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended August 31, 202</span>1</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfSegmentReportingInformationBySegmentTextBlock-c0_cont_2" id="_ScheduleOfSegmentReportingInformationBySegmentTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Costs of revenue</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c540" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CostsOfRevenues" scale="3" unitRef="cny">513,871</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

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  </table></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group&#8217;s CODM review the financial position at consolidated
level, thus total assets of each operating segment is not presented.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></span><b>4.</b></td><td style="text-align: justify"><b>SEGMENT INFORMATION</b>- continued</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.3pt; text-indent: -24.3pt">&#160;</p><div>

</div><ix:continuation id="_SegmentReportingDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>GEOGRAPHIC INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table presents total revenues from continuing
operations for the years ended August 31, 2020, 2021 and 2022 from a geographical perspective:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; padding-left: 0.125in; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 64%">China **</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c548" decimals="-3" format="ixt:num-dot-decimal" id="ix_118_fact" name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" scale="3" unitRef="cny">638,435</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table presents long-lived assets from continuing
operations including property and equipment, net, and operating lease right-of-use assets as of August 31, 2021 and 2022 from a geographical
perspective:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:nonNumeric>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock-c0_cont_1"><ix:continuation continuedAt="_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock-c560_cont_2" id="_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock-c560_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">** <ix:footnote id="ix_39_footnote" xml:lang="en-US">Includes mainland
China and Hong Kong.</ix:footnote></p></ix:continuation></ix:continuation>

<ix:continuation id="_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock-c560_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span>*:
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:DefinedContributionPlanTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></span><b>5.</b></td><td style="text-align: justify"><b>CONTRIBUTION PLAN</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
mainland China, full-time employees of the Group in the PRC participate in a government-mandated defined contribution plan pursuant to
which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to
employees. The PRC labor regulations require the Group to accrue for these benefits based on certain percentages of the employees&#8217; salaries.
Total contributions for such employee benefits were RMB <ix:nonFraction contextRef="c9" decimals="-3" format="ixt:num-dot-decimal" name="bedu:TotalContributionsForEmployeeBenefits" scale="3" unitRef="cny">138,235</ix:nonFraction>, RMB <span style="-sec-ix-hidden: hidden-fact-476">16</span></span>6,765 and RMB <ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bedu:TotalContributionsForEmployeeBenefits" scale="3" unitRef="cny">33,002</ix:nonFraction> for the years ended August&#160;31,
2020, 2021 and 2022, respectively, of which RMB <ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CurrentLiabilitiesBelongToDiscontinuedOperations" scale="3" unitRef="cny">119,456</ix:nonFraction> and RMB <ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="bedu:CurrentLiabilitiesBelongToDiscontinuedOperations" scale="3" unitRef="cny">139,367</ix:nonFraction> were related to discontinued operations for the years ended August
31, 2020 and 2021, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also provides other defined contribution plans for the benefit of overseas employees. Total contribution for such employee benefits
for the years ended August 31, 202</span>1 and 2022 were recorded in consolidated statements of operations in an amount of RMB <ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DefinedContributionPlanEmployerDiscretionaryContributionAmount" scale="3" unitRef="cny">27,350</ix:nonFraction>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="bedu:StatutoryReservesAndRestrictedNetAssetsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></span><b>6.</b></td><td style="text-align: justify"><b>STATUTORY RESERVES AND RESTRICTED NET ASSETS</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As stipulated by the relevant PRC laws and regulations applicable
to the Group&#8217;s entities in the PRC, the Group is required to make appropriations from net income as determined in accordance with the
PRC GAAP to non-distributable reserves, which include a statutory surplus reserve and a statutory welfare reserve. The PRC laws and regulations
require that annual appropriations of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="bedu:PercentageOfAftertaxIncome" scale="-2" unitRef="pure">10</ix:nonFraction>% of after-tax income should be set aside prior to payments of dividends as reserve fund, and
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prior to payments of dividend as development fund. The appropriations to statutory surplus reserve are required until the balance reaches
<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="bedu:PercentageOfRegisteredCapital" scale="-2" unitRef="pure">50</ix:nonFraction>% of the PRC entity registered capital.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
statutory reserve may be applied against prior year losses, if any, and may be used for general business expansion and production or increase
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RMB 1,909 and RMB 12,341 to the statutory surplus reserve fund, respectively, and </ix:nonNumeric></span><ix:continuation id="_SignificantChangesInReserves-c0_cont_1">RMB nil, RMB nil and RMB nil to the development
fund, respectively.</ix:continuation></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As a result of these PRC laws and regulations and the requirement
that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities
are restricted from transferring a portion of their net assets to the Group. Restricted net assets include paid-in capital, additional
paid-in capital, the statutory reserves and the retained earnings of the Company&#8217;s PRC subsidiaries and VIEs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="bedu:ScheduleOfRestrictedNetAssetIncludePaidinCapitalTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of August 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Paid-in capital</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAdditionalCapital" scale="3" unitRef="cny">445,288</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c10" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalOther" scale="3" unitRef="cny">6,239</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Statutory reserves</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherInventoryNetOfReserves" scale="3" unitRef="cny">3,993</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c8" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherInventoryNetOfReserves" scale="3" unitRef="cny">29,841</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Retained earnings</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonNumeric contextRef="c10" name="us-gaap:RetainedEarningsRestrictions">1,596,274</ix:nonNumeric></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:CashAndCashEquivalentsDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></span><b>7.</b></td><td style="text-align: justify"><b>CASH AND CASH EQUIVALENTS AND RESTRICTED CASH</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the purpose of the consolidated statement of cash flows,
cash and cash equivalents, and restricted cash included cash on-hand and in banks and restricted cash. Cash and cash equivalents, and
restricted cash at the end of reporting year end as shown in the consolidated statements of cash flows can be reconciled to the related
items in the consolidated balance sheets as follow:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Cash and cash equivalents </td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

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<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></span><b>8.</b></td><td style="text-align: justify"><b>SUBSEQUENT EVENT</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify">Subsequent in October 2022, the UK subsidiary of the Group
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

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    </div><div style="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

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SCHOLAR EDUCATION HOLDINGS LIMITED</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BALANCE SHEET</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts in thousands)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p>

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    <td style="padding-left: 0.125in; text-indent: -0.125in; white-space: nowrap; text-align: center">&#160;</td><td style="white-space: nowrap; text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c573" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="3" unitRef="cny">8</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-484">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; font-weight: bold; text-align: left">Non-current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-485">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-486">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-487">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.375in; text-align: left; padding-bottom: 1.5pt">Bond payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-489">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-490">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-491">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-493">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">TOTAL LIABILITIES</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c573" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="3" unitRef="cny">1,969,949</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold">EQUITY</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c574" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="3" unitRef="cny">8</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c574" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="3" unitRef="usd">1</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-indent: -0.125in; text-align: left">Additional paid-in capital</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c573" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="3" unitRef="cny">1,727,020</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c574" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="3" unitRef="cny">1,693,358</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c574" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="3" unitRef="usd">245,806</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c573" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="3" unitRef="cny">168,324</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c574" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="3" unitRef="cny">34,401</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Retained earnings</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c573" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="3" unitRef="cny">651,475</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt">TOTAL EQUITY</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c574" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" unitRef="cny">1,669,902</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c574" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" unitRef="usd">242,402</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">TOTAL LIABILITIES AND EQUITY</td><td style="padding-bottom: 4pt">&#160;</td>
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SCHOLAR EDUCATION HOLDINGS LIMITED</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR THE YEARS ENDED AUGUST 31, 2022</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts in thousands)</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STATEMENTS OF CASH FLOWS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investment income</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Equity in earnings of subsidiaries and VIEs</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued expenses and other current liabilities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Amounts due to subsidiaries and VIEs</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-498">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-499">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-500">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Other non-current assets and liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c579" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet" scale="3" unitRef="cny">1,789</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c580" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet" scale="3" unitRef="cny">1,085</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-501">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-502">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Amounts due from subsidiaries and VIEs</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-503">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-504">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-505">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Net cash used in operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c581" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="3" sign="-" unitRef="usd">34,454</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-style: italic; text-align: left">Cash flows from investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceed from redemption of investments upon maturity</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-506">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-507">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Proceeds from loan receivable</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Net cash provided by(used in) investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-style: italic; text-align: left">Cash flows from financing activities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-512">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Repurchase of bonds</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c579" decimals="-3" format="ixt:num-dot-decimal" name="bedu:RepurchaseOfBonds" scale="3" unitRef="cny">10,659</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Redemption of bonds</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Amounts due to subsidiaries and VIEs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-513">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Proceeds from promissory note</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-514">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-515">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c572" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ProceedsFromPromissoryNote" scale="3" unitRef="cny">877,487</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c581" decimals="-3" format="ixt:num-dot-decimal" name="bedu:ProceedsFromPromissoryNote" scale="3" unitRef="usd">127,375</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Net cash provided used in financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c579" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="3" sign="-" unitRef="cny">250,955</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c580" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="3" sign="-" unitRef="cny">180,280</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c572" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="3" sign="-" unitRef="cny">1,112,413</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c581" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="3" sign="-" unitRef="usd">161,477</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Net change in cash and cash equivalents and restricted cash</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c579" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" scale="3" sign="-" unitRef="cny">182,517</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c580" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" scale="3" sign="-" unitRef="cny">393,958</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c572" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" scale="3" sign="-" unitRef="cny">716,364</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c581" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" scale="3" sign="-" unitRef="usd">103,986</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cash and cash equivalents and restricted cash at beginning of the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c582" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" unitRef="cny">1,496,959</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c583" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" unitRef="cny">1,247,633</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c573" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" unitRef="cny">778,243</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c574" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" unitRef="usd">112,969</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Effect of exchange rate changes on cash and cash equivalents and restricted
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c579" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" sign="-" unitRef="cny">66,809</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c580" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" sign="-" unitRef="cny">75,432</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c572" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" unitRef="cny">26,168</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c581" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" unitRef="usd">3,798</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Note to Schedule 1</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(<i>In thousands</i>)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
1 has been provided pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, which require condensed financial
statements as to the financial position, changes in financial position and results of operations of a parent company as of the same dates
and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the
consolidated and unconsolidated subsidiaries (including variable interest entities) together exceed 25 percent of consolidated net assets
as of the end of the most recently completed fiscal year. As of August 31, 20</span>22, RMB <ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="bedu:RestrictedCapitalAndReserves" scale="0" unitRef="cny">1,602,502</ix:nonFraction> of the restricted capital and reserves
are not available for distribution, and as such, the condensed financial statements of the Company have been presented for the years ended
August 31, 2020, 2021 and 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>1.</b></td><td style="text-align: justify"><b>Basis of preparation</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The condensed financial statements of the Company has been
prepared using the same accounting policies as set out in its financial statements, except that the Company has used the equity method
to account for its subsidiaries and its variable interest entities. Accordingly, the condensed financial information presented herein
represents the financial information of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Detailed footnote disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or
omitted. The footnote discloses certain supplemental information relating to the operations of the Company and, as such, the condensed
financial statements of the Company should be read in conjunction with the notes to the accompanying financial statements of the Group.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b>2.</b></td><td style="text-align: justify"><b>Convenience translation</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><ix:nonNumeric contextRef="c0" name="us-gaap:ReserveEstimatesFiledWithAnotherFederalAuthorityOrAgency">Translations of balances in condensed financial information
of parent company balance sheets, statements of operations statements of comprehensive income and statements of cash flows from RMB into
US dollars as of and for the year ended August&#160;31, 2022 are solely for the convenience of the reader and were calculated at the rate
of US$1.00 = RMB6.8890, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board
on August&#160;31, 2022.</ix:nonNumeric> No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into
U.S. dollar at that rate on August&#160;31, 2022, or at any other rate.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-58</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>




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<ix:footnote id="ix_24_footnote" xml:lang="en-US">Ms. H served as the chairperson for the year ended August 31, 2020, 2021 and 2022.The Board has accepted Ms. H&#8217;s resignation and appointed Mr. Hongru Zhou as the chairman of the Board on November 29, 2022, the appointment is effective on November 30, 2022.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of major related parties and their relationships with the group-->
<ix:footnote id="ix_25_footnote" xml:lang="en-US">These entities were deconsolidated on August 31, 2021 due to the effectiveness of the Implementation Rules stated in Note 2(a), and became the related parties of the Company since September 1, 2021.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of major related parties and their relationships with the group-->
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<ix:nonFraction contextRef="c408" id="hidden-fact-360" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c411" id="hidden-fact-361" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c412" id="hidden-fact-362" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c414" id="hidden-fact-363" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c415" id="hidden-fact-364" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c417" id="hidden-fact-365" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c420" id="hidden-fact-366" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c421" id="hidden-fact-367" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c423" id="hidden-fact-368" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c424" id="hidden-fact-369" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c426" id="hidden-fact-370" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c427" id="hidden-fact-371" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c429" id="hidden-fact-372" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c430" id="hidden-fact-373" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c432" id="hidden-fact-374" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c433" id="hidden-fact-375" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c437" id="hidden-fact-376" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c441" id="hidden-fact-377" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c443" id="hidden-fact-378" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c446" id="hidden-fact-379" name="bedu:RelatedPartyTransactionAmount" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:footnote id="ix_26_footnote" xml:lang="en-US">On July 22, 2022, the Group issued a Promissory Note (the &#8220;Note&#8221;) to Fine Nation Group Limited with a principal amount of USD 130,000 (approximately RMB 877,487) at an interest rate of 7.45% per annum. As of August 31, 2022, the Note had been fully offset with the Group&#8217;s short-term investments in accordance to the agreement among the Group, Fine Nation Group Limited and the investment management institution.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of transactions with related parties-->
<ix:footnote id="ix_27_footnote" xml:lang="en-US">On July 12, 2022, the Group borrowed a short term loan from BGY Education Investment amounting to RMB 480,000 at an interest rate of 7.45% per annum, which had been fully paid as of August 31, 2022.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of transactions with related parties-->
<ix:footnote id="ix_28_footnote" xml:lang="en-US">On February 28, 2022, the Group has disposed property and equipment to BGY Education Investment amounting to RMB 57,998, which is equal to the carrying amount of theses property and equipment as of the transaction date.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of transactions with related parties-->
<ix:footnote id="ix_29_footnote" xml:lang="en-US">The amount represented the management fees charged for the provision of services to the Phoenix City Bilingual Kindergarten and other non-for-profit kindergartens.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of transactions with related parties-->
<ix:nonFraction contextRef="c455" id="hidden-fact-380" name="us-gaap:DueFromOtherRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c457" id="hidden-fact-381" name="us-gaap:DueFromOtherRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c469" id="hidden-fact-382" name="us-gaap:DueToOtherRelatedPartiesCurrentAndNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c471" id="hidden-fact-383" name="us-gaap:DueToOtherRelatedPartiesCurrentAndNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c477" id="hidden-fact-384" name="us-gaap:DueToOtherRelatedPartiesCurrentAndNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:footnote id="ix_30_footnote" xml:lang="en-US">The amounts mainly represent the loan receivables from BGY Education Investment and its affiliates for the purpose of opening new schools and maintaining daily operation of the private schools before fiscal year 2021, which had been fully repaid in fiscal year 2022. As of August 31, 2022, the amounts mainly represent the acquisition payable paid on behalf of affiliates of BGY Education investment, and the receivables from disposal of property and equipment to BGY Education investment.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of amounts owed from and to related parties-->
<ix:footnote id="ix_31_footnote" xml:lang="en-US">The amounts mainly represent the receivables from respective entities in which consist of expense were paid on behalf of entities controlled by Ms. H and a non-controlling interest shareholder, respectively.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of amounts owed from and to related parties-->
<ix:footnote id="ix_32_footnote" xml:lang="en-US">The amounts represent loan receivables from the non-controlling interest shareholders of Hangzhou Impression.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of amounts owed from and to related parties-->
<ix:footnote id="ix_33_footnote" xml:lang="en-US">The amounts mainly represent the receivables of providing consulting services on pre-opening schools to Kaiping Country Garden Property Development Co., Ltd..</ix:footnote><!--Text not found in footnote sections assigned to Schedule of amounts owed from and to related parties-->
<ix:footnote id="ix_34_footnote" xml:lang="en-US">The amounts mainly represent the acquisition payables to BGY Education Investment and its affiliates for the acquisition of certain PRC subsidiaries under common control in fiscal year 2021.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of amounts owed from and to related parties-->
<ix:footnote id="ix_35_footnote" xml:lang="en-US">The amounts mainly represent financing funds from other entities controlled by Ms. H, for the purpose of maintaining daily operation of certain schools.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of amounts owed from and to related parties-->
<ix:footnote id="ix_36_footnote" xml:lang="en-US">The amounts represent the acquisition payables to Shanghai Hanlue Information Technology Center Limited Partnership for the acquisition of Linstitute in fiscal year 2020.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of amounts owed from and to related parties-->
<ix:footnote id="ix_37_footnote" xml:lang="en-US">The amounts represent the acquisition payables to Gongqingcheng Yuansen Commercial Information Consulting Center Ltd. for the acquisition of Leti in fiscal year 2021.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of amounts owed from and to related parties-->
<ix:nonFraction contextRef="c357" decimals="0" id="hidden-fact-385" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" unitRef="cny">676</ix:nonFraction>
<ix:nonFraction contextRef="c359" id="hidden-fact-386" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c361" id="hidden-fact-387" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c363" id="hidden-fact-388" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c364" id="hidden-fact-389" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c368" id="hidden-fact-390" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c369" id="hidden-fact-391" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c492" id="hidden-fact-392" name="us-gaap:OtherMinorityInterests" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c494" id="hidden-fact-393" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c495" id="hidden-fact-394" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c496" id="hidden-fact-395" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c497" id="hidden-fact-396" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c498" id="hidden-fact-397" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c499" id="hidden-fact-398" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c495" id="hidden-fact-399" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c496" id="hidden-fact-400" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c497" id="hidden-fact-401" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c498" id="hidden-fact-402" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c499" id="hidden-fact-403" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c494" id="hidden-fact-404" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c495" id="hidden-fact-405" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c496" id="hidden-fact-406" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c497" id="hidden-fact-407" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c498" id="hidden-fact-408" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c500" id="hidden-fact-409" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c494" id="hidden-fact-410" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c495" id="hidden-fact-411" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c496" id="hidden-fact-412" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c497" id="hidden-fact-413" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c498" id="hidden-fact-414" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c499" id="hidden-fact-415" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c494" id="hidden-fact-416" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c495" id="hidden-fact-417" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c496" id="hidden-fact-418" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c497" id="hidden-fact-419" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c499" id="hidden-fact-420" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c500" id="hidden-fact-421" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c508" id="hidden-fact-422" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c509" id="hidden-fact-423" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c510" id="hidden-fact-424" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c511" id="hidden-fact-425" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c512" id="hidden-fact-426" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c513" id="hidden-fact-427" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c509" id="hidden-fact-428" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c510" id="hidden-fact-429" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c511" id="hidden-fact-430" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c512" id="hidden-fact-431" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c513" id="hidden-fact-432" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c508" id="hidden-fact-433" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c509" id="hidden-fact-434" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c510" id="hidden-fact-435" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c511" id="hidden-fact-436" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c512" id="hidden-fact-437" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c513" id="hidden-fact-438" name="bedu:AcquisitionOfSubsidiary" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c508" id="hidden-fact-439" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c509" id="hidden-fact-440" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c511" id="hidden-fact-441" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c512" id="hidden-fact-442" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c513" id="hidden-fact-443" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c514" id="hidden-fact-444" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c509" id="hidden-fact-445" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c510" id="hidden-fact-446" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c511" id="hidden-fact-447" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c514" id="hidden-fact-448" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c516" id="hidden-fact-449" name="us-gaap:OtherMinorityInterests" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c518" id="hidden-fact-450" name="us-gaap:OtherMinorityInterests" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c522" id="hidden-fact-451" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c523" id="hidden-fact-452" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c524" id="hidden-fact-453" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c525" id="hidden-fact-454" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c526" id="hidden-fact-455" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c527" id="hidden-fact-456" name="bedu:CapitalInjectionFromNoncontrollingInterestShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c523" id="hidden-fact-457" name="us-gaap:NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c525" id="hidden-fact-458" name="us-gaap:NoncontrollingInterestInNetIncomeLossOtherNoncontrollingInterestsRedeemable" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c523" id="hidden-fact-459" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c524" id="hidden-fact-460" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c525" id="hidden-fact-461" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c526" id="hidden-fact-462" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c527" id="hidden-fact-463" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c528" id="hidden-fact-464" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c522" id="hidden-fact-465" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c523" id="hidden-fact-466" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c525" id="hidden-fact-467" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c526" id="hidden-fact-468" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c527" id="hidden-fact-469" name="us-gaap:PaymentsToAcquireAdditionalInterestInSubsidiaries" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c522" id="hidden-fact-470" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c523" id="hidden-fact-471" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c525" id="hidden-fact-472" name="bedu:DistributionOfDividendsToShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c530" id="hidden-fact-473" name="us-gaap:OtherMinorityInterests" unitRef="cny" xsi:nil="true"></ix:nonFraction>
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<ix:footnote id="ix_38_footnote" xml:lang="en-US">During the year ended August 31, 2020, the Company disposed its equity interest in a subsidiary with a total consideration of RMB 30,344, and the carrying amount of the non-controlling interests of the disposed subsidiary as of the disposal date was RMB 5,650.
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{"company-data": {"conformed-name": "Bright Scholar Education Holdings Ltd", "cik": "0001696355", "assigned-sic": "8200", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "0831"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-38077", "film-number": "231030821"}, "business-address": {"street1": "NO.1, COUNTRY GARDEN ROAD", "street2": "BEIJIAO TOWN, SHUNDE DISTRICT", "city": "FOSHAN, GUANGDONG", "state": "F4", "zip": "528300", "phone": "86 757 6683 2507"}, "mail-address": {"street1": "NO.1, COUNTRY GARDEN ROAD", "street2": "BEIJIAO TOWN, SHUNDE DISTRICT", "city": "FOSHAN, GUANGDONG", "state": "F4", "zip": "528300"}}
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
20-F
(Mark One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR THE SECURITIES ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR
For the fiscal year ended
August 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
For the transition period from to
Commission file number:
001-38077
Bright
Scholar Education Holdings Limited
(Exact name of Registrant as specified in its charter)
N/A
(Translation of Registrant's name into English)
Cayman
Islands
(Jurisdiction of incorporation or organization)
No.1,
Country Garden Road
Beijiao Town
,
Shunde District, Foshan
,
Guangdong
528300
The People's Republic of
China
(Address of principal executive offices)
Mr.
Ruolei Niu
, Chief Financial Officer
No.1, Country Garden Road
Beijiao Town
,
Shunde District, Foshan
,
Guangdoug
528300
The People's Republic of
China
Telephone:
+
86-757-2991-6814
E-mail:
robertniu@brightscholar.com
(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)
Securities registered or to
be registered, pursuant to Section 12(b) of the Act
Title of each class
Trading Symbol
Name of each exchange on which registered
American depositary shares, each representing four Class A ordinary share, par value US$0.00001 per share
BEDU
The
New York Stock Exchange
Class A ordinary shares, par value US$0.00001 per share
*
*
Not for trading, but only in connection with the listing on the New York Stock Exchange of American depositary shares
Securities registered or to be registered pursuant
to Section 12(g) of the Act.
None
(Title of Class)
Securities for which there
is a reporting obligation pursuant to Section 15(d) of the Act.
None
(Title of Class)
Indicate the number of outstanding
shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report:
Class A ordinary shares, par value US$0.00001 each
25,214,817
Class B ordinary shares, par value US$0.00001 each
93,690,000
Indicate by check mark if
the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☐
Yes
☒
No
If this report is an annual
or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.
☐
Yes
☒
No
Indicate by check mark whether
the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
☒
Yes
☐
No
Indicate by check mark whether
the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files).
☒
Yes
☐
No
Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions
of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of
the Exchange Act.
Large accelerated filer.
☐
Accelerated filer
☐
Non-accelerated filer
☒
Emerging growth company
☐
I
f
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided
pursuant to Section 13(a) of the Exchange Act. ☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.  ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).  ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International Financial Reporting Standards as issue by
the International Accounting Standards Board ☐
Other ☐
If "Other" has
been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to
follow.
☐
Item 17
☐
Item 18
If this is an annual report,
indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐
Yes
☒
No
TABLE
OF CONTENTS
Page(s)
INTRODUCTION
ii
MARKET AND INDUSTRY DATA
v
PART I
1
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
1
ITEM 3.
KEY INFORMATION
1
ITEM 4.
INFORMATION ON THE COMPANY
51
ITEM 4A.
UNRESOLVED STAFF COMMENTS
81
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
81
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
106
ITEM 7
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
114
ITEM 8.
FINANCIAL INFORMATION
116
ITEM 9.
THE OFFER AND LISTING
117
ITEM 10.
ADDITIONAL INFORMATION
118
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
125
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
126
PART II
127
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
127
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
127
ITEM 15.
CONTROLS AND PROCEDURES
127
ITEM 16A.
AUDIT COMMITTEE FINANCIAL EXPERT
129
ITEM 16B.
CODE OF ETHICS
129
ITEM 16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
129
ITEM 16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
129
ITEM 16E
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
130
ITEM 16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
130
ITEM 16G.
CORPORATE GOVERNANCE
131
ITEM 16H.
MINE SAFETY DISCLOSURE
131
ITEM 16I
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
131
ITEM 16J
INSIDER TRADING POLICIES
131
PART III
132
ITEM 17.
FINANCIAL STATEMENTS
132
ITEM 18.
FINANCIAL STATEMENTS
132
ITEM 19.
EXHIBITS
132
i
INTRODUCTION
Except where the context otherwise
requires and for purposes of this annual report on Form 20-F only:
●
"ADSs" refers to American depositary shares, each of which represents four Class A ordinary share;
●
"Affected Entities" refers to private schools within China
that are affected by the Implementation Rules, entities holding such private schools as well as other enterprises within China that are
affected by the Implementation Rules which are listed in "Item 4. Information on the Company—C. Organizational Structure";
●
"A-Level" or "A Levels" refers to the General Certificate of Education (Advanced Level) Examination, a subject-based qualification conferred as part of the General Certificate of Education, as well as a school leaving qualification offered by the educational bodies in the United Kingdom and the educational authorities of British Crown dependencies to students completing secondary or pre-university education;
●
"BGY Education Investment" refers to BGY Education Investment Management Co., Ltd., which was historically controlled and consolidated by Bright Scholar Holdings through contractual arrangements but has been deconsolidated on August 31, 2021, and, together with its subsidiaries and schools, classified as discontinued operations;
●
"Bright Scholar Holdings" refers to Bright Scholar Education Holdings Limited, our Cayman Islands holding company;
●
"CAGR" refers to compound annual growth rate;
●
"China" or "PRC" refers to the People's Republic of China, excluding, for the purpose of this annual report only, Taiwan and the special administrative regions of Hong Kong and Macau;
●
"Country Garden" refers to Country Garden Holdings Company Limited, a company listed on The Stock Exchange of Hong Kong Limited (stock code: 2007), a related party, and its subsidiaries;
●
"fiscal year" refers to the period from September 1 of the previous calendar year to August 31 of the concerned calendar year;
●
"Implementation Rules" refers to the Implementation Rules
of the Law for Promoting Private Education, which was issued by the PRC State Council on May 14, 2021 and became effective on September
1, 2021;
●
"learning centers" refers to entities providing after-school education training services, including English proficiency training and extracurricular programs;
●
"ordinary shares" or "shares" refers to our Class A and Class B ordinary shares of par value US$0.00001 per share;
ii
●
"RMB" or "Renminbi" refers to the legal currency of China;
●
"school" refers to each of our international schools, bilingual schools, overseas schools and kindergartens, unless otherwise specified, before the deconsolidation of BGY Education Investment, and each of our overseas schools and domestic for-profit kindergartens, unless otherwise specified, after the deconsolidation of BGY Education Investment, as the context requires;
●
"school year" refers to the annual period of instruction at each school respectively, which customarily runs from September of the previous calendar year to July of the concerned calendar year;
●
"SEC" refers to the Securities and Exchange Commission of the United States;
●
"US$," "U.S. dollars," "$" and "dollars" refers to the legal currency of the United States of America;
●
"VIEs" refers to the entities that Bright Scholar Holdings controls and consolidates or used to control and consolidate through contractual arrangements, as the context requires, including (1) BGY Education Investment and the schools and subsidiaries it held, as the context requires, prior to its deconsolidation; and (2) Foshan Meiliang Education Technology Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd., Foshan Yongliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd., and Beijing Boteng Consulting Co., Ltd. and subsidiaries and schools they hold respectively, as the context requires, before and after the deconsolidation of BGY Education Investment;
●
"we," "us," "our," and "our company" refers to Bright Scholar Education Holdings Limited, its subsidiaries and its VIEs; and
●
"Zhuhai Bright Scholar" refers to Zhuhai Hengqin Bright Scholar Management Consulting Co., Ltd., our wholly-owned subsidiary in China.
Effective
on August 19, 2022, we changed the ratio of the ADSs to Class A ordinary shares from the then
ADS
ratio
of
one ADS to one Class A ordinary share to a new
ADS
ratio
of
one ADS representing four Class A ordinary shares.
Names of certain companies
provided in this annual report are translated or transliterated from their original Chinese legal names.
Discrepancies in any table
between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.
This annual report on Form
20-F includes our audited consolidated financial statements for the 2020, 2021 and 2022 fiscal years.
This annual report contains
translations of certain Renminbi amounts into U.S. dollars at specified rates. Unless otherwise stated, the translation of Renminbi into
U.S. dollars has been made at RMB6.8890 to US$1.00, the noon buying rate in effect on August 31, 2022 as set forth in the H.10 Statistical
Release of the Federal Reserve Board. We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be,
converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, the rates stated below, or at all. The PRC government
imposes controls over its foreign currency reserves in part through direct regulation of the conversion of Renminbi into foreign exchange
and through restrictions on foreign trade. On June 9, 2023, the noon buying rate was RMB7.1273 to US$1.00.
iii
Bright Scholar Holdings, our
ultimate Cayman Islands holding company, does not have any substantive operations other than indirectly controlling the VIEs, which controls
and holds our domestic kindergartens and complementary services, through certain contractual arrangements, and indirectly holding Bright
Scholar (UK) Holdings Limited, through which we operate our overseas schools. Investors in the ADSs are purchasing equity securities of
our ultimate Cayman Islands holding company rather than purchasing equity securities of the VIEs. We conduct our business operations through
both our consolidated subsidiaries and the VIEs, which we effectively control through certain contractual arrangements. We, together with
the VIEs, are subject to PRC laws relating to, among others, restrictions over foreign investments in education services set out in the
Negative List (2021 Version) promulgated by the Ministry of Commerce ("MOFCOM"), and the National Development and Reform Commission
("NDRC"). As a result, we have control over the VIEs through contractual arrangements. Our VIE structure is used to replicate
foreign investment in China-based companies and provide investors with exposure to foreign investment in China-based
companies where the PRC law prohibits direct foreign investment in the operating companies. Neither
we nor our subsidiaries own any share in the VIEs, and investors may never hold equity interests in the Chinese operating
companies. Instead, we control and receive the economic benefits of the VIEs' business operation
through a series of contractual agreements with the VIEs. The contractual agreements with the VIEs are designed to provide Zhuhai Bright
Scholar with the power, rights, and obligations equivalent in all material respects to those it would possess as the principal equity
holder of the VIEs, including absolute control rights and the rights to the assets, property, and revenue of the VIEs. As a result of
our direct ownership in Zhuhai Bright Scholar and the contractual agreements with the VIEs, we are regarded as the primary beneficiary
of the VIEs. Because of our corporate structure, we are subject to risks due to uncertainty of the interpretation and the application
of the PRC laws and regulations, including but not limited to limitation on control of domestic kindergarten and complementary services
through variable interest vehicle, and foreign ownership of internet technology companies, and regulatory review of oversea listing of
PRC companies through a special purpose vehicle, and the validity and enforcement of the contractual agreements. We are also subject to
the risks of uncertainty about any future actions of the PRC government in this regard. Our contractual agreements may not be effective
in providing control over the VIEs. We may also subject to sanctions imposed by PRC regulatory agencies including Chinese Securities Regulatory
Commission if we fail to comply with their rules and regulations. Investors in the ADSs are not purchasing equity securities of the VIEs,
but instead, are purchasing equity securities of our ultimate Cayman Islands holding company. Because of our corporate structure, we are
subject to risks due to uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited
to limitation on foreign ownership of private education entities, and regulatory review of oversea listing and offering of securities
of PRC companies through a special purpose vehicle, and the validity and enforcement of the contractual agreements. We are also subject
to the risks of uncertainty about any future actions of the PRC government in this regard. Our contractual agreements may not be effective
in providing control over the VIEs. We may also subject to sanctions imposed by PRC regulatory agencies including Chinese Securities Regulatory
Commission if we fail to comply with their rules and regulations.
We and the VIEs face various
legal and operational risks and uncertainties related to being based in and having significant operations in China. The PRC government
has significant authority to exert influence on the ability of a China-based company, such as us and the VIEs, to conduct its business,
accept foreign investments or list on U.S. or other foreign exchanges. For example, we and the VIEs face risks associated with regulatory
approvals of offshore offerings, oversight on cybersecurity and data privacy, as well as the uncertainty of PCAOB inspection on our auditors.
Such risks could result in a material change in our operations and/or the value of the ADSs or could significantly limit or completely
hinder our ability to offer ADSs and/or other securities to investors and cause the value of such securities to significantly decline
or be worthless. The PRC government also has significant discretion over the conduct of the business of us and the VIEs and may intervene
with or influence our operations or the development of the private education industry as it deems appropriate to further regulatory, political
and societal goals. Furthermore, the PRC government has recently indicated an intent to exert more oversight and control over overseas
securities offerings and foreign investment in China-based companies like us. Any such action, once taken by the PRC government, could
significantly limit or completely hinder our ability to offer securities to investors and cause the value of such securities to significantly
decline or in extreme cases, become worthless. For further details, see "Item 3. Key Information-D. Risk Factors-Risks Related to
Our Corporate Structure" and "Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China."
iv
We are subject to a number
of prohibitions, restrictions and potential delisting risk under the Holding Foreign Companies Accountable Act (the "HFCAA").
Pursuant to the HFCAA and related regulations, if we have filed an audit report issued by a registered public accounting firm that the
Public Company Accounting Oversight Board (the "PCAOB") has determined that it is unable to inspect and investigate completely,
the Securities and Exchange Commission (the "SEC") will identify us as a "Commission-identified Issuer," and the
trading of our securities on any U.S. national securities exchange, as well as any over-the-counter trading in the United States, will
be prohibited if we are identified as a Commission-identified Issuer for two consecutive years. In August 2022, the PCAOB, the China Securities
Regulatory Commission (the "CSRC") and the Ministry of Finance of the PRC signed a Statement of Protocol (the "Statement
of Protocol"), which establishes a specific and accountable framework for the PCAOB to conduct inspections and investigations of
PCAOB-governed accounting firms in mainland China and Hong Kong. On December 15, 2022, the PCAOB announced that it was able to secure
complete access to inspect and investigate PCAOB registered public accounting firms headquartered in mainland China and Hong Kong completely
in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered
public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily
conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainties
and depends on a number of factors out of our and our auditor's control. The PCAOB continues to demand complete access in mainland
China and Hong Kong moving forward and is making plans to resume regular inspections in early 2023 and beyond, as well as to continue
pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to
consider the need to issue new determinations with the HFCAA if needed. If the PCAOB is unable to inspect and investigate completely registered
public accounting firms located in China and we fail to retain another registered public accounting firm that the PCAOB is able to inspect
and investigate completely in 2023 and beyond, or if we otherwise fail to meet the PCAOB's requirements, the ADSs will be delisted
from the New York Stock Exchange, and our shares and ADSs will not be permitted for trading over the counter in the United States under
the HFCAA and related regulations. For details, see "Item 3. Key Information—D. Risk Factors—Risks Related to Doing
Business in China—Our ADSs will be delisted and prohibited from trading in the over-the-counter market under the Holding Foreign
Companies Accountable Act, if the PCAOB is unable to inspect or investigate completely auditors located in China for two consecutive years.
The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment."
We listed the ADSs on the
New York Stock Exchange under the symbol "BEDU" on May 18, 2017 and completed an initial public offering of 17,250,000 ADSs
on June 7, 2017. We issued an additional 10,000,000 ADSs on March 2, 2018. In July 2019, we issued senior notes in the aggregate principal
amount of US$300.0 million, with interests of 7.45% per annum and maturing on July 31, 2022, and listed such senior notes on the Stock
Exchange of Hong Kong Limited. As of the date of this annual report, we have redeemed all outstanding senior notes matured on July 31,
2022. Upon the completion of such redemption, all senior notes have been cancelled and delisted from the official list of the Stock Exchange
of Hong Kong Limited.
MARKET
AND INDUSTRY DATA
Market data and certain industry
forecasts used in this annual report were obtained from internal surveys, market research, publicly available information and industry
publications. Industry publications generally state that the information contained therein has been obtained from sources believed to
be reliable, but that the accuracy and completeness of such information is not guaranteed. Similarly, internal surveys, industry forecasts
and market research, while believed to be reliable, have not been independently verified, and we make no representation as to the accuracy
of such information.
v
Explanatory
note
Restatement Background
In connection with the preparation
of our financial statements as of and for the year ended August 31, 2022, we determined that there were errors in the prior year
financial statements relating to the identification and measurement of certain operating leases upon the initial adoption of Accounting
Standards Codification 842, Lease ("ASC 842"). In addition, we identified a lease contract which was terminated in 2021, but
not accounted for in the correct period. Therefore, certain information in the consolidated financial statements for the year ended August
31, 2020 and 2021 has been restated to correct for these errors, including non-current operating lease right-of-use assets, current operating
lease liabilities and non-current operating lease liabilities in the consolidated balance sheets and the related items on the consolidated
statements of cash flows. Because the errors were immaterial to the consolidated statements of operations and consolidated statements
of shareholders' equity for the years ended August 31, 2020 and 2021, we recorded the accumulated impact in the 2022 fiscal year.
The nature of these error
corrections is as follows:
(1)
Certain overseas operating leases were not properly determined their respective variable lease payment
upon the adoption of ASC 842 and adjustments have been made to correct these errors in the 2020 and 2021 fiscal years.
(2)
Two operating leases existed prior to the adoption of ASC 842 but not have been appropriately identified,
adjustments have been made to correct these errors in the 2020 and 2021 fiscal years.
(3)
One of the lease contracts of the Overseas Schools was early terminated in the 2021 fiscal year 2021, but it has been inappropriately
accounted for as a termination in the 2022 fiscal year. Adjustment has been made to correct the error in the 2021 fiscal year.
(4)
As part of the error corrections being made, the resultant classification of current operating lease liabilities
and non-current operating lease liabilities was corrected.
The restatement to our application
of ASC 842 described above have limited impact on our operation metrics, and no impact on the management and operation of the business.
Our risk management and compliance culture is critical to our success. We have been subject to the incremental reporting and compliance
requirements of a public company, beginning with the commencement of trading of our ordinary shares on the New York Stock Exchange in
May 2017.
Our management and the audit
committee of our board of directors concluded that our consolidated financial statements for the 2020 and 2021 fiscal years should be
restated to correct a material overstatement of non-current operating lease right-of-use assets and current operating lease liabilities,
overstatement/understatement of non-current operating lease liabilities, and the related items on the consolidated statements of cash
flows; definitionally, any such restatement is considered to be for the correction of a material error. We believe that presenting our
consolidated financial statements for the 2022 fiscal year along with the information set forth in "—Restatement of Our Consolidated
Financial Statements and Related Information" below will allow readers to review all pertinent data within a single document. Therefore,
we do not plan to amend our previously filed annual reports on Form 20-F for the years ended August 31, 2020 and 2021.
The restatement of our consolidated
financial statements reflected in this annual report on Form 20-F shall not be deemed an admission that the historical annual reports
on Form 20-F, when filed, included any untrue statement of a material fact or omitted to state a material fact necessary to make a statement
not misleading.
vi
Restatement of Our Consolidated Financial Statements and Related
Information
The restatements to the consolidated
balance sheets as of August 31, 2020 and 2021 are summarized as follows:
August 31, 2020
As Reported
Adjustment
As Restated
(RMB in thousands)
ASSETS
Operating lease right-of-use assets –non current
1,816,721
(25,550
)
1,791,171
Total assets
1,816,721
(25,550
)
1,791,171
LIABILITIES
Operating lease liabilities – current
196,129
(62,120
)
134,009
Operating lease liabilities – non current
1,662,928
36,570
1,699,498
Total liabilities
1,859,057
(25,550
)
1,833,507
August 31, 2021
As Reported
Adjustment
As Restated
(RMB in thousands)
ASSETS
Operating lease right-of-use assets –non current
1,773,773
(80,310
)
1,693,463
Total assets
1,773,773
(80,310
)
1,693,463
LIABILITIES
Operating lease liabilities – current
123,215
(220
)
122,995
Operating lease liabilities – non current
1,752,667
(80,090
)
1,672,577
Total liabilities
1,875,882
(80,310
)
1,795,572
The restatements to the consolidated
statements of cash flows for the year ended August 31, 2020 and 2021 are summarized as follows:
August 31, 2020
As Reported
Adjustment
As Restated
(RMB in thousands)
Cash Flows From Operating Activities
Adjustments to reconcile net cash flows from operating activities:
Noncash lease expense
142,519
749
143,268
Changes in operating assets and liabilities and other, net:
Other receivables, deposits and other assets
9,973
(2,227
)
7,746
Operating lease liabilities
(109,514
)
1,478
(108,036
)
Net cash provided by operating activities
42,978
-
42,978
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for the new operating lease liabilities
75,752
65,248
141,000
Decrease of Right-of-use assets for early termination
14,019
-
14,019
vii
August 31, 2021
As Reported
Adjustment
As Restated
(RMB in thousands)
Cash Flows From Operating Activities
Adjustments to reconcile net cash flows from operating activities:
Noncash lease expense
257,244
(5,884
)
251,360
Changes in operating assets and liabilities and other, net:
Other receivables, deposits and other assets
5,534
(7,728
)
(2,194
)
Operating lease liabilities
(213,827
)
13,612
(200,215
)
Net cash provided by operating activities
48,951
-
48,951
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for the new operating lease liabilities
228,123
(48,155
)
179,968
Decrease of Right-of-use assets for early termination
14,415
9,400
23,815
The following items in this
annual report on Form 20-F contain financial information that have been amended principally as a result of, and to reflect, the restatement
of our consolidated financial statements:
Part I, Item 3. Key Information
Part I, Item 5. Operating and Financial Review
and Prospects
Part II, Item 15. Controls and Procedures
Part II, Item 18. Financial
Statements
Considerations Relating to Internal Control Over Financial Reporting
Under the PCAOB auditing standards,
a restatement of financial statements is by definition evidence of a material weakness in internal controls. Thus, in connection with
our review of our consolidated financial statements leading to the restatement, we identified a material weakness in the design and implementation
relating to lease accounting due to the lack of comprehensive assessment process over lease accounting in the oversea schools component
in our internal control over financial reporting which failed to prevent or detect the identified misstatements requiring the restatement.
As a result, we concluded that, due to the material weaknesses in our internal control over financial reporting, our internal control
over financial reporting and our disclosure controls and procedures were not effective at each of August 31, 2020 and 2021. See "Item.15
Controls and procedures" for additional information with respect to material weaknesses in internal control over financial reporting
and our related remediation activities.
viii
PART
I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISERS
Not applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
ITEM 3. KEY INFORMATION
A. [Reserved]
B. Capitalization and Indebtedness
Not applicable.
C. Reasons for the Offer and Use of Proceeds
Not applicable.
D. Risk Factors
An investment in the ADSs involves risks. You should carefully consider
the risks described below, as well as the other information included or incorporated by reference in this annual report, before making
an investment decision. Our business, financial condition or results of operations could be materially adversely affected by any of these
risks. The market or trading price of the ADSs could decline due to any of these risks, and you may lose all or part of your investment.
In addition, the risks discussed below also include forward-looking statements and our actual results may differ substantially from those
discussed in these forward-looking statements. Please note that additional risks not presently known to us, that we currently deem immaterial
or that we have not anticipated may also impair our business and operations.
Risk Factor Summary
Risks Related to Our Business
●
compliance with the Implementation Rules materially and adversely affecting our business, financial condition, results of operations and prospect in the future;
●
our ability to execute our growth strategies or continue to grow as rapidly as we have in the past;
●
our ability to remain profitable or increase profitability in the future;
●
our corporate structure on contractual arrangements which has caused us to lose control of the Affected Entities;
1
●
limitations on our ability to maintain the operation of our kindergartens and to expand our kindergarten network;
●
our ability to obtain or update our learning centers' educational
permits and business licenses;
●
acquisition related risks as a result of our acquisition strategy;
●
our ability to manage our business expansion and integrate businesses we acquire;
●
unknown or contingent liabilities related to the acquired businesses;
●
our ability to meet financial obligations due to the net current liabilities
as of August 31, 2022;
●
our ability to secure additional capital for our future expansion;
●
our ability to ramp up existing schools and successfully launch new schools;
●
our ability to engage with the Affected Entities to provide education services as we expected;
●
our ability to enroll and retain a sufficient number of students;
●
changes in international regulations, travel restrictions and sanctions;
●
accidents, injuries or other harm that may occur at our schools, learning
centers or the events we organize;
●
our ability to charge tuition or other fees at sufficient levels;
Risks Related to Our Corporate Structure
●
ownership structure and contractual arrangements being challenged by extensive regulation over private education service business in China;
●
uncertainties in the interpretation and implementation of the newly
enacted PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business
operations;
●
contractual arrangements with the VIEs and their shareholders being ineffective in providing control as direct ownership;
●
uncertainties in the interpretation of newly issued rules, regulatory
actions and statements related to VIEs, private schools and complementary services, under which we may be unable to assert our contractual
rights over the assets of the VIE;
●
potential conflict of interest between us and our largest shareholders; and
●
additional taxes owed by us or the VIEs due to the PRC tax authorities' scrutiny over our contractual arrangement.
2
Risks Related to Doing Business in China
●
overall economy in China or the education services market affected by PRC economic, political and social conditions, as well as changes in any government policies, laws and regulations;
●
uncertainties with respect to the PRC legal system;
●
any actions by the Chinese government may cause us to make material changes to the operation of our PRC subsidiaries or the VIE;
●
any increase in applicable enterprise income tax rates or the discontinuation of any preferential tax treatments currently available to us;
●
unfavorable tax consequences to us as a result of us being classified as a PRC "resident enterprise;"
●
significant uncertainties under the PRC enterprise income tax law relating to the withholding tax liabilities of our PRC subsidiaries;
●
significant uncertainties in the application and interpretation of the Law on the Promotion of Private Education, the Implementation Rules and their detailed implementation rules and regulations;
●
uncertainties with respect to indirect transfers of the equity interests in PRC resident enterprises by their non-PRC holding companies; and
●
restrictions on currency exchange.
Risks Related to Our Ordinary Shares and
ADSs
●
volatile ADS trading price;
●
decline in our ADS price due to substantial future sales or perceived potential sales of the ADSs;
●
decline in our ADS price due to techniques employed by short sellers;
●
limitation on your ability to influence corporate matter's due to our dual-class share structure with different voting rights; and
●
decline in our ADS price due to inaccurate, unfavorable or little research about us.
3
Risks Related to Our Business
Our compliance with the Implementation
Rules has materially and adversely affected and may continue to materially and adversely affect our business, financial condition, results
of operations and prospect in the future, and we have been subject to significant limitations on our ability to engage in the private
for-profit education business and may otherwise be materially and adversely affected by changes in PRC laws and regulations.
The Standing Committee of
the National People's Congress amended the Law on the Promotion of Private Education on November 7, 2016, which became effective
on September 1, 2017 and were further amended on December 29, 2018 (the "Amended Law"). Pursuant to the Amended Law, sponsors
of private schools may choose to establish schools in China either as non-profit or for-profit schools. Sponsors of for-profit private
schools are entitled to retain the profits from their schools and the operating surplus may be allocated to the sponsors pursuant to the
PRC company law and other relevant laws and regulations. On the other hand, sponsors of non-profit private schools are not entitled to
any distribution of profits from their schools and all revenue must be used for the operation of the schools. As a holding company, our
ability to generate profits, pay dividends and other cash distributions to our shareholders under the existing and the Amended Law is
affected by many factors, including but not limited to the characterizations of our schools as for-profit or non-profit schools, the profitability
of our schools and other affiliated entities, and our ability to receive dividends and other distributions from our PRC subsidiary, Zhuhai
Bright Scholar, which in turn depends on the service fees paid to Zhuhai Bright Scholar from our schools and other affiliated entities.
If our schools are unable to be registered as for-profit private education entities, the approval of which is subject to the discretion
of government authorities, our contractual arrangements with such schools may be subject to more stringent scrutiny. Furthermore, pursuant
to the Amended Law, sponsors are not permitted to establish for-profit schools if such schools provide compulsory education services,
which cover grades one to nine. Nevertheless, prior to the deconsolidation of BGY Education Investment, income from compulsory education
services accounted for a significant portion of revenue. For further details, see "Item 4. Information on the Company—B. Business
Overview— Regulations—Regulations on Private Education in the PRC—The Law for Promoting Private Education and the Implementation
Rules."
On May 14, 2021, the PRC State
Council announced the Implementation Rules, which became effective on September 1, 2021. Pursuant to the Implementation Rules, (1) foreign-invested
enterprises established in China and social organizations whose actual controllers are foreign parties shall not sponsor, participate
in or actually control private schools that provide compulsory education, (2) social organizations or individuals shall not control any
private school that provides compulsory education or any non-profit private school that provides pre-school education by means of merger,
acquisition, contractual arrangements, etc., and (3) private schools providing compulsory education shall not conduct any transaction
with any related party.
The
Implementation Rules have significantly impacted our business operations and our results of operations. After consultation with its PRC
legal counsel and external advisors, we reached the conclusion that, as a result of the effectiveness of the Implementation Rules, we
have lost control over the Affected Entities, which primarily include our private schools providing compulsory education, not-for-profit
kindergartens and other enterprises within China that are affected by the Implementation Rules. We have determined that, in substance,
we ceased to recognize revenues for all activities related to the Affected
Entities with compulsory education and discontinued all business activities with such entities, by August 31, 2021 while continuing to
provide essential services to keep these schools open. As a result, our ability to engage
in the private not-for-profit education in China has been materially and adversely affected, and we cannot assure you
that
we will be able to restore such ability, which could materially and adversely affect our business, prospects, results of operations and
financial condition.
4
We may not be able to execute our growth
strategies or continue to grow as rapidly as we have in the past several years.
As of the date of this
annual report, the domestic school network under our continuing operations in China includes eight kindergartens in China, all of
which are registered as for-profit kindergartens. The discontinuation has caused our domestic school network to shrink drastically
due to the effectiveness of the Implementation Rules. We cannot assure you that we will be able to effectively expand our domestic
school network, which could materially and adversely affect our business, prospects, results of operations and financial condition.
For our continuing operations, we intend to enroll students, recruit teachers and educational staff, increase the utilization rates
of our existing and new schools and invest in overseas and complementary businesses. However, we may not be able to continue to grow
as rapidly as we did previously due to uncertainties involved in the process, for example:
●
we may not be able to attract and retain a sufficient number of students for our existing and new schools;
●
we may not be able to successfully integrate complementary or acquired
businesses with our current service offerings and achieve anticipated synergies;
●
we may not be able to hire and retain principals, teachers, educational staff and other employees for our existing and new schools;
●
we may require more time than expected to obtain the accreditation for the education programs, particularly the international education programs, at our schools;
●
we may not be able to continue to refine our curricula and optimize
our students' academic performance;
●
our business partner, Country Garden, a related party, may not be able
to develop new residential communities at districts with robust demand for private education or sell residential units to a sufficient
number of buyers seeking convenient access to private education;
●
the development of new schools may be delayed or affected as a result of many factors, such as delays in obtaining government approvals or licenses, shortages of key construction supplies and skilled labor, construction accidents, or natural catastrophes, some of which are beyond our control;
●
we may not be able to successfully build our brand name and launch
schools independent of Country Garden;
●
we may be subject to further limitation in our ability to engage in the private for-profit education business; and
●
we may not be able to successfully execute new growth strategies.
These risks may increase significantly
when we expand into new cities or countries. Managing the growth of a geographically diverse business also involves significant risks
and challenges. We may find it difficult to manage financial resources, implement uniform education standards and operational policies
and maintain our operational, management and technology systems across our network. If we are unable to manage our expanding operations
or successfully achieve future growth, our business, prospects, results of operations and financial condition may be materially and adversely
affected.
We may not be able to achieve profitability
in the future.
We may not be able to achieve
profitability. In particular, some of our schools, especially those at the ramp-up stage and with comparatively low utilization rates,
are currently operating at loss and we may not be able to achieve profitability for these schools. Newly launched schools may negatively
impact our overall financial condition. Our ability to achieve profitability has been and will be affected by the deconsolidation of the
Affected Entities due to the effectiveness of the Implementation Rules.
Our ability to achieve profitability
and maintain positive cash flow will depend in large part on our ability to control our costs and expenses, which are expected to increase
as we further develop and expand our school network, as well as our ability to attract and retain educational talents to promote our business
success. We may incur significant losses in the future for a number of reasons, including the other risks described in this annual report.
We may also further encounter unforeseen expenses, difficulties, complications, delays and other unknown events. If we fail to increase
revenue at the rate we anticipate or if our expenses increase at a faster rate than the increase in our revenue, we may not be able to
achieve profitability.
5
Our corporate structure is built upon a
series of contractual arrangements which has caused us to lose control of the Affected Entities.
On August 17, 2020, the PRC
Ministry of Education (the "MOE"), and other four ministries and commissions promulgated the Opinions on Further Standardization
of Education Fee, which further strengthens the regulation of private education fees. The Opinions on Further Standardization of Education
Fee stipulates that private schools must publicize the itemized fees and standards at a prominent location in the school and indicate
the itemized fees and standards in the admissions brochure and admission notice. If fees that should be publicized are not publicized,
or the content of the publicity is not in compliance with the relevant policies, students are entitled to refuse the payment of the fees.
In addition, the Opinions on Further Standardization of Education Fee emphasizes that sponsors of non-profit schools shall not transfer
proceeds generated from operating such schools by way of related party transactions that fail to meet the requirements of being open,
fair or just, and other service fees charged to our students must be charged based on a reasonable basis and voluntary and non-profit
principles. If the regulatory authority deems otherwise, our operations may be adversely affected.
On September 7, 2020, the
MOE published the Draft Preschool Education Law for public comments which was then submitted for review to the State Council on April
12, 2021. The Draft Preschool Education Law, among other things, tightens restrictions over kindergartens in pursuing profits and prohibits
social capital from controlling state-run kindergartens and non-profit kindergartens through mergers and acquisitions, entrusted operation,
franchising, through variable interest entities or via contractual control, prohibits (a) kindergartens from being directly or indirectly
involved as assets of a company aiming at a listing, and (b) a listed company or its controlling shareholders to invest for-profit kindergartens
through capital market financing or purchase the assets of for-profit kindergartens by issuing shares or paying cash.
On July 24, 2021, the
General Office of Central Committee of the Communist Party of China and the General Office of State Council jointly promulgated the Opinions
on Further Alleviating the Burden of Homework and After-School Tutoring for Students in Compulsory Education (the "Alleviating Burden
Opinion"). The Alleviating Burden Opinion prohibits foreign investors from controlling or holding interest (including through contractual
arrangements) in institutions providing after-school tutoring services on academic subjects in relation to the compulsory education (including
primary school education of six years and middle school education of three years).
In addition, pursuant to the
Implementation Rules, which became effective on September 1, 2021, social organizations and individuals are prohibited from controlling
a private school that provides compulsory education or a non-for-profit private school that provides pre-school education by means of
merger, acquisition, contractual arrangements, etc., and private school providing compulsory education shall not conduct any transaction
with any related party, and any other private school conducting any transaction with any related party shall follow the principles of
openness, fairness and impartiality, fix the price reasonably and regulate the decision-making, and shall not damage the interests of
the state and the school or the rights and interests of the teachers and students, which may impose restrictions on the above-mentioned
related party transactions. Such prohibition has significantly affected the enforceability of the exclusive management services and business
cooperation agreements with affiliated entities providing compulsory education. Therefore, we concluded that we lost control of the schools
providing compulsory education, not-for-profit kindergartens, and the sponsor entities (i.e. the Affected Entities) as from August 31,
2021 and such VIE contractual arrangements with them have become invalid since then and classified them as discontinued operations. Such
discontinuation has had a material and adverse impact on our business, financial condition and results of operations.
Our schools in China that
are involved in related party transactions may also be subject to strict supervision by relevant government authorities, and we may need
to establish corresponding information disclosure systems and incur greater compliance costs. Our contractual arrangements, which may
be deemed as related-party transactions, may be subject to scrutiny against the stipulated benchmarks by relevant government authorities.
If our existing group structure
or contractual arrangements are deemed to violate any rules, laws or regulations, we may be required to terminate or amend our contractual
arrangement. Our license to operate private schools may be revoked, cancelled or not be renewed. We may be subject to penalties as determined
by the relevant authorities. We may also be restricted from further expanding our schools or school network. For example, we may not be
able to acquire non-profit private schools. If any of the foregoing occurs, our business, financial condition and results of operations
would be materially and adversely affected.
6
Our ability to maintain the operation of
our kindergartens and to expand our kindergarten network may be limited due to our listing status as well as the PRC laws and regulations,
which may in turn affect our results of operations.
On November 7, 2018, the Central
Committee of the Communist Party of China and the State Council promulgated the Opinions on Regulating the Development and Deepening of
the Reform of the Pre-School Education (the "Opinions"), which limits the ability by kindergartens to obtain financing through
equity financing. It is unclear whether the Opinions will be applied retrospectively. In addition, we have not been notified of or been
subject to any material fines or other penalties under any PRC laws or regulations due to any alleged violation of the Opinions. However,
we cannot assure you that the Opinions will not be applied retrospectively, and that we will not be subject to adverse impact under the
Opinions or any laws or regulations promulgated pursuant to the Opinions in the future. Moreover, the Opinions prohibit p
rivate
kindergartens from listing as public companies by themselves or through packaging with other assets and
restrict public companies
from acquiring for-profit kindergartens with funds raised in the capital markets. Even though the Opinions do not clearly provide whether
companies listed in capital markets outside the PRC fall under such restriction, we may be subject to this restriction, which would limit
our ability to carry out further expansion plans with regard to our kindergarten business.
In addition, on January
                                                                                                                  22, 2019, the General Office of the State Council issued the Circular on Initiating the Rectification of Kindergartens Affiliated to
                                                                                                                  Residential Communities in Urban Areas (the "Circular on Initiating the Rectification"), which requires existing
                                                                                                                  community-affiliated kindergartens to be handed over to local education authorities and shall be held by local education authorities
                                                                                                                  as public kindergartens or turn into inclusive kindergartens operated by authorized social entities. It also provides that
                                                                                                                  community-affiliated kindergartens shall be not-for-profit. As of the date of this annual report, the domestic school network under
                                                                                                                  our continuing operations in China includes eight kindergartens in China, all of which are registered as for-profit kindergartens,
                                                                                                                  as the discontinuation has caused our domestic school network to shrink drastically due to the effectiveness of the Implementation
                                                                                                                  Rules. See "—Our compliance with the Implementation Rules has materially and adversely affected and may continue to
                                                                                                                  materially and adversely affect our business, financial condition, results of operations and prospect in the future, and we have
                                                                                                                  been subject to significant limitations on our ability to engage in the private for-profit education business and may otherwise be
                                                                                                                  materially and adversely affected by changes in PRC laws and regulations." As of the date of this annual report, we do not own
                                                                                                                  any not-for-profit community-affiliated kindergartens, and we do not plan to sponsor any not-for-profit community-affiliated
                                                                                                                  kindergartens in the future, as the Circular on Initiating the Rectification has significantly restricted our ability to sponsor
                                                                                                                  community-affiliated kindergartens. We cannot assure you that the domestic kindergartens we currently operate will not be
                                                                                                                  classified as community-affiliated kindergartens and thus become not-for-profit. If any of the kindergartens we operate is
                                                                                                                  classified as a community-affiliated kindergarten, we may become unable to continue to operate such kindergarten, which could
                                                                                                                  materially and adversely affect our business and results of operations. See "Item 4. Information on the Company—B.
                                                                                                                  Business Overview—Regulations—Regulations on Private Education in the PRC—Opinions on Regulating the Development
                                                                                                                  and Deepening of the Reform of Pre-school Education."
Our learning centers may not be able to
obtain or update the required educational permits and business licenses, which may subject us to fines and other penalties, including
the suspension of operations in noncompliant learning centers and confiscation of profits derived from non-compliant operations.
According to the Amended Law,
which became effective on September 1, 2017, private schools for after-school tutoring can be established as for-profit private schools
at the election of the school sponsors. The Amended Law also deleted the provision stipulating that measures for administration of profit-making
non-state training institutions registered with the administrative department for industry and commerce shall be separately formulated
by the State Council. According to the Rules for the Implementation of Supervision and Management of For-profit Private Schools, jointly
issued by the Ministry of Education, the Ministry of Human Resources and Social Security and the State Administration for Industry and
Commerce, and came into force on December 30, 2016, for-profit private tutoring institutions shall be in compliance with the regulations
applicable to private schools. On February 13, 2018, the General Offices of the Ministry of Education and three other ministries in China
jointly issued the Notice to Launch Special Campaign towards After-school Tutoring Institutions on Practically Reducing Burdens for Primary
and Middle School Students, which requires after-school tutoring institutions with satisfactory conditions to obtain school operation
licenses and other permits. Further, on August 22, 2018, the State Council issued the Opinion on Supervising After-School Tutoring Institutions
(the "Circular 80"), which provides detailed guidance for these after-school tutoring institutions. Pursuant to the Alleviating
Burden Opinion, which was promulgated on July 24, 2021 and the Circular 80, institutions providing after-school tutoring services on academic
subjects in relation to the compulsory education are required to be registered as non-profit organization and institutions providing after-school
tutoring services shall obtain the private school operating permit.
Council Circular 80 and the
Implementation Rules further require the learning centers of a training school providing after-school tutoring services to make filings
with the relevant education authorities. On September 7, 2021, to implement the
Alleviating Burden
Opinion,
the MOE published on its website that the MOE, together with two other government authorities, issued a circular requiring all
institutions
providing after-school tutoring services on academic subjects in relation to the compulsory education
to
complete registration as
non-profit
by the end of 2021, and all those institutions shall,
before completing such registration, suspend enrollment of students and charging fees.
For the non-academic tutoring services,
the Alleviating Burden Opinion requires that local governmental authorities shall administer the non-academic after-school tutoring institutions
by classifying sports, culture and art, science and technology and other non-academic subjects, formulating standards among different
classification of non-academic tutoring and conducting strict examination before granting permission.
Therefore, we expect that
the Amended Law, accompanied with its relevant implementation rules and regulations as well as other administrative actions, will bring
significant changes to our compliance environment. A certain number of our entities, through which we operate our existing learning centers,
may be required to obtain new licenses and permits or update their existing ones.
As of the date of this
annual report, 17 out of 18 of our learning centers in China currently in operation need to obtain and update their operating
permits or business licenses required by the regulatory changes discussed above. If we fail to obtain and update such permits or
licenses in any event as required by relevant laws or regulations, we may be subject to fines or confiscation of profits derived
from non-compliant operations and we may be unable to continue the operations at our non-complying learning
centers, which could materially and adversely affect our business and results of operations.
7
We have in the past acquired several businesses
and intend to remain acquisitive while continuing our organic growth, which may expose us to acquisition related risks.
We are at all times pursuing
acquisition opportunities and these processes are, at any time, in various stages of completion. For example, we have completed several
acquisitions in the United Kingdom and will continue to seek opportunities in overseas markets and in complementary education services.
Our targets may cover a wide range of education, including independent schools, boarding schools, art institutes, pre-university education
service providers, language training centers and other education-related service providers. Our acquisition strategy exposes us to significant
acquisition-related risks. If we successfully complete several of these ongoing opportunities, the overall scope of our operations could
grow substantially in the near to mid-term future and would have a material impact on our business, results of operations and financial
condition. While there is no certainty as to whether any of the opportunities that we are currently pursuing, or any future opportunity,
will be completed, some of these opportunities may be completed in the near- or mid-term, if current challenges to the processes can be
overcome. Our acquisition-related risks include:
●
failure to obtain sufficient financing on satisfactory commercial terms in a timely manner;
●
failure to successfully manage the increased leverage, interest expense, gearing and risks of default;
●
depletion of our resources and cash flows available for existing operations;
●
significant reduction in our cash flow and liquidity for financing the acquisitions;
●
unanticipated challenges in operating in jurisdictions in which we do not currently operate in or do not operate at a significant scale, such as failure to get accustomed to the political, cultural and legal environment of these new jurisdictions;
●
unforeseen challenges in operating new types of schools or programs and the failure to obtain relevant licenses for these new businesses;
●
failure to manage and integrate the acquired businesses into our current operations effectively and may require financial resources that would otherwise be available for the ongoing development or expansion of our existing operations;
●
failure to adjust our current business model to manage and operate at a more sizable scale and to realize the expected benefits from economies of scale;
●
diversion of our management's attention from existing businesses
as they commit significant resources and efforts to the acquisition process;
8
●
incurrence of significant costs in pursuing each acquisition, even if transactions cannot be successfully pursued, such as legal and managerial costs in conducting due diligence on the targeted businesses, resulting in a deprivation of the value of the targeted businesses;
●
unforeseen contingent risks and latent liabilities of the targeted businesses that are not revealed to us in the due diligence process;
●
financial risks related to the acquisition processes due to the inaccuracy of our assumptions with respect to the cost of and schedule for completing the acquisitions;
●
potential loss of key personnel and students of the acquired business and failure to develop new relationships with students, teachers and other third parties in the overseas market;
●
failure to recover the cost of the acquisitions through the materialization of the expected value from the targeted businesses or to achieve synergistic effect;
●
regulatory risks related to the acquisition processes and to the operation of the newly acquired businesses, such as trade barriers and other restrictive or protective measures of our targeted overseas markets due to our lack of experience in dealing with the relevant authorities;
●
liabilities related to the acquisitions against the sellers if we are unable to fulfil our obligations to them pursuant to the relevant sell and purchase agreements resulting in unanticipated financial costs;
●
unanticipated increase in financing cost for the acquisitions due to fluctuation in foreign currencies and other foreign exchange restrictions or currency controls; and
●
failure to protect our minority interests in certain non-wholly owned schools or to increase our shareholdings by acquiring more equity interests and our interests may not be aligned with those of controlling shareholders'.
We may not be able to effectively manage
our business expansion and successfully integrate businesses we acquire.
In recent years, we have expanded
rapidly through acquisitions in China and overseas. As part of our global expansion plan, we have been exploring merger and acquisition
opportunities abroad to expand our global school network, targeting quality K-12 private education providers and reputable schools in
our targeted overseas countries and jurisdictions. For further details, see "Item 4. Information on the Company—B. Business
Overview—Our Expansions and Investments."
Our rapid expansion has resulted,
and will continue to result, in substantial demands on our management, personnel, operational, technological and other resources. The
sustainable post-acquisition organic growth is largely dependent on our ability to integrate operations, system infrastructure, existing
partnerships and management philosophies of acquired schools and businesses. The integration of acquired schools is complicated and time-consuming
and requires significant resource commitment, standardized integration process, and adequate planning and implementation. We cannot
assure you that the acquisitions will be as successful as intended, or at all. The main challenges involved in integrating acquired
schools and businesses include the following:
●
implementing integration process and management systems to ensure management philosophies, group-wide strategies and evaluation benchmarks can be effectively carried out at each acquired school and business;
●
demonstrating to students at our acquired schools and more importantly
their parents that the acquisitions will not result in adverse changes in the service quality and business focus;
9
●
retaining local existing managerial and operational teams and qualified education professionals of our acquired schools and businesses;
●
integrating and streamlining different system infrastructure and data management systems;
●
integrating financial reporting systems, the failure of which could cause a delay in, or impact the reliability of, our financial statements;
●
maintaining adequate internal control over financial reporting and preventing failed or delayed integration of these acquired businesses into our internal control over financial reporting;
●
preserving strategic, marketing or other important relationships of the acquired schools;
●
obtaining requisite pre-acquisition and post-acquisition regulatory approvals in countries and jurisdictions in which our target schools and businesses are located in a timely manner or at all; and
●
competing with multinational education companies.
Therefore, we cannot assure
you that we will be able to integrate the acquired schools and businesses with our existing operations in accordance with the expected
timetables, and we may incur significant financial expenses and commit significant resources to streamline the operation of the acquired
schools and businesses under our internal control requirements, and our pricing and profitability targets may not prove accurate or feasible,
which may result in adverse impact to our financial performance. Any difficulties or delays encountered in connection with the integration
of our and the acquired businesses' operations could divert substantial management attention to the transition of the acquired schools
and businesses before achieving full integration and may result in delay or deferral by our management of important strategic decisions
for our existing businesses, which may adversely affect our business growth. In addition, the businesses and schools we acquire may be
loss-making or have existing liabilities or other risks that we may not be able to effectively manage or may not be aware of at the time
we acquire them, which may impact our ability to realize the expected benefits from the acquisition or our financial performance.
In addition, we plan to acquire
additional overseas schools to expand our global network. We have announced a number of international acquisitions and may undertake future
acquisitions or other corporate transactions in the future. We cannot assure you that we will be able to effectively and efficiently identify
new overseas school projects, manage acquired overseas schools and our overseas operations, or integrate the acquired overseas schools
with our existing operations. In addition, political and economic instabilities, tariffs, trade barriers and other restrictive actions
taken by the governments of our targeted markets, fluctuations in foreign exchange rates, our insufficient experience and knowledge of
the local markets as well as the relevant local laws and regulations may all affect our ability to operate our overseas schools and manage
our overseas operations, which in turn may have a material and adverse effect on our business, financial position and results of operations.
10
We may be subject to unknown or contingent
liabilities related to the acquired businesses, which may adversely affect our financial performance.
The businesses and
schools we acquired or plan to acquire may be operating at a loss or have existing liabilities or other risks that we may not be
able to effectively manage or may not be aware of at the time that we acquire them. Although consistent with industry practice, we
always conduct a review of assets prior to each acquisition, such reviews are inherently incomplete as it is generally not feasible
to review in depth every individual asset involved in each acquisition. Ordinarily, our due diligence focuses on higher-value
businesses or assets and will only conduct a sample due diligence on the remainder. Nonetheless, even an in-depth review of all
assets and records may not necessarily reveal an exhaustive list of existing and potential problems, nor will it permit us to become
sufficiently familiar with the assets to assess fully their deficiencies and capabilities. As we may have no recourse, or only
limited recourse, against the sellers for these unknown liabilities and risks, this may in turn affect our ability to realize the
expected benefits from the acquisition or our financial performance. Furthermore, even though the sellers may be required to
indemnify us with respect to breaches of the representations and warranties pursuant to the respective sell and purchase agreements,
such indemnification is limited and subject to various materiality thresholds and an aggregate cap on losses. As a result, we cannot
assure you that we will be able to recover any amount with respect to losses due to breaches by the sellers of their representations
and warranties. In addition, the total amount of costs and expenses that may be incurred with respect to liabilities associated with
the acquired business may exceed our expectations, along with other unanticipated adverse effects, all of which may adversely affect
our business, results of operations and financial condition.
We may not generate sufficient profit to
guarantee our ability to meet financial obligations due to the net current liabilities as of August 31, 2022.
As of August 31, 2022, we
had net current liabilities of RMB380.9 million (US$55.3 million) for our continuing operations. We cannot assure you that we will
not experience periods of net current liabilities in the future. We may record net current liabilities in future periods as we
expand. A net current liabilities position could expose us to liquidity risks, constrain our operational flexibility and adversely
affect our ability to obtain financing and expand our business. We cannot
assure you that we will always be able to generate
sufficient cash flow from our operations or obtain necessary funding to meet our future financial needs, including repaying our
loans upon maturity and financing our capital commitments. If we fail to meet our financial obligations, our business, liquidity,
financial condition and prospects could be materially and adversely affected.
As of the date of this
annual report, our management has concluded that we will have sufficient financial resources to support our operations and meet our
financial obligations and commitments as they become due. Therefore, our financial statements have been prepared assuming we will
continue on a going concern basis. However, our ability to continue as a going concern is dependent on our ability to generate
sufficient profits and/or obtain necessary funding from outside sources, and we cannot assure you that we will be able to generate
such profits or obtain such funding. Failure to continue as a going concern would require that our assets and liabilities be
restated on a liquidation basis, which could differ significantly from the going concern basis.
We may need additional capital for our future
expansion and our leverage profile may change significantly.
To the extent our existing
sources of capital are not sufficient to satisfy our existing and future needs, we may have to seek external financing sources. Our ability
to obtain additional capital from external sources in the future is subject to a variety of uncertainties, including our future financial
condition, results of operations and cash flows, regulatory considerations, general market conditions for capital raising activities and
economic, political and other conditions in jurisdictions where we operate. In particular, future debt financing, if can be obtained,
could include terms that may restrict our financial flexibility or our ability to manage our business freely, which may adversely affect
our business and results of operations. In addition, we have completed several overseas acquisitions in the past, such as the acquisitions
of Bournemouth Collegiate School ("BCS"), St. Michael's School, Bosworth Independent School ("BIC") and
CATS Colleges Holdings Limited ("CATS") and may in the future enter into agreements in relation to future overseas acquisitions,
some of which may be funded by debt financing. In the event that the amount of debt drawn to fund such acquisitions is significant, this
could result in a significant change to our leverage profile and financing costs, which could impact our financial position and results
of operations in the future. Additional debt financing may also increase our interest expense, leverage and gearing, as well as potentially
require us to dedicate a substantial portion of our cash flow from operations to debt servicing. If we fail to repay our debt in a timely
manner, we may face risks of default which may also cause our other debt to be accelerated.
11
If we fail to ramp up our existing schools
or successfully launch new schools, our business growth and prospects could be materially and adversely affected.
As
of the date of this annual report, we have a network of eight kindergartens in China, among which five kindergartens are in the
ramp-up period. As the discontinuation has caused our domestic school network to shrink drastically, due to the effectiveness of the
Implementation Rules. See "—Our compliance with the Implementation Rules has materially and adversely affected and may
continue to materially and adversely affect our business, financial condition, results of operations and prospect in the future, and
we have been subject to significant limitations on our ability to engage in the private for-profit education business and may
otherwise be materially and adversely affected by changes in PRC laws and regulations." Four of the five domestic
kindergartens currently in the ramp-up period are operating at a loss. We cannot assure you that we will be able to continue to
attract a sufficient number of students to enroll in these schools, recruit additional qualified teachers and educational staff to
meet the demands of the increased student enrollment or otherwise expand our operations at schools in a manner that ensures a
consistently high quality of education service. We or our partners may encounter difficulty in procuring the land and obtaining the
permits for construction. We cannot assure you that we will be able to apply our experience from the operation of our existing
schools to new schools or that we will be able to obtain the requisite permits, licenses or accreditations or recruit a sufficient
number of qualified teachers. If we fail to attract students to our existing schools or start new schools with the requisite
permits, licenses and accreditations and teachers, our business growth and prospects could be materially and adversely
affected.
We may be unable to engage with the Affected
Entities to provide education services as we expected.
Following
the effectiveness of the Implementation Rules, we have been engaging with the relevant government authorities and external advisors to
seek full compliance with the Implementation Rules and other applicable PRC laws and regulations. However, we are exploring the possibility
of continuing to engage with the Affected Entities in future cooperation on mutually acceptable terms and in full compliance with the
Implementation Rules and other applicable PRC laws and regulations.
The
future cooperation may involve our provision of services to some of the Affected Entities, such as consultation for school operation,
property management and maintenance, administrative management, student recruiting and school branding.
However, the future cooperation
with the Affected Entities, if any, will be arm's length transactions on mutually acceptable terms. We cannot assure you that the
cooperation under contemplation will be specifically permitted by competent government authorities or that we will be able to agree on
commercial terms satisfactory to us, and as such, we may be unable to effectuate the cooperation with the Affected Entities as we expect.
We had ceased to recognize revenues for all activities related to the Affected
Entities with compulsory education and discontinued all business activities with such entities, by August 31, 2021 while continuing to
provide essential services to keep these schools open.
Services provided to these
schools primarily include marketing and consulting, procurement support, human resources, finance and legal support, and information technology
support, all of which were conducted through our centralized management system. Our centralized management system provided services to the Affected
Entities without charges together with other kindergartens that we charged services fee for. As we did not track the costs incurred by
the centralized management system separately among different service recipients, and majority of the costs are staff costs incurred by
the centralized management system, there are significant limitations for us to accurately determine the costs attributable to providing
services to the Affected Entities.
It is not clear under the Implementation Rule whether the provision of
such services to the Affected Entities will be considered transactions with any related parties in spite of the fact that it is free of
charge. If the provision of such services to the Affected Entities is considered transactions with related parties, we may be subject
to penalty for our past provision of services to these entities, and we may be prohibited from providing such services to the Affected
Entities.
If we fail to enroll and retain a sufficient
number of students, our business could be materially and adversely affected.
Our ability to continue to
enroll and retain students for our schools is critical to the continued success and growth of our business. The success of our efforts
to enroll and retain students will depend on several factors, including our ability to:
●
enhance existing education programs and services to respond to market changes and student demands;
●
develop new programs and services that appeal to our students and their parents;
●
maintain and enhance our reputation as a leading school operator offering quality education;
●
expand our school network and geographic reach;
●
effectively market our schools and programs to a broader range of prospective
students;
●
manage our growth while maintaining the consistency of our teaching quality;
●
develop and license additional high quality education content; and
●
respond to increasing competition in the market.
12
Our business, financial condition
and results of operations could be materially and adversely affected if we cannot maintain or increase our student base as we expand our
school network.
Moreover, our ability to enroll
and retain a sufficient number of students may be adversely affected the declining birth rate in China. Continued decline in birth rate
may cause the demand for private education to decline and the competition among education service providers to intensify, leading to reduced
revenue and profitability.
Changes
in international regulations and travel restrictions have materially adversely affected and together with changes in sanctions could
continue to materially adversely affect international student enrollments.
We are subject to a wide range
of laws and regulations relating to our international operations. These include laws and regulatory regimes of the countries in which
we operate, such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act. These laws and regulations change frequently. Failure
to comply with these laws and regulations could result in significant penalties or the revocation of our authority to operate in the applicable
jurisdiction, each of which could have a material adverse effect on our operating results.
Further changes to the regulatory
environment, including changes to government policy or practice in oversight and enforcement, or other factors, including geopolitical
instability, imposition or extension of international sanctions, a natural disaster or pandemic in either the students' countries
of origin or countries in which they desire to study, could continue to negatively affect our ability to attract and retain students and
negatively affect our operating results. Any significant changes to availability of government funding for education, visa policies for
students and their dependents, or other administrative immigration requirements, or the tax environment, including changes to tax laws,
policies and practices, in any one or more countries in which we operate our business available could negatively affect our operating
results.
A
substantial portion of our revenue comes from oversea schools.
Our
ability to enroll students in oversea schools is directly dependent on our ability to comply with complex regulatory environments. For
example, the impact of Brexit on us over time will depend on the agreed terms of the U.K.'s withdrawal from the EU. Uncertainty
over the impact and terms of Brexit trade deals may materially diminish interest in traveling to the U.K. for study. If the U.K. is no
longer viewed as a favorable study destination, our ability to recruit international students would be adversely impacted, which would
materially adversely affect our results of operations and cash flows. Moreover, the outcome of general elections in the U.K. may affect
investors' ability to access the U.K. market and impair our ability to expand our service offering in the U.K.
Changes to levels of direct
and indirect government funding for international education programs would also materially affect the success of our operations. For example,
if access to student loans or other funding were to be lost for our operations that admit students who are entitled to receive the benefit
of this funding, our operating results could be materially adversely affected.
In January 2021, President
Biden reversed a previously enacted ban on travel from certain countries to the U.S. and directed the State Department to restart visa
processing for individuals from the affected countries. There have since been new, unrelated travel restrictions into the U.S. due to
COVID-19, and those restrictions can be expected to continue changing. On September 25, 2020, the previous U.S. presidential administration
proposed significant changes to the visa rules governing entry of non-immigrant academic students and exchange visitors. In July 2021,
the Biden administration formally withdrew the notice of proposed rulemaking regarding these changes. Nevertheless, negative perceptions
regarding travel to the U.S. could continue to have a significant negative impact on our ability to recruit international students, and
our business could be materially adversely affected.
Accidents, injuries or other harm may occur
at our schools, learning centers or the events we organize, which could negatively affect our reputation and our ability to attract and
retain students.
There are inherent risks
of accidents or injuries in our business. We could be held liable if any student, employee or other person is injured in any
accident or incident at any of our schools, learning centers or the events we organize. Though we believe we have taken appropriate
measures to limit these risks, in the event of personal injuries, food poisoning, fires or other accidents or incidents suffered by
students or other people, we could nonetheless face claims alleging that we were negligent, that we provided inadequate supervision
or that we were otherwise liable for the injuries. In addition, if any of our students, teachers or instructors commits acts of
violence or otherwise behaves inappropriately, we could face claims alleging our failure to provide adequate security measures or
precautions to prevent such actions. Similar events and allegations may also arise with respect to events we organize, including
off-campus gatherings and overseas camp programs. Parents of our students may perceive our facilities or programs to be unsafe,
which may discourage them from sending their children to our schools, learning centers or programs. We have historically encountered
isolated student-related accidents on our school premises and compensated the injured students. Although we maintain liability
insurance, the insurance coverage may not be adequate to fully protect us from claims of all kinds and we cannot assure you that we
will be able to obtain sufficient liability insurance in the future on commercially reasonable terms or at all. A liability claim
against us or any of our employees could adversely affect our reputation and ability to attract and retain students. Even if
unsuccessful, such a claim could create unfavorable publicity, cause us to incur substantial expenses and divert the time and
attention of our management.
We may be unable to charge tuition or other
fees at sufficient levels to be profitable or raise tuition as planned.
Our results of
operations are affected in large part by the pricing of our education services. We charge tuition based on each student's
grade level and the programs in which the student is enrolled. Subject to the applicable regulatory requirements, we generally
determine tuition based on the demand for our education services, the cost of our services, and the tuition and the fees charged by
our competitors. Although we have been able to increase the tuition in the past, we cannot assure you that we will be able to
maintain or increase our tuition in the future without adversely affecting the demand for our education services.
13
The tuition we charge
for some of our education programs is subject to regulatory restrictions. The regulatory authorities in China have huge power to
regulate the private education industry, including the tuition, room and boarding fees and other fees charged by schools. We have
occasionally encountered difficulty in persuading the local regulatory authorities to approve our tuition increase proposals in the
past. In light of the significant increase in tuition and other education related fees in China in recent years, regulatory
authorities may impose stricter price controls on education charges generally in the future. For example, in accordance with the
relevant local regulations, if we increase the tuition of our schools in Guangdong province in a certain school year, such increase
will generally not affect the existing students until they complete their current section of education at the same schools. If the
tuition we charge are required to be reduced or are not allowed to increase in line with increases in our costs, or if there are any
changes in the regulations which may otherwise negatively affect or restrict our ability to adjust our tuition, our business,
financial condition and results of operations may be materially and adversely affected. For example, the local government
authorities in implementing the Amended Law may impose additional limits on the tuition and fees our schools charge, restrict
proposed increase in fees as charged by any of our kindergartens if deemed community-affiliated kindergartens, or prevent us from
raising the tuition and fees to our desired levels or at all. For our complementary education services, we have more discretion in
determining the tuition, but we cannot assure you that the current regulatory regime will not change in a manner that may restrict
our ability to increase tuition for our complementary education services.
In addition, if we add new
kindergartens to our domestic school network in the future, we cannot assure you that we will be able to obtain the for-profit school
designation for such schools. As a result, we may not be able to maintain our current tuition fee rates and may not be able to raise any
of such fees for our kindergartens at our desired rates, times and places or at all in the future under the framework of the Amended Law.
Furthermore, the tuition we
are able to charge is subject to a number of other factors, such as the perception of our brand, the academic results achieved by our
students, our ability to hire qualified teachers, and general local economic conditions. Any significant deterioration in these factors
could have a material adverse effect on our ability to charge tuition at levels sufficient for us to remain profitable.
We
may not be able to renew kindergarten operation agreements or maintain favorable fee rates at our existing domestic kindergartens or enter
into kindergarten operation agreements for new domestic kindergartens on commercially reasonable terms, especially given the possible
limitation on cooperation with Country Garden.
We may launch new kindergartens
in China in collaboration with school development partners, including Country Garden, and on our own. We cannot assure you that we will
obtain leases for kindergarten premises, renew our kindergarten operation agreements or enter into new kindergarten operation agreements
on commercially reasonable terms, or at all. Country Garden has an internal policy that designates us as a preferred school operator partner,
under which we are entitled to a right of first refusal on school development projects in connection with its new residential properties.
We cannot assure you that Country Garden will faithfully implement this policy or will not amend it, and we do not have any standing to
require Country Garden to do otherwise. For new kindergartens we launch in the future, we may not offer tuition discounts to Country Garden
homeowners but may be required to pay fees, such as rent, for Country Garden's kindergarten premises and facilities. This may increase
our revenues but also cost of revenue at the same time at a different level, which may adversely affect our profit margins.
In addition, the provision
of the Implementation Rules on private schools conducting transactions with any related party may limit our collaboration with Country
Garden. Limitations imposed upon our collaboration with Country Garden may adversely affect our business expansion and further adversely
affect our business, results of operations and financial condition. See "—Our compliance with the Implementation Rules has
materially and adversely affected and may materially and adversely affect our business, financial condition, results of operations and
prospect in the future, and we have been subject to significant limitations on our ability to engage in the private for-profit education
business and may otherwise be materially and adversely affected by changes in PRC laws and regulations."
If we fail to help our students achieve
their academic goals, students' and parents' satisfaction with our education services may decline.
The success of our
business depends on our ability to deliver quality school experiences and help our students achieve their academic goals. Our
schools may not be able to meet the expectations of our students and their parents in terms of students' academic performance.
A student may not be able to attain the level of academic improvement that he or she seeks and his or her performance may otherwise
not progress or decline due to reasons beyond our control. We may not be able to provide education that is satisfactory to all of
our students and their parents. Their satisfaction with our services may decline. In addition, we cannot assure you that our
students will be admitted to the higher-level education institutions of their choice. Any of the foregoing could result in a
student's withdrawal from our schools, and dissatisfied students or their parents may attempt to persuade other students or
prospective students not to attend our schools. If our ability to retain students decreases significantly or if we otherwise fail to
continue to enroll and retain new students, our business, financial condition and results of operations may be materially and
adversely affected.
14
Our business is subject to the risks of
international operations.
We have entered into the overseas
markets, such as United Kingdom and the United States, through acquisition of established overseas schools, and we may expand our operations
in additional markets and regions in the future. We may have to adapt our business models to the local markets due to various legal requirements
and market conditions. Our international operations and expansion efforts have resulted and may continue to result in increased costs
and expenses and are subject to a variety of risks, including increased competition, uncertain enforcement of our intellectual property
rights, changes and evolutions in overseas market conditions, and the complexity of compliance with the local laws and regulations.
In addition, compliance with
applicable Chinese and foreign laws and regulations, such as education laws, anti-corruption laws, tax laws, foreign exchange controls
and cash repatriation restrictions, data privacy requirements, labor laws, restrictions on foreign investment, and anti-competition regulations,
increases the costs and risk exposure of doing business in foreign jurisdictions. Although we have implemented policies and procedures
to comply with these laws and regulations, a violation by us or our employees, contractors or agents could nevertheless occur. In some
cases, compliance with the laws and regulations of one country could violate the laws and regulations of another country. Violations of
these laws and regulations could materially and adversely affect our brand, international growth efforts and business.
We may not be able to recruit, train and
retain a sufficient number of qualified and experienced teachers and principals.
Teachers are critical to
maintaining the quality of our education and services and our brand and reputation. Our principals are also instrumental to the
successful operation of our schools. Our ability to continue to attract teachers and principals with the necessary experience and
qualifications is therefore a critical contributing factor to the success of our operations. There are a limited number of teachers
and principals in China with the necessary experience, expertise and qualifications that meet our requirements. In addition, we
strive to provide an immersive bilingual learning environment in our domestic schools, which requires a sizable pool of foreign
teachers. As the Chinese market for qualified foreign teachers is extremely competitive and the attrition rate of foreign teacher is
generally higher than that of Chinese teachers, we cannot assure you that we can increase the number of our foreign teachers to meet
the growing demand from our domestic schools when our student enrollment increases. In addition, as Chinese government process for
obtaining the work and residence permits for foreign teachers may be time-consuming, we may fail to apply for such permits for our
foreign teachers before they join us. We also face similar risks of shortage in supply of teachers and principals in the U.K. If we
are unable to attract and retain qualified teachers and principals, we may experience a decrease in the quality of our education
programs and services in one or more of our schools or incur increase in hiring and labor costs, which may materially and adversely
affect our business and results of operations.
If we lose the permits or licenses required
to provide our education or complementary education services or operate our schools or if we fail to obtain the accreditations, permits
or licenses for our new schools or complementary education services, our business could be materially and adversely affected.
We
must apply periodically to the local education bureaus and civil affairs bureaus to obtain or renew the permits or licenses to operate
our schools and ancillary services, including room and boarding services and school bus services. While we believe that we will be able
to obtain or renew such permits or licenses, we cannot assure you that such permits and licenses will be obtained or renewed in a timely
manner, or at all, or that new conditions will not be imposed. Any failure to obtain or renew the required permits or licenses to operate
our schools could give rise to administrative penalties including rectification or suspension of operations in non-complying schools
or confiscation of profits derived from noncompliant operations, which could materially and adversely affect our business, results of
operations and financial condition.
15
Severe competition in the private education
market may cause the enrollment at our schools to fall, bring up cost for recruiting and retaining teachers and limit our tuition cap,
and thus, reduce profitability.
We may face competition from
other existing or new schools targeting the children of affluent local families in the locations in which we operate. Some of our existing
and potential competitors may be able to devote greater resources than we can to the development and construction of private schools and
respond more quickly to changes in demands of students and their parents, admissions standards, market needs or new technologies. Moreover,
our competitors may increase capacity in any of the local markets to an extent that leads to an over-supply of placement positions at
private schools and downward pressure on tuition prices. Our existing or potential competitors may also provide higher compensation to
teachers in the same region, making it more difficult for us to recruit and retain competent and qualified teachers. Our existing or potential
competitors may also strategically price their tuition lower than ours to attract students and parents. Among other legislations and national
policies that encourage social forces to provide diversified education services (such as childcare services), the Amended Law may attract
more private school operators to offer non-compulsory education and further increase competition in this market.
Our complementary businesses,
including English proficiency training and extracurricular programs, may also face competition from other providers of comparable services
that may have stronger financial resources, technology, service performance or brand recognition.
If we are unable to differentiate
our services from those of our competitors and successfully market our services to students and their parents, we could face competitive
pressures that reduce our student enrollment. If our student enrollment falls, we may be required to reduce our tuition or increase spending
in order to attract and retain students, which could materially and adversely affect our business, prospects, results of operations and
financial condition.
Our business and financial performance may
suffer if we fail to successfully develop and launch new education services.
The future success of our
business depends partly on our ability to develop new education services. The planned timing or launch of new education services is subject
to risks and uncertainties. Actual timing may differ materially from originally proposed timeframes. Unexpected operational, technical
or other issues could delay or prevent the launch of one or more of our new education services or programs. In addition, significant investment
of human capital, financial resources and management time and attention may be required to successfully launch features of our new education
programs. For further details, see "Item 4. Information on the Company—B. Business Overview—Our Expansions and Investments."
However, we cannot assure you that our students will choose us over third-party service providers or that we will be able to successfully
integrate such services with our schools and other complementary businesses without expending significant financial resources on marketing
and operational optimization. If we fail to manage the expansion of our portfolio of education services cost-effectively, our business
could be negatively affected.
We cannot assure you that
any of our new services will achieve market acceptance or generate incremental revenue. If our efforts to develop, market and sell our
new education services and programs to the market are not successful, our business, financial position and results of operations could
be materially and adversely affected.
Any deterioration in our relationships with
providers of overseas education services may adversely affect our business.
We have business collaborations
with various overseas schools and institutions. We derive direct benefits from these relationships such as the ability to offer more diverse
programs and classes, including summer and winter camps, and the ability to charge a premium for the programs we offer with other overseas
education service providers. We also derive indirect benefits from these relationships, including enhancement of our brand and reputation
and exposure to international education methods and experiences.
If our relationships with
any of these overseas education service providers deteriorate or are otherwise damaged or terminated, or if the benefits we derive from
these relationships diminishes, whether as a result of our own actions, actions of our partners, actions of any third party, including
our competitors, or of regulatory authorities or other entities beyond our control, our business, prospects, financial condition and results
of operations could be adversely affected.
16
Any damage to the reputation of any of our
business may adversely affect our overall business, prospects, results of operations and financial condition.
Our reputation could be adversely
affected under many circumstances, including the following:
●
accidents, epidemics or other events adversely affect our students;
●
we fail to properly manage accidents or other events that injure our students;
●
our staff behave or are perceived to behave inappropriately or illegally;
●
our staff fail to appropriately supervise students under their care;
●
we fail to conduct proper background checks on our staff;
●
our third-party business partners may commit misconduct or other improper
activities that cause negative publicity concerning us or penalties from relevant authorities;
●
we lose any license, permit, accreditation or other authorization to
operate an education program, a school or a complementary education service;
●
we do not maintain consistent education quality or fail to enable our students to achieve strong academic results;
●
our schools do not meet the relevant standards during the regular inspections by governmental authorities;
●
our school facilities do not meet the standards expected by parents and students for private education; and
●
school operators of lower quality that abuse our brand name or those with brand names similar to ours conduct fraudulent activities and create confusion among students and their parents.
The likelihood that any of
the foregoing may occur increases as we expand our school network. These events could influence the perception of our schools not only
by our students and their parents, but also by other constituencies in the education sector and the general public. Moreover, an event
that directly damages the reputation of one of our schools could adversely affect the reputation and operations of our other schools.
If our reputation deteriorates, our overall business, prospects, results of operations and financial condition could be adversely affected.
Our business is subject to seasonal fluctuations,
which may cause our results of operations to fluctuate from quarter to quarter, and in turn result in volatility in and adversely affect
the price of the ADSs.
Our business is subject to
seasonal fluctuations as our costs and expenses vary significantly throughout the fiscal year and do not necessarily correspond with the
timing of recognition of our revenues. Our students enrolled in our domestic kindergartens and overseas schools and their parents typically
pay the tuition and other fees prior to the commencement of a semester, and we recognize revenues from the delivery of education services
on a straight-line basis over a semester. We typically incur higher upfront operating expenses in the first fiscal quarter at the start
of each school year, and also typically recognize more revenue in the second half of fiscal years due to higher revenues from complementary
education services during the summer and, to a lesser extent, students who transfer into our schools for the second semester. As a result
of the combination of the foregoing, we have historically incurred net loss or significantly lower net income in the second and fourth
fiscal quarters, primarily due to our schools being closed during winter and summer holidays, when no revenue from our school operations
is recognized. We expect to continue to experience seasonal fluctuations in our results of operations. These fluctuations could result
in volatility in and adversely affect the price of the ADSs.
17
Our business could be disrupted if we lose
the services of members of our senior management team, key principals and teaching staff.
Our success depends in part
on the continued application of skills, efforts and motivation of our officers and senior management team. In 2023, we experienced changes
in our senior management team. We may in the future experience such changes for reasons beyond our control. In addition, key personnel
could leave us to join our competitors. Losing the services of key members of senior management or experienced personnel may be disruptive
to and cause uncertainty for our business. We depend upon the services of our senior management team, who collectively has significant
experience with our company and within the education industry. If one or more members of our senior management team are unable or unwilling
to continue in their present positions for health, family or other reasons, we may not be able to replace them easily or at all. If we
cannot attract and retain qualified senior management members, key principals and teaching staff in a timely manner, our business, results
of operations and financial condition could be materially and adversely affected.
Failure to adequately protect our intellectual
property could materially and adversely affect our business.
We have historically relied
upon the brand name of "Country Garden" to market our schools. As we expand our schools beyond the network of Country Garden's
residential communities, we have created and begun to promote our own brands, including "Bright Scholar." Since our inception,
we have also created other intellectual property, including education materials developed by our teaching staff. Unauthorized use of any
of our intellectual property may adversely affect our business and reputation. We rely on a combination of copyright, trademark and trade
secrets laws to protect our intellectual property rights. Nevertheless, despite our efforts, third parties may obtain and use our intellectual
property without proper authorization. The practice of intellectual property rights enforcement by the PRC regulatory authorities is in
its early stages and is subject to significant uncertainty. We may also need to resort to litigation and other legal proceedings to enforce
our intellectual property rights. Any such action, litigation or other legal proceedings could result in substantial costs and diversion
of our management's attention and resources and could disrupt our business. In addition, we cannot assure you that we will be able
to exercise our intellectual property rights effectively or otherwise prevent others from the unauthorized use of our intellectual property.
Failure to adequately protect our intellectual property could materially and adversely affect our business, financial condition and results
of operations.
We operate schools and complementary education
services under several brands, which may have a dilutive effect on brand recognition among our students and their parents.
We operate our business under
several brands including "Country Garden," our English proficiency training under "élan," overseas study
counseling business under "Can-Achieve", overseas career counseling business under "Dream Big Career," and overseas
schools under "CATS," "Worthgate," "Guildhouse," "Bosworth," "St Michael's"
and "Bounemouth Collegiate Schools." We intend to otherwise promote a unified brand "Bright Scholar" as our corporate
image, which represents the full range of education services we offer in China. Maintaining multiple brands could dilute our brand recognition
among students and their parents and increase our overall marketing expenses as we allocate resources among different brands. We may transition
our individual brands to "Bright Scholar" in the future if the market responds positively to our new corporate image. We cannot
assure you, however, that our prospective students will embrace our new brand given its limited market exposure and recognition. We may
incur significant financial resources for, and divert considerable management attention to, the integration of our existing brands with
our new corporate image and the enhancement of brand recognition, which may adversely affect our business, results of operation and financial
condition.
18
We may be exposed to infringement claims
by third parties, which, if successful, could cause us to pay significant damages.
We cannot assure you
that education materials and content used in our schools and programs do not or will not infringe on intellectual property rights of
third parties. While we are not aware of any claims for intellectual property infringement with regard to the above-mentioned
education materials and content as of the date of this annual report, we cannot assure you that third parties will not claim that we
have infringed on their proprietary rights in the future.
We may also use
education materials designed in conjunction with our overseas associates and we cannot assure you that disputes will not arise over
the intellectual property rights associated with these materials.
Although we plan to vigorously
defend ourselves in any such litigation or legal proceedings, we cannot assure you that we will prevail in such matters. Participation
in such litigation and legal proceedings may also cause us to incur substantial expenses and divert our management's time and attention.
If we are required to pay damages or incur settlement expenses, it could negatively impact our financial condition and results of operations.
In addition, if we are required to pay any royalties or enter into any licensing agreements with the owners of intellectual property rights,
we may find that the terms are not commercially acceptable, and lose the ability to use the related materials or content, which in turn
could adversely affect our education programs. Any similar claim against us, even ungrounded, could also damage our reputation and brand
image. Any such event could have a material adverse effect on our business, financial condition and results of operations.
Unauthorized disclosure of personal data
that we collect and retain, whether due to a system failure or otherwise, could damage our business.
We maintain records that include
personal data, including academic and medical records, address and family information. Our online services may store and process certain
personal and other sensitive data provided by students or their parents. There are numerous laws regarding privacy and the storing, sharing,
use, disclosure and protection of personally identifiable information and data. Specifically, personally identifiable and other confidential
information is increasingly subject to legislation and regulations in PRC and numerous foreign jurisdictions. The PRC government has enacted
a series of laws and regulations relating to the protection of privacy and personal information, which require internet service providers
and other network operators to clearly indicate the purposes, methods and scope of any information collection and usage, obtain appropriate
user consent and establish user information protection systems with appropriate remedial measures.
Internationally,
many jurisdictions have established data privacy and cybersecurity legal frameworks with which we may need to comply. For example,
the EU has adopted the General Data Protection Regulation ("GDPR"), which requires covered businesses to comply with
rules regarding the processing of personal data, including its use, protection and the ability of persons whose personal data is
processed to access, to correct or delete personal data about themselves. Failure to meet GDPR requirements could result in
penalties of up to 4% of annual worldwide turnover or EUR 20 million (whichever is the greater). Additionally, the U.K. General Data
Protection Regulation ("U.K. GDPR") (i.e., a version of the GDPR as implemented into U.K. law) went into effect
following Brexit. While the GDPR and the U.K. GDPR are substantially the same, going forward there is an increasing risk for
divergence in application, interpretation and enforcement of the data privacy and cybersecurity laws and regulations as between the
EU and the United Kingdom, which may result in greater operational burdens, costs and compliance risks. Additionally, the GDPR and
the U.K. GDPR include certain limitations and stringent obligations with respect to the transfer of personal data from the EU and
the United Kingdom to third countries, and the mechanisms to comply with such obligations are also in considerable flux and may lead
to greater operational burdens, costs and compliance risks.
However, these regulatory
frameworks for privacy issues in China and worldwide are currently evolving and are likely to remain uncertain for the foreseeable future.
We cannot assure you that our existing privacy and personal protection system and technical measures will be considered sufficient under
applicable laws and regulations. We could be adversely affected if legislation or regulations in China or worldwide are expanded to require
changes in business practices or privacy policies, or if the PRC or foreign governmental authorities interpret or implement their legislation
or regulations in ways that negatively affect our business, financial condition and results of operations. In addition to laws, regulations
and other applicable rules regarding privacy and privacy advocacy, industry groups or other private parties may propose new privacy standards
that we must comply with. The interpretation and application of privacy and data protection laws and privacy standards are still uncertain,
it is possible that these laws or privacy standards may be interpreted and applied in a manner that is inconsistent with our practices.
Any inability to adequately address privacy concerns, even if unfounded, or to comply with applicable privacy or data protection laws,
regulations and privacy standards, could result in additional cost and liability for us, damage our reputation, inhibit the use of our
services and harm our business.
If we were found to be in
breach of any international privacy and data protection laws and regulations, we could incur significant expenses in connection with rectifying
any security breaches, settling any resulting claims, payment of possible fines and providing enhanced protection to prevent additional
breaches. In addition, any failure to protect personal information may adversely impact our ability to attract and retain students, harm
our reputation and materially adversely affect our business, prospects and results of operations.
19
Failures or interruptions in our centralized
data management system may adversely affect our operations.
We have established a centralized data management system, the Oracle
ERP system, which collects and analyzes group-wide financial, procurement and student admission information and data. We are in the process
of gradually refining the features and functionalities of such enterprise resource planning system ("ERP system") to enhance
efficiency. We are also expanding the application of such ERP system into entities we newly acquired in order to streamline our data and
information management system. However, we cannot assure you that such ERP system will not encounter technical failures and interruptions,
leading to our management's failure to timely access accurate key operating data, which may adversely affect our operation. We may
encounter compatibility issues when incorporating newly acquired schools into our ERP system, which may compromise the overall accuracy
and value of the operating information generated from such ERP system and adversely affect the implementation of our growth strategies
as we expand our business and integrate new businesses.
We may fail to maintain the proper functioning
of or improve our technology infrastructure.
Our online teaching facilities
and internal systems rely on software that is highly technical and complex and depend on the ability of such software to store, retrieve,
process and manage immense amounts of data. Our systems are vulnerable to disruptions from design errors, execution errors, employee misconduct,
external fraud, security breaches, capacity constraints, software flaws, computer viruses, cyberattacks, power outages and similar events.
We cannot assure you that our information technology systems will always operate without interruptions. Some errors may only be discovered
after the code has been released for external or internal use. Any errors, bugs or defects discovered in the software on which we rely
could cause failures in our systems' performance and result in disruptions in operations, slower response time and delays in information
processing, thereby compromising our ability to support our online teaching activities. If any of the above were to occur, our business,
financial condition and results of operations may be adversely affected. In addition, some of our subsidiaries and affiliates have historically
been targeted in cyberattacks. Although we have stepped up the protection of our information systems, we cannot assure you that we will
not become a target in cyberattacks again. Any such attacks could result in significant financial losses, damage to our reputation, disruption
to our operations, and loss of confidential information.
We will also continue to upgrade
and improve our information technology systems, software, mobile application and big data analytics in order to support our business growth
and optimize our operating efficiency. Adopting new technologies and maintaining and upgrading our technology infrastructure require significant
investment of time and resources, including adding new hardware, updating software and recruiting and training new engineering personnel.
However, we cannot assure you that we will be successful in implementing these upgrades and improvement plans. New technologies may not
be fully integrated with our existing systems on a timely basis, or at all. Our systems may experience slower response time and interruptions
during upgrades, which could impair the experience of our students and business partners, delay the reporting of accurate operating and
financial information, and result in material and adverse effects on our business, financial condition, results of operations and prospects.
In addition, the reliability
and availability of our platform depends on telecommunications carriers and other third-party providers for communications and storage
capacity, including bandwidth and server storage, among other things. If we are unable to enter into and renew agreements with these providers
on acceptable terms, if any of our existing agreements with such providers are terminated as a result of our breach or otherwise, or if
these service providers themselves experience service disruptions or cessations, the proper functioning of our platform could be adversely
affected.
We have limited insurance coverage with
respect to our business and operations.
We
are exposed to various risks associated with our business and operations, and we have limited insurance coverage. See "Item 4. Information
on the Company—B. Business Overview—Insurance" for more information. We are exposed to risks including, among other
things, accidents or injuries in our schools, loss of key management and personnel, business interruption, natural disasters, terrorist
attacks and social instability or any other events beyond our control. The insurance industry in China is still at an early stage. As
a result insurance companies in China offer limited business-related insurance products. We do not have any business disruption insurance,
product liability insurance or key-man life insurance. Any business disruption, legal proceeding or natural disaster or other events beyond
our control could result in substantial costs and diversion of our resources, which may materially and adversely affect our business,
financial condition and results of operations.
20
We face risks related to natural disasters,
health epidemics or terrorist attacks in regions where we operate.
Our business could be materially
and adversely affected by natural disasters, such as earthquakes, floods, landslides, tornados and tsunamis, outbreaks of health epidemics
such as avian influenza and severe acute respiratory syndrome, or SARS, COVID-19 virus, and Influenza A virus, such as H5N1 subtype and
H5N2 subtype flu viruses, as well as terrorist attacks, other acts of violence or war or social instability in the regions in which we
operate or those generally affecting China. If any of these occur, our schools and facilities may be required to temporarily or permanently
close and our business operations may be suspended or terminated. Our students, teachers and staff may also be negatively affected by
such event. In addition, any of these could adversely affect the economy and demographics of the regions where we operate, which could
cause significant declines in the number of our students in those regions and could have a material adverse effect on our business, financial
condition and results of operations.
An
outbreak of COVID-19 continues to spread within the PRC and globally. The new strain of coronavirus is considered highly contagious and
may pose a serious public health threat. On January 30, 2020, the World Health Organization reportedly declared this COVID-19 outbreak
a health emergency of international concern. In March 2020, the World Health Organization declared the COVID-19 a pandemic. After the
COVID-19 outbreak, the PRC government imposed various strict measures with the aim to contain the virus including, but not limited to,
travel restrictions, mandatory quarantine requirements, and postponed resumption of business operations. In response to the COVID-19
pandemic, many governments imposed student travel restrictions (applicable to exit and entry), made recommendations for their students
to return home and closed physical campus locations, all of which may have materially adversely affected our operations and resulted
in significant losses at us. Certain of these restrictions remained in place in 2022 and some may remain in place into 2023. The emergence
of new variants of COVID-19, and consequential changes to travel and study arrangements could further negatively affect our operating
results. Our domestic kindergartens were in ordinary operation in accordance with regulatory policies in the 2022 fiscal year.
Our
overseas operations were most negatively affected amid the COVID-19 pandemic. As a large number of students opted to return to their
home countries during the pandemic, we partially refunded the accommodation fees to these students, which has adversely affected our
business, financial performance and results of operations. We consolidated our offline teaching sites to accommodate certain boarding
students in the United Kingdom, while the majority of the rest quickly shifted to online courses. As required by the UK government, all
schools in the United Kingdom were mostly closed from March 20, 2020 to September 7, 2020 and then again from January 5, 2021 to March
12, 2021. Additionally, CATS schools decided on a second lockdown to only resume offline teaching on April 12, 2021 following the Easter
holidays, to avoid unnecessary travels for international students.
Throughout
the 2021 and 2022 school year, we ran the WeCare initiative highlighting pastoral and medical care and COVID preparedness and safety
measures in the schools. We permanently ceased the operation of the four language training institutions in the United States and sold
one language training institutions in the United Kingdom and two institutions in Canada. We also took this opportunity to reduce our
cost, upgrade our IT and management systems, realign our sales and marketing strategies and improve our education outcome. We believe
these measures will help put us in a more competitive position than our peers.
Following the PRC government's
policy shift from its zero-COVID policy in late 2022 and phase-out of COVID-19 prevention measures by the rest of the world, our domestic
kindergartens and overseas operations are in ordinary operation as of the date of this annual report.  Nonetheless, we are closely monitoring
the development of the COVID-19 pandemic and continuously evaluating any further potential impact on our business, results of operations
and financial condition, which we believe will depend on the duration and degree of the pandemic. If the outbreak persists or escalates,
we may be subject to further negative impact on our business operations and financial condition.
Our business, financial performance and
results of operations could be adversely affected by deterioration of the relation between China and the United States.
Recent international trade
disputes, including those between China and the United States, and the uncertainties created by such disputes may disrupt the transnational
flow of goods and significantly undermine the stability of the global and Chinese economy, thereby harming our business. International
trade disputes could result in tariffs and other protectionist measures that could adversely affect our business. Any escalation in existing
trade tensions or the advent of a trade war, or news and rumors of the escalation of a potential trade war, could affect consumer confidence
and have a material adverse effect on our business, results of operations and, ultimately, the trading price of the ADSs.
Political tensions between
the United States and China have escalated due to various reasons, including the COVID-19 outbreak, the PRC National People's Congress'
passage of Hong Kong national security legislation, sanctions imposed by the U.S. Department of Treasury on certain officials of the Hong
Kong Special Administrative Region and the central government of the PRC, and the executive orders issued by U.S. President in August
2020 that prohibit certain transactions with ByteDance Ltd., Tencent Holdings Ltd. and the respective subsidiaries of such companies.
Rising political tensions could reduce levels of trades, investments, technological exchanges and other economic activities between the
two major economies, which would have a material adverse effect on global economic conditions and the stability of global financial markets.
Any of these factors could have a material adverse effect on our business, prospects, financial condition and results of operations. Furthermore,
there have been media reports on deliberations within the U.S. government regarding potentially limiting or restricting China-based companies
from accessing U.S. capital markets. If any such deliberations were to materialize, resulting legislation may have a material and adverse
impact on the stock performance of China-based issuers listed in the United States. It is currently unclear whether the proposed or additional
legislations would be enacted that would have the effect of potentially limiting or restricting China-based companies from accessing U.S.
capital markets.
We will continue to monitor
developments related to these political tensions and their potential impact on our business. Nonetheless, we cannot assure you that
we will not be adversely affected by any future legislative or regulatory changes or other developments related to these tensions.
Fluctuation in the exchange rate of the
British pound may affect international students' affordability of our private education services.
Fluctuation in the exchange rate of British pound may affect international
students' affordability of our private education services in the UK. International students need to pay more in their local currency
in exchange for British pounds when the British pound strengthens, and this increases the cost of studying and living in the UK for them.
Exchange rate fluctuations also impact the daily living expenses of international students in the UK. The exchange rate movements of the
British pound are complex and influenced by various factors such as economic conditions, political factors, and market expectations. If
the exchange rate of the British pound rises drastically or fluctuates in an unpredictable way, international students' demand for
our services in the UK may decrease, and our business, results of operations and financial condition may be adversely affected.
21
If we grant additional employees share options
or other equity incentives in the future, our net income could be adversely affected.
We granted share options to
purchase a total of 3,509,242 Class A ordinary shares to certain school principals and management team members pursuant to our 2017 Share
Incentive Plan (the "2017 Plan") from 2017 to 2022. We may grant additional share options under the 2017 Plan in the future.
We are required to account for share-based compensation in accordance with Financial Accounting Standards Board Accounting Standards Codification
Topic 718, Compensation-Stock Compensation, which generally requires a company to recognize, as an expense, the fair value of share options
and other equity incentives to employees based on the fair value of equity awards on the date of the grant, with the compensation expense
recognized over the period in which the recipient is required to provide service in exchange for the equity award. If we grant options
or other equity incentives in the future, we could incur significant compensation charges and our results of operations could be adversely
affected.
If we fail to implement and maintain an
effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud, and
investor confidence and the market price of the ADSs may be materially and adversely affected.
We are subject to reporting obligations under U.S. securities laws.
Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 and the related rules adopted by the Securities and Exchange Commission, or
the SEC, every public company is required to include a management report on the company's internal controls over financial reporting
in its annual report, which contains management's assessment of the effectiveness of the company's internal controls over
financial reporting. As required by Section 404 of the Sarbanes-Oxley Act and related rules as promulgated by the SEC, our management
assessed the effectiveness of the internal control over financial reporting as of August 31, 2022 using criteria established in "Internal
Control — Integrated Framework (2013)" issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management
is not permitted to conclude that the Company's internal control over financial reporting is effective if there are one or more
material weaknesses in the Company's internal control over financing reporting. A material weakness is a deficiency, or a combination
of deficiencies, in internal controls over financial reporting, such that there is a reasonable possibility that a material misstatement
of a company's annual or interim consolidated financial statements would not be prevented or detected on a timely basis.
In connection with the preparation of our consolidated financial statements
for 2022, we identified a number of adjustments to our consolidated financial statements in relation to lease accounting in our overseas
schools component that resulted in a restatement of previously issued financial statements. We identified the cause of these adjustments
was because of a material weakness in the design and implementation of the Company's internal controls relating to lease accounting
due to the lack of comprehensive assessment process over lease accounting in the oversea business. In addition, there is another material
weakness in the design and maintenance of an effective control environment that commensurate with the Company's financial reporting
requirements due to an insufficient complement of resources in the accounting/finance and IT department with an appropriate level of knowledge,
experience and training.
In addition, we also identified
two significant deficiencies in the 2022 fiscal year, together with other control deficiencies not identified as significant. The significant
deficiencies identified relates to lack of comprehensive documentation on goodwill and indefinite lived intangible assets impairment
assessment and lack of comprehensive assessment process over the valuation of equity method investments. As further described in "Item
15. Controls and Procedures—Changes in Internal Control over Financial Reporting.", we have implemented and are continuing
to implement a number of measures to address our material weaknesses, significant deficiencies and other control deficiencies not identified
as significant. We cannot assure you, however, that these measures will fully address or fully remedy the material weaknesses, significant
deficiencies or other control deficiencies identified in our internal control over financial reporting. Our failure to correct these
control deficiencies or our failure to discover and address any other control deficiencies could result in inaccuracies in our financial
statements and could also impair our ability to comply with applicable financial reporting requirements and related regulatory filings
on a timely basis. As a result, our business, financial condition, results of operations and prospects, as well as the trading price
of the ADSs, may be materially and adversely affected. Moreover, ineffective internal control over financial reporting significantly
hinders our ability to prevent fraud.
As a public company in the
United States, we are subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act of 2002 requires that we include
a report from management on the effectiveness of our internal control over financial reporting in our annual report on Form 20-F. Our management has concluded that our internal control over financial reporting was
not effective as of August 31, 2022 due to the material weaknesses described above. See "Item 15. Controls and Procedures."
It is possible that if our independent registered public accounting firm had conducted an audit of our internal control over financial
reporting, they might have identified additional material weaknesses and additional deficiencies. If we fail to maintain effective internal
control over financial reporting in the future, our management and our independent registered public accounting firm may also conclude
that our internal control over financial reporting is not effective. This could adversely impact the market price of the ADSs due to
a loss of investor confidence in the reliability of our reporting processes. We will need to incur additional costs and use management
and other resources in order to comply with Section 404. In addition, once we cease to be a non-accelerated filer as defined in Rule
12b-2 under the Exchange Act, our independent registered public accounting firm must attest to and report on the effectiveness of our
internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective.
Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered
public accounting firm may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our
controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us.
22
During the course of
documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley
Act of 2002, we may identify other additional weaknesses and deficiencies in our internal control over financial reporting, and we
may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with
Section 404 of the Sarbanes-Oxley Act of 2002. If we fail to achieve and maintain an effective internal control environment, we
could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause
investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our
results of operations, and lead to a decline in the trading price of the ADSs. Additionally, ineffective internal control over
financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting
from the stock exchange on which we list, regulatory investigations and civil or criminal sanctions. We may also be required to
restate our financial statements from prior periods.
The
continuing impact of "Brexit" may have a negative effect on our business operated in the United Kingdom.
Following a national referendum
and enactment of legislation by the government of the United Kingdom, the United Kingdom formally withdrew from the European Union ("Brexit")
and ratified a trade and cooperation agreement governing its future relationship with the European Union. The agreement, which became
effective in 2021, addresses economic arrangements, law enforcement, judicial cooperation and a governance framework including procedures
for dispute resolution, among other things. Because the agreement merely sets forth a framework in many respects and will require complex
additional bilateral negotiations between the United Kingdom and the European Union as both parties continue to work on the rules for
implementation, significant political and economic uncertainty remains about how the precise terms of the relationship between the parties
will differ from the terms before withdrawal. As a result, we face risks associated with the potential uncertainty and disruptions that
may follow Brexit and the implementation and application of the trade and cooperation agreement, including with respect to disruptions
to the free movement of people, data and capital between the United Kingdom and the European Union and potential material changes to the
regulatory regime applicable to our operations in the United Kingdom. In addition, Brexit could lead to legal uncertainty and potentially
divergent national laws and regulations as the United Kingdom determines which laws of the European Union to replace or replicate. These
developments have had and may continue to have a material adverse effect on global economic conditions and the stability of global financial
markets and could significantly reduce global market liquidity and limit the ability of key market participants to operate in certain
financial markets.
The ongoing instability and
uncertainty surrounding Brexit and the implementation and application of the trade and cooperation agreement, could require us to restructure
our business operations in the United Kingdom, may increase our regulatory costs, and could have an adverse impact on our business and
staff in the United Kingdom.
Changes in
U.K. tax laws could have a material adverse effect on our business.
We
derive a substantial portion of our revenue from our operations in the U.K., and our subsidiaries in the U.K. have filed returns for
U.K. corporation tax on the basis that it is resident in the U.K. Such subsidiaries are subject to U.K. tax in respect of their worldwide
income and gains (subject to any applicable exemptions). Any change in such subsidiaries' status or any change in U.K. tax laws
could materially affect our business, prospects, financial condition or results of operations.
Risks Related to Our Corporate Structure
Our private education service business is
subject to extensive regulation in China. If the PRC government finds that the contractual arrangement that establishes our corporate
structure for operating our business does not comply with applicable PRC laws and regulations, we could be subject to severe penalties.
Our domestic private education
service business is subject to extensive regulations in China. The PRC government regulates various aspects of our business and operations,
such as curriculum content, education materials, standards of school operations, student recruitment activities, tuition and other fees.
The laws and regulations applicable to the private education sector are subject to frequent change, and new laws and regulations may be
adopted, some of which may have a negative effect on our business, either retrospectively or prospectively.
Foreign ownership in education
services is subject to strict regulations in China. The PRC government regulates the provision of education services through strict licensing
requirements. In particular, PRC laws and regulations currently prohibit foreign ownership of companies and institutions providing compulsory
education services at primary and middle school levels, and restrict foreign investment in education services businesses at the high school
and kindergarten level. We are a company incorporated in the Cayman Islands. Our PRC subsidiary, Zhuhai Bright Scholar, is a foreign-owned
enterprise and is currently ineligible to apply for and hold licenses to operate, or otherwise own equity interests in, our schools. Due
to these restrictions, we conduct our private education business in China primarily through contractual arrangements among (1) Zhuhai
Bright Scholar, (2) the VIEs, and (3) the ultimate shareholders of the VIEs, including Ms. Meirong Yang. We hold the required licenses
and permits necessary to conduct our private education business in China through the schools controlled and held by the VIEs. We have
been and expect to continue to be dependent on the VIEs to operate our private education business. See "Item 4. Information on the
Company—C. Organizational Structure" for more information.
23
If our ownership structure and contractual arrangements are found
to violate any PRC laws or regulations, including the Opinions on Deepening the Reform of Educational Teaching and Thoroughly Enhancing
the Quality of Compulsory Education and any legislations to be enacted (such as the Preschool Education Law), or if we are found to require
but failed to obtain any of the permits or approvals for our private education business, the relevant PRC regulatory authorities include
the MOE, which regulates the education industry, the PRC Ministry of Commerce, or MOFCOM, which regulates foreign investments, the Civil
Affairs Bureau, which regulates the registration of schools, and SAIC, which regulates the registration of for-profit schools. The authorities
would have broad discretion in imposing fines or punishments upon us for such violations, including:
●
revoking the business and operating licenses of our group and/or the VIEs;
●
discontinuing or restricting any related-party transactions between our group and the VIEs;
●
imposing fines and penalties, or imposing additional requirements for our operations with which we, or the VIEs may not be able to comply;
●
requiring us to restructure the ownership and control structure or our current schools;
●
restricting or prohibiting our use of the proceeds of our equity offerings to finance our business and operations in China, particularly the expansion of our business through strategic acquisitions; or
●
restricting the use of financing sources by us or the VIEs or otherwise restricting our or their ability to conduct business.
As of August 31, 2022, similar
ownership structure and contractual arrangements have been used by many China-based companies listed overseas, including a number of
education companies listed in the United States. To our knowledge, none of the fines or punishments listed above has been imposed on
any of these public companies, including companies in the education industry.  However, we cannot assure you that such fines or punishments
will not be imposed on us or any other companies in the future. If any of the above fines or punishments is imposed on us, our business,
financial condition and results of operations could be materially and adversely affected. If any of these penalties results in our inability
to direct the activities of the VIEs and their respective subsidiaries that most significantly impact their economic performance, and/or
our failure to receive the economic benefits from the VIEs and their respective subsidiaries, we may not be able to consolidate the VIEs
and their respective subsidiaries in our financial statements in accordance with U.S. GAAP. However, we do not believe that such actions
would result in the liquidation or dissolution of our company, our wholly-owned subsidiaries in China or the VIEs or their respective
subsidiaries.
In addition, pursuant to the Implementation Rules, (1) foreign-invested
enterprises established in China and social organizations whose actual controllers are foreign parties shall not sponsor, participate
in or actually control private schools that provide compulsory education, (2) social organizations or individuals shall not control any
private school that provides compulsory education or any non-profit private school that provides pre-school education by means of merger,
acquisition, contractual arrangements, etc., and (3) private schools providing compulsory education shall not conduct any transaction
with any related party. Any private school conducting transactions with related parties must adhere to the principles of openness, fairness
and impartiality. Tuition and fees shall be set reasonable. And the decision-making process shall not damage the state interests, the
interests of the school or the rights and interests of the teachers and students. Failure to comply with these principles may result in
an order to make corrections within a specified time limit. Illegal gains obtained, if any must be confiscated, and collected fees returned.
If the circumstances are serious, the sponsor, actual controller and member of the decision-making body or supervisory body shall not
become the sponsor, actual controller or member of the decision-making body or supervisory body of other private school within one to
five years. In cases where the violations have an especially severe adverse social impact, such individuals may be permanently prohibited
from becoming sponsors, actual controllers, or members of decision-making or supervisory bodies of other private schools. If a violation
constitutes a public security administration offense, the public security organ will impose a punishment according to law. If a violation
constitutes a crime, criminal responsibility will be investigated in accordance with the law.
24
These regulations may challenge the validity of our contractual
arrangements that establish our corporate structure for operating our business. For example, the clause or provision of the exclusive
management services and business cooperation agreement in relation to related party transactions between Zhuhai Bright Scholar and the
VIE, namely BGY Education Investment, to the extent concerning private schools offering compulsory education are not legally enforceable
since September 1, 2021. Furthermore, our contractual arrangements may not be enforceable in the PRC if the PRC government authorities
view such contracts as contravening any mandatory provision of PRC laws and administrative regulations or are otherwise not enforceable
due to offending public order or good morals. In the event we are unable to enforce these contractual arrangements, for our continuing
operations, we may not be able to exert effective control over those VIEs and their respective shareholders, and our ability to conduct
our business may be materially and adversely affected. We are continuously assessing the impact of relevant regulations on our business
and making necessary measures and efforts to comply with the requirements under these regulations and implementations, including restructuring
corporate structure or unwinding contractual arrangements, etc. However, the relevant authorities have yet to promulgate any detailed
implementation rules and regulations under the Implementation Rules. It is still unclear whether the above provisions have any retrospective
effect for contractual arrangements over private compulsory education schools existing before September 1, 2021. Therefore, uncertainty
remains as to when and how the Implementation Rules will specifically be applied to our business.
Uncertainties exist with respect to the
interpretation and implementation of the PRC Foreign Investment Law and how it may impact the viability of our current corporate structure,
corporate governance and business operations.
On March 15, 2019, the National
People's Congress approved the Foreign Investment Law ("Foreign Investment Law"), which came into effect on January
1, 2020 and replaced the Law on Chinese-Foreign Equity Joint Ventures, the Law on Chinese-Foreign Contractual Joint Ventures, and the
Wholly Foreign-invested Enterprise Law, together with their implementation rules and ancillary regulations. On December 26, 2019, the
State Council issued the Implementation Rules of the Foreign Investment Law to clarify and elaborate relevant provisions of the Foreign
Investment Law, and the Supreme People's Court of the PRC promulgated a judicial interpretation to address several issues concerning
the application of the Foreign Investment Law. The above Implementation Rules and the judicial interpretation became effective as of January
1, 2020.
The Foreign Investment
Law embodies an expected PRC regulatory trend to China's foreign investment regulatory regime to align with international
standards and unify the corporate legal requirements for both foreign and domestic investments. However, uncertainties still exist
in relation to its interpretation and implementation. For instance, under the Foreign Investment Law, "foreign
investment" refers to the investment activities directly or indirectly conducted by foreign individuals, enterprises or other
entities in China. Though it does not explicitly classify contractual arrangements as a form of foreign investment, we cannot assure
you that foreign investment via contractual arrangement would not be interpreted as a type of indirect foreign investment activities
under the definition in the future. In addition, the definition contains a catch-all provision which includes investments made by
foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council.
Therefore, it still leaves leeway for future laws, administrative regulations or provisions promulgated by the State Council to
provide for contractual arrangements as a form of foreign investment. In any of these cases, it will be uncertain whether our
contractual arrangements will be deemed to be in violation of the market access requirements for foreign investment under PRC Laws.
Furthermore, if future laws, administrative regulations or provisions prescribe further actions to be taken by companies with
respect to existing contractual arrangements, we may face substantial uncertainties as to whether we can complete such actions in a
timely manner, or at all. Failure to take timely and appropriate measures to cope with any of these or similar regulatory compliance
challenges could materially and adversely affect our business, results of operations or financial position.
25
We rely on contractual arrangements with
the VIEs and their shareholders for our operations in China, which may not be as effective in providing control as direct ownership.
We have relied and expect to continue to rely on the contractual arrangements
with the VIEs and their respective shareholders, including Ms. Meirong Yang, one of our largest shareholders, to operate our private education
business in China. For a description of these contractual arrangements, see "Item 4. Information on the Company—C. Organizational
Structure." The revenue contribution of the VIEs from continuing operations accounted for 17.8% of the total revenues for our continuing
operations in the 2022 fiscal year. However, these contractual arrangements may not be as effective as direct equity ownership in providing
us with control over the VIEs. The VIEs and their shareholders may fail to take certain actions required for our business, or to procure
that newly established or acquired schools enter into the contractual arrangements in a timely manner, or to follow our instructions despite
their contractual obligations to do so. If they fail to perform their obligations under their respective agreements with us, we may have
to rely on legal remedies under PRC law, including seeking specific performance or injunctive relief, which may not be effective. Any
failure by the VIEs and the shareholders of the VIEs to perform their obligations under the contractual arrangements would have a material
adverse effect on the financial position and performance of our company. For example, the contractual arrangements are governed by PRC
law and provide for the resolution of disputes through arbitration in China. Accordingly, these contracts would be interpreted in accordance
with PRC law and any disputes would be resolved in accordance with arbitral procedures as contractually stipulated. The commercial arbitration
system in China is not as developed as some other jurisdictions, such as the United States. As a result, uncertainties in the commercial
arbitration system or legal system in China could limit our ability to enforce these contractual arrangements. In addition, if the legal
structure and the contractual arrangements were found to violate any existing or future PRC laws and regulations, we may be subject to
fines or other legal or administrative sanctions.
If the imposition of government
actions causes us to lose our right to direct the activities of the VIEs or our right to receive substantially all the economic benefits
and residual returns from the VIEs and we are not able to restructure our ownership structure and operations in a satisfactory manner,
we would no longer be able to consolidate the financial results of the VIEs.
As a holding company incorporated in the Cayman Islands with no
material operations, we conduct a substantial majority of our operations through our subsidiaries, the VIEs, and their subsidiaries in
China. We control and receive the economic benefits of our VIEs and its subsidiaries' business operations through certain contractual
arrangements. Our ADSs listed on the New York Stock Exchange represents shares of our offshore holding company instead of shares of the
VIEs or their subsidiaries in China. We may not be able to continue to satisfy the applicable requirements and rules with respect to this
structure. If we are unable to satisfy the New York Stock Exchange criteria for maintaining our listing, our securities could be subject
to delisting.
If the PRC government determines that the
contractual arrangements constituting part of our VIE structure do not comply with PRC regulations, or if regulations change or are interpreted
differently in the future, we may be unable to exercise our contractual rights over the assets of the VIEs, and the ADSs or ordinary
shares may decline in value or become worthless.
Investors in the
ADSs are not purchasing equity securities of our subsidiaries that have substantive business operations in China but instead are purchasing
equity securities of a Cayman Islands holding company. We are a Cayman Islands holding company that conducts the majority
of its operations and operates its business in China through its PRC subsidiaries and VIEs through contractual
agreements. Such structure involves unique risks to investors in the ADSs.
26
Recently, the PRC government
adopted a series of regulatory actions and issued statements to regulate business operations in China, including those related to VIEs
and private schools, which may challenge the validity of our contractual arrangements. In the event that the PRC government determines
that the contractual arrangements constituting part of our VIE structure do not comply with PRC regulations, or if these regulations change
or are interpreted differently in the future, we may be unable to assert our contractual rights over the assets of the VIEs, and the ADSs
or ordinary shares may decline in value or become worthless.
On May 14, 2021, the PRC
State Council announced the Implementation Rules, which became effective on September 1, 2021. Under the Implementation Rules,
social organizations and individuals are prohibited from controlling a private school that provides compulsory education or a
non-profit private school that provides pre-school education by means of, among others, merger, acquisition, and contractual
arrangements, and a private school providing compulsory education is prohibited from conducting transactions with its related party.
In particular, the prohibition over related party transactions has significantly affected the enforceability of the exclusive
management services and business cooperation agreements with affiliated entities providing compulsory education. Therefore, we
re-assessed our control over the Affected Entities. Based on the relevant accounting standard in accordance with U.S. GAAP, we have
concluded that we have lost control of the Affected Entities since August 31, 2021, in view of the significant uncertainties and
restrictions the Implementation Rules impose on our ability to direct the range of ongoing activities that would most significantly
impact the returns of those entities and to be exposed to returns that are commensurate with a controlling interest, and that such
uncertainties and restrictions already had a significant impact on our ability to direct and its economic exposure from involvement
with such entities.
Except for the Affected Entities, the contractual arrangements enable
us to: (1) exercise effective control over the VIEs; (2) receive substantially all of the economic benefits of the VIEs in consideration
for the services provided by us; and (3) have an exclusive option to purchase all of the equity interests in the VIEs when and to the
extent permitted under PRC law. Therefore, we are able to consolidate the financial results of the VIEs in our consolidated financial
statements. However, our PRC legal counsel has advised us that as there are substantial uncertainties regarding the interpretation and
application of PRC laws and regulations, and we cannot assure you that the PRC government would agree that our corporate structure or
any of the above contractual arrangements comply with current or future PRC laws or regulations. PRC laws and regulations governing the
validity of these contractual arrangements are uncertain and the relevant government authorities may have broad discretion in interpreting
these laws and regulations. For a detailed description of the risks associated with our corporate structure, see "—Risks Related
to Our Corporate Structure" and "—Risks Related to Doing Business in China."
Our largest shareholders may have potential
conflict of interest with us and not act in the best interests of our company.
Ms. Meirong Yang is the controlling
shareholder and a director of the VIEs. She and Ms. Huiyan Yang, our ex-chairlady, are also the largest shareholders of our company. We
cannot assure you that Ms. Meirong Yang and Ms. Huiyan Yang will always act in the best interests of our company. In addition, Ms. Meirong
Yang owes duties of loyalty and diligence to the VIEs as its director pursuant to PRC law. However, she does not owe a fiduciary duty
to our company as she is not an officer or director of our company. We provide no incentives to encourage Ms. Meirong Yang to act in our
best interest in her capacity as the shareholder of the VIEs. We rely on Ms. Meirong Yang to comply with the terms and conditions of the
contractual arrangements. Although Ms. Meirong Yang is obligated to honor her contractual obligations with respect to the VIEs, she may
nonetheless breach or cause our the VIEs to breach or refuse to renew the existing contractual arrangements which allow us to effectively
exercise control over the VIEs and to receive economic benefits from them. If Ms. Meirong Yang does not honor her contractual obligations
with respect to the VIEs, we may exercise our exclusive option to purchase, or cause our designee to purchase, all or part of the equity
interest in the VIEs to the extent permitted by PRC law. If we cannot resolve any disputes between us and the shareholders of the VIEs,
we would have to rely on arbitration or legal proceedings, which could result in disruption of our business and substantial uncertainty
as to the outcome of any such legal proceedings.
27
Contractual arrangements between the VIEs
and us may be subject to scrutiny by the PRC tax authorities and a finding that we or the VIEs owe additional taxes could materially reduce
our net income and the value of your investment.
Under PRC laws and regulations,
transactions between related parties should be conducted on an arm's-length basis and may be subject to audit or challenge by the
PRC tax authorities. We could face material adverse tax consequences if the PRC tax authorities determine that the contractual arrangements
among our subsidiary in China, the VIEs and the shareholders of the VIEs are not conducted on an arm's-length basis and adjust the
income of the VIEs through the transfer pricing adjustment. A transfer pricing adjustment could, among other things, result in, for PRC
tax purposes, increased tax liabilities of the VIEs. In addition, the PRC tax authorities may require us to disgorge our prior tax benefits,
and require us to pay additional taxes for prior tax years and impose late payment fees and other penalties on the VIEs for underpayment
of prior taxes. To date, similar contractual arrangements have been used by many public companies, including companies listed in the United
States, and, to the best of our knowledge, no publicly available information has indicated that the PRC tax authorities have imposed any
material penalties on those companies. However, we cannot assure you that such penalties will not be imposed on any other companies or
us in the future. Our net income may be reduced if the tax liabilities of the VIEs materially increase or if they are found to be subject
to additional tax obligations, late payment fees or other penalties.
If any of the VIEs becomes bankrupt or
enter into liquidation proceeding, we may lose the ability to use and dispose assets held by such entity, which could materially and
adversely affect our business, financial condition and results of operations.
We currently conduct our operations
in China through contractual arrangements with the VIEs and the shareholders of the VIEs. As part of these arrangements, substantially
all of our education-related assets that are critical to the operation of our business are held by the VIEs. If any of these entities
goes bankrupt and all or part of their assets become subject to liens or rights of third-party creditors, we may be unable to continue
some or all of our business activities, which could materially and adversely affect our business, financial condition and results of operations.
If any of the VIEs undergoes a voluntary or involuntary liquidation proceeding, its equity owner or unrelated third-party creditors may
claim rights relating to some or all of these assets, which would hinder our ability to operate our business and could materially and
adversely affect our business, our ability to generate revenue and the market price of the ADSs.
If the custodians or authorized users of
our controlling non-tangible assets, including chops and seals, fail to fulfill their responsibilities, or misappropriate or misuse these
assets, our business and operations could be materially and adversely affected.
Under PRC law, legal documents for corporate transactions, including
agreements and contracts that our business relies on, are executed with validity when using the chop or seal of the signing entity or
with the signature of a legal representative whose designation is registered and filed with the relevant PRC industry and commerce authorities.
In order to maintain the physical
security of our chops, we generally have them stored in secured locations accessible only to authorized employees. Although we monitor
such authorized employees, the procedures may not be sufficient to prevent all instances of abuse or negligence. There is a risk that
our employees could abuse their authority, for example, by entering into a contract not approved by us or seeking to gain control of one
of our subsidiaries or affiliated entities. If any employee obtains, misuses or misappropriates our chops and seals or other controlling
intangible assets for whatever reason, we could experience disruption to our normal business operations.
We may have to take corporate
or legal action, which could involve significant time and resources to resolve and divert management from our operations.
28
PRC regulation of loans and direct investment
by offshore holding companies to PRC entities may delay or prevent us from using the proceeds of our public offerings and other financing
activities to make loans or additional capital contributions to our PRC subsidiaries and affiliated entities, which could harm our liquidity
and our ability to fund and expand our business.
As an offshore holding company of our PRC subsidiaries and affiliated
entities, in utilizing the proceeds of our initial public offerings and other financing activities, we may (1) make loans to our PRC subsidiaries
and affiliated entities, (2) make additional capital contributions to our PRC subsidiaries, (3) establish new PRC subsidiaries and make
capital contributions to these new PRC subsidiaries, and (4) acquire offshore entities with business operations in China in an offshore
transaction. For details on our use of offering proceeds, see "Item 14. Material Modifications to the Rights of Security Holders
and Use of Proceeds—Use of Proceeds."
However, most of these uses
are subject to PRC regulations and approvals. For example:
●
loans by us to our wholly-owned subsidiaries in China, which are foreign-invested enterprises, cannot exceed statutory limits, which is the difference between the total investment amount and the registered capital of our wholly-owned subsidiaries, and must be registered with the State Administration of Foreign Exchange of the PRC, or SAFE, or its local counterparts;
●
loans by us to the VIEs, which are domestic PRC entities, over a certain threshold must be approved by the relevant government authorities and must also be registered with SAFE or its local counterparts; and
●
capital contributions to our wholly-owned subsidiaries in China must be filed with MOFCOM or its local counterparts and must also be registered with the local bank authorized by SAFE.
As a result of the requirements
and limitations outlined above, the amount of funds that we can directly contribute to our operations in China through Zhuhai Bright Scholar,
a foreign-invested enterprise indirectly held by us, is limited.
In addition, on March 30,
2015, SAFE promulgated the Circular on Reforming the Management Approach regarding the Settlement of Foreign Exchange Capital of Foreign-invested
Enterprises ("Circular 19"), which came into effect from June 1, 2015. The notice requires that the capital of a foreign-invested
company settled in Renminbi converted from foreign currencies shall be used only for purposes within the business scope as approved by
the applicable government authorities and may not be used for equity investments in China unless such activity is set forth in the business
scope or is otherwise permissible under PRC laws or regulations. Furthermore, SAFE strengthened its oversight of the flow and use of such
capital of a foreign-invested company settled in Renminbi converted from foreign currencies. The use of such Renminbi capital may not
be changed without SAFE's approval, and may not in any case be used to repay Renminbi loans if the proceeds of such loans have not
otherwise been used. On October 23, 2019, the SAFE issued the Notice of the State Administration of Foreign Exchange on Further Facilitating
Cross-border Trade and Investment, which, among other things, expanded the use of foreign exchange capital in domestic equity investment.
Non-investment foreign-funded enterprises are allowed to lawfully make domestic equity investments by using their capital on the premise
without violation of prevailing special administrative measures for access of foreign investments (negative list) and the authenticity
and compliance with the regulations of domestic investment projects. If our affiliated entity requires financial support from us or our
wholly owned subsidiary in the future, and we find it necessary to use foreign currency-denominated capital to provide such financial
support, our ability to fund our variable interest entity's operations will be subject to statutory limits and restrictions, including
those described above.
On February 13, 2015, SAFE
promulgated the Circular of the State Administration of Foreign Exchange on Further Simplifying and Improving the Direct Investment-related
Foreign Exchange Administration Policies ("Circular 13"), which was implemented on June 1, 2015. Pursuant to Circular 13,
the registration of existing equity is required in lieu of annual foreign exchange inspection of direct investment. Circular 13 also grants
the authority to examine and process foreign exchange registration with respect to both domestic and overseas direct investments.
29
We expect that PRC laws and
regulations may continue to limit our use of proceeds from our initial public offerings and other financing activities or from other financing
sources. We cannot assure you that we will be able to obtain these government registrations or approvals on a timely basis, if at all,
with respect to future loans or capital contributions by us to our entities in China. If we fail to receive such registrations or approvals,
our ability to use the proceeds of our initial public offerings and other financing activities and to capitalize our PRC operations may
be hindered, which could adversely affect our liquidity and our ability to fund and expand our business.
Risks Related to Doing Business in China
PRC economic, political and social conditions,
as well as changes in any government policies, laws and regulations, could adversely affect the overall economy in China or the education
services market, which could harm our business.
The majority of our operations
are conducted in China, and a significant portion of our revenues are derived from China. Accordingly, our business, prospects, financial
condition and results of operations are subject, to a significant extent, to economic, political and legal developments in China.
The PRC economy differs from the economies of most developed countries
in many respects. Although the PRC economy has been transitioning from a planned economy to a more market-oriented economy since the late
1970s, the PRC government continues to play a significant role in regulating the industry. The PRC government has significant control
over China's economic growth through allocating resources, controlling the incurrence and oversight and discretion over the conduct
of our business and may intervene with or influence our operations as the government deems appropriate to further regulatory, political
and societal goals. The PRC government has recently published new policies that significantly affected industries such as the education
and internet industries, and we cannot rule out the possibility that more regulations or policies would be released, which could adversely
affect our business, financial condition and results of operations. For example, under the former Law on the Promotion of Private Education,
as amended on June 29, 2013 and on December 29, 2018, and its implementation rules, a private school should elect to be either a school
that does not require "reasonable returns" or a school that requires "reasonable returns." A private school must
consider factors such as the school's tuition, ratio of the funds used for education-related activities to the course fees collected,
admission standards and educational quality when determining the percentage of the school's net income that would be distributed
to the investors as reasonable returns. On September 1, 2017, the Amended Law came into effect, under which the concept "reasonable
returns" is no longer applicable and a private school should opt to be either for-profit or non-profit. Sponsors of for-profit schools
may obtain operating profits, while sponsors of non-profit schools may not. However, pursuant to the Implementation Rules, sponsors are
not permitted to register for-profit schools that provide compulsory education services from grades one to nine. Such rules apply to a
significant portion of our domestic K-12 schools. Furthermore, the PRC government has recently indicated the intent to exert more oversight
and control over overseas securities offerings and other capital markets activities and foreign investment in China-based companies like
us. Any such action, once taken by the PRC government, could significantly limit or completely hinder our ability to offer or continue
to offer securities to investors. This could result in a substantial decline in the value of such securities or, in the most extreme cases,
render them completely worthless.
While the PRC economy has grown significantly in the past two
to three decades, such growth has been uneven among various regions and among various sectors of the economy. Demand for our education
services depends, in large part, on economic conditions in China and especially the regions where we operate, including Guangdong province.
Any significant slowdown in China's economic growth may adversely affect the disposable income of the families of prospective students
and cause them to delay or cancel their plans to participate in our schools, which in turn could reduce our revenues. In addition, any
sudden changes to China's political system or the occurrence of social unrest could also have a material adverse effect on our business,
prospects, financial condition and results of operations.
30
Furthermore, our
company, the VIEs and their subsidiaries, and our investors may face uncertainty about future actions by the government of China
that could significantly affect the VIEs and their subsidiaries' financial performance and operations, including the
enforceability of the contractual arrangements. As of the date of this annual report, neither our company nor the VIEs have received
or have been denied permission from Chinese authorities to list on U.S. exchanges. However, we cannot assure you that our company or
the VIEs will receive or not be denied permission from Chinese authorities to list on U.S. exchanges in the future.
Uncertainties with respect to the PRC legal
system could have a material adverse effect on us.
The PRC legal system is a civil law system based on written statutes.
Unlike the common law system, prior court decisions in a civil law system may be cited as reference but have limited precedential value.
Since 1979, newly introduced PRC laws and regulations have significantly enhanced the protections of interests related to foreign investments
in China. However, since these laws and regulations are relatively new and the PRC legal system evolves rapidly, the interpretations of
such laws and regulations may not always be consistent, and enforcement of these laws and regulations involves significant uncertainties.
Any of these could limit the available legal protections.
In addition, the PRC administrative and judicial authorities have
broad discretion in interpreting, implementing or enforcing statutory rules and contractual terms. As a result, it may be more challenging
to predict the outcome of administrative and judicial proceedings and the level of legal protection we may receive in the PRC than under
some more developed legal systems. These uncertainties may affect our decisions on the policies and actions to be taken to comply with
PRC laws and regulations, and may affect our ability to enforce our contractual or tort rights. In addition, the regulatory uncertainties
may be exploited through unmerited legal actions or threats to extract payments or benefits from us. Such uncertainties may therefore
increase our operating expenses and costs, and materially and adversely affect our business and results of operations.
31
The PRC government has significant oversight
and discretion over the conduct of our business and may intervene with or influence our operations as the government deems appropriate
to further regulatory, political and societal goals.
The PRC government has exercised and continues to exercise substantial
control over virtually every sector of the Chinese economy through regulation and state ownership. The ability of our subsidiaries and
the VIEs to operate in China may be impaired by changes in its laws and regulations, including those relating to education, taxation,
land use rights, foreign investment limitations, and other matters. We cannot assure you that government authorities in China will not
introduce enhanced regulation over the education industry that may lead to our inability to operate in China at all. Furthermore, the
PRC government has recently indicated an intent to exert more oversight and control over overseas securities offerings and other capital
markets activities and foreign investment in China-based companies like us. For example, on July 6, 2021, the relevant PRC government
authorities promulgated the Opinions on Strictly Scrutinizing Illegal Securities Activities in accordance with the Law, or the Opinions.
The Opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings
by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to
deal with the risks and incidents faced by China-based overseas-listed companies. On February 17, 2023, with the approval of the State
Council, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the
Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, among other
requirements, (1) domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the
filing procedures with the CSRC; if a domestic company fails to complete the filing procedures, such domestic company may be subject to
administrative penalties; (2) where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer
shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and such filings shall be submitted
to the CSRC within three business days after the submission of the overseas offering and listing application; and (3) where a listed issuer
seeks to indirectly offer and list securities in the same overseas market, such filings shall be submitted to the CSRC within three business
days after the completion of the overseas offering and listing. On the same day, the CSRC also held a press conference for the release
of the Trial Measures and issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies, which
clarifies that (1) on or prior to the effective date of the Trial Measures, domestic companies that have already submitted valid applications
for overseas offering and listing but have not obtained approval from overseas regulatory authorities or stock exchanges may reasonably
arrange the timing for submitting their filing applications with the CSRC, and must complete the filing before the completion of their
overseas offering and listing; (2) a six-month transition period will be granted to domestic companies which, prior to the effective date
of the Trial Measures, have already obtained the approval from overseas regulatory authorities or stock exchanges, but have not completed
the indirect overseas listing; if domestic companies fail to complete the overseas listing within such six-month transition period, they
shall file with the CSRC according to the requirements; and (3) the CSRC will solicit opinions from relevant regulatory authorities and
complete the filing of the overseas listing of companies with contractual arrangements which duly meet the compliance requirements, and
support the development and growth of these companies. Any such action, once taken by the PRC government, could significantly limit or
completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly
decline or, in extreme cases, become worthless. We did not have to complete such filings with the CSRC for our initial public offering
on May 19, 2017 and the follow-on offering on February 28, 2018 because the offerings made were before the enactment of the Trial Measures;
however, we will be obligated to complete such filings with the CSRC for our future offerings. If we cannot complete such filings with
the CSRC, we may not continue to offer securities to investors and cause the value of our securities to significantly decline or, in extreme
cases, become worthless.
Any increase in applicable enterprise income
tax rates or the discontinuation of any preferential tax treatments currently available to us may result in significantly higher tax burden
or the disgorgement of any benefits we enjoyed in the past, which could in turn materially and adversely affect our business, financial
condition and results of operations.
Under the former Law on the
Promotion of Private Education, as amended on June 29, 2013 and on December 29, 2018, and its implementing rules as promulgated on September
1, 2021, private schools, whether for-profit or non-profit, may enjoy national preferential tax treatment. The implementing rules provide
that non-profit private schools are eligible to enjoy the same preferential tax treatment as public schools. To date, however, no separate
policies, regulations or rules have been introduced by the authorities in this regard.
Preferential tax treatments
granted to us by local government authorities are subject to review and may be adjusted or revoked at any time in the future. For example,
two of our affiliate entities in Sichuan enjoy preferential enterprise income tax treatments. The discontinuation of any preferential
tax treatments currently available to us will cause our effective tax rate to increase, which will increase our income tax expenses and
in turn decrease our net income. In addition, we may not be granted preferential tax treatment by the local governments of additional
regions into which we may expand. The Amended Law, which became effective on September 1, 2017, no longer uses the term "reasonable
return." Instead, under the Amended Law, sponsors of private schools may elect to register their schools as either non-profit or
for-profit, with the exception that private schools in compulsory education must be registered as non-profit private schools. Pursuant
to such Amended Law, non-profit private schools will be entitled to the same tax benefits as public schools, but taxation policies for
for-profit private schools are still unclear. However, it is unclear how the Amended Law and its potential implementation rules would
impact the tax treatment applicable to our schools and whether our schools would enjoy any preferential tax treatment in the future. Any
negative development could have a material adverse effect on our business, financial condition and results of operations.
32
Under the PRC enterprise income tax law,
we may be classified as a PRC "resident enterprise," which could result in unfavorable tax consequences to us and our non-PRC
shareholders.
The PRC enterprise income
tax law and its implementing rules provide that enterprises established outside of China whose "de facto management bodies"
are located in China are considered "resident enterprises" under PRC tax laws. The implementing rules define the term "de
facto management bodies" as a management body which substantially manages, or has control over the business, personnel, finance
and assets of an enterprise. On April 22, 2009, the State Administration of Taxation issued Circular 82, which provides that a foreign
enterprise controlled by a PRC company or a group of PRC companies will be classified as a "resident enterprise" with its
"de facto management body" located within China if all of the following requirements are satisfied: (1) the senior management
and core management departments in charge of its daily operations function are mainly in China; (2) its financial and human resources
decisions are subject to determination or approval by persons or bodies in China; (3) its major assets, accounting books, company seals,
and minutes and files of its board and shareholders' meetings are located or kept in China; and (4) at least half of the enterprise's
directors with voting right or senior management reside in China. The State Administration of Taxation issued a bulletin on August 3,
2011 to provide more guidance on the implementation of Circular 82. The bulletin clarifies certain matters relating to resident status
determination, post-determination administration and competent tax authorities. Although both the circular and the bulletin only apply
to offshore enterprises controlled by PRC enterprises and not those by PRC individuals, the determination criteria set forth in the circular
and administration clarification made in the bulletin may reflect the general position of the State Administration of Taxation on how
the "de facto management body" test should be applied in determining the tax resident status of offshore enterprises and
the administration measures should be implemented, regardless of whether they are controlled by PRC enterprises or PRC individuals.
In addition, the State Administration
of Taxation issued a bulletin on January 29, 2014 to provide more guidance on the implementation of Circular 82. This bulletin further
provides that, among other things, an entity that is classified as a "resident enterprise" in accordance with the circular
shall file the application for classifying its status of resident enterprise with the local tax authorities where its main domestic investors
are registered.
As the tax resident status of an enterprise is subject to the determination
by the PRC tax authorities, if we are deemed as a PRC "resident enterprise," we will be subject to PRC enterprise income tax
on our worldwide income at a uniform tax rate of 25.0%, although dividends distributed to us from our existing PRC subsidiaries and any
other PRC subsidiaries which we may establish from time to time could be exempt from the PRC dividend withholding tax due to our PRC "resident
recipient" status. This could have a material adverse effect on our overall effective tax rate, our income tax expenses and our
net income. Furthermore, dividends, if any, paid to our shareholders and ADS holders may be decreased as a result of the decrease in distributable
profits. In addition, if we were to be considered a PRC "resident enterprise," dividends we pay with respect to the ADSs or
ordinary shares and the gains realized from the transfer of the ADSs or ordinary shares may be considered income derived from sources
within China and be subject to PRC withholding tax, which could have a material adverse effect on the value of your investment in us and
the price of the ADSs.
There are significant uncertainties under
the PRC enterprise income tax law relating to the withholding tax liabilities of our PRC subsidiaries, and dividends payable by our PRC
subsidiaries to our offshore subsidiaries may not qualify to enjoy certain preferential treatments.
Under the PRC enterprise income tax and its implementation rules,
the profits of a foreign-invested enterprise generated through operations, which are distributed to its immediate holding company outside
China, will be subject to a withholding tax rate of 10.0%. Pursuant to a special arrangement between Hong Kong and China, such rate may
be reduced to 5.0% if a Hong Kong resident enterprise owns more than 25.0% of the equity interest in the PRC company. Our current PRC
subsidiaries are wholly owned by our Hong Kong subsidiary. Moreover, under the Notice of the State Administration of Taxation on Issues
regarding the Administration of the Dividend Provision in Tax Treaties promulgated on February 20, 2009, the taxpayer needs to satisfy
certain conditions to enjoy the benefits under a tax treaty. These conditions include: (1) the taxpayer must be the beneficial owner of
the relevant dividends, and (2) the corporate shareholder to receive dividends from the PRC subsidiaries must have continuously met the
direct ownership thresholds during the 12 consecutive months preceding the receipt of the dividends. Further, the State Administration
of Taxation promulgated the Notice on Issues Relating to "Beneficial Owner" in Tax Treaties, or Circular 9, defines the "beneficial
owner" as a party who holds ownership of and control over the income of the entity, or the rights or assets from which such income
are derived. Circular 9 sets forth certain detailed factors in determining the "beneficial owner" status. Further, the State
Administration of Taxation promulgated the Notice on How to Recognize the "Beneficial Owner" in Tax Treaties on June 29, 2012,
which replaced the Notice on How to Understand and Recognize the "Beneficial Owner" in Tax Treaties. Furthermore, the State
Administration of Taxation promulgated Announcement of the State Administration of Taxation on Issues Relating to "Beneficial Owner"
in Tax Treaties ("Circular 9") in February 3, 2018, which took effect on April 1, 2018, replaced the Notice on How to Understand
and Recognize the "Beneficial Owner" in Tax Treaties and provides guidance for determining whether a resident of a contracting
state is the "beneficial owner" of an item of income under China's tax treaties and tax arrangements.
Entitlement to a lower tax
rate on dividends according to tax treaties or arrangements between the PRC central government and governments of other countries or
regions is subject to inspection or approval of the relevant tax authorities. As a result, we cannot assure you that we will be entitled
to any preferential withholding tax rate under tax treaties for dividends received from our PRC subsidiaries.
33
Based on the recent development of PRC
law, there is significant uncertainty about the application and interpretation of the Law on the Promotion of Private Education, the
Implementation Rules and their detailed implementation rules and regulations. We may face significant limitations on our ability to engage
in the private education business, acquire private schools, or receive payments from the VIEs and may otherwise be materially and adversely
affected by changes in PRC laws and regulations.
Pursuant to the Law on the
Promotion of Private Education, sponsors of private schools may choose to establish schools as either non-profit or for-profit schools.
Sponsors are not permitted to establish for-profit schools that provide compulsory education services, which covers grades one to nine
and which accounts for a significant portion of our students as well as revenue during the reporting period. Sponsors of for-profit private
schools are entitled to retain the profits from their schools and any operating surplus may be allocated to the sponsors pursuant to
the PRC company law and other relevant laws and regulations. Sponsors of non-profit private schools are not entitled to any distribution
of profits from their schools and all revenue must be used for the operation of the schools.
Given the Law on the Promotion of Private Education, the Implementation
Rules and other relevant laws and regulations, as a holding company, our ability to generate profits, pay dividends and other cash distributions
to our shareholders are subject to many factors, including whether our schools are characterized as for-profit or non-profit, the profitability
of our schools, and our ability to receive dividends and other distributions from our PRC subsidiary, Zhuhai Bright Scholar, which in
turn depends on the service fees paid to Zhuhai Bright Scholar from the VIEs. Zhuhai Bright Scholar has exclusive management services
and business cooperation agreements with each of the VIEs, Ms. Meirong Yang and Mr. Wenjie Yang, the shareholders of the VIEs. Pursuant
to these agreements, Zhuhai Bright Scholar has the exclusive right to provide comprehensive technical and business support services to
the VIEs. As advised by our PRC counsel, as of August 2021, our right to receive the service fees from our schools and other affiliated
entities did not, to our knowledge, contravene any PRC laws or regulations then in force. Likewise, the payment of service fees under
our contractual arrangements should not be regarded as the distribution of returns, dividends or profits to the sponsors of our schools
under the PRC laws and regulations then in force.
However, according to the Implementation Rules, which came into
force on September 1, 2021, (1) foreign-invested enterprises established in China and social organizations whose actual controllers are
foreign parties shall not sponsor, participate in, or actually control private schools providing compulsory education; (2) social organizations
or individuals shall not control any private school providing compulsory education or any non-profit private school providing pre-school
education by means of merger, acquisition, contractual arrangements, etc.; and (3) private schools providing compulsory education shall
not conduct any transaction with any related party. Where a private school conducts any transaction with any related party, it shall adhere
to the principles of openness, fairness and impartiality, fix reasonable tuition and fees and regulate the decision-making, and shall
not damage the state and the school or the rights and interests of the teachers and students, otherwise, there is a risk of being ordered
to make corrections within a time limit. The illegal gains, if any, shall be confiscated after the fees collected are returned; if the
circumstances are serious, the sponsor, actual controller and member of the decision-making body or supervisory body shall not become
the sponsor, actual controller or member of the decision-making body or supervisory body of other private school within one to five years;
if the circumstances are especially serious with adverse social impact, the sponsor, actual controller and member of the decision-making
body or supervisory body shall not become the sponsor, actual controller and members of the decision-making body or supervisory body of
other private school permanently; if a violation of public security administration is committed, the public security organ shall impose
a public security administration punishment according to law; if a crime is committed, criminal responsibility shall be investigated in
accordance with the law.
Therefore, a private school providing compulsory education is
prohibited from conducting transactions with its related party. As a result, the clause or provision in the exclusive management services
and business cooperation agreements that pertains to related party transactions between a private school providing compulsory education
and Zhuhai Bright Scholar was not legally enforceable since September 1, 2021. Since then, we have stopped transacting with the Affected
Entities. However, to keep these private schools providing compulsory education in operations, we continued to provide essential services
without recognizing any revenues relating to such activities to schools providing compulsory education in our discontinued operations,
which are key to the normal daily operation of these schools. As of the date of this annual report, schools providing compulsory education
that we continue to provide services to have not received any further rectification requirements or penalty notices from the relevant
competent authorities,. The possibility and impact of illegal risks are still unable to be assessed clearly. We are continuously assessing
the impact of relevant regulations on our business and making necessary measures and efforts to comply with the requirements under these
regulations and implementations, including restructuring corporate structure or unwinding contractual arrangements, etc.
34
In particular, the validity of our contractual arrangements may be
challenged, and our corporate structure may need to be restructured to comply with the new regulations, which may be time-consuming and
expensive and impose additional restrictions on our business expansion and may further adversely affect our business operations and results
of operations. See "—Risks Related to Our Corporate Structure—Our private education service business is subject to extensive
regulation in China. If the PRC government finds that the contractual arrangement that establishes our corporate structure for operating
our business does not comply with applicable PRC laws and regulations, we could be subject to severe penalties."
In July 24, 2021, the Alleviating Burden Opinion was promulgated.
The Alleviating Burden Opinion proposes certain measures intended to ease the workload of students in compulsory education and regulate
the relevant after-school tutoring services for the compulsory education stage in the PRC, including (1) institutions providing after-school
education service on academic subjects in China's compulsory education system, or academic training institutions, need to be registered
as non-profit, no approval will be granted to new academic training institutions, and an approval mechanism will be adopted for online
academic training institutions; (2) foreign ownership in academic training institutions is prohibited, including through contractual arrangements,
and companies with existing foreign ownership need to rectify such status; (3) listed companies are prohibited from raising capital to
invest in businesses that teach academic subjects in compulsory education; (4) academic training institutions are prohibited from providing
tutoring services on academic subjects in compulsory education during public holidays, weekends and school breaks; and (5) academic training
institutions must follow the fee standards to be established by relevant authorities. The Alleviating Burden Opinion also provides that
institutions providing after-school tutoring services on academic subjects in high schools (which do not fall within China's compulsory
education system) shall take into consideration the Alleviating Burden Opinion when conducting activities. If the corporate structure
and the business of our complementary education services are deemed to be in violation of the Alleviating Burden Opinion by relevant authorities,
our corporate structure and business operations may be adversely affected and may need to be restructured to comply with the Alleviating
Burden Opinion.
We face uncertainties with respect to indirect
transfers of the equity interests in PRC resident enterprises by their non-PRC holding companies.
The State Administration of Taxation issued Bulletin on Several
Issues concerning the Enterprise Income Tax on the Indirect Transfers of Properties by Non-Resident Enterprises ("Bulletin 7"),
on February 3, 2015. Under Bulletin 7, an "indirect transfer" of assets, including equity interests in a PRC resident enterprise,
by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of PRC taxable assets if the arrangement does
not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result,
gains derived from such indirect transfer may be subject to PRC enterprise income tax. According to Bulletin 7, "PRC taxable assets"
include assets attributed to an establishment in China, immoveable properties in China, and equity investments in PRC resident enterprises.
In respect of an indirect offshore transfer of assets of a PRC establishment, the relevant gain is to be regarded as effectively connected
with the PRC establishment and therefore included in its enterprise income tax filing, and would consequently be subject to PRC enterprise
income tax at a rate of 25.0%. If the underlying transfer relates to the immoveable properties in China or to equity investments in a
PRC resident enterprise that is not effectively connected to a PRC establishment of a non-resident enterprise, a PRC enterprise income
tax at 10.0% would apply, subject to available preferential tax treatment under applicable tax treaties or similar arrangements. The party
obligated to make the transfer payments has the withholding obligation. There is uncertainty as to the implementation details of Bulletin
7. If Bulletin 7 was determined by the tax authorities to be applicable to some of our transactions involving PRC taxable assets, our
offshore subsidiaries conducting the relevant transactions might be required to spend valuable resources to comply with Bulletin 7 or
to establish that the relevant transactions should not be taxed under Bulletin 7.
On October 17, 2017, the State Administration of Taxation issued
the Bulletin on Issues Concerning the Source-based Withholding of Enterprise Income Tax on Non-resident Enterprises ("Bulletin 37"),
which became effective on December 1, 2017. According to Bulletin 37, non-resident enterprises who voluntarily declare their enterprise
income tax shall at the same time confirm when they would make payments for the declared amount of tax. If the withholding agent fails
to or is unable to withhold the income tax in accordance with the law, the non-resident enterprise will be deemed to have cleared its
tax payment on time if it voluntarily declares and pays the tax before or within the time limit the tax authority orders it to do so.
If the taxable income before withholding on a source-basis falls within the form of dividends or any equity investment gains, the obligation
to settle such tax payments is triggered on the date of actual payment of the dividends or other equity investment gains. In addition,
on December 1, 2017, Bulletin 37 repealed the Notice of the State Administration of Taxation on Strengthening the Administration over
Enterprise Income Tax on Income of Non-resident Enterprises from Equity Transfer and Notice of the State Administration of Taxation on
Issuing the Interim Measures for the Administration of Source-based Withholding of the Enterprise Income Tax of Non-resident Enterprises
issued by the State Administration of Taxation on December 10, 2009 and January 1, 2009, respectively.
As a result, we and our non-PRC
shareholders may have the risk of being taxed for the disposition of our ordinary shares or ADS and may be required to spend valuable
resources to comply with Bulletin 7 and Bulletin 37 or to establish that we or our non-PRC shareholders should not be taxed as an indirect
transfer, which may have a material adverse effect on our financial condition and results of operations or the investment by non-PRC
investors in us.
35
Restrictions on currency exchange may limit
our ability to receive and use our revenue effectively.
Restrictions on currency
exchange may limit our ability to use revenue generated in Renminbi to fund any business activities we may have outside China in the
future or to make dividend payments to our shareholders and ADS holders in U.S. dollars. Under current PRC laws and regulations, Renminbi
is freely convertible for current account items, such as trade and service-related foreign exchange transactions and dividend distributions.
However, Renminbi is not freely convertible for direct investment or loans or investments in securities outside China, unless such use
is approved by SAFE. For example, foreign exchange transactions under our subsidiary's capital account, including principal payments
in respect of foreign currency-denominated obligations, remain subject to significant foreign exchange controls and the approval requirement
of SAFE. These limitations could affect our ability to obtain foreign exchange for capital expenditures.
Our PRC subsidiaries are permitted to declare dividends to our
offshore subsidiary holding their equity interest, convert the dividends into a foreign currency and remit to its shareholder outside
China. In addition, in the event that any of our PRC subsidiaries liquidates, proceeds from the liquidation may be converted into foreign
currency and distributed outside China to our overseas subsidiary holding its equity interest. Furthermore, in the event that any of the
VIEs liquidates, our PRC subsidiary, Zhuhai Bright Scholar, may, pursuant to the power of attorneys respectively executed by Ms. Meirong
Yang and Mr. Wenjie Yang, require such VIE to pay and remit the proceeds from such liquidation to Zhuhai Bright Scholar. Zhuhai Bright
Scholar then may distribute such proceeds to us after converting them into foreign currency and remit them outside China in the form of
dividends or other distributions. Once remitted outside of China, dividends, distributions or other proceeds from liquidation paid to
us will not be subject to restrictions under PRC regulations on its further transfer or use.
Other than the above distributions by and through our PRC subsidiaries,
which are permitted without further approvals, any conversion of the Renminbi-denominated revenue generated by the VIEs for direct investment,
loans or investment in securities outside China will be subject to the limitations discussed above. To the extent we need to convert and
use any Renminbi-denominated revenue generated by the VIEs not paid to our PRC subsidiaries and revenue generated by our PRC subsidiaries
not declared and paid as dividends, the limitations discussed above will restrict the convertibility of, and our ability to directly receive
and use such revenue. As a result, our business and financial condition may be adversely affected. In addition, we cannot assure you that
the PRC regulatory authorities will not impose more stringent restrictions on the convertibility of Renminbi in the future, especially
with respect to foreign exchange transactions.
Our subsidiaries and affiliated entities
in China are subject to restrictions on making dividends and other payments to us.
As a holding company, we primarily rely on dividends paid by our
subsidiaries in China for our cash needs, including paying dividends and other cash distributions to our shareholders to the extent we
choose to do so, servicing any debt we may incur and paying our operating expenses. The income for our PRC subsidiaries, especially Zhuhai
Bright Scholar, in turn depends on the service fees paid by the VIEs. Current PRC regulations permit our subsidiaries in China to pay
dividends to us only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations.
Under the applicable requirements of PRC law, our PRC subsidiaries may only distribute dividends after they have made allowances to fund
certain statutory reserves. These reserves are not distributable as cash dividends. Pursuant to the Law on the Promotion of Private Education,
sponsors of for-profit private schools are entitled to retain the profits from their schools, and the operating surplus may be allocated
to the sponsors pursuant to the PRC company law and other relevant laws and regulations. Sponsors of non-profit private schools are not
entitled to any distribution of profits from their schools. All revenue must be used for the operation of the schools. According to Implementation
Rules, a non-profit private school should allocate no less than 10% of its audited annual non-restricted net asset increase, or a for-profit
private school should allocate no less than 10% of its audited annual net income, to its development, respectively. In addition, prior
to the promulgation of specific Implementation Rules and other relevant regulations, at the end of each fiscal year, each of our private
schools in China is required to allocate a certain amount to its development fund for the construction or maintenance of the school properties
or purchase or upgrade of school facilities. In particular, our for-profit schools must allocate no less than 10% of their annual
net income, and our non-profit schools must allocate no less than 10% of their annual increase in the unrestricted net assets
of the school. However, the relevant authorities have yet to promulgate any detailed implementation rules and regulations under the Implementation
Rules. We remain uncertain as to the timing and substance of the rules under the Law on the Promotion of Private Education and Implementation
Rules to be promulgated, and how such rules will impact our operation. Furthermore, if our subsidiaries or the VIEs in China incur debt
on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments
to us. Any such restrictions may materially affect such entities' ability to make dividends or make payments, in service fees or
otherwise, to us, which may materially and adversely affect our business, financial condition and results of operations.
36
Fluctuations in the value of the Renminbi
may have a material adverse effect on your investment.
The
change in value of the Renminbi against the U.S. dollar and other currencies is subject to various factors, including changes in China's
political and economic conditions. On July 21, 2005, the PRC government changed its policy of pegging the value of the Renminbi to the
U.S. dollar. Under the new policy, the Renminbi was permitted to fluctuate within a narrow and managed band against a basket of certain
foreign currencies. Later on, the People's Bank of China has decided to further implement the reform of the RMB exchange regime
and to enhance the flexibility of RMB exchange rates. Such changes in policy have resulted in a significant appreciation of the Renminbi
against the U.S. dollar since 2005. There is still significant international pressure on the PRC government to adopt a more flexible
currency policy, which could result in a further and more significant adjustment of the rate for Renminbi against the U.S. dollar.
Any significant appreciation or revaluation of the Renminbi may
have a material adverse effect on the value of, and any dividends payable on, the ADSs in foreign currency terms. More specifically, if
we decide to convert our Renminbi into U.S. dollars, the appreciation of the U.S. dollar against the Renminbi would have a negative effect
on the U.S. dollar amount available to us. To the extent that we need to convert U.S. dollars we receive from our initial public offering
into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount
we receive from the conversion. In addition, appreciation or depreciation in the exchange rate of the Renminbi to the U.S. dollar could
materially and adversely affect the price of the ADSs in U.S. dollars without giving effect to any underlying change in our business or
results of operations.
Certain PRC regulations, including the
M&A Rules and national security regulations, may require a complicated review and approval process which could make it more difficult
for us to pursue growth through acquisitions in China.
The Provisions on the Merger and Acquisition of Domestic Enterprises
by Foreign Investors (Revised in 2009), or the M&A Rules, established additional procedures and requirements that could make merger
and acquisition activities in China by foreign investors more time-consuming and complex. For example, MOFCOM must be notified if a foreign
investor takes control of a PRC domestic enterprise. In addition, certain acquisitions of domestic companies by offshore companies that
are related to or affiliated with the same entities or individuals of the domestic companies, are subject to MOFCOM approval. In addition,
the Implementing Rules Concerning Security Review on Mergers and Acquisitions by Foreign Investors of Domestic Enterprises, issued by
MOFCOM in August 2011, require that mergers and acquisitions by foreign investors in "any industry with national security concerns"
be subject to national security review by MOFCOM. In addition, any activities attempting to circumvent such review process, including
structuring the transaction through a proxy or contractual control arrangement, are strictly prohibited.
There is significant uncertainty regarding the interpretation
and implementation of these regulations relating to merger and acquisition activities in China. Therefore, complying with these requirements
could be time-consuming. The required notification, review or approval process may materially delay or affect our ability to complete
merger and acquisition transactions in China. As a result, our ability to seek growth through acquisitions may be materially and adversely
affected.
In addition, if MOFCOM determines
that we should have obtained its approval for our entry into contractual arrangements with the VIEs and the shareholders of the VIEs,
we may be required to file for remedial approvals. We cannot assure you that we would be able to obtain such approval from MOFCOM. We
may also be subject to administrative fines or penalties by MOFCOM that may require us to limit our business operations in China, delay
or restrict the conversion and remittance of our funds in foreign currencies into China or take other actions that could have material
adverse effect on our business, financial condition and results of operations.
37
Failure by the beneficial owners of our
shares who are PRC residents to comply with certain PRC foreign exchange regulations could restrict our ability to distribute profits,
restrict our cross-border investment activities and subject us to liability under PRC law.
SAFE has promulgated regulations,
including the Notice on Relevant Issues Relating to Foreign Exchange Control on Domestic Residents' Investment and Financing and
Round-Trip Investment through Special Purpose Vehicles ("Circular 37"), effective on July 4, 2014, and its appendices. Circular
37 requires PRC residents, including PRC institutions and individuals, to register with local branches of SAFE if they direct establish
or indirect control an offshore entity for the purpose of overseas investment and financing. Such domestic or offshore entities with PRC
residents' legally owned assets or equity interests are referred to in Circular 37 as a "special purpose vehicle." The
term "control" under Circular 37 is broadly defined as the operation rights, beneficiary rights or decision-making rights
acquired by the PRC residents in the offshore special purpose vehicles by means as acquisition, trust, proxy, voting rights, repurchase,
convertible bonds or other arrangements. Circular 37 further requires amendment to the registration in the event of any significant changes
with respect to the special purpose vehicle, such as increase or decrease of capital contributed by PRC individuals, share transfer or
exchange, merger, division or other material event. If a PRC shareholder holding interests in a special purpose vehicle fails to fulfill
the required SAFE registration, the PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions
to the offshore parent and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle may
be restricted in its ability to contribute additional capital into its PRC subsidiaries. Further, failure to comply with the various SAFE
registration requirements described above could result in liability under PRC law for foreign exchange evasion.
These regulations apply to
our direct and indirect shareholders who are PRC residents and may apply to any offshore acquisitions or share transfers that we make
in the future if our shares are issued to PRC residents. Additionally, in practice, different local SAFE branches may have different views
and procedures on the application and implementation of SAFE regulations, and there remains uncertainty with respect to its implementation.
As of the date of this annual report, all PRC residents known to us that currently hold direct or indirect interests in our company either
have completed the necessary registrations or are in the process of updating their necessary registration with SAFE as required by Circular
37. However, we cannot assure you that these individuals or any other direct or indirect shareholders or beneficial owners of our company
who are PRC residents will be able to successfully complete the registration or update the registration of their direct and indirect equity
interest as required in the future. If they fail to make or update the registration, our PRC subsidiaries could be subject to fines and
legal penalties, and SAFE could restrict our cross-border investment activities and our foreign exchange activities, including restricting
our PRC subsidiaries' ability to distribute dividends to, or obtain loans denominated in foreign currencies from, our company, or
prevent us from contributing additional capital into our PRC subsidiaries. As a result, our business operations and our ability to pay
dividends could be materially and adversely affected.
Failure to
comply with governmental regulations and other legal obligations concerning data protection and cybersecurity may materially and adversely
affect our business, as we routinely collect, store and use data during the conduct of our business.
We routinely collect, store
and use data during our operations. We are subject to PRC laws and regulations governing the collecting, storing, sharing, using, processing,
disclosure and protection of data on the Internet and mobile platforms as well as cybersecurity. On April 13, 2020, the Office of the
Central Cyberspace Affairs Commission and 10 other government authorities jointly promulgated the Measures for Cybersecurity Review. On
August 17, 2021, the PRC State Council promulgated the Regulations on Protection of Critical Information Infrastructure, which became
effective on September 1, 2021. Pursuant to the Regulations on Protection of Critical Information Infrastructure, critical information
infrastructure shall mean any important network facilities or information systems of an important industry or field, such as public communication
and information service, energy, communications, water conservation, finance, public services, e-government affairs and national defense
science, which may endanger national security, peoples' livelihood and public interest in the event of damage, function loss or
data leakage. In addition, relevant administration departments of each critical industry and sector (the "Protection Departments"),
shall be responsible to formulate eligibility criteria and determine the critical information infrastructure operator in the respective
industry or sector. The operators shall be informed about the final determination as to whether they are categorized as critical information
infrastructure operators. On January 4, 2022, the CAC announced the adoption of the Cybersecurity Review Measures, and effective February
15, 2022, online platforms and network providers possessing personal information of more than one million individual user must undergo
a cybersecurity review by the CAC when they seek listing in foreign markets. Furthermore, the Standing Committee of the National People's
Congress passed the Personal Information Protection Law of the PRC, which became effective from November 1, 2021 and requires personal
information processing operators, among other regulatory requirements, to obtain a personal information protection certification issued
by recognized institutions in accordance with the CAC regulation before such personal information can be transferred out of China. As
of the date of this annual report, we have not been informed that we are identified as a critical information infrastructure operator
by any governmental authorities.
38
On August 20, 2021, the Standing
Committee of the National People's Congress promulgated the Personal Information Protection Law, which became effective on November
1, 2021. The Personal Information Protection Law aims to protect personal information rights and interests, regulate the processing of
personal information, ensure the orderly and free flow of personal information in accordance with the law, and promote the reasonable
use of personal information. According to the Personal Information Protection Law, personal information includes all kinds of identified
or identifiable information related to natural persons recorded by electronic or other means, but excludes de-identified information.
The Personal Information Protection Law also specifies the rules for handling sensitive personal information, which includes biometrics,
religious beliefs, specific identities, medical health, financial accounts, trails and locations, and personal information of teenagers
under fourteen years old and other personal information, which may easily infringe the personal dignity or harm safety of livelihood and
property upon leakage or illegal usage. Personal information handlers are responsible for their personal information handling activities,
and must adopt necessary measures to safeguard the security of the personal information they handle. Otherwise, the personal information
handlers will be ordered for rectification or suspension or termination of provision of services, confiscation of illegal income, subject
to fines or other penalties.
We face regulatory uncertainties in China
that could restrict our ability to grant share incentive awards to our employees or consultants who are PRC citizens.
Pursuant to the Notices on
Issues concerning the Foreign Exchange Administration for Domestic Individuals Participating in a Stock Incentive Plan of an Overseas
Publicly-Listed Company issued by SAFE on February 15, 2012 ("Circular 7"), a qualified PRC agent (which could be the PRC
subsidiary of the overseas-listed company) is required to file an application with SAFE on behalf of "domestic individuals"
(both PRC residents and non-PRC residents who reside in China for a continuous period of not less than one year, excluding foreign diplomatic
personnel and representatives of international organizations) who are granted shares or share options by the overseas-listed company according
to its share incentive plan. The application is for conducting SAFE registration with respect to such share incentive plan and obtaining
approval for an annual allowance with respect to the purchase of foreign exchange in connection with the share purchase or share option
exercise. The foreign exchange income received from the sale of shares and dividends distributed by the overseas listed company and any
other income by such PRC individuals shall be fully remitted into a collective foreign currency account in China, which is opened and
managed by the PRC domestic agent before distribution to such individuals. In addition, such domestic individuals must also retain an
overseas entrusted institution to handle matters in connection with their exercise of share options and their purchase and sale of shares.
The PRC domestic agent also needs to update registration with SAFE within three months after the overseas-listed company materially changes
its share incentive plan or make any new share incentive plans.
39
We
have granted shares options under the 2017 Plan in the past and may continue to grant additional share options in the
future.
When we do, we need to apply for or update our
registration with SAFE or its local branches on behalf of our employees or consultants who receive options or other equity-based
incentive grants under our share incentive plan or material changes in our share incentive plan. However, we may not always be able
to make applications or update our registration on behalf of our employees or consultants who hold any type of share incentive
awards in compliance with Circular 7. We cannot assure you that such applications or update of registration will be successful. If
we or the participants of our share incentive plan who are PRC citizens fail to comply with Circular 7, we and/or such participants
of our share incentive plan may be subject to fines and legal sanctions. There may be additional restrictions on the ability of such
participants to exercise their share options or remit proceeds gained from sale of their shares into China, and we may be prevented
from further granting share incentive awards under our share incentive plan to our employees or consultants who are PRC
citizens.
Labor contract laws in China may adversely
affect our results of operations.
The current PRC Labor Contract
Law imposes greater liabilities on employers and significantly increases the cost of an employer's decision to reduce its workforce.
Moreover, it stipulates that the employment contract of an employee must be automatically terminated upon reaching the mandatory retirement
age. If we decide to significantly change or decrease our workforce, the Labor Contract Law could adversely affect our ability to enact
such changes in a manner that is most advantageous to our business or in a timely and cost-effective manner, thus materially and adversely
affecting our financial condition and results of operations.
Increases in labor costs and employee benefits
in China may adversely affect our business and our profitability.
The PRC economy has been experiencing
significant growth, leading to inflation and increased labor costs. China's overall economy and the average wage in China are expected
to continue to grow. In addition, we are required by PRC laws and regulations to pay various statutory employee benefits, including pensions,
housing fund, medical insurance, work-related injury insurance, unemployment insurance and maternity insurance to designated government
agencies for the benefit of our employees. The determination of the relevant government agencies whether an employer has made adequate
payments of the requisite statutory employee benefits is within their discretion. Employers that fail to make adequate payments may be
subject to late payment fees, fines and/or other penalties. Future increases in China's inflation and material increases in labor
costs and employee benefits may materially and adversely affect our profitability and results of operations unless we are able pass on
these costs to our students by increasing tuition.
Litigation and negative publicity surrounding
China-based companies listed in the United States may negatively impact the trading price of the ADSs.
Litigation and negative publicity
surrounding companies with operations in China listed in the United States have negatively impacted stock prices of these companies. Certain
politicians in the United States have publicly warned investors to shun China-based companies listed in the United States. The SEC and
the Public Company Accounting Oversight Board (United States), or the PCAOB, also issued a joint statement on April 21, 2020, reiterating
the disclosure, financial reporting and other risks involved in the investments in companies that are based in emerging markets, and the
limited remedies thereof. Furthermore, various equity-based research organizations have recently published reports on China-based companies
after examining their corporate governance practices, related party transactions, sales practices and financial statements. These reports
have led to special investigations and listing suspensions on U.S. national exchanges. Any similar scrutiny on us, regardless of its merit,
could cause the market price of the ADSs to fall, divert management resources and energy, cause us to incur expenses in defending ourselves
against rumors, and increase the premiums we pay for director and officer insurance.
40
If the PCAOB is
unable to inspect or investigate completely auditors located in China for two consecutive years, our ADSs will be delisted and prohibited
from trading in the over-the-counter market under the Holding Foreign Companies Accountable Act (HFCAA). The delisting of the ADSs, or
the threat of their being delisted, may materially and adversely affect the value of your investment.
As
part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law,
in particular China's, the HFCAA has been signed into law on December 18, 2020. The HFCAA states that if the SEC determines that
we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection for the PCAOB for two
consecutive years, the SEC shall prohibit the trading of our ADSs on a national securities exchange or in the over-the-counter market
in the United States.
On December 2, 2021,
the SEC adopted final amendments to its rules implementing the HFCAA, which include requirements to disclose information, including the
auditor name and location, the percentage of shares of the issuer owned by governmental entities, whether governmental entities in the
applicable foreign jurisdiction with respect to the auditor has a controlling financial interest with respect to the issuer, the name
of each official of the Chinese Communist Party who is a member of the board of the issuer, and whether the articles of incorporation
of the issuer contains any charter of the Chinese Communist Party. These amendments also establish procedures the SEC will follow in identifying
issuers and prohibiting trading by certain issuers under the HFCAA, including that the SEC will identify an issuer as a "Commission-identified
Issuer" if the issuer has filed an annual report containing an audit report issued by a registered public accounting firm that the
PCAOB has determined it is unable to inspect or investigate completely, and will then impose a trading prohibition on an issuer after
it is identified as a Commission-Identified Issuer for two consecutive years.
In August 2022, the PCAOB,
the CSRC and the Ministry of Finance of the PRC signed the Statement of Protocol, which establishes a specific and accountable framework
for the PCAOB to conduct inspections and investigations of PCAOB-governed accounting firms in mainland China and Hong Kong. On December
15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting
firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that
the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong
Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting
firms headquartered in mainland China and Hong Kong is subject to uncertainties. Several factors outside of our and our auditors' control
may impact this access. The PCAOB continues to demand complete access in mainland China and Hong Kong. The organization is making plans
to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations
as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if
needed. If the PCAOB is unable to inspect and investigate completely registered public accounting firms located in China and we fail to
retain a registered public accounting firm that the PCAOB is able to inspect and investigate completely for two consecutive years, or
if we otherwise fail to meet the PCAOB's requirements, the ADSs will be delisted from the New York Stock Exchange, and our shares
will not be permitted for trading over the counter in the United States under the HFCAA and related regulations. If the ADSs are prohibited
from trading in the United States, we cannot assure you that we will be able to list on a non-U.S. exchange or that a market for the ADSs
will develop outside of the United States. Such a prohibition would substantially impair your ability to sell or purchase the ADSs when
you wish to do so, and the risk and uncertainty associated with delisting would have a negative impact on the price of the ADSs. Moreover,
the HFCAA or other efforts to increase U.S. regulatory access to audit information could cause investor uncertainty for affected issuers,
including us, and the market price of the ADSs could be adversely affected. Also, such a prohibition would significantly affect our ability
to raise capital on terms acceptable to us, or potentially impede our ability to raise capital altogether, which would have a material
adverse impact on our business, results of operations and financial condition.
41
If the settlement reached between the SEC
and the big four PRC-based accounting firms, including the Chinese affiliate of our independent registered public accounting firm, concerning
the manner in which the SEC may seek access to audit working papers from audits in China of US-listed companies cannot be executed or
fails to obtain the approval of authorities in both China and the United States, we may be unable to timely file future financial statements
in accordance with the requirements of the Exchange Act.
In
late 2012, the SEC commenced administrative proceedings under Rule 102(e) of its Rules of Practice and also under the Sarbanes-Oxley Act
of 2002 against the mainland Chinese affiliates of the "big four" accounting firms (including the mainland Chinese affiliate
of our independent registered public accounting firm). The initial trial of the proceedings in July 2013 in the SEC's internal administrative
court resulted in an adverse judgment against the firms. The administrative law judge proposed penalties on the four PRC-based accounting
firms including a temporary suspension of their right to practice before the SEC. However, the proposed penalty did not take effect as
it awaited review by the SEC Commissioners.. On February 6, 2015, before
the
Commissioners
could review the case, the Chinese accounting firms reached a settlement with the SEC, leading to a stay of the proceedings. Under the
terms of the settlement, the SEC accepted that future requests by the SEC for the production of documents would normally be made to the
CSRC. The Chinese accounting firms would receive requests similar to those outlined under Section 106 of the Sarbanes-Oxley Act of 2002,
and would be required to abide by a detailed set of procedures in facilitating production via the CSRC. The CSRC for its part initiated
a procedure whereby, under its supervision and subject to its approval, requested classes of documents held by the accounting firms could
be sanitized of problematic and sensitive content so as to render them capable of being made available by the CSRC to US regulators.
Under the terms of the settlement,
the underlying proceeding against the four PRC-based accounting firms was dismissed with prejudice after four years, starting from the
settlement date of February 6, 2019. Despite the conclusion of the proceedings, it is expected that all parties will continue to apply
the same procedures:
i.e.
, the SEC will continue to make its requests for the production of documents to the CSRC, and the CSRC
will normally process those requests applying the sanitization procedure. We cannot predict whether the SEC will further challenge the
four PRC-based accounting firms' compliance with U.S. law if the CSRC does not authorize production of requested documents to the
SEC. If additional challenges are imposed on the Chinese affiliates of the "big four" accounting firms, it may impede our
ability to timely file future financial statements in compliance with the requirements of the Exchange Act.
If the SEC were to resume
the administrative proceedings, depending upon the final outcome, listed companies in the United States with major PRC operations may
find it difficult or impossible to retain auditors in respect of their operations in the PRC, which could result in financial statements
being determined to not be in compliance with the requirements of the Exchange Act, potentially leading to delisting. Moreover, any negative
news about any such future proceedings against these accounting firms may cause investor uncertainty regarding China-based, United States-listed
companies and the market price of the ADSs may be adversely affected.
If the Chinese affiliate of
our independent registered public accounting firm were denied, even temporarily, the ability to practice before the SEC, and we were unable
to timely find another registered public accounting firm to audit and issue an opinion on our financial statements, it could result in
our financial statements being deemed non-compliant with the requirements of the Exchange Act. Such a determination could ultimately lead
to the delisting of our ordinary shares from the NYSE (the "New York Stock Exchange") or deregistration from the SEC, or both,
which would substantially reduce or effectively terminate the trading of the ADSs in the United States.
42
Risks Related to Our Ordinary Shares and ADSs
The trading price
of the ADSs may experience rapid and substantial volatility, which could result in substantial losses for investors.
The
trading price of the ADSs is likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen because
of broad market and industry factors, including the performance and fluctuation of the market prices of other companies with business
operations located mainly in China that have listed their securities in the United States. In addition, factors specific to our operations
can contribute to the volatility of the ADSs. These factors may include, but are not limited to:
●
actual or anticipated variations
in our revenues, earnings, cash flow and changes or revisions of our expected results;
●
fluctuations in operating metrics;
●
announcements of new investments,
acquisitions, strategic partnerships or joint ventures by us or our competitors;
●
announcements of new products,
services and courses and expansions by us or our competitors;
●
changes in financial estimates
by securities analysts;
●
announcements of studies and
reports relating to the quality of our product, service and course offerings or those of our competitors;
●
changes in the performance or
market valuations of other education companies;
●
detrimental negative publicity
about us, our competitors or our industry;
●
additions or departures of key
personnel;
●
release of lockup or other transfer
restrictions on our outstanding equity securities or sales of additional equity securities;
●
regulatory developments affecting
us or our industry;
●
general economic or political
conditions affecting China or elsewhere in the world;
●
fluctuations of exchange rates
between the RMB and the U.S. dollar; and
●
potential litigation or regulatory
investigations.
Any
of these factors may result in significant and sudden changes in the volume and price of the trading of the ADSs. The securities of some
China-based companies that have listed their securities in the United States have experienced significant volatility since their initial
public offerings in recent years, including, in some cases, substantial declines in the trading prices of their securities. The trading
performances of these companies' securities after their offerings may affect the attitudes of investors towards Chinese companies
listed in the United States in general, which consequently may impact the trading performance of the ADSs, regardless of our actual operating
performance. In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate
structure or other matters of other Chinese companies may also negatively affect the perceptions of investors towards Chinese companies
in general, including us, regardless of whether we have engaged in any inappropriate activities. In particular, the global financial crisis,
the ensuing economic recessions and deterioration in the credit market in many countries have contributed and may continue to contribute
to extreme volatility in the global stock markets.
43
Moreover,
recent instances of extreme stock price fluctuations, especially among companies with smaller public floats, have led to increased volatility
in the market. As we have a relatively small public float, we may experience greater stock price volatility, including aggressive price
run-ups and declines, lower trading volume and less liquidity, compared with companies with larger public floats. In particular, the ADSs
may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility,
including any stock run-up, may be unrelated to our actual or expected operating performance, financial condition or prospects, and industry,
market or economic factors, which makes it difficult for prospective investors to assess such rapidly changing value of the ADSs. In addition,
due to the potential low trading volumes, even small quantities of buying or selling can have a disproportionate impact on the price of
the ADSs. This low volume of trades could also cause the price of the ADSs to fluctuate significantly, with large percentage changes occurring
within a single trading day. Holders of the ADSs may also not be able to readily liquidate their investment or may be forced to sell at
depressed prices due to such low-volume trading. As a result of such volatility, investors may experience losses on their investment in
the ADSs. Such volatility also could adversely affect our ability to issue additional ADSs or other securities and our ability to obtain
additional financing in the future, as well as our ability to retain key employees, many of whom have been granted equity incentives.
Furthermore, the potential extreme volatility may confuse the public investors of the value of the ADSs, distort the market's perception
of the price of the ADSs, and our financial performance and public image, and negatively affect the long-term liquidity of the ADSs, regardless
of our actual or expected operating performance.
In
the past, shareholders of public companies have often brought securities class action suits against companies following periods of instability
in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's
attention and other resources from our business and cost us significant expenses to defend the suit, which could harm our results of operations.
Any such class action suit, successful or not, could harm our reputation and restrict our ability to raise capital in the future. In addition,
if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect
on our results of operations and financial condition.
Substantial future sales or perceived potential
sales of the ADSs in the public market could cause the price of the ADSs to decline.
Sales of substantial amounts
of the ADSs in the public market, or the perception that these sales could occur, could adversely affect the market price of the ADSs.
All of our outstanding ADSs are freely transferable without restriction or additional registration under the Securities Act. If any existing
shareholder or shareholders sell a substantial amount of ADSs, the prevailing market price for the ADSs could be adversely affected. Such
sales also might make it more difficult for us to sell in the future at a time and price that we deem appropriate.
Techniques employed by short sellers may
drive down the market price of the  ADSs.
Short selling is a trading
strategy where an investor sells securities that they have borrowed from a third party, with the intention of buying back the same securities
at a later time to return to the lender. The short seller hopes to profit from a decrease in the value of the securities between the sale
of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it
received in the sale. As it is in the short seller's interest for the price of the security to decline, many short sellers publish,
or arrange for the publication of, negative opinions regarding the relevant issuer and its business prospects in order to create negative
market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling
of shares in the market.
Public companies listed in the United States with a significant portion
of their operations in China have been the subject of short selling. Much of the scrutiny and negative publicity has centered on allegations
of a lack of effective internal control over financial reporting resulting in financial and accounting irregularities and mistakes, inadequate
corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. They may also be subject to external
investigations by regulatory bodies such as the SEC. Additionally, shareholders have initiated lawsuits against some of these companies.
We may be the subject of unfavorable
allegations made by short sellers in the future. Any such allegations may be followed by periods of instability in the market price of
our common shares and ADSs and negative publicity. Once we become the subject of any unfavorable allegations, whether true or not, we
would have to expend significant amount of resource to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks,
we may be constrained in the manner in which we can proceed given the principles of freedom of speech, the availability of injunctive
reliefs, applicable federal or state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming and
could distract our management from growing our business. Even if such allegations are ultimately proven to be groundless, allegations
against us could severely impact our business operations and shareholders' equity, and the value of any investment in the ADSs could
be greatly reduced or even rendered worthless.
44
Our dual-class share structure with different
voting rights will limit your ability to influence corporate matters and could discourage others from pursuing any change of control
transactions that holders of our Class A ordinary shares and ADSs may view as beneficial.
As
of May 31, 2023, Ms. Meirong Yang and Ms. Huiyan Yang,
our ex-chairlady, collectively hold approximately 98.6% of the aggregate voting power of our company. See "Item 6. Directors, Senior
Management And Employees—E. Share Ownership." As a result of the dual-class share structure and the concentration of ownership,
Ms. Meirong Yang and Ms. Huiyan Yang have considerable influence over matters such as decisions regarding mergers, consolidations, sale
of all or substantially all of our assets, election of directors and other significant corporate actions. Their interests may not always
align with the best interests of the company or our other shareholders. This concentration of ownership may discourage, delay or prevent
a change in control of our company, which could have the effect of depriving our other shareholders of the opportunity to receive a premium
for their shares as part of a sale of our company and may reduce the price of the ADSs. This concentrated control will limit your ability
to influence corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions
that holders of Class A ordinary shares and ADSs may view as beneficial.
If securities or industry analysts do
not publish research or publish inaccurate or unfavorable research about our business, the market price for the  ADSs and trading
volume could decline.
The trading market for the
ADSs will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research
analysts do not establish and maintain adequate research coverage or if one or more of the analysts who covers us downgrades the ADSs
or publishes inaccurate or unfavorable research about our business, the market price for the ADSs would likely decline. If one or more
research analysts discontinue their coverage of our company or reduce the frequency of publishing reports on us, it may lead to a reduced
visibility of our company in the financial markets. This lack of visibility could adversely impact the market price and trading volume
of the ADSs.
Because our board has the complete discretion as to dividend distribution,
the return on your investment in the ADSs will likely depend entirely upon any future price appreciation of the ADSs.
We declared a cash dividend
of US$0.10, US$0.12 and US$0.12 per ordinary share on September 18, 2019, July 23, 2020 and July 21, 2021, respectively.
Our board of directors
has complete discretion as to whether to distribute dividends, subject to applicable laws. Even if our board of directors decides to
declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future
results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from
our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors.
Accordingly, the return on your investment in the ADSs will likely depend entirely upon any future price appreciation of the ADSs.
We cannot assure you that the ADSs will appreciate in value or even maintain the price at which you purchased the ADSs. You may not
realize a return on your investment in the ADSs and you may even lose your entire investment in the ADSs.
45
U.S. holders that own
10% or more of the vote or value of our ordinary shares or ADSs may suffer adverse tax consequences if any of our non-U.S. subsidiaries
are characterized as a "controlled foreign corporation," or a CFC, under Section 957(a) of the U.S. Internal Revenue Code
of 1986, as amended, or the Code.
A non-U.S. corporation is considered a CFC if more than 50% of (1) the total combined
voting power of all classes of shares of such corporation entitled to vote or (2) the total value of the shares of such corporation, is
owned, or is considered as owned by applying certain constructive ownership rules, by U.S. shareholders (within the meaning of the Code)
on any day during the taxable year of such non-U.S. corporation. Certain U.S. shareholders of a CFC generally are required to include
currently in gross income such shareholders' share of the CFC's "Subpart F income," a portion of the CFC's
earnings to the extent the CFC holds certain U.S. property and a portion of the CFC's "global intangible low-taxed income"
(as defined under Section 951A of the Code). Such U.S. shareholders are subject to current U.S. federal income tax with respect to such
items, even if the CFC has not made an actual distribution to such shareholders.
We believe that certain of our non-U.S. subsidiaries may
be classified as CFCs. In the event that any of our subsidiaries are a CFC, U.S. holders who hold 10% or more of the vote or value of
our ordinary shares or ADSs may realize adverse U.S. federal income tax consequences. If you are a U.S. holder who holds 10% or more of
the vote or value of our ordinary shares or ADSs, you should consult your own tax advisors regarding the U.S. tax consequences of acquiring,
owning or disposing our ordinary shares or our ADSs and the impact of the TCJA, especially the changes to the rules relating to CFCs.
We may be classified as a passive foreign
investment company for United States federal income tax purposes, which could result in adverse United States federal income tax consequences
to United States investors in the ADSs or ordinary shares.
We will be classified as
a "passive foreign investment company," or PFIC, if, in any particular taxable year, either (1) 75.0% or more of our
gross income for such year consists of certain types of passive income, or (2) 50.0% or more of the average quarterly value of our
assets during such year produce or are held for the production of passive income. Although the law in this regard is unclear, we
treat the New VIEs as being owned by us for United States federal income tax purposes, not only because we exercise effective
control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and,
as a result, we consolidate their results of operation in our financial statements. Assuming that we are the owner of the New VIEs
for United States federal income tax purposes, and based upon our historical and current income and assets, we do not believe that
we were classified as a PFIC for the taxable year ended August 31, 2022.
The determination of
whether we are or will become a PFIC will depend upon the composition of our income (which may differ from our historical results
and current projections) and assets and the value of our assets from time to time, including, in particular, the value of our
goodwill and other unbooked intangibles (which may depend upon the market value of the ADSs or ordinary shares from time-to-time and
may be volatile). In estimating the value of our goodwill and other unbooked intangibles, we have taken into account our anticipated
market capitalization, which may fluctuate. Among other matters, if our market capitalization declines further, we may be
classified as a PFIC for the current or future taxable years. It is also possible that the IRS may challenge our classification or
valuation of our goodwill and other unbooked intangibles, which may result in our company being, or becoming classified as, a PFIC
for the current or future taxable years.
Finally, in determining our PFIC status, we have relied in our unaudited
and audited financials. If we are required to restate or amend our financials further, it is possible that our company may have been,
or we may determine that it is, a PFIC.
The determination of
whether we are or will be a PFIC may also depend, in part, on how, and how quickly, we use our liquid assets. Under circumstances
where we retain significant amounts of liquid assets, or if the New VIEs were not treated as owned by us for United States federal
income tax purposes, our risk of being classified as a PFIC may substantially increase. Because there are uncertainties in the
application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, we
cannot assure you that we will not be a PFIC for the current taxable year or any future taxable year.
If we are classified as a
PFIC in any taxable year, a U.S. Holder (as defined in "Item 10. Additional Information—E. Taxation—United States Federal
Income Tax Considerations") may incur significantly increased United States federal income tax on gain recognized on the sale or
other disposition of the ADSs or ordinary shares and on the receipt of distributions on the ADSs or ordinary shares to the extent such
gain or distribution is treated as an "excess distribution" under the United States federal income tax rules, and such holders
may be subject to burdensome reporting requirements. Further, if we are classified as a PFIC for any year during which a U.S. Holder holds
the ADSs or ordinary shares, we generally will continue to be treated as a PFIC for all succeeding years for which such U.S. Holder holds
the ADSs or ordinary shares. For more information, see "Item 10. Additional Information—E. Taxation—United States Federal
Income Tax Considerations."
46
Our memorandum and articles of association
contains anti-takeover provisions that could have a material adverse effect on the rights of holders of our Class A ordinary shares and
ADSs.
Our memorandum and articles
of association contain provisions to limit the ability of others to acquire control of our company or prompt us to engage in change-of-control
transactions. While these provisions exist with the intention of safeguarding our interests, they may inadvertently limit our shareholders'
opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain control
of our company in a tender offer or similar transaction. For example, our board of directors has the authority subject to any resolution
of the shareholders to the contrary, to issue preferred shares in one or more series and to fix their designations, powers, preferences,
privileges, and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend
rights, conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the
rights associated with our Class A ordinary shares, in the form of ADS or otherwise. The issuance of preferred shares can be expedited
and structured in a manner that delays or prevents a change in control of our company or complicates the removal of management. If our
board of directors decides to issue preferred shares, the price of the ADSs may fall and the voting and other rights of the holders of
our Class A ordinary shares and ADSs may be materially and adversely affected.
However, under Cayman Islands
law, our board of directors may only exercise the rights and powers granted to them by our memorandum and articles of association for
a proper purpose and for what they believe in good faith to be in the best interest of the Company.
You may face difficulties in protecting
your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman
Islands law.
We are an exempted company
incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our memorandum and articles of association, the
Cayman Islands Company Act (As Revised) and the common law of the Cayman Islands. The rights of shareholders to take action against the
directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to
a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively
limited judicial precedent in the Cayman Islands as well as from the common law of England. English courts' decisions are of persuasive
authority but not binding upon a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our
directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in some jurisdictions
in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. Some U.S.
states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition,
Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.
The Cayman Islands courts
are also unlikely (1) to recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions
of U.S. securities laws, or (2) to impose liabilities against us, in original actions brought in the Cayman Islands, based on certain
civil liability provisions of U.S. securities laws.
Although there is no statutory
enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are
not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the courts of the Cayman Islands would generally
recognize as a valid, final and conclusive judgment
in personam
obtained in the United States. This recognition would apply to
judgments that require the payment of a sum of money is payable (excluding multiple damages, taxes or other charges of a like nature or
in respect of a fine or other penalty) or, in certain circumstances,
in personam
judgments for non-monetary relief, and would give
a judgment based thereon provided that (1) such courts had proper jurisdiction over the parties involved in the judgment, (2) such courts
did not contravene the rules of natural justice of the Cayman Islands, (3) such judgment was not obtained by fraud, (4) the enforcement
of the judgment would not be contrary to the public policy of the Cayman Islands, (5) no new admissible evidence relevant to the action
is submitted prior to the rendering of the judgment by the courts of the Cayman Islands, and (6) the correct procedures under Cayman Islands
laws are duly followed..
However, the Cayman Islands
courts are unlikely to enforce a punitive judgment of a United States court predicated upon the liabilities provision of the federal
securities laws in the United States without retrial on the merits if such judgment gives rise to obligations to make payments that may
be regarded as fines, penalties or similar charges.
47
As a result of the above,
our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of
the board of directors or large shareholders than compared to public shareholders of a company incorporated in the United States.
Certain judgments obtained against us by
our shareholders may not be enforceable.
As a Cayman Islands company,
substantially all of our assets are located outside of the United States. The majority of our current operations are conducted in the
United Kingdom and China. In addition, a majority of our current directors and officers are nationals and residents of countries other
than the United States. Most of the assets of these persons are located outside the United States. The SEC, U.S. Department of Justice,
or the DOJ, and other authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and
non-U.S. persons, including company directors and officers, in certain emerging markets, including China. Additionally, our public shareholders
may have limited rights and few practical remedies in emerging markets where we operate. Although shareholder claims are common in the
United States, such as class action, claims under securities law and fraud, it's generally more difficult or impossible to pursue
as a matter of law or practicality in many emerging markets, including China. In China, there are significant legal and other obstacles
for the SEC, the DOJ and other U.S. authorities to obtaining information needed for shareholder investigations or litigation. Although
the competent authorities in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another
country or region to implement cross-border supervision and administration, the regulatory cooperation with the securities regulatory
authorities in the United States has not been efficient in the absence of a mutual and practical cooperation mechanism. According to Article
177 of the PRC Securities Law which became effective in March 2020, no foreign securities regulator is allowed to directly conduct investigation
or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC securities regulators
and relevant authorities, no organization or individual may provide the documents and materials relating to securities business activities
to foreign securities regulators. As a result, it may be difficult or impossible for you to bring an action against us or against these
individuals in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities
laws or otherwise. Even if an action is successfully brought, the laws of the Cayman Islands and of China may render it difficult to enforce
a judgment against our assets or the assets of our directors and officers.
We are a foreign private issuer within
the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic
public companies.
Because we are a foreign
private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States
that are applicable to U.S. domestic issuers, including:
●
the rules under the Exchange Act requiring the filing
    of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;
●
the sections of the Exchange Act regulating the solicitation
    of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;
●
the sections of the Exchange Act requiring insiders
    to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in
    a short period of time; and
●
the selective disclosure rules by issuers of material
    nonpublic information under Regulation FD.
We will be required to file an annual report on Form 20-F within four
months of the end of each fiscal year. In addition, we intend to publish our results on a quarterly basis through press releases, distributed
pursuant to the rules and regulations of the New York Stock Exchange. Press releases relating to financial results and material events
will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC may be less
extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, investors may not
have access to the same level of protection or information that would be available were the investors to invest in a U.S. domestic issuer.
48
As
a "controlled company" under the rules of the NYSE, we are exempt from certain corporate governance requirements, which could
adversely affect our public shareholders.
Under the rules of the NYSE,
a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company
is a controlled company and may elect not to comply with certain corporate governance requirements, including the requirement that a
majority of our directors be independent, as defined in the NYSE rules, and the requirement that our compensation and nominating and
corporate governance committees consist entirely of independent directors. In April 2017, Ms. Huiyan Yang, our ex-chairlady, and Ms.
Meirong Yang entered into an acting-in-concert agreement in which Ms. Huiyan Yang agrees with Ms. Meirong Yang when voting and deciding
on material matters in relation to the management of our company. Ms. Huiyan Yang and Ms. Meirong Yang are also joint settlors and members
of the two-member investment committee of Yeung Family Trust V, which holds approximately 1.4% of the outstanding Class A ordinary shares
and all of the outstanding Class B ordinary shares as of May 31, 2023.  As a result, Ms. Huiyan Yang and Ms. Meirong Yang collectively
are the beneficial owners of a majority of the voting power of our issued and outstanding share capital as of May 31, 2023.
Therefore, we are a "controlled company" under the rules of the NYSE. We have elected to rely on certain exemptions under
the NYSE rules available to controlled companies, including the exemption from having a majority of our directors be independent, and
may continue to elect to do so as long as we remain a controlled company. As a result, you may not have the same protections enjoyed
by shareholders of companies that are subject to all of the NYSE corporate governance requirements.
As a company incorporated in the Cayman
Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly
from New York Stock Exchange corporate governance listing standards; these practices may afford less protection to shareholders than
they would enjoy if we complied fully with from New York Stock Exchange corporate governance listing standards.
As a Cayman Islands company
listed on the New York Stock Exchange, we are subject to New York Stock Exchange corporate governance listing standards. However, the
New York Stock Exchange rules allow a foreign private issuer like us to follow the corporate governance practices of its home country.
Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from New York Stock
Exchange corporate governance listing standards. Shareholders of Cayman Islands exempted companies like us have no general rights under
Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies. Our directors have discretion
under the articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our
shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information
needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy
contest.
Certain corporate
governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. We have followed and intend to continue to follow Cayman Islands
corporate governance practices in lieu of the corporate governance requirements of the NYSE that, for example, listed companies must
have a majority of independent directors and that the audit committee consists of at least three members. To the extent we choose to
follow home country practice with respect to corporate governance matters, our shareholders may have less protection than they
otherwise would under rules and regulations applicable to U.S. domestic issuers.
The voting rights of holders of ADSs are
limited by the terms of the deposit agreement, and you may not be able to exercise your right to vote.
As a holder of the ADSs, you
will only be able to exercise the voting rights with respect to the underlying Class A ordinary shares in accordance with the provisions
of the deposit agreement. Under the deposit agreement, you must vote by giving voting instructions to the depositary. Upon receipt of
your voting instructions, the depositary will vote the underlying Class A ordinary shares in accordance with these instructions. You will
not be able to directly exercise your right to vote with respect to the underlying shares unless you withdraw the shares. Under our memorandum
and articles of association, the minimum notice period required for convening a general meeting is ten days. When a general meeting is
convened, you may not receive notice sufficiently in advance to withdraw the shares underlying your ADSs to allow you to vote with respect
to any specific matter. If we ask for your instructions, the depositary will notify you of the upcoming vote and will arrange to deliver
our voting materials to you. We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the
depositary to vote your shares. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions
or for their manner of carrying out your voting instructions. This means that you may not be able to exercise your right to vote and you
may have no legal remedy if the shares underlying your ADSs are not voted as you requested.
49
The depositary for the  ADSs will
give us a discretionary proxy to vote our Class A ordinary shares underlying your ADSs if you do not vote at shareholders'
meetings, except in limited circumstances, which could adversely affect your interests.
Under the deposit agreement
for the ADSs, if you do not vote, the depositary will give us a discretionary proxy to vote our Class A ordinary shares underlying your
ADSs at shareholders' meetings unless:
●
we have failed to timely provide the depositary with
    notice of meeting and related voting materials;
●
we have instructed the depositary that we do not wish
    a discretionary proxy to be given;
●
we have informed the depositary that there is substantial
    opposition as to a matter to be voted on at the meeting; or
●
a matter to be voted on at the meeting would have
    a material adverse impact on shareholders.
The effect of this discretionary
proxy is that if you do not vote at shareholders' meetings, you cannot prevent our Class A ordinary shares underlying your ADSs
from being voted, except in the circumstances described above. This may make it more difficult for shareholders to influence the management
of our company. Holders of our ordinary shares are not subject to this discretionary proxy.
You may not receive dividends or other
distributions on our Class A ordinary shares and you may not receive any value for them, if it is illegal or impractical to make them
available to you.
The depositary of the ADSs
has agreed to pay to you the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited
securities underlying the ADSs, after deducting its fees and expenses. You will receive these distributions in proportion to the number
of Class A ordinary shares your ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical
to make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs
if such distribution consists of securities that require registration under the Securities Act but that are not properly registered or
under exemption. The depositary may also determine that it is not feasible to distribute certain property through the mail. Additionally,
the value of certain distributions may be less than the cost of mailing them. In these cases, the depositary may determine not to distribute
such property. We have no obligation to register under U.S. securities laws any ADSs, ordinary shares, rights or other securities received
through such distributions. We also have no obligation to take any other action to permit the distribution of ADSs, ordinary shares, rights
or anything else to holders of ADSs. This means that you may not receive distributions we make on our ordinary shares or any value for
them if it is illegal or impractical for us to make them available to you. These restrictions may cause a material decline in the value
of the ADSs.
50
You may experience dilution of your holdings
due to inability to participate in rights offerings.
We may, from time to time,
distribute rights to our shareholders, including rights to acquire securities. Under the deposit agreement, the depositary will not distribute
rights to holders of ADSs unless the distribution and sale of rights and the securities to which these rights relate are either exempt
from registration under the Securities Act with respect to all holders of ADSs, or are registered under the provisions of the Securities
Act. The depositary may, but is not required to, attempt to sell these undistributed rights to third parties, and may allow the rights
to lapse. We may be unable to establish an exemption from registration under the Securities Act, and we are under no obligation to file
a registration statement with respect to these rights or underlying securities or to endeavor to have a registration statement declared
effective. Accordingly, holders of ADSs may be unable to participate in our rights offerings and may experience dilution of their holdings.
You may be subject to limitations on transfer
of your ADSs.
Your ADSs are transferable
on the books of the depositary. However, the depositary may close its books at any time or from time to time when it deems expedient when
performing its duties. The depositary may close its books from time to time for a number of reasons, including in connection with corporate
events such as a right offering, during which the depositary needs to maintain an exact number of ADS holders on its books for a specified
period. The depositary may also close its books in emergencies, and on weekends and public holidays. The depositary may refuse to deliver,
transfer or register transfers of the ADSs generally when the share register or the books of the depositary are closed, or at any time
if we or the depositary thinks it is advisable to do so because of any requirement of law or of any government or governmental body, or
under any provision of the deposit agreement, or for any other reason.
ITEM 4. INFORMATION ON THE COMPANY
A. History and development of the company
We are an exempted company
with limited liability incorporated in the Cayman Islands. We conduct our business primarily through our subsidiaries and affiliated
entities in China, the United Kingdom, the United States and Canada. As of the date of this annual report, we have a network of eight
kindergartens in China and a number of learning centers for after-school programs through certain contractual arrangements with the VIEs,
which in turn controls and holds these kindergartens and learning centers. As of the date of this annual report, we operate eight overseas
schools and three language training institutions, which we may also refer to as international language schools, through Bright Scholar
(UK) Holdings Limited, a wholly owned subsidiary of ours.  We trace our history back to the founding of Guangdong Country Garden School,
our first private school, in 1994. Over the past two decades, we have launched and acquired a number of schools and complementary education
services in China, the United Kingdom, the United States and Canada.
Beginning in 2016, we underwent
a series of restructurings. In particular:
●
Incorporation of the listing entity. In December 2016,
    Ms. Meirong Yang incorporated Bright Scholar Holdings in the Cayman Islands.
●
Acquisition of Impetus. In January 2016, we acquired Impetus Investment
Ltd. ("Impetus"), a Cayman Islands company from Mr. Junli He, our former director and executive vice chairman, and other selling
shareholders.
●
Incorporation of PRC subsidiary. In January 2017,
    Time Education China Holdings Limited incorporated Zhuhai Bright Scholar, as our wholly-owned subsidiary in China.
●
Contractual arrangements. In January 2017, we, through
    our PRC subsidiary, Zhuhai Bright Scholar, entered into a series of contractual arrangements with (1) BGY Education Investment and
    the schools and subsidiaries it owns and operates, and (2) Ms. Meirong Yang and Mr. Wenjie Yang, the shareholders of BGY Education
    Investment, to obtain effective control of BGY Education Investment and the schools and subsidiaries it owns and operates (the "2017
    contractual arrangements").
In August 2021, shareholder
of BGY Education Investment,
i.e.
, Ms. Meirong Yang and Mr. Wenjie Yang, established a few new entities, including Foshan Meiliang
Education Technology Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd., Foshan
Yongliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd. and Beijing Boteng Consulting Co., Ltd. On August
13, 2021, a set of agreements supplementary to the 2017 contractual arrangements were entered into among Zhuhai Bright Scholar, BGY Education
Investment, Ms. Meirong Yang and Mr. Wenjie Yang, and these new entities to enable them, as well as their subsidiaries, to join the 2017
contractual arrangements and share the same rights and obligations, if applicable, of BGY Education Investment.
51
We have been advised by
our PRC legal counsel that the contractual arrangements among Zhuhai Bright Scholar, BGY Education Investment and the subsidiaries
and schools it held, and Ms. Meirong Yang and Mr. Wenjie Yang as the shareholders of BGY Education Investment were valid, binding and enforceable under PRC laws and regulations before August 31, 2021, and were not in violation of PRC laws or
regulations in effect as of August 31, 2021; and the respective contractual arrangements with Foshan Meiliang Education Technology
Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd., Foshan Yongliang
Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd. and Beijing Boteng Consulting Co., Ltd. are valid,
binding and enforceable under PRC laws and regulations, and are not in violation of PRC laws or regulations currently in effect. If
the VIEs, Ms. Meirong Yang and Mr. Wenjie Yang fail to perform their obligations under the contractual arrangements, we could be
limited in our ability to enforce the contractual arrangements that give us the effective control over the VIEs. See "Item 3.
Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—We rely on contractual arrangements with
the VIEs and their shareholders for our operations in China, which may not be as effective in providing control as director
ownership."
We have been advised by our PRC legal counsel, however, that there
are substantial uncertainties regarding the interpretation and application of current and future PRC laws and regulations. Accordingly,
the PRC regulatory authorities may in the future take a view that is contrary to the above opinion of our PRC legal counsel. We have been
further advised by our PRC legal counsel that if the PRC government finds that the contractual arrangements that establish the structure
for operating our education services business in China do not comply with relevant PRC government restrictions on foreign investment in
the education services industry, we could be subject to severe penalties, including being prohibited from continuing operations. For a
detailed description of the risks associated with our corporate structure, see "Item 3. Key Information—D. Risk Factors—Risks
Related to Our Corporate Structure" and "Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business
in China."
If we are unable to maintain effective control over the VIEs, we will
not be able to continue to consolidate the financial results of the VIEs into our financial results. We concluded that we have lost control
over the private schools among the Affected Entities since August 31, 2021 based on the relevant accounting standard in accordance with
U.S. GAAP due to the Implementation Rules that became effective on September 1, 2021. We have determined that, in substance, we had ceased to recognize revenues for all activities related to the Affected
Entities with compulsory education and discontinued all business activities with such entities, by August 31, 2021 while continuing to
provide essential services to keep these schools open. The revenue contribution of our continuing operations accounted for 43.9% of our total revenues in the 2020 fiscal
year and 37.8% in the 2021 fiscal year. Further, as a holding company, our ability to generate profits, pay dividend and other cash distributions
to our shareholders depends principally on our ability to receive dividends and other distributions from our PRC subsidiary, Zhuhai Bright
Scholar, which in turn depends on the service fees paid to Zhuhai Bright Scholar from our schools and other affiliated entities. We, through
our PRC subsidiary, Zhuhai Bright Scholar, have entered into an exclusive management services and business cooperation agreement with
each of the VIEs, pursuant to which we provide service to our schools in exchange for the payment of service fees. The services fees we
are entitled to collect under the agreement are calculated as the balance of general income less any costs, taxes and other reserved fees
stipulated by laws and regulations. In practice, we evaluate on a case-by-case basis the performance and future plans of individual schools
before determining the amount we collect from each school. We do not have unfettered access to the revenues from our PRC subsidiaries
or affiliated entities due to the significant PRC legal restrictions on the payment of dividends by PRC companies, foreign exchange control
restrictions, and the restrictions on foreign investment, among others. For example, under the applicable requirements of PRC law, our
PRC subsidiaries may only distribute dividends after they have made allowances to fund certain statutory reserves and each private school
in China is required to allocate a certain amount to its development fund prior to payments of dividend. In particular, our for-profit schools
must allocate no less than 10% of their annual net income, and our non-profit schools must allocate no less than 10% of their annual
increase in their unrestricted net assets for such purposes. See "Item 3. Key Information—D. Risk Factors—Risks
Related to Doing Business in China—Our subsidiaries and affiliated entities in China are subject to restrictions on making dividends
and other payments to us."
52
We listed the  ADSs
on the New York Stock Exchange under the symbol "BEDU" on May 18, 2017 and completed an initial public offering of
17,250,000 ADSs on June 7, 2017, raising approximately US$174.7 million in net proceeds after deducting underwriting commissions and
the offering expenses payable by us. On March 2, 2018, we completed a follow-on public offering of 10,000,000 ADSs, raising
approximately US$181.4 million in net proceeds after deducting underwriting commissions and the offering expenses payable by us.
In April 2018, our board
approved a share repurchase program (the "2018 Share Repurchase Program") to repurchase up to US$100.0 million worth of our
outstanding ADSs within 12 months. The 2018 Share Repurchase Program has expired on April 30, 2019 and as of such date, we had repurchased
6,679,183 of our outstanding ADSs for an aggregate purchase price of approximately US$77 million, pursuant to the 2018 Share Repurchase
Program. In September 2019, our board approved a share repurchase program (the "2019 Share Repurchase Program") to repurchase
up to US$30.0 million worth of our outstanding ADSs within 12 months. The 2019 Share Repurchase Program expired on November 19, 2020
and as of such date we had repurchased 1,200,000 of our outstanding ADSs for an aggregate purchase price of approximately US$9.4 million
pursuant to the program. In November 2020, our board approved a share repurchase program (the "2020 Share Repurchase Program")
to repurchase up to US$50.0 million worth of our outstanding ADSs within 12 months.
In July 2019, we issued senior
notes in the aggregate principal amount of US$300.0 million, with interests of 7.45% per annum and maturing on July 31, 2022 at an issue
price of 100.0% in reliance on Regulation S under the Securities Act. We listed such senior notes on the Stock Exchange of Hong Kong
Limited by way of debt issues to professional investors (as defined in Chapter 37 of the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited and in the Securities and Futures Ordinance (Cap. 571) of Hong Kong) only. As of the date of
this annual report, we have redeemed all outstanding senior notes matured on July 31, 2022. Upon the completion of such redemption, all
senior notes have been cancelled and delisted from the official list of the Stock Exchange of Hong Kong Limited.
On April 29, 2022, our board
of directors received a preliminary non-binding proposal letter (the "Proposal") dated the same date from Ms. Huiyan Yang,
our ex-chairlady, and Ms. Meirong Yang (collectively, the "Buyer Group") proposing to acquire all of our outstanding Class
A ordinary shares, including Class A Shares represented by ADSs, and Class B ordinary shares that are not already beneficially owned
by the Buyer Group for a purchase price of US$0.83 per share in cash in a going private transaction (the "Proposed Transaction"),
subject to certain conditions. Our board of directors formed a special committee consisting of three then independent directors, Mr.
Peter Andrew Schloss, Mr. Jun Zhao and Mr. Ronald J. Packard, to evaluate and consider the Proposed Transaction. On December 29, 2022,
our board of directors
received a letter dated the same date from the Buyer Group, informing us
the
decision
of the Buyer Group to withdraw the Proposal dated April 29, 2022 and forego the Proposal to privatize our company.
Effective on August 19, 2022,
we changed the ratio of the ADSs to Class A ordinary shares from the then ADS ratio of one ADS to one Class A ordinary
share to a new ADS ratio of one ADS representing four Class A ordinary shares.
Our principal executive office
is located at No.1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong, zip code 528300, China. Our principal phone
number is (86)-757-2991-6814. Our registered office in the Cayman Islands is located at the offices of Conyers Trust Company (Cayman)
Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Investors should submit any inquiries to
the address and telephone number of our principal executive offices. Our website is www.brightscholar.com. The information contained
on our website is not a part of this annual report. Our agent for service of process in the United States is Law Debenture Corporate
Services Inc., located at 801 2nd Avenue, Suite 403, New York, New York 10017.
For information regarding our principal capital expenditures, see "Item
5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Capital Expenditures."
53
B. Business Overview
We are a global premier education
service company, which primarily provides quality international education service to global students and equip them with the critical
academic foundation and skillsets necessary to succeed in the pursuit of higher education. As part of our global expansion plan, we have
been actively exploring mergers and acquisition opportunities abroad to expand our global school network, targeting quality K-12 private
education providers and reputable schools in our targeted overseas countries and jurisdictions. As of the date of this annual report,
we have eight overseas school located in the United Kingdom and the United States.  During the 2022 school year, we had an average of
3,548 students enrolled at our schools for our continuing operations. Bright Scholar Holdings, our ultimate Cayman Islands holding company,
does not have any substantive operations other than indirectly controlling the VIEs through certain contractual arrangements, and indirectly
holding Bright Scholar (UK) Holdings Limited, through which we operate our overseas schools.
Our continued business includes
domestic kindergartens and K-12 operation services, overseas schools and complementary education services. As a global premier education
service provider, we have built our global presence primarily through acquiring established overseas schools and language training institutions
in countries such as the United Kingdom and the United States. Leveraging our experience and insights into learning needs at different
stages, our kindergartens seek to lay the necessary foundation for our students' future studies. We also offer a range of complementary
education services, primarily including camp programs, after-school programs, through our network of learning centers in China, as well
as international education consulting services.
For our continuing operations,
our revenue was RMB1,476.3 million, RMB1,401.8 million and RMB1,714.0 million (US$248.8 million) for the 2020, 2021 and 2022 fiscal years,
respectively; our net loss was RMB307.3 million, RMB535.1 million and RMB703.5 million (US$102.1 million) for the same periods, respectively.
We use adjusted net loss, which excludes share-based compensation expense, amortization of intangible assets, tax effect of amortization
of intangible assets, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment loss on intangible
assets, impairment loss on property and equipment, and income/(loss) from discontinued operations, net of tax, in evaluating our ongoing
results of operations. Our adjusted net loss was RMB283.6 million, RMB420.2 million and RMB141.7 million (US$20.6 million) for the 2020,
2021 and 2022 fiscal years, respectively. See "Item 5. Operating and Financial Review and Prospectus—A. Operating Results—Results
of Operations—Non-GAAP measures" for details.
Our Overseas Schools
As of the date of this annual
report, we have an overseas school network of eight schools, including seven schools in the United Kingdom and one in the United States,
with an average of 2,377 enrolled students for the 2022 school year. As a global premier education provider, we have built our global
presence primarily through overseas acquisition of schools and education services in countries such as the United Kingdom and the United
States.
In December 2018, we acquired
BCS, an established independent school located in the United Kingdom. BCS offers day and boarding education from two to 18 years of age,
and has a strong global inclusive philosophy based on a traditional UK education.
In July 2019, we acquired
CATS, which operates five overseas schools and three language training institutions across the United Kingdom and the United States as
of the date of this annual report. In addition, we granted a third party the right to use the brands
"CATS" and "Cambridge School of Visual & Performing Arts" for the operation of two campuses in Shanghai, China.
In September 2019, we acquired
St. Michael's School and BIC located in the United Kingdom. St. Michael's School offers day and boarding education from three
to 18 years of age, comprising predominantly day students and boarders from more than 15 countries. BIC provides independent boarding
education to pupils from the United Kingdom and other countries from 13 to 19 years of age.
54
The following table sets
forth certain information about each of our overseas schools.
Name
Location
Acquisition
    Time
Average number
of students enrolled
during the 2021
school year
Average number
of students enrolled
during the 2022
school year
Capacity as of September
    1, 2022
Bournemouth
    Collegiate School
the United Kingdom
December 2018
631
676
730
Guildhouse School London
(previously known as CATS London)
the United Kingdom
July 2019
195
167
400
CATS Cambridge
the United Kingdom
July 2019
279
208
525
The Worthgate School Canterbury
(previously known as CATS Canterbury)
the United Kingdom
July 2019
233
215
500
CATS Academy Boston
the United States
July 2019
227
326
700
Cambridge School of Visual
    & Performing Arts
the United Kingdom
July 2019
246
220
525
St. Michael's School
the United Kingdom
September 2019
420
423
480
Bosworth
    Independent School
the United Kingdom
September 2019
112
142
400
Total
2,343
2,377
4,260
Bournemouth Collegiate School (BCS)
Bournemouth Collegiate School
is an established independent school located in Bournemouth, Dorset, England. It offers day and boarding education from age 2—18
on two campuses. It has a strong global inclusive philosophy based on a traditional UK education. Bournemouth Collegiate School has an
average of 676 students enrolled for the 2022 school year, including local students and international boarders from 10 countries.
CATS Colleges
CATS Colleges is an international
school network focused primarily on the provision of quality education services to international students with a globally integrated
platform of campuses located across the United Kingdom and the United States. As of the date of this annual report, CATS Colleges comprised
five schools in Cambridge, London, Canterbury and Boston as well as three language training institutions in the United Kingdom.  It has
a diverse mix of over 1,136 students from around 76 nationalities in the 2022 school year.
In July 2020, we decided
to permanently cease the operation of the four language training institutions in the United States as a resource conserving measure in
response to the challenges posed by the COVID-19 pandemic. In December 2021, we sold one language training institutions in the United
Kingdom and two institutions in Canada to focus on the operation of the remaining three language training institutions in the United
Kingdom.
St. Michael's School
St. Michael's School
is an established independent school in the United Kingdom. Located in Llanelli, Wales. It offers day and boarding education from age
three to 18. Established in 1923, the school has an inclusive philosophy for all its students based on a traditional UK education, and
was named Welsh Independent Secondary School of the Year 2019 in The Sunday Times Parent Power rankings and regularly ranking in the
United Kingdom's top 30 Independent Schools for A level results. The school has an average of 423 students enrolled for the 2022
school year, comprised predominantly of day students as well as boarding students from more than 30 countries.
55
Bosworth Independent College (BIC)
BIC is a leading independent
boarding college in the United Kingdom. Located in Northampton, England, it provides independent boarding education to pupils from the
United Kingdom and abroad from 13 to 19 years of age. Established in 1977, it was ranked in the UK's Top 100 Coeducational Boarding
Schools by A Level results in 2018. The school has an average of 142 students enrolled for the 2022 school year, including boarding students
from 10 countries.
Our Complementary Education Services
We provide complementary
education services to students from our schools and others. These complementary education services further enhance students' overall
learning experience and generate synergies with our school operations.
Camp programs
We have organized summer
and winter camp programs in certain countries, including the United Kingdom, the United States and Australia. We also offer summer school
programs, which are more rigorous and allow our participants to study for specific courses or prepare for standardized tests.
As of the date of this annual
report, we have developed business collaborations with a number of overseas universities and high schools as the local hosts of our camps
or summer school programs. We work together with our partners to design programs and activities to improve the participants' English
communication skills, expand their knowledge and develop a familiarity with college environments and international cultures.
Our overseas camp programs
typically take place on university campuses and include various activities, such as classes and excursions. For high school students,
we offer tours to different universities during our programs. These visits allow participants to become familiar with the overseas campuses,
talk with admissions officers and spend time with our alumni currently studying at each university. Some of our camp programs include
a homestay, which allows the participants to get an inside look at Western family dynamics and form supportive friendships in an immersive
English-speaking environment. We send our teachers to escort the students during their tours. By participating in the summer and winter
camps, we believe our students not only broaden their horizons and improve their English proficiency, but also clarify their academic
goals and enhance their motivation to pursue overseas studies after graduating from our schools.
In addition to overseas camps, we have launched our domestic camp
programs by opening our first campground, Lake Forest Camp, in Huizhou, Guangdong province at the beginning of 2019. Taking full advantage
of its outdoor adventure facilities, we provide different kinds of activities on the land and in the water, which encourage personal growth,
team cooperation and leadership. Lake Forest Camp targets students from both our own schools and schools outside our network. In June
2019, we acquired a 25% equity interest in Start Camp Education ("Start Camp"). Start Camp provides one-stop solution in camp
layout and program design for education department of local governments, education groups and real estate developers. In September 2020,
we entered into an agreement to acquire 60% equity interests in Jiangxi Leti Camp Education Technology Co., Ltd. ("Leti Camp"),
which specializes in providing summer and winter camp activities for teenagers and owns a comprehensive product offering in Hands-on Inquiry
Based Learning (HIBL) and camp business. We have launched our new camp programs in Fuzhou, Nanchang, Yichun, Pingxiang, Fengcheng and
Jiujiang, Jiangxi Province, Wuzhen and Jiaxing, Zhejiang Province, Xiangyang and Xianning, Hubei Province, Qingdao, Shandong Province,
Jurong, Jiangsu Province, Changsha, Hunan Province, and Huizhou, Guangzhou and Qingyuan, Guangdong Province. We plan to launch our new
camp programs in three to five provinces in the coming year. In the future, we plan to launch more domestic summer and winter camp programs,
which will target students enrolled in our schools as well as students outside our network and feature STEAM activities,
i.e.
,
activities related to science, technology, engineering, art and math.
56
Our overseas camp
programs were adversely affected by the COVID-19 pandemic due to the global travel freeze resulted therefrom. In response, we
developed domestic travel study programs, which are complementary to our students' classroom education and allow students to
study and explore humanities, history, technology, nature, etc., depending on the theme of each program. As of the date of this
annual report, we provide options for 36 domestic camp programs and eight overseas camp programs. As of the same date, our domestic
camp programs include 22 summer school programs and 14 domestic travel study programs. In the 2022 fiscal year, approximately 45,000
students participated in our domestic and overseas camp programs as well as domestic travel study programs.
After-school programs
English proficiency training
We offer English proficiency
development courses to children aged from five to 15 through a network of 18 learning centers located in Beijing, Shanghai and Guangdong
province under the brand of "élan." Our goal is to help children improve their general English proficiency. To this
end, we have adopted a holistic language learning approach, which immerses children in an English-speaking environment and requires them
to think, learn and communicate with the mindset of native speakers. Our learning centers are staffed only by native English speakers
as instructors and are equipped with libraries containing age-appropriate English-language books and audio materials suited to English
learners of different proficiency levels. In the 2022 school year, we had an average of 58 instructors in our learning centers. In the
2022 fiscal year, we had an average student enrollment of 2,757 for English proficiency training.
Extracurricular programs
We
offer a wide range of extracurricular programs primarily to children
.
Our programs encompass popular subjects, such as art, soccer and programmable robotics. Our programs supplement in-classroom learning
and promote the well-balanced development of children. Our programs also help children tap into their interests and potential that benefit
their study or career goals. We work with our partners on these programs.
We have also strategically
invested in the acquisition of equity interest in Hangzhou Impression Arts Training Co., Ltd. ("Hangzhou Impression"), a Zhejiang-based
art training institution, to supplement the extracurricular programs we offer. See "—Our Expansions and Investments."
Overseas Study Consulting Services
We offer overseas study education
consulting services to better serve our students in and outside of our network of schools. As of the date of this annual report, we have
strategically invested in the acquisitions of equity interests in several providers of education consulting services, including Can-achieve
(Beijing) Education Consulting Co., Ltd. ("Can-achieve") and FGE Holdings Limited and its subsidiaries ("FGE").
See "—Our Expansions and Investments." Through these strategic acquisitions, we are able to provide a comprehensive
range of services covering K-12 education as well as consulting services from application to overseas universities, which we believe will
drive our future growth.
Career counselling and International Contest
Training Services
We also offer career counselling
and international contest training services to students. We have strategically invested in the acquisitions of equity interests in services
provider for career counselling and international contest training, such as Chengdu Yinzhe Education and Technology Co., Ltd. ("Chengdu
Yinzhe") and Shanghai Huodai Business Information Consulting Co., Ltd. ("Linstitute") to provide students around the
globe with access to high quality education.
Our Domestic Kindergartens
As of the date of this annual
report, we have eight kindergartens in China, all of which are registered as for-profit kindergartens.  In the 2022 school year, our
kindergartens had an average of 1,171 students.
Our kindergartens provide
an active and healthy learning environment to help students develop their potential and personality, appreciate diverse cultures and
lay the foundation to drive future success. In our kindergartens, we integrate elements of traditional Chinese culture with international
cultural awareness through language classes and cultural activities.
57
The following table sets
forth certain information about each of our domestic kindergartens.
Name
Location
Establishment
Average
    number
of students enrolled
during the 2021
school year
Average
    number
of students enrolled
during the 2022
school year
Capacity
    as of
September 1,
2022
Baoding Baigou
    New City Shenghua Country Garden Kindergarten
Baoding, Hebei
September 2017
203
243
300
Dongguan Qishi Country
    Garden Kindergarten
Dongguan, Guangdong
November 2017
174
205
336
Dongguan Qingxi Country
    Garden Kindergarten
Dongguan, Guangdong
November 2017
118
117
468
Foshan Shunde Beijiao
    Country Garden Guilanshan Kindergarten
Foshan, Guangdong
November 2018
147
147
270
Dongguan Dongcheng Bright
    Scholar Kindergarten
Dongguan, Guangdong
March 2020
68
99
270
Guangzhou Zengcheng Fettes
    College Kindergarten Co., Ltd.
Guangzhou, Guangdong
June 2020
32
32
400
Chengdu Pidu Bright Scholar
    Kindergarten
Chengdu, Sichuan
September 2020
50
76
450
Huizhou
    Huiyang Lelebao Shenhui City Kindergarten
Huizhou, Guangdong
September 2020
147
252
270
Total
939
1,171
2,764
Discontinued Operations
Discontinued Domestic Kindergartens
Due to the effectiveness
of the Implementation Rules, we have concluded that we have lost control of 68 domestic kindergartens since August 31, 2021 and that
such VIE contractual arrangements with them has become invalid since then and, we have thus classified them as discontinued
operations. As of September 1, 2022, these discontinued domestic kindergartens had a total capacity of 26,680 students.
Discontinued Bilingual and International
Schools
Due to the effectiveness
of the Implementation Rules, we have concluded that we have lost control of the international schools and bilingual schools previously
in our school network as well as the sponsor entities of such schools since August 31, 2021 and that such VIE contractual arrangements
with them has become invalid since then and, we have thus classified them as discontinued operations. As of September 1, 2022, these Discontinued Bilingual and International
Schools had a total capacity of 44,582 students.
During the 2022 school year,
the total average number of teachers and instructors employed at these schools of our discontinued operations was 3,479.
58
Centralized Management
We have provided services
of a centralized management system for our domestic school network, through which we manage and oversee certain aspects of our kindergartens
across our network, including school administration, supply procurement and sharing and development of teaching resources, to support
and facilitate management of our schools as well as to ensure consistency in the quality of our education. For our overseas operations,
we have established a center of excellence to centralize certain functions of management, including finance, IT, human resources, procurement,
marketing and admissions.
Sharing and development of teaching resources
In order to maintain and
improve our teaching quality, some of our schools share their teaching resources with each other and jointly hold teacher development
workshops. We also operate a centralized teaching staff recruitment program through which we hire and deploy teachers and educational
staff within our school network based on each school's needs and teacher preferences. We intend to continue to leverage the availability
of our teaching resources at different schools within our network to ensure consistency in teaching quality.
Education material and equipment procurement
We make procurement decisions
regarding teaching materials and equipment and other education supplies for our schools in the same geographical areas to improve our
operating efficiency, maximize economies of scale and enhance our overall bargaining power with suppliers. Such procurement choices include
those for catering, textbooks, school uniforms, classroom furniture, computers, kitchen equipment, tableware and office appliances.
School administration
To improve our service efficiency,
we have centralized our finance, marketing, human resources, legal and information technology functions. We have adopted a series of
policies and procedures relating to general corporate governance matters, which are aimed at strengthening the management and government
of our company and our schools. For example, in the 2018 fiscal year, we implemented an ERP system where we centralize the collection
and analysis of budgeting, procurement and financial information and data, which enhanced the efficiency of our data management processes,
adding value to the overall operation of our business.
Our Expansions and Investments
In January 2016, we
acquired élan, an English proficiency training business. In March 2018, we acquired an additional 49% equity interest in
Can-achieve to supplement our test preparation and college counseling business to improve our students' university admission
results. As of the date of this annual report, we hold a total of 70% equity interest in Can-achieve. In June 2018, we acquired a
75% equity interest in FGE, which is primarily engaged in providing overseas study consulting services. In December 2018, we
acquired a 75% equity interest in Chengdu Yinzhe, which is primarily engaged in offering online career and education mentoring
services to overseas Chinese students under the brand of "DreambigCareer." In December 2018, we acquired BCS in the
United Kingdom, which offers day and boarding education from ages two to 18. In March 2019, we purchased a 70% equity interest in
Hangzhou Impression, a Zhejiang-based art training institution. In June 2019, we acquired a 25% equity interest in Start Camp, which
provides one-stop solution in camp layout and program design for education department of local governments, education groups and
real estate developers in China. In July 2019, we acquired CATS, which operates five overseas schools and three language training
institutions across the United Kingdom and the United States as of the date of this annual report. In September 2019, we acquired
St. Michael's School and BIC located in the United Kingdom. In July 2020, we acquired a 51% equity interest in Shanghai Huodai
Business Information Consulting Co., Ltd. ("Linstitute"), which offers high-quality and outcomes-focused online training
services including Academic Olympiad and other world-wide recognized international courses. In September 2020, we entered into an
agreement to acquire a 60% equity interest in Leti Camp, which specializes in providing summer and winter camp activities for
teenagers and owns a comprehensive product offering in Hands-on Inquiry Based Learning (HIBL) and camp business. We plan to continue
to make strategic investments into and acquisitions of overseas schools and complementary businesses to better serve our students
and drive our future growth.
In September 2018, we also
entered into a partnership agreement with third-parties to establish an investment fund under which we agreed to invest a total of RMB999.8
million in promoting the establishment and operations of K-12 education centers, bilingual schools and international schools. However,
due to uncertainties in government regulations, we have decided not to pursue the plan any further and have withdrawn all of our investment
in the fund.
59
Our Students
Student admission
Our students enrolled in our kindergartens are primarily Chinese nationals
from relatively affluent families. Our overseas schools recruit students from around the world, with a student body comprising around
76 different nationalities for the 2022 school year. The majority of the students in our overseas schools are from 14 to 18 years old.
Student and parent support services
We generally have small class
sizes across our domestic school network in order to provide each student with close and frequent teacher interactions and individual
attention and support. Our teachers assist students through academic difficulties with personalized remedial measures, including additional
practice materials and instructive sessions.
We also maintain regular
communication with the parents of our students and provide them with complementary seminars and training on education programs, university
applications and parenting.
Our Teachers
Teacher qualifications
We have assembled a team of
teachers with extensive experience in education. Our schools are staffed with different levels of teachers and educational staff. Certain
senior teachers have managerial responsibilities in addition to their responsibilities as instructors. Educational staff include teaching
assistants, librarians and medical staff. We seek to employ teachers that have a passion for teaching, mastery of their subject areas,
strong communication skills and proficiency in employing innovative and effective teaching methods. In the 2022 fiscal year, we had an
average of 750 teachers and instructors globally.
Teacher recruitment
Our teachers are critical
to maintaining the quality of our programs and services and in promoting our brand and reputation. We place particular importance on
recruiting teachers who are appropriately qualified and experienced. For our overseas schools, we also expect teachers to have a wealth
of international experience across the world of academia. We implement a centralized recruitment program that seeks to hire teachers
and educational staff and deploy them across our domestic school network based on each kindergarten's needs and teacher preferences.
We screen candidates for strong academic credentials, dedication and knowledge in the relevant teaching subjects, and commitment to serving
students' needs. We require our teachers for schools in China to possess the appropriate qualifications required by PRC regulatory
authorities, including the foreign expert certificate in the case of foreign teachers. We believe that teacher candidates are attracted
to our schools because of our reputation, commitment to quality education, financial strength and competitive compensation package. To
enhance our retention rate, we also allow our teachers to laterally transfer within our school network.
60
Teacher training
We are committed to providing
ongoing professional development for our teachers and principals, in the form of online, on-campus or one-on-one training and support
sessions. From time to time, we organize seminars on professional training in cooperation with prestigious institutions. We also invite
veteran teachers to participate in school administration by offering them management training with the possibility of promotion to principal
positions. The opportunity for ongoing professional training and career advancement is not always available at private schools in China
and is a key differentiator in our ability to attract, develop and retain talented teachers.
Teachers in our overseas
schools are continuously assessed under Continues Development, a program that measure the effectiveness and quality of their teaching
and provide them with the right learning environment that enables them to adapt teaching methods and use innovative tools to delivery
academic excellence.
Our Tuition
We charge our students tuition,
boarding and other applicable fees generally prior to the beginning of each semester. Tuition and fees being paid in arrears is subject
to special approval. We also accept monthly payment of fees at certain kindergartens we operate. We offer a partial refund if a student
withdraws in the predetermined period. We may also offer tuition discounts to certain of Country Garden's homeowners, our employees
and employees of Country Garden. Tuition refund or discounts did not materially and adversely affect our business, results of operations
or financial position. We have limited discretion in determining the types and amounts of fees we charge under the current PRC regulatory
regime. For example, in accordance with the relevant local regulations, if we increase the tuition at our schools in Guangdong province
in a certain school year, such increase will generally not affect the existing students until they complete their current section of education
at the same schools. In determining the amount of tuition we charge, we consider factors including the demand for our education programs,
the cost of our operations, the geographic markets where our schools are located, the tuition charged by our competitors, our pricing
strategy to gain market share and general economic conditions in China. Our tuition and fees charged for internationally accredited programs
are typically higher than that for government-mandated curricula, which reflects the additional educational and operational resources
associated with administering the former. For the 2022 school year, we charged average tuition and fees of RMB27,070 for domestic kindergartens
and RMB227,363 for overseas schools.
Research and Curriculum Development
We believe we have devoted
significant resources to our research and curriculum development efforts which are reflected in the course materials and effective teaching
methods. We work with school teachers to develop, update and improve school curricula and course materials based upon students'
needs and the latest official government curricula or course outlines issued by the relevant international programs. As students'
academic ability levels vary, our curricula are designed with the flexibility to address a particular student's strengths and weaknesses.
Our teaching and research department works with school teachers to prepare or update such course curricula, and revises the curricula
based on feedback from the classroom. To ensure our education quality can be upheld across schools, we have dedicated a professional
team to designing curricula for the programs implemented in our schools and to keep our teaching materials updated with reference to
the latest educational trends. Our overseas schools are continuously developing curriculum and academic extension activities to prepare
students for admission to top universities. For example, preparation for students applying to Oxbridge has included preparation for admissions
tests, workshops with a drama specialist to prepare students for interview, and mock interviews with academics from the University of
Cambridge. Additionally, our overseas schools develop curricula in specific subject areas, which focus on the skills needed for interested
students' success at university.
61
In August 2019, we entered
into an agreement with National Center for School Curriculum and Textbook Development ("NCCT") and National Institute for
Curriculum and Textbook Research ("NICTR"), to jointly establish a research base for fundamental education curriculum reform.
Through this agreement, NCCT and NICTR will assist us in the development of a forward-looking and systematic five-year curriculum plan
and annual curriculum reform guidance. In addition, they will also assist in the optimization of our current curriculum to advocate our
core values in education.
Marketing
We historically marketed our
schools in China primarily to students from families that purchased residential units developed by Country Garden. We distributed marketing
brochures and offer site tours of our school to prospective home buyers visiting the sales centers for residential properties developed
by Country Garden. Our relationship with Country Garden is synergistic because our schools enable Country Garden to meet the requisite
local governmental requirements or market needs for schools in its residential communities and we may offer preferential student placements
and tuition discounts as an incentive to prospective home buyers. We believe that the availability of and convenient access to quality
education is a significant factor that drives home buying decisions.
As we have gradually forged
a reputation for quality education through a proven track record of success over the years, we began to attract students from families
other than Country Garden's homeowners. We have also implemented a variety of marketing methods to enhance the brand recognition
of our schools. By doing so, we intend to continue creating and implementing a standard corporate identity across all our schools. We
take measures to increase word-of-mouth referrals which have been instrumental to attracting new students and building our brand. We
have also strengthened our marketing strategy to drive student recruitment, and built up our marketing teams at both headquarters and
regional levels to assist student's recruitment, while allocating more marketing and promotional budgets for schools in the ramp-up
stage.
●
Referrals. Word-of-mouth referrals by former and current students and
their families have been a significant source of our student enrollment. We actively work with our alumni and current students to encourage
them to recommend our programs to prospective students.
●
Promotional events. From time to time, we organize promotional and
recruiting events to provide real-time, on-site opportunities for our prospective students to learn more about our services and programs,
as well as to meet our teachers and staff. For example, we joined SPBCN to hold an online English spelling contest with more than 3,300
registered contestants.
●
Media advertising. From time to time, we may publish articles on popular
    local newspapers to promote our brand awareness and advocate for our education philosophy. We have also placed advertisements on
    searching engines and internet portals in China.
Our overseas schools depend
on advertisements on related websites such as university targeted websites, generic campaigns on platforms such as Facebook and Instagram,
and educational agencies to market themselves and recruit students. We have also assembled a team of specialists to offer support, training
and guidance to the educational agencies and assist them in student recruitment.
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Competition
The education service market
in China is rapidly evolving, highly fragmented and competitive. We compete with a number of private kindergarten operators. We may also
compete with local private kindergartens and quality education service providers in each region we have a presence. Similarly, our overseas
schools compete against large operators such as Nord Anglia and Alpha Plus in the United Kingdom, as well as standalone private schools
in each region. We believe we are well-positioned to replicate our success and compete effectively based on the following factors:
●
scalable business model;
●
operating knowledge;
●
reputation and brand recognition;
●
teaching quality;
●
ability to recruit and retain students;
●
ability to recruit and retain principals and teaching staff;
●
relationship with local education authorities, international program
    accreditors and overseas colleges and universities; and
●
relationship with other key stakeholders, such as real estate developers.
Properties and Facilities
We currently occupy a total
combined gross floor area of approximately 22,140 square meters of facilities developed by Country Garden, all of which is leased. By
utilizing the properties developed by Country Garden we avoid significant capital expenditures in connection with land procurement and
facilities construction. We may also provide preferential student placements and tuition discounts to homeowners of the Country Garden
properties. In recognition of our synergistic relationship, Country Garden adopted an internal policy that designates us as a preferred
school operator partner, under which we are entitled to the right of first refusal on school development projects in connection with
its new residential properties.
As of the date of this annual
report, we also own 60 properties and lease 35 facilities in the United Kingdom and the United States for school campuses and office
use.
Intellectual Property
We have obtained a license
to use certain trademarks, including "Country Garden" from Country Garden free of charge for a term expiring in 2028 and
2030. We have applied for or registered trademarks relating to our logos and names, including "Bright Scholar" and "Bo
Shi Le" in China. As of the date of this annual report, we have registered 100 trademarks including "élan,"
with the PRC Trademark Office and major domain names used for our operation with the China Internet Network Information Center, including
www.brightscholar.com, brightscholar.net, www.bgyedu.cn, 博实乐.cn and 博实乐.com.  As of the date
of this annual report, we have registered a total of 71 trademarks and 71 domain names with relevant authorities in jurisdictions where
we operate internationally. From time to time, we are required to obtain licenses with respect to course materials owned by third parties
for our education services, in particular for our international program which requires foreign-language education materials. We own copyrights
to the course content we developed in-house.
Our trademarks and other
intellectual property rights distinguish our services and products from those of our competitors and contribute to our ability to compete
in our target markets. To protect our intellectual properties, we rely on a combination of trademark, copyright and trade secret laws.
We have confidentiality clauses in our employment agreements with our employees to protect our intellectual property rights, and also
monitor any infringement or misappropriation of our intellectual property rights.
63
Insurance
We maintain various insurance
policies to safeguard against risks and unexpected events. We maintain insurance to cover students and teachers' medical expenses
for injuries they might sustain at our schools. We also maintain insurance to cover our liability should any injuries occur at our schools.
In addition, we maintain property insurance for our vehicles. We do not maintain business interruption insurance, product liability insurance
or key-man life insurance. See "Item 3. Key Information—D. Risk Factors—Risks Related to Our Business—We have
limited insurance coverage with respect to our business and operations." We consider our insurance coverage to be in line with that
of other private K-12 education providers of a similar scale in China.
Legal Proceedings
From time to time, we are
subject to legal proceedings, investigations and claims during the ordinary course of our business. We are not currently a party to any
legal proceeding or investigation which, in the opinion of our management, is likely to have a material adverse effect on our business,
financial condition or results of operations.
Regulations
We operate our business in
China under a legal regime consisting of the National People's Congress, which is the country's highest legislative body,
the State Council, which is the highest authority of the executive branch of the PRC central government, and several ministries and agencies
under its authority, including the MOE, the Ministry of Industry and Information Technology, the State Administration for Market Regulation,
the Ministry of Civil Affairs and their respective local offices. The section summarizes the principal PRC regulations related to our
business.
PRC Laws and Regulations Relating to Foreign
Investment in Education
Special Administrative Measures for Access
of Foreign Investment (Negative List) (2021 Version)
Pursuant to the Foreign Investment
Industries Guidance Catalog (Amended in 2015), or the Foreign Investment Catalog, which was amended and promulgated by National Development
and Reform Commission, or the NDRC, and the MOFCOM on March 10, 2015 and became effective on April 10, 2015, kindergarten education,
high school education and higher education are restricted industries for foreign investors, and foreign investments are only allowed
to invest in kindergarten education, high school education and higher education in cooperative ways and the domestic party shall play
a dominant role in the cooperation. In addition, according to the Foreign Investment Catalog, foreign investors are prohibited from investing
in compulsory education,
i.e.
, primary school to middle school.
Sino-foreign cooperation
in operating schools is specifically governed by the Regulation on Operating Sino-foreign Schools of the PRC, which was promulgated by
the State Council on March 1, 2003 and became effective on September 1, 2003 and amended on July 18, 2013, the Law for Promoting Private
Education of the PRC, and the Implementing Rules for the Regulations on Operating Sino-foreign Schools or the Implementing Rules, which
were issued by the MOE on June 2, 2004 and became effective on July 1, 2004.
On June 18, 2012, the MOE
issued the Implementation Opinions of the MOE on Encouraging and Guiding the Entry of Private Capital in the Fields of Education and
Promoting the Healthy Development of Private Education to encourage private investment and foreign investment in the field of education.
According to these opinions, the proportion of foreign capital in a PRC-foreign education institute shall be less than 50%.
The Foreign Investment Industries
Guidance Catalog (2017 Revision), or the 2017 Catalog, which was promulgated on June 28, 2017 and took effect on July 28, 2017 replacing
the abovementioned Foreign Investment Industries Guidance Catalog (2015 Revision), contains the same types of industry categories.
The Special Administrative Measures for Access of Foreign Investment
(Foreign Investment Access Negative List) set forth in the 2017 Catalog was replaced by the Special Administrative Measures for Access
of Foreign Investment (Negative List) (2018 Version), or the 2018 Negative List, promulgated on June 28, 2018 with effect on July 28,
2018, which imposes the same restriction and prohibition on foreign investors in the education sector besides one additional ban on religious
education institutes. On June 30, 2019, the MOFCOM and the NDRC jointly released the Catalog of Industries Encouraging Foreign Investment
(2019 Version), or the 2019 Encouraged Catalog, which became effective on July 30, 2019 and replaced the previous list of the industries
in which foreign investment is encouraged to invest under the 2017 Catalog, and the Special Administrative Measures for Access of Foreign
Investment (Negative List) (2019 Version), or the 2019 Negative List, which became effective on July 30, 2019 and replaced the 2018 Negative
List. On June 23, 2020, the MOFCOM and the NDRC jointly released the Special Administrative Measures for Access of Foreign Investment
(Negative List) (2020 Version), or the 2020 Negative List, which superseded the 2019 Negative List on July 23, 2020. On December 27, 2021,
the NDRC and the MOFCOM jointly released the Special Administrative Measures for Access of Foreign Investment (Negative List) (2021 Version),
or the 2021 Negative List which came into effect on January 1, 2022 and replaced the 2020 Negative List. The 2021 Negative List remains
unchanged with respect to the education industry, while it further provides that any domestic enterprise, which is engaged in the field
of business that foreign investment is prohibited from investing as set forth in the 2021 Negative List, shall be examined and approved
by the relevant state authorities before issuing shares and listing and trading abroad. Besides, any foreign investor shall not participate
in the management of such domestic enterprise, and its shareholding ratio shall follow the relevant provisions regulating foreign investors'
investment in domestic securities.
As of the date of this annual
report, our domestic kindergartens fall within restricted industries for foreign investors.
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Regulations on Private Education in the
PRC
Education Law of the PRC
On March 18, 1995, the National
People's Congress of the PRC, or the NPC, enacted the Education Law of the PRC, or the Education Law, which was amended on August
27, 2009. The Education Law sets forth provisions relating to the fundamental education systems of the PRC, including a school education
system comprising kindergarten education, primary education, secondary education and higher education, a system of nine-year compulsory
education, a national education examination system, and a system of education certificates. The Education Law stipulates that the government
formulates plans for the development of education, establishes and operates schools and other education institution. Furthermore, it
provides that in principle, enterprises, social organizations and individuals are encouraged to establish and operate schools and other
types of education institutions in accordance with PRC laws and regulations. Meanwhile, no organization or individual may establish or
operate a school or any other education institution for profit-making purposes. The Education Law was amended on December 27, 2015, and
further amended on April 29, 2021. The amended Education Law repudiates a specific paragraph of the old law, which prohibits any organization
or individual from establishing or operating a school or any other education institution for profit-making purposes. Nevertheless, schools
and other education institutions sponsored wholly or partially by government financial funds and donated assets remain prohibited from
being established as for-profit organizations.
The Law for Promoting Private Education and
the Implementation Rules
The Law for Promoting Private Education of the PRC became effective
on September 1, 2003 and was amended on June 29, 2013 and on December 29, 2018, and the Implementation Rules became effective on April
1, 2004 and was amended on April 7, 2021 and the amended version became effective on September 1, 2021. Under these regulations, "private
schools" are defined as schools established by social organizations or individuals using non-government funds. Private schools providing
academic qualifications education, kindergarten education, education for self-study examination and other education shall be subject to
approval by the education authorities at or above the county level, while private schools engaging in occupational qualification training
and occupational skill training shall be subject to approvals from the authorities in charge of labor and social welfare at or above the
county level. A duly approved private school will be granted a Permit for Operating a Private School, and shall be registered with the
Ministry of Civil Affairs of the PRC, or the MCA, or its local counterparts as a privately run non-enterprise institution. Each of our
schools has obtained the Permit for Operating a Private School and has been registered with the relevant local counterpart of the MCA.
Under the above regulations,
the operations of a private school are highly regulated. For example, the types and amounts of fees charged by a private school providing
academic qualifications education shall be approved by relevant government authorities and publicly disclosed, and a private school that
provides non-academic qualifications education shall file its pricing information with the relevant government authorities and publicly
discloses such information.
According to PRC laws and
regulations, entities and individuals who establish private schools are commonly referred to as "sponsors" rather than "owners"
or "shareholders." The economic substance of "sponsorship" with respect to private schools is substantially similar
to that of shareholder's ownership with respect to companies in terms of legal, regulatory and tax matters. For example, the name
of the sponsor shall be entered into the private schools' articles of association and Permit for Operating a Private School, similar
to that of shareholders where their names shall be entered into the company's articles of associations and corporate records filed
with relevant authority. From the perspective of control, the sponsor of a private school also has the right to exercise ultimate control
over the school by means such as adopting the private school's constitutional documents, electing the school's decision-making
bodies, including the school's board of directors and principals. The sponsor can also profit from the private schools by receiving
"reasonable returns," as explained in detail below, or disposing its sponsorship interests in the schools for economic gains.
However, the rights of sponsors vis-à-vis private schools also differ from the rights of shareholders vis-à-vis companies.
For example, under the PRC laws, a company's ultimate decision-making body is its shareholders meeting, while for private schools,
it is the board of directors, though the members of which are substantially appointed by the sponsor. The sponsorship interest also differs
from the ownership interests with regard to the right to the distribution of residual properties upon liquidation of a private school,
mainly because private education is treated as a public welfare undertaking under the current regulations. While private education is
treated as a public welfare undertaking under the current regulations, sponsors of a private school may choose to require "reasonable
returns" from the annual net balance of the school after deduction of costs for school operations, donations received, government
subsidies (if any), the reserved development fund and other expenses as required by the regulations. Private schools, whether for-profit or non-profit, may enjoy national
preferential tax treatments, while non-profit private schools shall be entitled to the same preferential tax treatment as public schools. To date, however, no regulations have been promulgated by such authorities
in this regard.
65
The Decision of the Standing
Committee of the National People's Congress on Amending the Law for Promoting Private Education of the PRC, or the Amendment, was
promulgated by Order No. 55 of the President of the PRC on November 7, 2016 and came into force on September 1, 2017.
Under the Amendment, the
term "reasonable return" is no longer used and sponsors of private school may choose to establish non-profit or for-profit
private schools at their own discretion, while before the Amendment, all private schools shall not be established for for-profit purposes.
Nonetheless, school sponsors are not allowed to establish for-profit private schools that are engaged in compulsory education. In other
words, the schools engaged in compulsory education should retain their non-profit status after the Amendment comes into force.
The Amendment further establishes
a new classification system for private schools to be classified by whether they are established and operated for profit-making purposes.
According to the Amendment,
the key features of the aforesaid new classification system for private schools include the following:
●
sponsors of for-profit private schools are entitled to retain the profits
    and proceeds from the schools and the operation surplus may be allocated to the sponsors pursuant to the PRC Company Law and other
    relevant laws and regulations;
●
sponsors of non-profit private schools are not entitled to the distribution
    of profits or proceed from the non-profit schools and all operation surplus of non-profit schools shall be used for the operation
    of the schools;
●
for-profit private schools are entitled to set their own tuition and
    other miscellaneous fees without the need to seek prior approvals from or report to the relevant government authorities. The collection
    of fees by non-profit private schools, on the other hand, shall be regulated by the provincial, autonomous regional or municipal
    governments;
●
private schools (for-profit and non-profit) may enjoy preferential
    tax treatments. Non-profit private schools will be entitled to the same tax benefits as public schools. Taxation policies for for-profit
    private schools after the Amendment taking effect are still unclear as more specific provisions are yet to be introduced;
●
where there is construction or expansion of a non-profit private school,
    the school may acquire the required land use rights in the form of allocation by the government as a preferential treatment. Where
    there is construction or expansion of a for-profit private school, the school may acquire the required land use rights by purchasing
    them from the government;
●
the remaining assets of non-profit private schools after liquidation
    shall continue to be used for the operation of non-profit schools. The remaining assets of for-profit private schools shall be distributed
    to the sponsors in accordance with the PRC Company Law; and
●
people's governments at or above the county level may support
    private schools by subscribing to their services, provision of student loans and scholarships, and leases or transfers of unused
    state assets. The governments may further take such measures as government subsidies, bonus funds and incentives for donation in
    support of non-profit private schools.
On December 29, 2016,
the State Council issued the Several Opinions of the State Council on Encouraging the Operation of Education by Social Forces and
Promoting the Healthy Development of Private Education, or the State Council Opinions, which requires to ease the access to the
operation of private schools and encourages social forces to enter into the education industry. The State Council Opinions also
provides that each level of the people's governments shall increase their support to the private schools in terms of financial
investment, financial support, autonomy policies, preferential tax treatments, land policies, fee policies, autonomy operation,
protecting the rights of teachers and students etc. Further, the State Council Opinions require each level of the people's
governments to improve its local policies on government support to for-profit and non-profit private schools by ways of preferential
tax treatments etc. In addition, under the State Council Opinions, private schools shall strengthen its construction of the Chinese
Communist Party, or the CCP, and further the theoretical system of Socialism with Chinese Characteristics by introducing such system
into textbooks and teaching programs. The construction of the CCP's organizations by the private schools as well as the
CCP's leadership to private schools shall constitute an important part of such school's annual inspection.
66
On December 30, 2016, the
MOE, MCA, SAIC, the Ministry of Human Resources and Social Welfare and the State Commission Office of Public Sectors Reform jointly issued
the Implementation Rules on the Classification Registration of Private Schools to reflect the new classification system for private schools
as set out in the Amendment. Generally, if a private school established before promulgation of the Amendment chooses to register as a
non-profit school, it shall amend its articles of association, continue its operation and complete the new registration process. If such
private school chooses to register as a for-profit school, it shall conduct financial liquidation process, have the property rights of
its assets such as lands, school buildings and net balance being authenticated by relevant government authorities, pay up relevant taxes,
apply for a new Permit for Operating a Private School, re-register as for-profit schools and continue its operation. As of the date of this annual report, the majority of provincial governments
in the PRC have promulgated their local rules which detail but for the most part repeat the provisions contained in the abovementioned
state rules.
On December 30, 2016, the
MOE, SAIC and the Ministry of Human Resources and Social Welfare jointly issued the Implementation Rules on the Supervision and Administration
of For-profit Private Schools, pursuant to which the establishment, division, merger and other material changes of a for-profit private
school shall first be approved by the education authorities or the authorities in charge of labor and social welfare, and then be registered
with the competent branch of SAIC.
On September 1, 2017, SAIC
and MOE jointly issued the Notice of Relevant Work on the Registration and Management of the Name of For-Profit Private Schools, which
specifies the requirements on the names of for-profit private schools.
On December 29, 2018, the
Decision of the Standing Committee of the National People's Congress on Amending the Seven Laws of the Labor Law of the People's
Republic of China was promulgated by Order No.24 of the President of the PRC and took effect on the same date, which made two minor adjustments
to Article 26 and Article 64 of the Law for Promoting Private Education of the PRC. These minor adjustments do not materially affect
our business and operations.
On May 14, 2021, the State Council announced the amended version
of the Implementation Rules of the Law for Promoting Private Education, the other details of the operation requirement of non-profit schools
and for-profit schools will further of the PRC, or the Implementation Rules, which became effective on September 1, 2021. Pursuant to
the Amended Regulations, (1) foreign-invested enterprises established in China and social organizations whose actual controllers are foreign
parties shall not sponsor, participate in or actually control private schools that provide compulsory education, (2) social organizations
or individuals shall not control any private school that provides compulsory education or any non-profit private school that provides
pre-school education by means of merger, acquisition, contractual arrangements, etc., and (3) private schools providing compulsory education
shall not conduct any transaction with any related party. Where a private school other than private schools providing compulsory education
conducts transactions with any related party, it shall follow the principles of openness, fairness and equality, determine the reasonable
fees and regulate the decision-making, and shall not do detriment to the state interests, the interests of the school or the rights and
interests of the teachers and students, otherwise, there is a risk of being ordered to make corrections within a time limit, and the illegal
gains, if any, shall be confiscated after the fees collected are returned; if the circumstances are serious, the sponsor, actual controller
and member of the decision-making body or supervisory body shall not become the sponsor, actual controller or member of the decision-making
body or supervisory body of other private school within one to five years; if the circumstances are especially serious with adverse social
impact, the sponsor, actual controller and member of the decision-making body or supervisory body shall not become the sponsor, actual
controller and members of the decision-making body or supervisory body of other private school permanently; if a violation of public security
administration is constituted, the public security organ shall impose a public security administration punishment according to law; if
a crime is constituted, criminal responsibility shall be investigated in accordance with the law.
67
For a detailed discussion on
how the Amendment and the above regulations will affect our schools, see "Item 3. Key Information—D. Risk Factors—Risks
Related to Our Business—Our compliance with the Implementation Rules has materially and adversely affected and may continue to materially
and adversely affect our business, financial condition, results of operations and prospect in the future, and we have been subject to
significant limitations on our ability to engage in the private for-profit education business and may otherwise be materially and adversely
affected by changes in PRC laws and regulations."
Besides the Amendment and
the above regulations, the other details of the operation requirement of non-profit schools and for-profit schools will further be provided
in implementation regulations that are yet to be introduced:
●
the local regulations relating to legal person registration
    of for-profit and non-profit private schools; and
●
the specific measures to be formulated and promulgated
    by the competent authorities responsible for the administration of private schools in the province(s) in which our schools are located,
    including but not limited to the specific measures for registration of pre-existing private schools, the specific requirements for
    authenticating various parties' property rights and payment of taxes and fees of for-profit private schools, taxation policies
    for for-profit private schools, measures for the collection of non-profit private schools' fees.
As of the date of this annual
report, certain local governments, such as Jiangsu province and Hebei province, have promulgated their local regulations relating to
legal person registration and administration for private schools and certain local governments, such as Guangdong province, Jiangsu province,
Hubei province, Hebei province, Gansu province, and Anhui province, have promulgated general guidance to encourage the development of
private schools. Among these local regulations and guidance, some local governments, such as Hubei province, Hebei province, and Anhui
province, require the existing private schools to register either as for-profit or non-profit schools within a specific time period.
Regulations on compulsory education
According to the Law for
Compulsory Education of the PRC, which was promulgated by the NPC on April 12, 1986 and was amended by the tenth Standing Committee of
the NPC on June 29, 2006 and by the twelfth Standing Committee of the NPC on April 24, 2015, and by the thirteenth Standing Committee
of the NPC on December 29, 2018, a nine-year system of compulsory education, including six years of primary school and three years of
middle school, was adopted.
Further, the MOE issued the
Reform Guideline on the Curriculum System of Compulsory Education (Trial) on June 8, 2001, which became effective on the same date, pursuant
to which schools providing compulsory education shall follow a "state-local-school" three-tier curriculum system. In other
words, schools must follow the state curriculum standard for state courses, while the local education authorities have the power to determine
the curriculum standard for other courses, and schools may also develop curriculum that are suitable for their specific needs provided
that the state curriculum shall be completely maintained.
On June 23, 2019, the Central
Committee of the Communist Party of China and the State Council promulgated the Opinions on Deepening the Reform of Educational Teaching
and Thoroughly Enhancing the Quality of Compulsory Education, which lays out more stringent requirements for textbooks that are permitted
to be used in compulsory education.
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On December 16, 2019, the
MOE issued the Administrative Measures on Primary and Secondary School Textbooks, which details the regulations on the authoring, vetting,
publication and schools' selection of primary and secondary school textbooks.
On May 6, 2020, the General
Office of the MOE issued the Notice on Negative List of Excessive and Advanced Training in Six Subjects of Compulsory Education (Trial).
According to the Notice, extracurricular training institutions are prohibited from providing for students in primary schools and middle
schools excessive and advanced training relating to six subjects, namely, Chinese, Math, English, Physics, Chemistry and Biology. For
example, the difficulties of education contents provided by extracurricular training institutions shall not exceed the difficulties of
contents in textbooks used in corresponding compulsory education classes, and the extracurricular education targeting students in primary
schools shall not include contents expected to be taught in middle schools, and the extracurricular education targeting students in middle
schools shall not include contents expected to be taught in high schools.
Regulations on the operation of high schools
The MOE has promulgated several
regulations on the operation of high schools, which mainly concern the choice of textbooks, the curriculum system and the graduation
exam system.
According to the Circular
of the Central Office of the MOE on the Selection of the Trial Textbooks for the Curriculum of High Schools promulgated on April 26,
2005 and the Interim Measures for the Management of the Selection of the Primary and Middle School Textbooks promulgated and came into
effect on September 30, 2014, the textbooks used by the primary and middle schools can only be selected from the catalog issued by the
MOE; and the provincial education authority is in charge of textbook selection within its relevant administrative jurisdiction and has
the power to approve the curriculum system applied in the primary and middle schools within the province.
Further, the MOE issued the
Notice on Developing Trial Curriculum System in High Schools, the Guidance on Strengthening Instruction on Developing Trial Curriculum
System in High Schools, the Notice on Propelling 2006 Trial Curriculum System in High Schools and the Notice on Propelling 2007 Trial
Curriculum System in High Schools from 2003 through 2007, pursuant to which the MOE developed a new curriculum system in high schools
nationwide, and the implementation of such curriculum system is carried on mainly by the provincial education authorities while the MOE
mainly provides guidance to its local counterparts. Under the guidelines of the MOE and subject to approval by the respective provincial
education authorities, the high schools may adopt their own unique curriculum system.
Regulations on After-School Tutoring
The State Council issued
an Opinion on Supervising After-School Tutoring Institutions ("Circular 80") on August 22, 2018, which provides various guidance
on regulating after-school tutoring institutions that target primary and secondary school students. Circular 80 requires that after-school
tutoring institutions obtain school operating permits and other legally required licenses and permits, and instructs relevant governmental
authorities to strengthen their supervisions and regulations on after-school tutoring institutions. Circular 80 also standardizes the
approval and registration processes of after-school tutoring institutions.
Measures for Punishment for Violation of Professional
Ethics of Primary and Secondary School Teachers
The Measures for Punishment
for Violation of Professional Ethics of Primary and Secondary School Teachers as promulgated by MOE on January 11, 2014 and amended on
November 8, 2018 prohibits teachers of primary and secondary schools from providing paid tutoring in schools or in out-of-school learning
centers. Some provinces and cities where our schools are located have adopted more stringent regulations which prohibit public school
teachers from teaching, on a part-time basis, at private schools or learning centers. For a detailed description of the risk associated
with these matters, see "Item 3. Key Information—D. Risk Factors—Risks Related to Our Business—We may be unable
to recruit, train and retain a sufficient number of qualified and experienced teachers and principals."
69
Opinions on Regulating the Development and
Deepening of the Reform of Pre-school Education
On November 7, 2018, the Central
Committee of the Communist Party of China and the State Council promulgated the Opinions on Regulating the Development and Deepening of
the Reform of the Pre-School Education, which provides, among others, that (1) private kindergartens forming part or all of the assets
of a listing vehicle are prohibited from listing on stock markets; (2) non-governmental capital is prohibited from controlling state-owned
or collectively-owned kindergartens and non-profit kindergartens by ways of mergers and acquisitions, entrusted management, franchising,
variable interest entities arrangements, or other forms of control agreements; (3) for-profit kindergartens which participate in acquisitions,
franchising or chain operation shall file with education departments of the county level or above and make available to the public agreements
entered into with relevant interested enterprises; (4) listed companies are prohibited from investing in for-profit kindergartens through
financing through stock markets, and should not purchase assets of for-profit kindergartens by cash, issuance of shares or other similar
means; and (5) provincial legislative bodies should promulgate implementing measures by June 2019 with regard to the election of private
kindergartens to be registered as non-profit or for-profit schools and specify time-frame requirements for such registration. For a detailed
description of the associated risks, see "Item 3. Key Information—Risks Factors—Risks Related to Our Business—Our
ability to maintain the operation of our kindergartens and to expand our kindergarten network may be limited due to our listing status
as well as the PRC laws and regulations, which may in turn affect our results of operations." On September 7, 2020, the MOE published
the Draft Preschool Education Law for public comments. The Draft Preschool Education Law is expected to tighten restrictions over kindergartens
in pursuing profits and specify legal liabilities for the violation of such restrictions.
PRC Laws and Regulations Relating to Trademark
and Domain Name
Trademark
Pursuant to the Trademark
Law of the PRC, or the Trademark Law, which was revised on April 23, 2019 and with effect from November 1, 2019, registered trademarks
refer to trademarks that have been approved and registered by the Trademark Office of the National Intellectual Property Administration,
which include commodity trademarks, service trademarks, collective marks and certification marks. The trademark registrant shall enjoy
an exclusive right to use the trademark, which shall be protected by law.
Domain name
Pursuant to the Measures
for the Administration of Internet Domain Names of China, which was promulgated by the Ministry of Industry and Information Technology
of the PRC on August 24, 2017 and with effect from November 1, 2017, "domain name" shall refer to the character mark of hierarchical
structure, which identifies and locates a computer on the internet and corresponds to the Internet protocol (IP) address of that computer
and the principle of "first come, first serve" is followed for the domain name registration service. Domain name applicants
shall provide true, accurate and complete identification of the domain name holder as requested by the domain name registration service
provider.
PRC Laws and Regulations Relating to Foreign
Exchange
The principal regulation
governing foreign currency exchange in China is the Foreign Exchange Administration Rules of the PRC. These were promulgated by the State
Council of the PRC on January 29, 1996 and with effect from April 1, 1996 and were amended on January 14, 1997 and August 5, 2008. Under
these rules, Renminbi is generally freely convertible for payments of current account items, such as trade and service-related foreign
exchange transactions and dividend payments, but not freely convertible for capital account items, such as direct investment, loan or
investment in securities outside China, unless the prior approval of the SAFE or its local counterparts is obtained.
70
Under the Foreign Exchange
Administration Rules, foreign-invested enterprises in the PRC may, without the approval of SAFE, make a payment from their foreign exchange
accounts at designated foreign exchange banks for paying dividends with certain evidencing documents (such as board resolutions, tax
certificates), or for trade and services-related foreign exchange transactions by providing commercial documents evidencing such transactions.
They are also allowed to retain foreign currency (subject to a cap approval by SAFE) to satisfy foreign exchange liabilities. In addition,
foreign exchange transactions involving overseas direct investment or investment and trading in securities, derivative products abroad
are subject to registration with SAFE or its local counterparts and approval form or filling with the relevant PRC government authorities
(if necessary).
According to the Circular
on the Management of Offshore Investment and Financing and Round Trip Investment By Domestic Residents through Special Purpose Vehicles,
or Circular 37, which was promulgated on July 14, 2014 and with effect from the same day, before a domestic resident contributes its
legally owned onshore or offshore assets and equity into a Special Purpose Vehicle, or SPV, the domestic resident shall be required to
register with the local branch of SAFE for foreign exchange registration of overseas investments before contributing the domestic and
overseas lawful assets or interests to a SPV, and to update such registration in the event of any change of basic information of the
registered SPV or major change in the SPV's capital, including increases and decreases of capital, share transfers, share swaps,
mergers or divisions. The SPV is defined as an "offshore enterprise directly established or indirectly controlled by the domestic
resident (including domestic institution and individual resident) with their legally owned assets and equity of the domestic enterprise,
or legally owned offshore assets or equity, for the purpose of investment and financing"; "Round Trip Investments"
refer to "the direct investment activities carried out by a domestic resident directly or indirectly via an SPV, that is, establishing
a foreign-invested enterprise or project within the PRC through a new entity, merger or acquisition and other ways, while obtaining ownership,
control, operation and management and other rights and interests". In addition, according to the procedural guidelines as attached
to the Circular 37, the principle of review has been changed to "the domestic individual resident is only required to register
the SPV directly established or controlled (first level)".
Pursuant to Circular of the
State Administration of Foreign Exchange on Further Simplifying and Improving the Direct Investment-related Foreign Exchange Administration
Policies, or Circular 13, which was promulgated on February 13, 2015 and implemented June 1, 2015, the initial foreign exchange registration
for establishing or taking control of a SPV by domestic residents can be conducted with a qualified bank, instead of the local foreign
exchange bureau, and the Circular 13 also simplifies some procedures relating to foreign exchange for direct investments.
On March 30, 2015, the SAFE
promulgated the Circular on Reforming the Management Approach regarding the Settlement of Foreign Exchange Capital of Foreign-invested
Enterprises, or Circular 19, which came into effect from June 1, 2015. According to Circular 19, the foreign exchange capital of foreign-invested
enterprises shall be subject to the Discretional Foreign Exchange Settlement. The Discretional Foreign Exchange Settlement refers to
the foreign exchange capital in the capital account of a foreign-invested enterprise for which the rights and interests of monetary contribution
has been confirmed by the local foreign exchange bureau (or the book-entry registration of monetary contribution by the banks) can be
settled at the banks based on the actual operational needs of the foreign-invested enterprise. The proportion of Discretional Foreign
Exchange Settlement of the foreign exchange capital of a foreign-invested enterprise is temporarily determined to be 100%. The Renminbi
converted from the foreign exchange capital will be kept in a designated account and if a foreign-invested enterprise needs to make further
payment from such account, it still needs to provide supporting documents and go through the review process with the banks.
SAFE issued the Circular
on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or Circular 16, on June 9,
2016, which became effective simultaneously. Pursuant to Circular 16, enterprises registered in the PRC may also convert their foreign
debts from foreign currency to Renminbi on a self-discretionary basis. Circular 16 provides an integrated standard for conversion of
foreign exchange under capital account items (including but not limited to foreign currency capital and foreign debts) on self-discretionary
basis which applies to all enterprises registered in the PRC. Circular 16 reiterates the principle that Renminbi converted from foreign
currency-denominated capital of a company may not be directly or indirectly used for purposes beyond its business scope or prohibited
by PRC laws or regulations, while such converted Renminbi shall not be provided as loans to its non-affiliated entities.
71
On January 26, 2017, SAFE
promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Authenticity and Compliance Verification,
or Circular 3, which took effect on the same date. Circular 3 sets out various measures to tighten authenticity and compliance verification
of cross-border transactions and cross-border capital flow, which include without limitation requiring banks to verify board resolutions,
tax filing form, and audited financial statements before wiring foreign invested enterprises' foreign exchange distribution above
US$50,000, and strengthening genuineness and compliance verification of foreign direct investments.
On October 23, 2019, SAFE
issued the Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment,
or the Circular 28, which took effect on the same date. Circular 28 allows non-investment foreign-invested enterprises to use their capital
funds to make equity investments in China, with genuine investment projects and in compliance with effective foreign investment restrictions
(negative list) and other applicable laws. However, as the Circular 28 was newly issued, there are still substantial uncertainties as
to its interpretation and implementations in practice.
As of the date of this annual
report, all PRC residents known to us that currently have direct or indirect interests in our company have completed the necessary registrations,
as required by Circular 37. For a detailed description of the risk associated with the non-completion of such process, see "Item
3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—A failure by the beneficial owners of our
shares who are PRC residents to comply with certain PRC foreign exchange regulations could restrict our ability to distribute profits,
restrict our overseas and cross-border investment activities and subject us to liability under PRC law."
Regulations on loans to and direct investment
in the PRC entities by offshore holding companies
According to the Implementation
Rules for the Provisional Regulations on Statistics and Supervision of Foreign Debt promulgated by SAFE on September 24, 1997 and the
Interim Provisions on the Management of Foreign Debts promulgated by SAFE, the NDRC and the MOF and effective from March 1, 2003, loans
by foreign companies to their subsidiaries in China, which accordingly are foreign-invested enterprises, are considered foreign debt,
and such loans must be registered with the local branches of the SAFE. Under the provisions, the total amount of accumulated medium-term
and long-term foreign debt and the balance of short-term debt borrowed by a foreign-invested enterprise is limited to the difference
between the total investment and the registered capital of the foreign-invested enterprise.
According to the Provisional
Regulations for the Proportion of Registered Capital to Total Amount of Investment of Joint Ventures Using Chinese and Foreign Investment
issued by SAIC on February 17, 1987 and Decision on Amending the Provisions on the Merger or Acquisition of Domestic Enterprises by Foreign
Investors issued by MOFCOM on August 8, 2006, if the registered capital of a foreign-invested enterprise is less than US$2.1 million,
its total investment amount may not exceed 1.4 times the registered capital; if the registered capital of a foreign-invested enterprise
is more than US$2.1 million but less than US$5 million, its total investment amount may not exceed two times the registered capital;
if the registered capital of a foreign-invested enterprise is more than US$5 million but less than US$12 million, its total investment
amount may not exceed 2.5 times the registered capital; and if the registered capital of a foreign-invested enterprise is more than US$12
million, its total investment amount may not exceed three times the registered capital.
According to the Measures
for the Administration of Foreign Debt Registration issued by SAFE on April 28, 2013, the statutory limit on the amount of loans from
an overseas shareholder to a foreign-invested enterprise is the difference between the total investment amount and the registered capital
of the foreign-invested enterprise.
On January 12, 2017, the
People's Bank of China promulgated Notice of the People's Bank of China on Issues Concerning Macro Prudential Management
of Full Scale Cross-border Financing, or PBOC Circular 9. According to PBOC Circular 9, the People's Bank of China establishes
a cross-border financing regulation system and the legal entities and financial institutions established in PRC excluding government
financing vehicles and real estate enterprise, may carry out cross-border financing of foreign currency in accordance with relevant regulations.
PBOC Circular 9 provides that, among other things, the outstanding amount of the foreign currency for the entities in cross-border financing,
shall be limited to the upper limit of the risk-weighted balance of such entity.
72
The enterprise shall, after
signing the cross-border financing contract, but not later than three business days before the withdrawal of the borrowing funds, file
with the local branches of SAFE for the cross-border financing through SAFE's capital project information system. PBOC Circular
9 also provides that during the one-year period starting from January 11, 2017, foreign-invested enterprises may choose one method to
carry out cross-border financing in foreign currency either according to PBOC Circular 9 or according to the Interim Provisions on the
Management of Foreign Debts. After the end of such one-year period, the method of foreign-invested enterprises to carry out cross-border
financing in foreign currency will be determined by the People's Bank of China and SAFE.
On September 14, 2015, the
National Development and Reform Commission promulgated Notice on Promoting the Administrative Reform of the Filing and Registration System
for Enterprises' Issuance of Foreign Debts, or NDRC Circular 2044. According to NDRC Circular 2044, an enterprise that plans to
issue foreign debts shall apply to the National Development and Reform Commission in advance for filing, registration, and report issuance
information to the National Development and Reform Commission within 10 business days after the completion of such issuance. The National
Development and Reform Commission shall determine whether to accept the application within five business days from the date of receipt
of the application, and issue the Certificate on the Filing and Registration of Foreign Debts Issued by Enterprises within seven business
days from the date of accepting the application.
Zhuhai Bright Scholar, a
foreign-invested enterprise indirectly held by us, currently has a total investment amount of RMB14.0 million (approximately US$2.0 million)
and an initially subscribed registered capital RMB10.0 million (approximately US$1.5 million). We may provide shareholder loans of up
to the U.S. dollar equivalent of RMB4.0 million (approximately US$0.6 million) to Zhuhai Bright Scholar, which is the difference between
its total investment amount and registered capital. According to the Measures for the Reporting of Foreign Investment Information issued
by MOFCOM and SAIC on December 30, 2019, which supersedes the Interim Measures for the Administration of the Establishment and Alteration
of Archival Filing of Foreign Invested Enterprises, the increase of total investment amount and registered capital of a foreign-invested
enterprise must be reported to commerce departments through the enterprise registration system and the National Enterprise Credit Information
Publicity System, and market regulatory departments shall forward such investment information reported by foreign investors or foreign-invested
enterprises to commerce departments in a timely manner.
According to applicable PRC
regulations on foreign-invested enterprises, capital contributions from a foreign holding company to its PRC subsidiaries, which are
considered foreign-invested enterprises, may only be made when approval by or registration with the MOFCOM or its local counterpart is
obtained.
Provisions on the Merger and Acquisition of
Domestic Enterprises by Foreign Investors (Revised in 2009)
Under the M&A Rules, a
foreign investor is required to obtain necessary approvals when (1) a foreign investor acquires equity in a domestic non-foreign invested
enterprise thereby converting it into a foreign-invested enterprise, or subscribes for new equity in a domestic enterprise via an increase
of registered capital thereby converting it into a foreign-invested enterprise; or (2) a foreign investor establishes a foreign-invested
enterprise which purchases and operates the assets of a domestic enterprise, or which purchases the assets of a domestic enterprise and
injects those assets to establish a foreign-invested enterprise. According to Article 11 of the M&A Rules, where a domestic company
or enterprise, or a domestic natural person, through an overseas company established or controlled by it/him/her, acquires a domestic
company which is related to or connected with it/him/her, approval from the MOFCOM is required.
For a detailed description
of the risk associated with the M&A Rules, see "Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business
in China—Certain PRC regulations, including the M&A Rules and national security regulations, may require a complicated review
and approval process which could make it more difficult for us to pursue growth through acquisitions in China."
73
C. Organizational Structure
The following diagram illustrates
our corporate structure, including our principal subsidiaries and affiliated entities, as of the date of this annual report.
(1)
Ultimately owned by Ms. Meirong Yang and Ms. Huiyan Yang, our ex-chairlady.
See "Item 6. Directors, Senior Management and Employees—E. Share Ownership." Ms. Meirong Yang and Ms. Huiyan Yang have
also entered into an acting-in-concert arrangement, pursuant to which they consult with each other before voting and deciding on material
matters in relation to the management of our company. Under such arrangement, if no consensus could be reached through consultation, the
decision made by Ms. Meirong Yang prevails. Furthermore, Ms. Huiyan Yang and Ms. Meirong Yang are joint settlors and members of the two-person
investment committee of Yeung Family Trust V, which controls Excellence Education Investment Limited and Ultimate Wise Group Limited.
(2)
Wholly owned by Ms. Huiyan Yang. See "Item 6. Directors, Senior
Management and Employees—E. Share Ownership" for information.
(3)
For the
    beneficial ownership of Ms. Meirong Yang and Ms. Huiyan Yang, see "Item 6. Directors, Senior Management and
    Employees—E. Share Ownership."
(4)
The remaining 30% equity interest is owned by CAN-ACHIEVE
    GLOBAL EDUCATION PARTNERS LIMITED, an unaffiliated third party.
(5)
Under PRC law, entities and individuals who establish private schools
are referred to as "sponsors" rather than "owners" or "shareholders." The rights of sponsors vis-à-vis
schools are similar to the rights of shareholders vis-à-vis companies with regard to legal, regulatory and tax matters, but differ
with regard to the right of a sponsor to receive returns on investment and the right to the distribution of residual properties upon termination
and liquidation. For more information regarding school sponsorship and the difference between sponsorship and ownership under relevant
laws and regulations, see "Item 4. Information on the Company—B. Business Overview—Regulations—Regulations on
Private Education in the PRC."
74
The following table sets
forth the details of our significant subsidiaries, VIEs and schools/subsidiaries held by the VIEs from our continuing operations.
Subsidiaries
Place of Incorporation
Bright Scholar (Enlightenment) Investment Holdings Limited
Cayman
Impetus Investment Limited
Cayman
New Bridge Management Co., Ltd
Cayman
Bright Scholar (Canada) Holdings Limited
Canada
Can-Achieve Academy Limited
Canada
Can-Achieve International Education Limited (Vancouver)
Canada
CEG Holdings Canada Inc.
Canada
FGE Holdings Limited
BVI
Bright Can-Achieve Limited
Hong Kong
Can-Achieve International Education Limited
Hong Kong
CEG Hong Kong JV Limited
Hong Kong
Foundation Global Education Limited
Hong Kong
Foundation Education China Limited
Hong Kong
Foundation Academy Limited
Hong Kong
Foundation Education Services Limited
Hong Kong
Time Education China Holdings Limited
Hong Kong
Xin Rui Management Co., Ltd.
Hong Kong
Bright Scholar (UK) Holdings Limited
United Kingdom
Bright Scholar (BCS) Limited
United Kingdom
Bright Scholar (BCS) Property Limited
United Kingdom
Bright Scholar (BCS) Management Limited
United Kingdom
Bright Scholar (BIC) Management Limited
United Kingdom
Bright Scholar (SM) Management Limited
United Kingdom
CATS Colleges Holdings Limited
United Kingdom
The Worthgate School Canterbury
United Kingdom
Guildhouse School London
United Kingdom
CATS Retail Limited
United Kingdom
Cambridge School of Visual and Performing Arts Limited
United Kingdom
Cambridge Arts and Science Limited
United Kingdom
Cambridge School of Art and Design Limited
United Kingdom
CEG Properties Limited
United Kingdom
CEG Colleges Limited
United Kingdom
CGS Administrative Services Limited
United Kingdom
Stafford House Companies Limited
United Kingdom
Stafford House School of English Limited
United Kingdom
Stafford House Study Holidays Limited
United Kingdom
Study Holidays Limited
United Kingdom
Cambridge Education Group Holdings Inc.
United States
CATS Academy Boston Inc.
United States
Boston Academy of English Inc.
United States
Intrax English Academies LLC
United States
Can-achieve Global Education, Inc
United States
Cambridge Education Technology (Shanghai) Co., Limited (China)
The PRC
Foundation Information Consulting (Shenzhen) Co., Ltd.
The PRC
Guangdong Bright Scholar Education Technology Co., Ltd.
The PRC
Shenzhen Qianhai Xingkeyucai Trading Co., Ltd.
The PRC
Zhuhai Hengqin Bright Scholar Management Consulting Co., Ltd.
The PRC
75
Guangdong Zhixing Weilai Logistics Management Co., Ltd.
The PRC
Beijing Jingshiboda Education Technology Co., Ltd.
The PRC
Zhuhai Hengqin Dingjia Education Consulting Limited
The PRC
Zhuhai Hengqin Kaidi Education Consulting Co., Ltd.
The PRC
Time Elan Education Technology Co., Ltd.
The PRC
Zhuhai Xin Xu Education Management Co., Ltd.
The PRC
Guangzhou Elan Education Consulting Co., Ltd.
The PRC
Beijing Bright Scholar Education Consulting Limited Co., Ltd.
The PRC
Beijing Bolai Reading Culture Co., Ltd.
The PRC
Shenzhen Elan Education Training Co., Ltd.
The PRC
Foshan Shunde Elan Education Training Co., Ltd.
The PRC
Hangzhou Impression Arts Training Co., Ltd.
The PRC
Can-achieve (Beijing) Education Consulting Co., Ltd.
The PRC
Guangzhou Can-achieve Global Consulting Co., Ltd.
The PRC
Zhengzhou Dahua Education Consulting Co., Ltd.
The PRC
Bright Scholar Wanjia (Beijing) Education Consulting Co., Ltd.
The PRC
Beijing Can-achieve Lingying Information Consulting Co., Ltd.
The PRC
Bright Scholar Education Consulting (Huizhou) Co., Ltd.
The PRC
Beijing Yinxiang Bright Scholar Education Consulting Co., Ltd.
The PRC
Shanghai Yinle Arts Training Co., Ltd.
The PRC
VIEs
Place of Incorporation
Foshan Meiliang Education Technology Co., Ltd.
The PRC
Foshan Shangtai Education Technology Co., Ltd.
The PRC
Foshan Renliang Education Technology Co., Ltd.
The PRC
Foshan Yongliang Education Technology Co., Ltd.
The PRC
Foshan Zhiliang Education Technology Co., Ltd.
The PRC
Beijing Boteng Consulting Co., Ltd.
The PRC
Schools/subsidiaries
    held by VIEs
Place
    of Incorporation
Dreambig Career Limited
Hong Kong
Chengdu Boxuele Education Management Consulting Co., Ltd.
The PRC
Wuhan Mierdun Education Technology Limited
The PRC
Chengdu Yinzhe Education and Technology Co., Ltd.
The PRC
Chengdu Laizhe Education and Technology Co., Ltd.
The PRC
Chengdu Zhiyimeng Software Technology Co., Ltd.
The PRC
Guangzhou Elan Education and Training Co., Ltd.
The PRC
Shanghai Elan Education and Training Co., Ltd.
The PRC
Shanghai Bolai Training Center Co., Ltd.
The PRC
Foshan Shunde Shengbo Culture and Arts Training Co., Ltd.
The PRC
Guangdong Xingjian Education Co., Ltd.
The PRC
Huidong Silver Beach Education Consulting Co., Ltd.
The PRC
Dongguan Qishi Country Garden Kindergarten Co., Ltd.
The PRC
Dongguan Qingxi Country Garden Kindergarten Co., Ltd.
The PRC
Foshan Shunde Beijiao Country Garden Guilanshan Kindergarten Co., Ltd.
The PRC
Guangzhou Huihua Education Consulting Co., Ltd.
The PRC
Beijing Huanxue International Travel Limited
The PRC
Guangdong Lebeimeng Education Consulting Co., Ltd.
The PRC
Guangzhou Xingzhu Information Technology Co., Ltd.
The PRC
Baoding Baigou New City Shenghua Country Garden Kindergarten Co., Ltd.
The PRC
Taishan Lebeimeng Education Consulting Co., Ltd.
The PRC
Beijing Huanxue Tianxia International Travel Limited
The PRC
Dongguan Dongcheng Bright Scholar Kindergarten Co., Ltd
The PRC
Chengdu Pidu Bright Scholar Kindergarten Co., Ltd.
The PRC
Huizhou Huiyang Lelebao Shenhui City Kindergarten Co., Ltd.
The PRC
Guangzhou Zengcheng Fettes College Kindergarten Co., Ltd.
The PRC
Shanghai Huodai Commercial Information Consulting Co., Ltd.
The PRC
Shanghai Youxun Education Technology Co., Ltd.
The PRC
Shanghai Hanlin Education Technology Co., Ltd.
The PRC
76
Foshan Shunde Beijiao Town Country Garden Ivy League Education
    Training Centre Co., Ltd.
The PRC
Guangdong Bright Scholar Ivy League Education Science Research Institute
    Co., Ltd.
The PRC
Jiangxi Leti Culture and Tourism Development Co., Ltd.
The PRC
Aijia Education Training (Shanghai) Co., Ltd.
The PRC
Shanghai Xinghanhai Education Technology Co., Ltd.
The PRC
Shanghai Yuhanlin Education Technology Co., Ltd.
The PRC
Zhejiang Leti Travel Agency Co., Ltd.
The PRC
Jiangxi Yuanye Travel Agency Co., Ltd.
The PRC
Fuzhou Leti Camping Operation Management Co., Ltd.
The PRC
Jiangxi Leyan Education Management Co., Ltd.
The PRC
Tongxiang Wuzhen Leti Camping Operation Management Co., Ltd.
The PRC
Jiangxi Jingrui International Travel Agency Co., Ltd.
The PRC
The following table sets forth
the details of the significant subsidiaries, the VIE,
i.e.
, BGY Education Investment, and schools/subsidiaries held by the VIE
from our discontinued operations, collectively referred to as the Affected Entities throughout this annual report.
VIE
Place of Incorporation
BGY Education Investment Management Co., Ltd.
The PRC
Schools/subsidiaries
    held by the VIE
Place of Incorporation
Hubei Sannew Education Development Limited
The PRC
Wuhan Sannew American Middle School
The PRC
Heze Qiqiaoban Education Technology Limited
The PRC
Heze Economic Development Zone Qiqiaoban Huaqiao City Kindergarten
The PRC
Heze Economic Development Zone Electric Kindergarten
The PRC
Heze Qiqiaoban Juancheng Kindergarten
The PRC
Heze Mudan District Yihai Kindergarten
The PRC
Qiqiaoban Oscar Kindergarten
The PRC
Juye Phoenix Qiqiaoban Dongfang Xintiandi Kindergarten
The PRC
Caoxian Qiqiaoban Kindergarten
The PRC
Juancheng Shuncheng International Kindergarten
The PRC
Jining Yanzhou Lelebao Kindergarten
The PRC
Shangdong Boshiyou Education Consulting Limited
The PRC
Jining Boshiwei Education Consulting Limited
The PRC
Xiju Country Garden Kindergarten
The PRC
Huiyang Country Garden Kindergarten
The PRC
Country Garden Silver Beach Kindergarten
The PRC
Huaxi Country Garden International Kindergarten
The PRC
Ningxiang Country Garden School
The PRC
Maoming Country Garden Kindergarten
The PRC
Huaxi Country Garden International School
The PRC
Huadu Holiday Peninsula Kindergarten
The PRC
Dalang Country Garden Kindergarten
The PRC
Haoting Country Garden Kindergarten
The PRC
Huanan Country Garden School
The PRC
Huanan Country Garden Bilingual Kindergarten
The PRC
Wuhan Country Garden School
The PRC
Wuhan Country Garden Kindergarten
The PRC
Country Garden Venice Bilingual School
The PRC
Nansha Country Garden Bilingual Kindergarten
The PRC
Licheng Country Garden Bilingual Kindergarten
The PRC
Phoenix City Bilingual School
The PRC
Phoenix City Country Garden Kindergarten
The PRC
Phoenix City Bilingual Kindergarten
The PRC
Lanzhou Country Garden School
The PRC
Country Garden Experimental School
The PRC
Gaoming Country Garden Kindergarten
The PRC
Ningxiang Country Garden Foreign Language Training School
The PRC
Ningxiang Country Garden Kindergarten
The PRC
77
Country Garden Silver Beach School
The PRC
Enping Country Garden Kindergarten
The PRC
Shaoguan Zhenjiang Country Garden Foreign Language Kindergarten
The PRC
Qingyuan Country Garden Bilingual Kindergarten
The PRC
Danyang Country Garden Kindergarten
The PRC
Laian Country Garden Foreign Language School
The PRC
Laian Country Garden Kindergarten
The PRC
Chuzhou Country Garden Kindergarten
The PRC
Country Garden Huacheng Kindergarten
The PRC
Country Garden Huacheng School
The PRC
Kaiping Country Garden Jade Bay Kindergarten
The PRC
Chuzhou Country Garden Foreign Language School
The PRC
Kaiping Country Garden School
The PRC
Shaoguan Country Garden Foreign Language School
The PRC
Xiangtan Yisuhe Country Garden Kindergarten
The PRC
Guangyuan Lizhou Kasijia Kindergarten
The PRC
Dongguan Humen Bright Scholar Country Garden Kindergarten
The PRC
Foshan Shunde Ronggui Street Country Garden Kindergarten
The PRC
Guangdong Lelebao Education Technology Co., Ltd.
The PRC
Baoding Baigou New City Bright Scholar Shenghua Education Consulting
    Co., Ltd.
The PRC
Shawan Country Garden Kindergarten
The PRC
Heshan Country Garden Kindergarten
The PRC
Heshan Country Garden School
The PRC
Huanan Country Garden Cuiyun Mountain Kindergarten
The PRC
Country Garden Venice Kindergarten
The PRC
Zengcheng Country Garden Kindergarten
The PRC
Zengcheng Country Garden School
The PRC
Fengxin Country Garden Kindergarten
The PRC
Phoenix City Fengyan Kindergarten
The PRC
Shenghua Country Garden Bilingual School
The PRC
Wuhan Qiaosheng Education Investment Co., Ltd.
The PRC
Wuhan Qingshan District Bilingual Kindergarten
The PRC
Wuhan Donghu Tech Development Zone Xinqiao Kindergarten
The PRC
Wuhan Donghu Tech Development Zone Xinqiao-Jinxiu Longcheng Kindergarten
The PRC
Wuhan Dongxihu District Dongqiao Kindergarten
The PRC
Wuhan Hongshan District Xinqiao Aijia Kindergarten
The PRC
Haiyang Country Garden Kindergarten
The PRC
Tianjin Beichen Lelebao Kindergarten
The PRC
Guangzhou Fettes School
The PRC
Guigang Gangbei Country Garden Lelebao Kindergarten
The PRC
Zhaoqing Lelebao Xingfuli Kindergarten
The PRC
78
Lanzhou Lelebao Hyde Country Kindergarten
The PRC
Lanzhou Lelebao Yorkshire Kindergarten
The PRC
Lanzhou Lelebao Edinburgh Kindergarten
The PRC
Jinan Zhangqiu Phoenix City Lelebao Kindergarten
The PRC
Jining Jizhou Yinxiang Lelebao Kindergarten
The PRC
Jining Feicuiwan Lelebao Kindergarten
The PRC
Heze Mudan District Culture City Kindergarten
The PRC
Weifang Boshixin Education Consulting Co., Ltd.
The PRC
Jinan Boshixing Education Consulting Co., Ltd.
The PRC
Guangdong Country Garden School
The PRC
Taishan Country Garden School
The PRC
Jurong Country Garden School
The PRC
Wuyi Country Garden Bilingual School
The PRC
Anqiu Lelebao Kindergarten
The PRC
Jurong Lelebao Yunxiyuan Kindergarten
The PRC
Tianjin Wuqing Ziquantingyuan Lelebao Kindergarten
The PRC
Yiwu Bright Scholar Education Consulting Management
    Co. Ltd.
The PRC
Henan Lelebao Education Consulting Management
    Co. Ltd.
The PRC
Jinxiang Lelebao Kindergarten
The PRC
Xianning Bright Scholar Country Garden Bilingual
    School
The PRC
Shouguang Feicuihuafu Lelebao Kindergarten
The PRC
Our Contractual Arrangements
Foreign ownership in education
services is subject to significant regulations in China. The PRC government regulates the provision of education services through strict
licensing requirements. In particular, PRC laws and regulations currently prohibit foreign ownership of companies and institutions providing
compulsory education services at primary and middle school levels, and restrict foreign investment in education services at the kindergarten
and high school level. We are a company incorporated in the Cayman Islands. Our PRC subsidiary, Zhuhai Bright Scholar, is a wholly foreign-owned
enterprise and currently ineligible to apply for and hold licenses to operate, or otherwise own equity interests in our schools. Due
to these restrictions, we, through our PRC subsidiary, Zhuhai Bright Scholar, have entered into a series of contractual arrangements
with (1) the VIEs, and (2) the shareholders of the VIEs,
i.e.
, Ms. Meirong Yang and Mr. Wenjie Yang.
On May 14, 2021, the State
Council promulgated the Implementation Rules, which became effective on September 1, 2021 and further stipulate the operation and management
of private schools and the capital operation of private education. Pursuant to the Implementation Rules, (1) foreign-invested enterprises
established in China and social organizations whose actual controllers are foreign parties shall not sponsor, participate in or actually
control private schools that provide compulsory education, (2) social organizations or individuals shall not control any private school
that provides compulsory education or any non-profit private school that provides pre-school education by means of merger, acquisition,
contractual arrangements, etc., and (3) private schools providing compulsory education shall not conduct any transaction with any related
party. As a result of the foregoing, in August 2021, shareholder of BGY Education Investment established a few new entities, including,
Foshan Meiliang Education Technology Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology
Co., Ltd., Foshan Yongliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd. and Beijing Boteng Consulting
Co., Ltd. On August 13, 2021, Foshan Meiliang Education Technology Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan
Renliang Education Technology Co., Ltd., Foshan Yongliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd.
and Beijing Boteng Consulting Co., Ltd. entered a series of supplementary agreements, which enabled them to join the 2017 contractual
arrangements and share the same rights and obligations, if applicable, of BGY Education Investment.
79
The following is a summary
of the material provisions of these contractual arrangements with the VIEs, respectively, and their respective shareholders. We may not
amend or terminate these agreements unless authorized by a majority vote of our board of directors.
Call Option Agreements
.
Pursuant to the call option agreements between Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and the VIEs, Ms. Meirong
Yang and Mr. Wenjie Yang unconditionally and irrevocably granted Zhuhai Bright Scholar or its designee an exclusive option to purchase,
to the extent permitted under PRC laws and regulations, all or part of the equity interest in the VIEs at nil consideration or the lowest
consideration permitted by PRC laws and regulations under the circumstances where Zhuhai Bright Scholar or its designee is permitted
under PRC laws and regulations to own all or part of the equity interests of the VIEs or where we otherwise deem it necessary or appropriate
to exercise the option. Zhuhai Bright Scholar has the sole discretion to decide when to exercise the option, and whether to exercise
the option in part or in full. Without Zhuhai Bright Scholar's written consent, Ms. Meirong Yang and Mr. Wenjie Yang may not sell,
transfer, pledge or otherwise dispose of or create any encumbrance on any of the VIEs' assets or equity interests. Without obtaining
Zhuhai Bright Scholar's written consent, Ms. Meirong Yang and Mr. Wenjie Yang may not enter into any material contracts, incur
any indebtedness, or alter the business scope of the VIEs. The key factor for us to decide whether to exercise the option is whether
the current regulatory restrictions on foreign investment in the education services business will be removed in the future, the likelihood
of which we are not in a position to know or comment on.
Power of Attorney
.
In January 2017 and August 2021, respectively, Ms. Meirong Yang and Mr. Wenjie Yang each executed irrevocable powers of attorney,
appointing Zhuhai Bright Scholar, or any person designated by Zhuhai Bright Scholar, as his/her attorney-in-fact to (1) call and attend
shareholders meeting of the VIEs and execute relevant shareholders resolutions, (2) exercise on his/her behalf all his/her rights as
a shareholder of the VIEs, including those rights under PRC laws and regulations and the articles of association of the VIEs, such as
voting, appointing, replacing or removing directors, (3) submit all documents as required by government authorities on behalf of the
VIEs, (4) assign Ms. Meirong Yang's and Mr. Wenjie Yang's shareholding rights to Zhuhai Bright Scholar, including the rights
to receive dividends, dispose of equity interest and enjoy the rights and interests during and after liquidation, (5) review the resolutions,
books and accounts of the VIEs, and (6) exercise any other rights and benefits associated with shareholding that Ms. Meirong Yang or
Mr. Wenjie Yang receive from the VIEs.
Exclusive Management
Services and Business Cooperation Agreement.
Pursuant to the exclusive management services and business cooperation agreement
among Zhuhai Bright Scholar, the VIEs, Ms. Meirong Yang and Mr. Wenjie Yang, as the shareholders of the VIEs, entered into in January
2017, Zhuhai Bright Scholar has the exclusive right to provide comprehensive technical and business support services to the VIEs. Such
services include conducting market research, offering strategic business advice and providing information technology services, advice
on mergers and acquisitions, human resources management services, intellectual property licensing services, support for teaching activities
and other services that the parties may mutually agree. Without the prior consent of Zhuhai Bright Scholar, none of the VIEs may accept
such services from any third party. Zhuhai Bright Scholar owns the exclusive intellectual property rights created as a result of the
performance of this agreement. The VIEs agree to pay Zhuhai Bright Scholar service fees in an amount solely decided by Zhuhai Bright
Scholar, but not to exceed the paying school's total revenues deducted by costs, taxes, mandatory reserve fund and other expenses.
At the sole discretion of Zhuhai Bright Scholar, the calculation of the service fees should be determined based on the complexity of
the services provided, the time and resources committed by Zhuhai Bright Scholar, the commercial value of the services, the market reference
price and the operating condition of the paying school. As part of the exclusive management services and business cooperation agreement,
Ms. Meirong Yang, Mr. Wenjie Yang and the VIEs agree that they will not take any action, such as incurring indebtedness, disposing of
material assets, materially changing the scope or nature of the business of the VIEs, or disposing of their equity interests in the VIEs,
without the written consent of Zhuhai Bright Scholar. The exclusive management services and business cooperation agreement may not be
terminated by Ms. Meirong Yang, Mr. Wenjie Yang or any of the VIEs without the written consent of Zhuhai Bright Scholar.
80
Unless terminated, the agreement
shall remain in full force and effect during the term of operations of Zhuhai Bright Scholar and the VIEs.
Equity Pledge Agreements.
Pursuant to the equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang, Mr. Wenjie Yang and the VIEs, Ms. Meirong
Yang and Mr. Wenjie Yang unconditionally and irrevocably pledged all of their respective equity interests in the VIEs to Zhuhai Bright
Scholar to guarantee performance of the obligations of the VIEs under the call option agreements, power of attorneys and exclusive management
services and business cooperation agreements, each as described above. Ms. Meirong Yang and Mr. Wenjie Yang each agreed that without prior
written consent of Zhuhai Bright Scholar, they shall not transfer or dispose of the pledged equity interests or create or allow any encumbrance
on the pledged equity interests. Unless terminated, the equity pledge agreements remain in full force and effect until all of the obligations
of Ms. Meirong Yang, Mr. Wenjie Yang and the VIEs under the agreements described above have been duly performed and related payments are
duly paid. The pledge of equity interests in the VIEs has been effective upon the registration with the local branch of SAIC.
D. Property, plants and equipment
See "—B. Business
Overview—Properties and Facilities."
ITEM 4A. UNRESOLVED STAFF COMMENTS
None.
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The following discussion of
our financial condition and results of operations is based upon and should be read in conjunction with our consolidated financial statements
and their related notes included in this annual report. This report contains forward-looking statements. You should carefully consider
the information provided under the caption "Item 3. Key Information—D. Risk Factors" in this annual report. We caution
you that our businesses and financial performance are subject to substantial risks and uncertainties.
A. Operating Results
Overview
We are a global premier education
service company, which primarily provides quality international education services to global students and equip them with the critical
academic foundation and skillsets necessary to succeed in the pursuit of higher education. As part of our global expansion plan, we have
been exploring mergers and acquisition opportunities abroad to expand our global school network, targeting quality K-12 private education
providers and reputable schools in the targeted overseas countries and jurisdictions. As of the date of this annual report, we have eight
domestic kindergartens within China and eight overseas school located in the United Kingdom and the United States.
On May 14, 2021, the PRC
State Council announced the Implementation Rules, which became effective on September 1, 2021. Pursuant to the Implementation Rules,
(1) foreign-invested enterprises established in China and social organizations whose actual controllers are foreign parties shall not
sponsor, participate in or actually control private schools that provide compulsory education, (2) social organizations or individuals
shall not control any private school that provides compulsory education or any non-profit private school that provides pre-school education
by means of merger, acquisition, contractual arrangements, etc., and (3) private schools providing compulsory education shall not conduct
any transaction with any related party.
81
The Implementation Rules
have had significant impacts on our business and our results of operations. After consultation with its PRC legal counsel and external
advisors, we have reached the conclusion that, as a result of the effectiveness of the Implementation Rules, we have lost control over
the Affected Entities, which primarily include our private schools providing compulsory education, not-for-profit kindergartens and other
enterprises within China that are affected by the Implementation Rules. We have determined that, in substance, we had ceased to recognize
revenues for all activities related to the Affected Entities with compulsory education and discontinued all business activities with
such entities, by August 31, 2021 while continuing to provide essential services to keep these schools open.
Our continued business includes
domestic for-profit kindergartens and K-12 operation services, overseas schools and complementary education services. We have built our
global presence primarily through acquiring established overseas schools and language training institutions in countries such as the
United Kingdom and the United States. Leveraging our experience and insights into learning needs at different stages, our kindergartens
seek to lay the necessary foundation for our students' future studies. We also offer a range of complementary education services,
primarily including camp programs, after-school programs, through our network of learning centers in China, as well as international
education consulting services.
For our continuing
operations, our revenue was RMB1,476.3 million, RMB1,401.8 million and RMB1,714.0 million (US$248.8 million) for the 2020, 2021 and
2022 fiscal years, respectively; our net loss was RMB307.3 million, RMB535.1 million and RMB703.5 million (US$102.1 million) for the
same periods, respectively. We use adjusted net loss, which excludes share-based compensation expense, amortization of intangible
assets, tax effect of amortization of intangible assets, impairment loss on operating lease right-of-use assets, impairment loss on
goodwill, impairment loss on intangible assets, impairment loss on property and equipment, and income/(loss) from discontinued
operations, net of tax, in evaluating our ongoing results of operations. Our adjusted net loss was RMB283.6 million, RMB420.2
million and RMB141.7 million (US$20.6 million) for the 2020, 2021 and 2022 fiscal years, respectively. See "—Non-GAAP
measures" for details.
Major Factors Affecting Our Results of Operations
We believe that our results
of operations are affected by general factors affecting the private K-12 education industry in China and overseas and company-specific
factors, including the following:
Demand for quality private kindergartens
in China and quality private K-12 education overseas
We have benefited from the
increasing demand for private education in China. Such demand is primarily driven by the increasing number of Chinese students who seek
quality education and aspire to study abroad, which is in turn driven by an increasing number of affluent families in China, the rising
recognition of the quality of higher education overseas, the emphasis placed by Chinese parents on the importance of enrollment in globally-recognized
universities to improve their children's career prospects, and various economic and political factors. Demand for private K-12
education in each respective overseas market is affected by, among many other factors, the general economic conditions and political
trend, local policies and regulations on private education, and the quality of local public education. Material changes to these factors
will affect our operation results.
Our student enrollment and mix
Our revenue primarily consists
of tuition and fees from students enrolled at our schools. The level of students enrolled at our schools directly affects our revenue
and profitability. The following table sets forth the average number of students enrolled at our schools for our continuing operations
in the school years indicated.
2020 school year
2021 school year
2022 school year
Number
% of total
Number
% of total
Number
% of total
Domestic Kindergartens
541
14.4
939
28.6
1,171
33.0
Overseas Schools
(1)
3,212
85.6
2,343
71.4
2,377
67.0
Total
3,753
100.0
3,282
100.0
3,548
100.0
(1)
For the purpose of calculating average number of students enrolled
    at our schools, we do not take into account students at our language training institutions.
82
Our total student enrollment
for our continuing operations for the 2020, 2021 and 2022 fiscal years was 3,753, 3,282 and 3,548 respectively. Student enrollment is
generally dependent on, among other things, the reputation of our schools, which is primarily driven by our education quality and our
students' academic results, the ramp-up stage of our schools, the expansion of our school network.
Student enrollment is also
affected by the number and capacity of our schools. The following table sets forth the number and capacity of schools for our continuing
operations as of the dates indicated.
As of September 1,
2020
2021
2022
Number of
schools
Student
capacity
Number of
schools
Student
capacity
Number of
schools
Student
capacity
Domestic Kindergartens
5
1,644
8
2,764
8
2,764
Overseas Schools
8
4,422
8
4,422
8
4,260
Total
13
6,066
16
7,186
16
7,024
The total number of schools
within our school network for our continuing operations for the 2020, 2021 and 2022 fiscal year was 13, 16 and 16, respectively.
As utilization rates are
                                                                                                                  generally higher for schools that have been in operation for a longer period of time, the unutilized capacity at our recently opened
                                                                                                                  schools, which are still at the ramp-up stage, allows us to readily increase student enrollment without incurring significant
                                                                                                                  additional investment. The utilization rate is defined as the average of monthly student enrollment at a school for a period divided
                                                                                                                  by the school capacity as of the start of such period. The average utilization rate for our domestic kindergartens as of August 31,
                                                                                                                  2022 was 42.4%.
Our tuition and fees
Our results of operations
are affected by the level of the tuition and fees we charge our students. We charge tuition and fees based on the type of school that
the student is enrolled at, the location of the school and, in certain cases, the student's grade level. We generally seek to gradually
increase our tuition and fee level without compromising our student enrollment. The tuition and fees we charge are subject to approval
by the competent government pricing authorities. The government pricing authorities, at both the provincial and local levels, have broad
powers to regulate the private education industry in China including the tuition, room and boarding fees and other fees charged by schools.
The following table sets forth the average tuition and fees of our schools for our continuing operations in the school years indicated.
2020 school
year
2021 school
year
2022 school
year
RMB
RMB
RMB
US$
Domestic Kindergartens
17,095
25,703
27,070
3,929
Overseas Schools
(1)
207,643
203,337
227,363
33,004
(1)
For the purpose of calculating average tuition and fees of our schools,
    we do not take into account students at our language training institutions.
83
For the 2020, 2021 and 2022
school years, our average tuition and fees across all of our domestic kindergartens for our continuing operations were RMB17,095. RMB25,703
and RMB27,070, respectively. Our tuition and fees charged for overseas schools take into consideration of market rates and consumption
levels of the relevant countries and areas where our schools are located. For the 2020, 2021 and 2022 school years, our average tuition
and fees per student for overseas schools were RMB207,643, RMB203,337 and RMB227,363, respectively. The fluctuation was largely attributable
to the impact of the COVID-19 pandemic.
We have more discretion in
determining the tuition levels for our complementary education services. We generally raise the tuition for our complementary education
services based on factors including the demand for our services, the costs of offering our services, and the tuition and fees charged
by our competitors.
Our ability to control our costs and expenses
and improve our operating efficiency
Staff costs and administrative
expenses have a direct impact on our profitability. The number of our staff, particularly our teachers, generally increases as our student
base expands, while other expenses, particularly those in relation to administrative functions, are relatively fixed. Our ability to drive
the productivity of our staff and enhance our operating efficiency affects our profitability. The ratio of the number of our students
to the number of our teachers in our schools affects our margins, with higher student-to-teacher ratios generally representing higher
operating efficiency and higher margins. Our student-to-teacher ratio for our overseas schools and domestic kindergartens in the 2022
school years was 6.7 and 6.5, respectively. We had a negative operating margin of 8.4%, 27.8% and 35.4% in the 2020, 2021 and 2022 fiscal
years, respectively.
Our newly established schools'
ability to grow rapidly during the ramp-up period following their establishment is expected to result in their growing brand value and
increasing student enrollment, which will improve the capacity utilization of their campuses and further result in greater operating leverage
and increasing profitability at these schools.
84
Strategic acquisitions and investments
In recent years, we have expanded
rapidly through acquisitions and strategic investments in China and overseas. For details, see "Item 4. Information on the Company—B.
Business Overview—Our Expansions and Investments." We plan to continue to make strategic investments into and acquisitions
of schools and complementary businesses to better serve our students, expand our global school network and drive our future growth. Our
overall financial condition and profitability could be affected by the different levels of profitability of our acquisition targets.
Seasonality
Our business in China is
subject to seasonal fluctuations as our costs and expenses vary significantly and do not necessarily correspond with our recognition
of revenues. Our students enrolled in our domestic kindergartens and overseas schools and their parents typically pay the tuition and
fees prior to the commencement of a semester, and we recognize revenues from the delivery of education services on a straight-line basis
over the semester. For our domestic kindergartens and overseas schools, we typically incur higher upfront operating expenses in the first
fiscal quarter at the start of each school year. We also typically recognize more revenue in the second half of fiscal years due to higher
revenues from complementary education services during the summer and, to a lesser extent, students who transfer into our schools for
the second semester. As a result of the combination of the forgoing, we have historically incurred net loss or significantly lower net
income in the second and fourth fiscal quarters, primarily due to our schools being closed due to the winter and summer holidays, when
no revenue from our school operations is recognized.
Our overseas operations are
subject to seasonal fluctuations similar to our domestic operations, with minimal school term revenue recognized typically in July and
August.
Key Components of Results of Operations
Revenue
The following tables compare
revenue generated from our overseas schools, complementary education services, and domestic kindergartens and K-12 operation services
and as a percentage of total revenues for our continuing operations for the periods indicated.
Year Ended August 31,
2020
2021
2022
RMB
%
RMB
%
RMB
US$
%
(in thousands except for percentage)
Overseas schools
835,927
56.6
502,607
35.9
652,773
94,756
38.1
Complementary education services
540,387
36.6
625,640
44.6
636,615
92,410
37.1
Domestic kindergartens and K-12 operation services
100,033
6.8
273,533
19.5
424,577
61,631
24.8
Total
1,476,347
100.0
1,401,780
100.0
1,713,965
248,797
100.0
85
We generally charge our students
tuition and other fees prior to the beginning of each semester. We also accept monthly payment for fees at certain kindergartens. We
offer a partial refund if a student withdraws during a semester and tuition discounts to certain of Country Garden's homeowners,
our employees and Country Garden's employees.
Cost of revenue
Our cost of revenue primarily
consists of staff costs, comprising primarily salaries and other benefits for teachers and educational staff, and other costs, comprising
primarily expenses relating to room and board services, educational activities and utilities and maintenance of school facilities.
The following tables set
forth the components of our cost of revenue by amount and as a percentage of total business segment revenue for the periods indicated.
Year Ended August 31,
2020
2021
2022
RMB
%
RMB
%
RMB
US$
%
(in thousands except for percentages)
Overseas schools
588,840
70.4
513,871
102.2
574,744
83,429
88.0
Complementary education services
338,363
62.6
382,548
61.1
373,753
54,254
58.7
Domestic Kindergartens and K-12 Operation Services
132,334
132.3
283,844
103.8
288,809
41,923
68.0
Total
1,059,537
71.8
1,180,263
84.2
1,237,306
179,606
72.2
Selling, general and administrative expenses
Our selling, general and
administrative expenses primarily consisted of salaries and other benefits for our administrative, management and marketing personnel,
maintenance costs of our office facilities and teaching equipment, and share-based compensation expenses. Our selling, general and administrative
expenses were RMB562.6 million, RMB535.9 million and RMB539.9 million (US$78.4 million) in the 2020, 2021 and 2022 fiscal years, respectively,
accounting 38.1%, 38.2% and 31.5% of our revenue for the same periods, respectively.
Results of Operations
Reportable Segment
During the year ended August 31, 2021, we operated under three reportable
segments, which included Overseas Schools, Complementary Education Services, and Domestic Kindergartens and K-12 Operation Services. Since
then and up to the date of this annual report, the composition of our reportable segments has remained unchanged.
86
The following tables set
forth a summary of our consolidated results of operations by amount and as a percentage of total revenues for our continuing operations
for the periods indicated. This information should be read together with our consolidated financial statements and related notes included
elsewhere in this annual report. The results of operations in any period are not necessarily indicative of the results that may be expected
for any future period.
Year Ended August 31,
2020
2021
2022
RMB
%
RMB
%
RMB
US$
%
(in thousands, except for percentages, share and per share data)
Continuing operations
Revenue
1,476,347
100.0
1,401,780
100.0
1,713,965
248,797
100.0
Cost of revenue
(1,059,537
)
(71.8
)
(1,180,263
)
(84.2
)
(1,237,306
)
(179,606
)
(72.2
)
Gross profit
416,810
28.2
221,517
15.8
476,659
69,191
27.8
Selling, general and administrative expenses
(562,600
)
(38.1
)
(535,878
)
(38.2
)
(539,893
)
(78,370
)
(31.5
)
Other operating income
34,761
2.4
24,969
1.8
5,339
775
0.3
Impairment loss on operating lease right-of-use assets
(12,772
)
(0.9
)
(15,575
)
(1.1
)
(8,861
)
(1,286
)
(0.5
)
Impairment loss on goodwill
-
-
(84,730
)
(6.0
)
(419,805
)
(60,938
)
(24.5
)
Impairment loss on intangible assets
-
-
-
-
(113,385
)
(16,459
)
(6.6
)
Impairment loss on property and equipment
-
-
-
-
(6,586
)
(956
)
(0.4
)
Operating loss
(123,801
)
(8.4
)
(389,697
)
(27.8
)
(606,532
)
(88,043
)
(35.4
)
Interest expenses, net
(162,912
)
(11.0
)
(169,693
)
(12.1
)
(127,840
)
(18,557
)
(7.5
)
Investment income
54,166
3.7
129,575
9.2
135,309
19,641
7.9
Other expenses
(10,364
)
(0.7
)
(10,137
)
(0.7
)
(5,808
)
(843
)
(0.3
)
Loss before income taxes and share of equity in loss of unconsolidated affiliates
(242,911
)
(16.5
)
(439,952
)
(31.4
)
(604,871
)
(87,802
)
(35.3
)
Income tax expenses
(63,815
)
(4.3
)
(94,176
)
(6.7
)
(58,919
)
(8,553
)
(3.4
)
Share of equity in loss of unconsolidated affiliates
(595
)
(0.0
)
(1,018
)
(0.1
)
(39,747
)
(5,770
)
(2.3
)
Net loss from continuing operations
(307,321
)
(20.8
)
(535,146
)
(38.2
)
(703,537
)
(102,125
)
(41.0
)
Income from discontinued operations, net of tax
471,495
31.9
369,343
26.3
-
-
-
Net income/(loss)
164,174
11.1
(165,803
)
(11.8
)
(703,537
)
(102,125
)
(41.0
)
Less: Net income/(loss) attributable to the non-controlling interests
3,169
0.2
(112,998
)
(8.1
)
5,803
842
0.3
Net income/(loss) attributable to Bright Scholar Holdings ordinary shareholders
161,005
10.9
(52,805
)
(3.8
)
(709,340
)
(102,967
)
(41.4
)
Amounts attributable to Bright Scholar Holdings shareholders
Net loss from continuing operations
(316,878
)
(21.5
)
(540,768
)
(38.6
)
(709,340
)
(102,967
)
(41.4
)
Income from discontinued operations, net of tax
477,883
32.4
487,963
34.8
-
-
-
Net income/(loss) attributable to Bright Scholar Holdings shareholders
161,005
10.9
(52,805
)
(3.8
)
(709,340
)
(102,967
)
(41.4
)
Net (loss)/earnings per share attributable to ordinary shareholders - basic and diluted:
Net loss from continuing operations attributable to ordinary shareholders
(2.64
)
(4.54
)
(5.98
)
(0.87
)
Net income from discontinued operations attributable to ordinary shareholders
3.98
4.09
-
-
Net income/(loss) attributable to Bright Scholar Education Holdings Limited shareholders
1.34
(0.45
)
(5.98
)
(0.87
)
Weighted average shares used in calculating net earnings per ordinary share, basic and diluted
120,158,001
119,220,331
118,697,495
118,697,495
87
Non-GAAP measures
In evaluating our
business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA, adjusted net income/(loss), adjusted
gross profit/(loss) and adjusted operating income/(loss) as supplemental measures to review and assess our operating performance.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with U.S. GAAP. We define adjusted gross profit/(loss) from continuing
operations as gross profit/(loss) from continuing operations excluding amortization of intangible assets. We define adjusted EBITDA
as net income/(loss) excluding interest income/(expense), net, income tax expense/benefit, depreciation and amortization,
share-based compensation expense, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment
loss on intangible assets, impairment loss on property and equipment, and income/(loss) from
discontinued operations, net of tax. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation
expense, amortization of intangible assets, tax effect of amortization of intangible assets, impairment loss on operating lease
right-of-use assets, impairment loss on goodwill, impairment loss on intangible assets, impairment loss on property and equipment,
and income/(loss) from discontinued operations, net of tax. We define adjusted operating income/(loss) from continuing operations as
net operating income/(loss) from continuing operations excluding share-based compensation expense, amortization of intangible
assets, impairment loss on operating lease right-of-use assets, impairment loss on goodwill, impairment loss on intangible assets,
and impairment loss on property and equipment.
We incur amortization expense
of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time
of acquisition and are then amortized over a period of several years after the acquisition. We believe that exclusion of these expenses
allows greater comparability of operating results that are consistent over time for the Company's newly acquired and long-held business
as the related intangibles does not have significant connection to the growth of the business. Therefore, we provide exclusion of amortization
of intangible assets to define adjusted gross profit from continuing operations, adjusted operating income/(loss) from continuing operations,
adjusted net income/(loss). In addition, due to the impact of the Implementation Rules, the Affected Entities deconsolidated is classified
as discontinued operations, which is a non-recurring item. The exclusion facilitates comparisons of our operating performance on a period-to-period
basis. Therefore, we provide exclusion of income/(loss) from discontinued operations, net of tax, to define adjusted net income/(loss),
adjusted EBITDA.
We present the non-GAAP financial
measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures
include adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss) from continuing operations, adjusted operating income/(loss)
from continuing operations. Non-GAAP financial measures enable our management to assess our operating results without considering the
impact of non-cash charges, including depreciation and amortization and share-based compensation expense, and without considering the
impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expense; amortization
of intangible assets, tax effect of amortization of intangible assets, and without considering the impact of non-recurring item,
i.e.
income/(loss) from discontinued operations. We also believe that the use of these non-GAAP measures facilitates investors'
assessment of our operating performance.
The non-GAAP financial measures
are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations
as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income
and expense that affect our operations. Interest income/(expense), net; income tax expense/benefit; depreciation and amortization; share-based
compensation expense; and tax effect of amortization of intangible assets, have been and may continue to be incurred in our business
and are not reflected in the presentation of these non-GAAP measures, including adjusted EBITDA or adjusted net income/(loss). Further,
these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their
comparability may be limited.
We reconcile the non-GAAP
financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating our performance. We encourage
you to review our financial information in its entirety and not rely on a single financial measure.
88
The following tables  continuing operations,
adjusted operating income/(loss) from continuing operations for the periods indicated to their respective most directly comparable financial
measures calculated and presented in accordance with U.S. GAAP.
Year Ended August 31,
2020
2021
2022
RMB
RMB
RMB
US$
(in thousands, except for share amounts and per share data)
Reconciliation of gross profit to adjusted gross profit
Gross profit from continuing operations
416,810
221,517
476,659
69,191
Add: Amortization of intangible assets
26,754
16,141
17,814
2,586
Adjusted gross profit from continuing operations
443,564
237,658
494,473
71,777
Reconciliation of operating loss to adjusted operating loss
Operating loss from continuing operations
(123,801
)
(389,697
)
(606,532
)
(88,043
)
Add: Share-based compensation expense
(10,631
)
1,865
(816
)
(118
)
Add: Amortization of intangible assets
26,754
16,141
17,814
2,586
Add: Impairment loss on operating lease right-of-use assets
12,772
15,575
8,861
1,286
Add: Impairment loss on goodwill
-
84,730
419,805
60,938
Add: Impairment loss on intangible assets
-
-
113,385
16,459
Add: Impairment loss on property and equipment
-
-
6,586
956
Adjusted operating loss from continuing operations
(94,906
)
(271,386
)
(40,897
)
(5,936
)
Reconciliation of net income/(loss) to adjusted net loss
Net income/(loss)
164,174
(165,803
)
(703,537
)
(102,125
)
Add: Share-based compensation expense
(10,631
)
1,865
(816
)
(118
)
Add: Amortization of intangible assets
26,754
16,141
17,814
2,586
Add: Tax effect of amortization of intangible assets
(5,148
)
(3,343
)
(3,764
)
(546
)
Add: Impairment loss on operating lease right-of-use assets
12,772
15,575
8,861
1,286
Add: Impairment loss on goodwill
-
84,730
419,805
60,938
Add: Impairment loss on intangible assets
-
-
113,385
16,459
Add: Impairment loss on property and equipment
-
-
6,586
956
Less: Income from discontinued operations, net of tax
471,495
369,343
-
-
Adjusted net loss
(283,574
)
(420,178
)
(141,666
)
(20,564
)
Reconciliation of net income/(loss) to adjusted EBITDA
Net income/(loss)
164,174
(165,803
)
(703,537
)
(102,125
)
Add: Interest expense, net
162,912
169,693
127,840
18,557
Add: Income tax expense
63,815
94,176
58,919
8,553
Add: Depreciation and amortization
118,160
138,847
115,934
16,829
Add: Share-based compensation expense
(10,631
)
1,865
(816
)
(118
)
Add: Impairment loss on operating lease right-of-use assets
12,772
15,575
8,861
1,286
Add: Impairment loss on goodwill
-
84,730
419,805
60,938
Add: Impairment loss on intangible assets
-
-
113,385
16,459
Add: Impairment loss on property and equipment
-
-
6,586
956
Less: Income from discontinued operations, net of tax
471,495
369,343
-
-
Adjusted EBITDA
39,707
(30,260
)
146,977
21,335
89
Segment information
In response to the Implementation
Rules, we reorganized our business unites and operated in three segments. The following tables set forth the revenue, cost of revenue
and gross profit of our three segments of business by amount and as a percentage of total segment revenue for our continuing operations
for the periods indicated, with the change in segment reporting reflected retrospectively.
Year
    Ended August 31,
2020
2021
2022
RMB
%
RMB
%
RMB
US$
%
(in thousands, except
    for percentages)
Revenue
1,476,347
100.0
1,401,780
100.0
1,713,965
248,797
100
Overseas schools
835,927
56.6
502,607
35.9
652,773
94,756
38.1
Complementary
    education services
540,387
36.6
625,640
44.6
636,615
92,410
37.1
Domestic
    kindergartens and K-12 operation services
100,033
6.8
273,533
19.5
424,577
61,631
24.8
Cost of revenue
(1,059,537
)
(71.8
)
(1,180,263
)
(84.2
)
(1,237,306
)
(179,606
)
(72.2
)
Overseas schools
(588,840
)
(70.4
)
(513,871
)
(102.2
)
(574,744
)
(83,429
)
(88.0
)
Complementary
    education services
(338,363
)
(62.6
)
(382,548
)
(61.1
)
(373,753
)
(54,254
)
(58.7
)
Domestic
    kindergartens and K-12 operation services
(132,334
)
(132.3
)
(283,844
)
(103.8
)
(288,809
)
(41,923
)
(68.0
)
Gross profit/(loss)
416,810
28.2
221,517
15.8
476,659
69,191
27.8
Overseas schools
247,087
29.6
(11,264
)
(2.2
)
78,029
11,327
12.0
Complementary
    education services
202,024
37.4
243,092
38.9
262,862
38,156
41.3
Domestic
    kindergartens and K-12 operation services
(32,301
)
(32.3
)
(10,311
)
(3.8
)
135,768
19,708
32.0
Year ended August 31, 2021 compared to year ended August 31,
2022
Revenue
. Our revenue
from continuing operations increased by 22.3% from RMB1,401.8 million in the 2021 fiscal year to RMB1,714.0 million (US$248.8 million)
in the 2022 fiscal year.
●
Overseas schools
. Our revenue from overseas schools increased
    by 29.9% from RMB502.6 million in the 2021 fiscal year to RMB652.8 million (US$94.8 million) in the 2022 fiscal year, primarily due
    to the recovery of overseas schools' operation from pandemic.
●
Complementary education services
. Our revenue from complementary
    education services increased by 1.8% from RMB625.6 million in the 2021 fiscal year to RMB636.6 million (US$92.4 million) in the 2022
    fiscal year, primarily due to the recovery of overseas study counselling and career counselling business.
●
Domestic kindergartens and K-12 operation services
. Our revenue
    from domestic kindergartens and K-12 operation services increased by 55.2% from RMB273.5 million in the 2021 fiscal year to RMB424.6 million (US$61.6 million) in the 2022 fiscal year, primarily due to the increase in revenue generated from catering services
    and expansion of procurement services.
90
Cost
of revenue.
Our cost of revenue increased by 4.8% from RMB1,180.3 million in the 2021 fiscal year to RMB1,237.3 million (US$179.6
million) in the 2022 fiscal year, primarily due to
increased teaching activities in our overseas schools, which have recovered
from the pandemic to certain extent
.
●
Overseas schools
. Our costs of revenue incurred by our overseas schools increased by 11.8% from RMB513.9 million in the 2021 fiscal year to RMB574.7 million (US$83.4 million) in the 2022 fiscal year, as
our overseas schools have recovered from the pandemic to certain extent
.
●
Complementary education services.
Our cost of revenue incurred by complementary education services was relatively stable, which decreased by 2.3% from RMB382.5 million in the 2021 fiscal year to RMB373.8 million (US$54.3 million) in the 2022 fiscal year, primarily due to
our effective cost control measures
.
●
Domestic kindergartens and K-12 operation services.
Our cost of revenue incurred by domestic kindergartens and K-12 operation services was relatively stable, which increased by 1.7% from RMB283.8 million in the 2021 fiscal year to RMB288.8 million (US$41.9 million) in the 2022 fiscal year, primarily due to
our effective cost control measures
.
Gross profit
. As a
result of the foregoing, our gross profit increased by 115.2% from RMB221.5 million in the 2021 fiscal year to RMB476.7 million
(US$69.2 million) in the 2022 fiscal year. Our gross margin increased from 15.8% in the 2021 fiscal year to 27.8% in the 2022 fiscal
year, primarily due to the continuous recovery of our overseas business, our overseas study counselling and career counselling businesses.
Selling,
general and administrative expenses
. Our selling, general and administrative expenses increased by 0.7% from RMB535.9 million in the
2021 fiscal year to RMB539.9 million (US$78.4 million) in the 2022 fiscal year. Our selling, general and administrative expenses as a
percentage of our revenue decreased from 38.3% in the 2021 fiscal year to 31.4% in the 2022 fiscal year. The increase in selling, general
and administrative expenses was primarily due to
increased management and administrative activities in our overseas schools, which
to certain extent
have
recovered from the pandemic
.
Impairment loss on operating
lease right-of-use assets.
We recorded an impairment loss on operating lease right-of-use assets of RMB8.9 million (US$1.3 million) in the 2022 fiscal year as
compared to RMB15.6 million in the 2021 fiscal year.
Impairment loss on
goodwill.
We recorded an impairment loss on goodwill of RMB419.8 million  (US$60.9 million) in the 2022 fiscal year as compared
to RMB84.7 million in the 2021 fiscal year. The impairment is recorded in overseas schools reportable segment and complementary education services reportable
segment in the 2022 and 2021 fiscal year, respectively.
Impairment loss on intangible
assets.
We recorded an impairment loss on intangible assets of RMB113.4 million (US$16.5 million) in the 2022 fiscal year as compared
to RMB nil in the 2021 fiscal year. The impairment is recorded in overseas schools reportable segment in the 2022 fiscal year.
Operating loss
. As
a result of the foregoing, we experienced an operating loss of RMB389.7 million in the 2021 fiscal year and RMB606.5 million (US$88.0 million)
in the 2022 fiscal year.
Interest expense, net
.
We recorded a net interest expense of RMB127.8 million (US$18.6 million) in the 2022 fiscal year as compared to RMB169.7 million in the
2021 fiscal year. The decrease was mainly due to the fluctuation of foreign currency
exchange rates and the redemption of senior notes.
Income tax expense
.
Our income tax expense was RMB58.9 million (US$8.6 million) in the 2022 fiscal year. Our effective tax rate decreased from 52.4% in the
2021 fiscal year to -5.6% in the 2022 fiscal year, primarily due to the non-deductible expense of impairment loss on goodwill and impairment loss on intangible assets.
Loss for the year
.
As a result of the foregoing, we experienced a net loss from continuing operations of RMB535.1 million for the 2021 fiscal year and a
net loss of RMB703.5 million (US$102.1 million) for the 2022 fiscal year.
91
Adjusted net
                                                                                                                         loss
. We recorded an adjusted net loss of RMB141.7 million (US$20.6 million) for the 2022 fiscal year, compared to an adjusted
                                                                                                                         net loss of RMB420.2 million for the 2021 fiscal year. See "—Non-GAAP measures."
Year ended August 31, 2020 compared to year ended August 31,
2021
Revenue
. Our revenue
from continuing operations decreased by 5.1% from RMB1,476.3 million in the 2020 fiscal year to RMB1,401.8 million in the 2021 fiscal
year.
●
Overseas schools
. Our revenue from overseas schools decreased
    by 39.9% from RMB835.9 million in the 2020 fiscal year to RMB502.6 million in the 2021 fiscal year, primarily due to impact of the
    global COVID-19 pandemic on our overseas schools, which caused temporary shutdowns of campuses and resulted in our decreased revenue
    from boarding and accommodation services.
●
Complementary education services
. Our revenue from complementary
    education services increased by 15.8% from RMB540.4 million in the 2020 fiscal year to RMB625.6 million in the 2021 fiscal year,
    primarily due to a moderate recovery of our camp and domestic tour business and after school all-round education services as compared
    to the previous fiscal year.
●
Domestic kindergartens and K-12 operation services
. Our revenue
    from domestic kindergartens and K-12 operation services increased by 173.4% from RMB100.0 million in the 2020 fiscal year to RMB273.5
    million in the 2021 fiscal year, primarily due to increase in revenue from catering services.
Cost of revenue.
Our
cost of revenue increased by 11.4% from RMB1,059.5 million in the 2020 fiscal year to RMB1,180.3 million in the 2021 fiscal year, primarily
due to the growing size of our catering services.
●
Overseas schools
. Our costs of revenue incurred by our overseas
    schools decreased by 12.7% from RMB588.8 million in the 2020 fiscal year to RMB513.9 million in the 2021 fiscal year, primarily due
    to our effective cost control measures.
●
Complementary education services.
Our cost of revenue incurred
    by complementary education services increased by 13.1% from RMB338.4 million in the 2020 fiscal year to RMB382.5 million in the 2021
    fiscal year, which was largely in line with the growth of our complementary education services in this fiscal year.
●
Domestic kindergartens and K-12 operation services.
Our cost
    of revenue incurred by domestic kindergartens and K-12 operation services increased by 114.5% from RMB132.3 million in the 2020 fiscal
    year to RMB283.8 million in the 2021 fiscal year, primarily due to an increase in the provision of catering services.
Gross profit
. As a
result of the foregoing, our gross profit decreased by 46.9% from RMB416.8 million in the 2020 fiscal year to RMB221.5 million in the
2021 fiscal year. Our gross margin decreased from 28.2% in the 2020 fiscal year to 15.8% in the 2021 fiscal year, primarily due to a
decrease in the gross margin of our overseas school business caused by the still ongoing COVID-19 pandemic.
Selling, general and administrative
expenses
. Our selling, general and administrative expenses decreased by 4.7% from RMB562.6 million in the 2020 fiscal year to RMB535.9
million in the 2021 fiscal year. Our selling, general and administrative expenses as a percentage of our revenue increased slightly from
38.1% in the 2020 fiscal year to 38.2% in the 2021 fiscal year. The decrease in selling, general and administrative expenses was primarily
due to decreased managerial and administrative activities in our overseas schools caused by the COVID-19 pandemic.
92
Impairment loss on operating
lease right-of-use assets.
We recorded an impairment loss on operating lease right-of-use assets of RMB15.6 million in the 2021 fiscal
year as compared to RMB12.8 million in the 2020 fiscal year. The increase was primarily due to the increased adverse impact from the
COVID-19 pandemic overseas.
Impairment loss on goodwill.
We recorded an impairment loss on goodwill of RMB84.7 million in the 2021 fiscal year as compared to nil in the 2020 fiscal year.
The impairment loss on goodwill in 2021 fiscal year was related to our career counseling business that was adversely affected by the
COVID-19 pandemic and after-school program business that was adversely affected by the recently promulgated regulations on after-school
tutoring in China.
Operating loss
. As
a result of the foregoing, we experienced an operating loss of RMB123.8 million in the 2020 fiscal year and RMB389.7 million in the 2021
fiscal year.
Interest expense, net
.
We recorded a net interest expense of RMB169.7 million in the 2021 fiscal year as compared to RMB162.9 million in the 2020 fiscal year.
Income tax expense
.
Our income tax expense was RMB94.2 million in the 2021 fiscal year. Our effective tax rate increased from 22.8% in the 2020 fiscal year
to 52.4% in the 2021 fiscal year, primarily due to the increase of undeductible expenses and impairment loss on goodwill.
Loss for the year
.
As a result of the foregoing, we experienced a net loss from continuing operations of RMB307.3 million for the 2020 fiscal year and a
net loss of RMB535.1 million for the 2021 fiscal year.
Adjusted net loss
.
We recorded an adjusted net loss of RMB420.2 million for the 2021 fiscal year, compared to an adjusted net loss of RMB283.6 million for
the 2020 fiscal year. See "—Non-GAAP measures."
B. Liquidity and Capital Resources
Historically, we have financed our operations primarily through cash
generated from our operating activities and proceeds from our financing activities. As of August 31, 2020, 2021 and 2022, we had RMB2,011.9
million, RMB1,515.2 million and RMB857.8 million (US$124.5 million), respectively, in cash and cash equivalents and restricted cash for
our continuing operations. Approximately 53.2% of our cash and cash equivalents and restricted cash as of August 31, 2022 for our continuing
operations were held in China. Our cash primarily consists of cash on hand and interest-bearing financial instruments which are unrestricted
as to withdrawal or use. We intend to finance our future working capital requirements and capital expenditures primarily from cash generated
from operating activities, and to a lesser extent, from debt and equity financing activities.
93
Although we combine the results
of the VIEs and their respective subsidiaries, we do not have direct access to the cash and cash equivalents or future earnings of the
VIEs or their respective subsidiaries. However, a portion of the cash balances of the VIEs and their respective subsidiaries will be paid
to us pursuant to our contractual arrangements with the VIEs and their respective subsidiaries. For restrictions and limitations on liquidity
and capital resources as a result of our corporate structure, see "—Holding Company Structure."
We have not encountered any
difficulties in meeting our cash obligations to date. When considering our liquidity position and our future capital resources and needs,
we take into account price controls set by local governments that may affect the tuition and fees we are able to charge to students in
our schools, annual enrollment numbers approved for our schools, the economic benefits we have received from our subsidiaries and affiliated
entities attributable to the provision of services to these entities and the economic benefits we may receive from our subsidiaries and
affiliated entities directly through payments under our exclusive management services and business cooperation agreement. We believe
that our current cash and cash equivalents and anticipated cash flow from operations, will be sufficient to meet our anticipated cash
needs for longer than the next twelve months.
The following table sets
forth a condensed summary of our cash flows for both continuing operations and discontinued operations for the periods indicated.
Year Ended August 31,
2020
2021
2022
RMB
RMB
RMB
US$
(in thousands)
Net cash generated from operating activities
491,227
698,808
47,173
6,848
Net cash generated from/(used in) investing
    activities
72,567
(3,079,036
)
(836,769
)
(121,465
)
Net cash generated from/(used in) financing
    activities
675,703
(446,534
)
101,383
14,717
Net increase/(decrease) in cash and cash equivalents, and restricted cash
1,239,497
(2,826,762
)
(688,213
)
(99,900
)
Cash and cash equivalents, and restricted cash at beginning of the year
3,265,014
4,423,937
1,515,163
219,939
Effect of exchange rate change
(80,574
)
(82,012
)
30,834
4,476
Cash and cash equivalents, and restricted cash at end of the year
4,423,937
1,515,163
857,784
124,515
Operating activities
We generate cash from operating
activities primarily from tuition and fees for our schools and fees for our complementary education services, all of which are typically
paid in advance before the respective services are rendered. Tuition and fees for schools and fees for our complementary education services
are initially recorded under contract liabilities. We recognize such amounts received as revenue proportionately over the relevant period
in which the students attend the applicable programs.
For the 2022 fiscal year,
we had net cash generated from operating activities of RMB47.2 million (US$6.8 million). This amount represents our net loss of RMB703.5
million (US$102.1 million), adjusted primarily for (1) noncash lease expenses of RMB132.4 million (US$19.2 million), (2) depreciation
of RMB98.1 million (US$14.2 million), (3) share of equity in loss of unconsolidated affiliates of RMB39.7 million (US$5.8 million), (4)
impairment loss on goodwill of RMB419.8 million (US$60.9 million), (5) impairment loss on intangible assets of RMB113.4 million (US$16.5
million) and (6) changes in working capital. Adjustment for changes in working capital primarily consisted of (1) an increase of RMB114.8
million (US$16.7 million) in contract liabilities, (2) an increase of RMB86.5 million (US$12.6 million) in the amounts due to related
parties, (3) an increase of RMB74.9 million (US$10.9 million) in accrued expenses and other current liabilities, partially offset by a
decrease of other assets and liabilities in RMB132.1 million (US$19.2 million) and a decrease of operating lease liabilities in RMB113.6
million (US$16.5 million).
94
For the 2021 fiscal year,
we had net cash generated from operating activities of RMB698.8 million. This amount represents our net loss of RMB165.8 million, adjusted
primarily for (1) depreciation of RMB188.8 million, (2) noncash lease expenses of RMB257.2 million, (3) impairment loss on goodwill of
RMB84.7 million, (4) loss on deconsolidation of Affected Entities of RMB261.3 million, and (4) changes in working capital. Adjustment
for changes in working capital primarily consisted of (1) an increase of RMB220.3 million in accrued expenses and other current liabilities
and (2) an increase of RMB162.8 million in contract liabilities, partially offset by a decrease of lease liabilities in RMB213.8 million.
For the 2020 fiscal year,
we had net cash generated from operating activities of RMB491.2 million. This amount represents our net income of RMB164.2 million, adjusted
primarily for (1) depreciation of RMB153.9 million, (2) noncash lease expenses of RMB142.5 million, (3) impairment loss on goodwill of
RMB68.7 million, (4) amortization of intangible assets of RMB41.4 million, and (4) changes in working capital. Adjustment for changes
in working capital primarily consisted of (1) an increase of RMB109.5 million in lease liabilities and (2) an increase of RMB25.2 million
in contract liabilities.
Investing activities
For the 2022 fiscal year,
we had net cash used in investing activities of RMB836.8 million (US$121.5 million), primarily attributable to (1) purchase of short-term
investments of RMB2,337.0 million (US$339.2 million), (2) additions of property and equipment and intangible assets of RMB89.6 million
(US$13.0 million), partially offset by proceeds from redemption of short-term investments upon maturity of RMB1,536.5 million (US$223.0
million) and proceeds from loan receivable of RMB55.4 million (US$8.0 million).
For the 2021 fiscal year,
we had net cash used in investing activities of RMB3,079.0 million, primarily attributable to (1) purchase of short-term investments
of RMB3,892.7 million, (2) additions of property and equipment and intangible assets of RMB158.7 million and net cash outflow of RMB2,912.3
million from loss of control of Affected Entities, partially offset by proceeds from redemption of short-term investments upon maturity
of RMB3,905.7 million.
For the 2020 fiscal year,
we had net cash generated from investing activities of RMB72.6 million, primarily attributable to proceeds from redemption of short-term
investments upon maturity of RMB2,390.0 million, partially offset by (1) purchase of short-term investments of RMB2,156.6 million, (2)
additions of property and equipment and intangible assets of RMB 149.8 million.
Financing activities
For the 2022 fiscal year,
we had net cash used in financing activities of RMB101.4 million (US$14.7 million), representing (1) dividend payment to shareholders
of RMB27.5 million (US$4.0 million), (2) repurchase of ordinary shares of RMB9.2 million (US$1.3 million), (3) repurchase of senior notes
of RMB1,908.2 million (US$277.0 million) and (4) repayment of bank loans of RMB1,221.8 million (US$177.4 million), partially offset by
proceeds from bank loan of RMB629.0 million (US$91.3 million) and proceeds from promissory note of RMB877.5 million (US$127.4 million).
For the 2021 fiscal year,
we had net cash used in financing activities of RMB446.5 million, representing (1) dividend payment to shareholders of RMB92.6 million,
(2) repurchase of ordinary shares of RMB24.6 million, (3) repurchase of senior notes of RMB80.2 million and (4) repayment of bank loans
of RMB1,228.6 million, (4) payment for acquisition of Chengdu Yinzhe and Linstitute of RMB22.6 million and RMB12.2 million, partially
offset by proceeds from bank loan of RMB1,047.2 million.
95
For the 2020 fiscal year,
we had net cash generated from financing activities of RMB675.7 million, representing proceeds from bank loan of RMB1,016.2 million,
partially offset by (1) dividend payment to shareholders of RMB184.2 million, (2) repurchase of ordinary shares of RMB56.1 million and
(3) repayment of bank loans of RMB50.0 million.
For the translations of our
net proceeds from our initial public offering and follow-on offering as well as proceeds from issuance of senior notes, we used the foreign
exchange rates on the dates of closing of the initial public offering, follow-on offering and issuance of senior notes, respectively.
Capital Expenditures
We incurred capital expenditures of RMB149.8 million, RMB158.7 million
and RMB89.6 million (US$13.0 million) in the 2020, 2021 and 2022 fiscal years, respectively, primarily in connection with the construction,
maintenance and renovation of school facilities and purchase of educational equipment. We intend to fund our future capital expenditures
with our existing cash balance, proceeds from our offering and other financing alternatives. We will continue to incur capital expenditures
to support the growth of our business.
96
Holding Company Structure
We are a holding company
with no material operations of our own. We conduct our operations primarily through our subsidiaries and affiliated entities in China,
the United Kingdom, the United States and Canada. As a result, our ability to pay dividends depends upon dividends paid by these subsidiaries.
If our PRC subsidiaries or any newly formed subsidiaries incur any debt in the future, the instruments governing their debt may restrict
their ability to pay dividends to us. Our PRC subsidiaries are permitted to pay dividends to us only out of their retained earnings,
if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of our subsidiaries and affiliated
entities is required to set aside at least 10.0% of its after-tax profits each year, if any, to fund a statutory surplus reserve until
such reserve reaches 50.0% of its registered capital. In addition, each of our PRC subsidiaries may allocate a portion of its after-tax
profits based on PRC accounting standards to enterprise expansion fund and staff bonus and welfare fund at its discretion. Each of the
VIEs may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion.
Although the statutory surplus reserves can be used to increase the registered capital and eliminate future losses in excess of retained
earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation. Furthermore,
at the end of each fiscal year, each of our schools that are private school in China is required to allocate a certain amount to its
development fund for the construction or maintenance of the school properties or purchase or upgrade of school facilities. In particular,
our for-profit schools must allocate no less than 10% of their annual net income, and our non-profit schools must allocate no less than 10% of their annual increase in the unrestricted net assets of the school for such purposes.
For the 2020, 2021 and 2022 fiscal years, our PRC subsidiaries and affiliated entities made apportions of RMB0.6 million, RMB1.9 million
and RMB12.3 million (US$1.8 million) to the statutory surplus reserve fund, and our schools made no apportions to the development
fund. Our PRC subsidiaries have not historically paid any dividends to our offshore entities until they generate accumulated profits
and meet the requirements for statutory reserve funds.
The following table sets
forth the respective revenue contributions for our continuing operations of (1) the VIEs and (2) our subsidiaries for the periods indicated
as a percentage of total revenues.
As of August 31,
2020
2021
2022
RMB
% of
total
revenues
RMB
% of
total
revenues
RMB
US$
% of
total
revenues
(in thousands, except percentages)
The VIEs
239,968
16.3
%
311,373
22.2
%
327,573
47,550
19.1
%
Our subsidiaries
1,236,379
83.7
%
1,090,407
77.8
%
1,386,392
201,247
80.9
%
Total revenues
1,476,347
100.0
%
1,401,780
100.0
%
1,713,965
248,797
100.0
%
The following table sets
forth the respective asset contributions of (1) BGY Education Investment and the six newly established companies, including Foshan Meiliang
Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd., Beijing Boteng Education Consulting Co., Ltd., Foshan
Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd. and Foshan Yongliang Education Technology Co.,
Ltd., collectively referred to as the "New VIE Entities", see Note 2 to our consolidated financial statements pursuant to Item 17 of Part III of this annual report for more details, and (2) our subsidiaries as of the date indicated as a percentage of total assets.
As of August 31,
2020*
2021*
2022
RMB
% of
total
asset
RMB
% of
total
asset
RMB
US$
% of
total
asset
(in thousands, except percentages)
The VIEs
4,151,628
30.8
%
765,945
9.0
%
626,055
90,877
12.6
%
Our subsidiaries
9,312,308
69.2
%
7,786,245
91.0
%
4,327,076
628,115
87.4
%
Total asset
13,463,936
100.0
%
8,552,190
100.0
%
4,953,131
718,992
100.0
%
*
Include restated items. See "Explanatory Note" on the cover page for more information.
97
Financial Information Related to the VIEs
The following balances of
VIEs as of August 31, 2021 and 2022, were included in our consolidated balance sheet after the elimination of intercompany balances,
respectively.
As of August 31,
2021
2022
RMB
RMB
US$
(in thousands)
ASSETS
Current assets
Cash and cash equivalents
142,609
142,642
20,706
Restricted cash, net
2,943
10,410
1,511
Accounts receivable, net
2,857
2,416
351
Amounts due from related parties, net
11
10,375
1,506
Other receivables, deposits and other assets, net
20,011
16,884
2,451
Inventories
4,761
5,748
834
Amounts due from Affected Entities, net
133,092
-
-
Total current assets
306,284
188,475
27,359
Restricted cash - non current
1,450
1,650
240
Property and equipment, net
25,034
46,747
6,786
Prepayments for construction contract
-
4,025
584
Intangible assets, net
46,253
44,137
6,407
Goodwill, net
227,814
227,814
33,069
Long-term investments
70,315
30,289
4,397
Operating lease right-of-use assets non-current
87,752
76,607
11,120
Other non-current assets, net
1,043
6,311
916
Total non-current assets
459,661
437,580
63,519
TOTAL ASSETS
765,945
626,055
90,878
LIABILITIES
Current liabilities
Accounts payable
10,941
6,154
893
Amounts due to related parties
5,641
294,164
42,701
Accrued expenses and other current liabilities
13,876
27,790
4,034
Income tax payable
19,091
19,983
2,901
Contract liabilities
139,126
107,494
15,604
Refund liabilities
10,398
9,458
1,373
Operating lease liabilities
12,005
20,779
3,016
Amounts due to Affected Entities
276,378
-
-
Total current liabilities
487,456
485,822
70,522
Deferred tax liabilities, net
9,561
9,551
1,386
Operating lease liabilities - non current
83,475
72,464
10,519
Non-current portion of contract liabilities
1,084
1,108
161
Other non-current liabilities due to related parties
13,154
11,197
1,625
Total non-current liabilities
107,274
94,320
13,691
TOTAL LIABILITIES
594,730
580,142
84,213
98
The following amounts of
VIEs for the years ended August 31, 2020, 2021 and 2022, were included in our consolidated statements of operations and consolidated
statements of cash flows after the elimination of intercompany balances.
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
US$
(in thousands)
Revenue from continuing operations of the VIEs
239,968
311,373
327,573
47,550
Revenue from discontinued operations of Affected Entities
1,890,156
2,303,339
-
-
Net income from continuing operations of the VIEs after elimination of intercompany transactions
59,321
30,335
45,770
6,644
Net income from discontinued operations of Affected Entities
471,495
369,343
-
-
Net cash provided by operating activities
1,534,031
555,679
36,096
5,240
Net cash used in investing activities
(47,946
)
(2,893,644
)
(54,677
)
(7,937
)
Net cash (used in)/provided by financing activities
48,543
(42,844
)
26,281
3,815
Net increase in cash and cash equivalents and restricted cash
1,534,628
(2,380,809
)
7,700
1,118
Cash and cash equivalents and restricted cash at beginning of year
993,183
2,527,811
147,002
21,339
Cash and cash equivalents and restricted cash at end of year
2,527,811
147,002
154,702
22,457
Cash Flows Through Our Organization
We are a holding company
with no business operations of our own. We conduct our operations primarily through our PRC subsidiaries and VIEs in China. As a result,
our ability to pay dividends and to service any debt we may incur and pay our operating expenses principally depends on dividends paid
by our PRC subsidiaries.
Under applicable PRC laws
and regulations, our PRC subsidiaries are permitted to pay dividends to us only out of their accumulated profits, if any, determined
in accordance with PRC accounting standards and regulations. In addition, our PRC subsidiaries are required to allocate at least 10%
of their accumulated profits each year, if any, to fund statutory reserves of up to 50% of the registered capital of the enterprise.
Statutory reserves are not distributable as cash dividends except in the event of liquidation.
If we intend to distribute
dividends, we will transfer the dividends to Time Education China Holdings Limited, or Time Education, our Hong Kong subsidiary, in accordance
with the laws and regulations of the PRC, and then Time Education will transfer the dividends to Impetus Investment Limited, our Cayman
Islands subsidiary, and further to Bright Scholar Holdings, the Cayman Islands holding company, and the dividends will be distributed
from the Bright Scholar Holdings to all shareholders respectively in proportion to the shares they hold, regardless of whether the shareholders
are U.S. investors or investors in other countries or regions. For the fiscal years of 2020, 2021 and 2022, no dividends were declared
and paid by our PRC subsidiaries.
For the 2020, 2021 and 2022
fiscal years, the subsidiaries of Bright Scholar Holdings provided interest-free loans of RMB66.5 million, nil and nil to Bright Scholar
Holdings, respectively. For the 2020, 2021 and 2022 fiscal years, the subsidiaries of Bright Scholar Holdings borrowed loans of RMB1,908.7
million, RMB49.6 million and nil from Bright Scholar Holdings, respectively. The subsidiaries of Bright Scholar Holdings repaid RMB542.3
million (US$78.7 million) to Bright Scholar Holdings in the 2022 fiscal year.
For the 2020 fiscal year,
the subsidiaries of Bright Scholar Holdings borrowed interest-free loans of RMB278.3 million from the VIEs. The VIEs repaid RMB447.6 million
to the subsidiaries of Bright Scholar Holdings in the 2021 fiscal year. For the 2020, 2021 and 2022 fiscal years, the subsidiaries of Bright
Scholar Holdings provided interest-free loans of RMB1,549.4 million, RMB107.5 million and 79.2 million (US$11.5 million) to the VIEs,
respectively. For the 2020, 2021
and 2022 fiscal years, no assets other than the above cash transactions were transferred between the subsidiaries of Bright Scholar Holdings
and the VIEs.
99
Off-Balance Sheet Arrangements
We have not entered into
any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we have not entered
into any derivative contracts that are indexed to our shares and classified as shareholders' equity or that are not reflected in
our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated
entity that serves as credit, liquidity or market risk support to such entity. Moreover, we do not have any variable interest in any
unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research
and development services with us.
We do not currently have
any outstanding off-balance sheet arrangements or commitments. We have no plans to enter into transactions involving, or otherwise form
relationships with, unconsolidated entities or financial partnerships established for the purpose of facilitating off-balance sheet arrangements
or commitments.
Contractual Obligations
The following table sets
forth our contractual obligations as of August 31, 2022.
Payment Due by Period
Total
Less than
one year
One to
three
years
Three to
five years
More than
five years
RMB
US$
RMB
RMB
RMB
RMB
Operating lease payment
2,017,572
292,869
170,013
327,255
283,963
1,236,341
Short-term loans
149,239
21,663
149,239
-
-
-
Long-term loan
633
92
-
633
-
-
We lease certain school
and office premises under non-cancellable operating leases that expire at various dates. We incurred lease costs, including
operating lease costs, short-term lease costs and variable lease costs, of RMB255.2 million, RMB241.2 million and RMB198.4
million (US$28.8 million) in the 2020, 2021 and 2022 fiscal years, respectively.
We also have certain capital
commitments that primarily related to commitments for construction of schools and investment in an equity method investment. Total capital
commitments contracted but not yet reflected in the consolidated financial statement was RMB219.6 million (US$31.9 million)
as of August 31, 2022. All of these capital commitments will be fulfilled in the future according to the construction progress and the
investment payment schedule.
In July 2019, we issued senior
notes in the aggregate principal amount of US$300.0 million, with interests of 7.45% per annum and maturing on July 31, 2022. As of the
date of this annual report, we have redeemed all outstanding senior notes matured on July 31, 2022. Upon the completion of such redemption,
all senior notes have been cancelled and delisted from the official list of the Stock Exchange of Hong Kong Limited.
From time to time, we take
out loans with commercial banks to provide for our working capital for daily operation.
100
C. Research and Development, Patents and Licenses, etc.
See "Item 4. Information
on the Company—B. Business Overview—Research and Curriculum Development."
D. Trend Information
Other than as disclosed elsewhere
in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the 2022 fiscal year that are
reasonably likely to have a material adverse effect on our revenue, income, profitability, liquidity or capital resources, or that caused
the disclosed financial information to be not necessarily indicative of future operating results or financial condition.
E. Critical Accounting Policy and Estimates
We prepare our consolidated
financial statements in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management
to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial
statements and reported amounts of revenues and expenses during the reporting period. We continually evaluate these judgments and estimates
based on our own experience, knowledge and assessment of current business and other conditions.
Our expectations regarding
the future are based on available information and assumptions that we believe to be reasonable, which together form our basis for making
judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the
financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree
of judgment than others in their application.
An accounting policy is considered
critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time such
estimate is made and if different accounting estimates that reasonably could have been used, or changes in the accounting estimates that
are reasonably likely to occur, could materially impact the combined and consolidated financial statements. We believe that the following
accounting policies involve a higher degree of judgment and complexity in their application and require us to make significant accounting
estimates.
Impairment
of assessment of indefinite lived intangible assets and goodwill
We test indefinite
lived intangible assets and goodwill for impairment on an annual basis as of August 31, or more frequently if events or changes in circumstances
indicate that it might be impaired.
Our indefinite lived intangible
assets consist of the overseas schools' brand name. As of August 31, 2022, the carrying value of indefinite lived intangible assets,
net of impairment, was RMB252.7 million. We test indefinite lived intangible assets for impairment by first assessing
qualitative factors to determine whether it is necessary to perform a quantitative impairment test. If based on the qualitative assessment,
it is more likely than not that the fair value of the indefinite lived intangible asset is less than its carrying amount,
a quantitative impairment test is required. We test indefinite lived intangible assets for impairment using the relief-from-royalty method
of the income approach, which requires management to make significant estimates and assumptions, including, but not limited to, royalty
rate, discount rate, terminal growth rate and forecasts of future revenues. In our 2022 annual impairment assessment for indefinite lived
intangible assets impairment, the key assumptions used are a royalty rate of 3.5%, a discount rate of 15.5%, a terminal growth rate of
2.3% and forecast of future revenues. Based on the results of our impairment assessment performed as of August 31, 2022, it is determined
that the carrying amounts of indefinite lived intangible assets brand names associated with Overseas Schools reporting unit exceeded
their fair values and, therefore, an impairment loss was recorded. We have determined that based on the underperformance of the Overseas
Schools reporting unit, market conditions and other factors including the adverse impacts from COVID-19, it was more likely than not
that there were indications of impairment. For the year ended August 31, 2022, we recorded RMB113.4 million of impairment loss on indefinite
lived intangible assets.
In goodwill impairment
test, we have the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative
test. In the qualitative assessment, we consider primary factors such as industry and market considerations, overall financial performance
of the reporting unit, and other specific information related to the operations. We will perform the quantitative impairment test if we
bypass the qualitative assessment, or based on the qualitative assessment, if it is more likely than not that the fair value of each reporting
unit is less than the carrying amount.
101
On September 1, 2019, we early
adopted ASU No. 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by eliminating
Step two from the goodwill impairment test. Under the new guidance, if the fair value of a reporting unit exceeds its carrying amount,
goodwill is not impaired and no further testing is required. If the fair value of a reporting unit is less than the carrying value, an
impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the
loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.
We estimate the fair
values of reporting units using discounted cash flow model of the income approach, which requires management to make significant estimates
and assumptions, including, but not limited to, discount rate, terminal growth rate and others used to project future cash flows, such
as forecasts of future revenues. These assumptions were affected by management's business plans and expectations about future market
and economic conditions, including the impact of the COVID-19.
Based
on the results of our annual goodwill impairment assessment performed as of August 31, 2022 for all of reporting units, we determined
that the carrying amounts of our goodwill reporting units did not exceed their respective fair values and, therefore, no impairment existed,
except for the overseas schools reporting unit
.
We have
determined that based on the underperformance of the overseas schools reporting unit, market conditions and other factors including the
adverse impacts from COVID-19, it was more likely than not that there were indications of impairment. We utilized the discounted cash
flow model to estimate the fair value of the reporting units and concluded the carrying amount of overseas schools reporting unit exceeded
its fair value. Accordingly, we recorded RMB419.8 million as impairment loss on goodwill on the consolidated statement of operations for
the year ended August 31, 2022. As of August 31, 2022, the carrying value of goodwill allocated to the overseas schools reporting unit
after impairment was RMB704.7 million.
In our 2022 annual goodwill impairment assessment for the overseas
schools reporting unit, the key assumptions used are a discount rate of 15% (2021: 15%), a terminal growth rate of 2.3% (2021: 3%) and
forecasts of future revenues.
The Company continuously
monitors for events and circumstances that could negatively impact the key assumptions in determining fair value. While the Company believes
the judgments and assumptions used in the goodwill and indefinite-lived intangible impairment tests are reasonable,
different assumptions or changes in general industry, market and macro-economic conditions could change the estimated fair values and,
therefore, future impairment charges could be required, which could be material to the consolidated financial statements.
Assessment of realization of
deferred tax assets
The carrying amounts
of deferred tax assets are reduced by a valuation allowance if an assessment of their components indicates
that it is more likely than not that all or some portion of these assets will not be realized. Judgment is required in estimating
valuation allowances for deferred tax assets. The realization of a deferred tax asset ultimately depends
on the existence of sufficient taxable income in either the carryback or carryforward periods under the applicable tax law.
102
We regularly assess
the realizability of our deferred tax assets and related valuation allowances, or whenever events or changes in circumstances
indicate that an assessment is required. In determining the requirement for a valuation allowance, the historical and projected financial
results of the legal entity or consolidated group recording the net deferred tax asset are considered, along with any other
positive or negative evidence. Since future financial results may differ from previous estimates, periodic adjustments to our valuation
allowances may be necessary.
Lease
We determine if an
arrangement is a lease or contains a lease at lease inception. Operating leases are required to be recorded in the balance sheets as
operating lease right-of-use ("ROU") assets and operating lease liabilities, initially measured at the present value of
the lease payments. We have elected the package of practical expedients, which allows us not to reassess (1) whether any expired or
existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of
the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. We adopt the practical
expedient to account for each separate lease component and the non-lease components associated with that lease component as a single
lease component. Lastly, we also have elected to utilize the short-term lease recognition exemption and, for those leases that
qualified, we did not recognize operating lease ROU assets or operating lease liabilities.
We have leases that have variable
payments, including lease payments where lease payment increases are based on the percentage change in the Consumer Price Index ("CPI").
For such leases, payment at the lease commencement date is used to measure the operating lease ROU assets and operating lease liabilities.
Lease payments that are based on a change in CPI are treated as variable lease payments and recognized in the period in which
the obligation for those payments was incurred.
As the rate implicit in the lease
is not readily determinable, we estimate our incremental borrowing rate based on the information available at the commencement date in
determining the present value of lease payments. The incremental borrowing rate is estimated in a portfolio approach to approximate the
interest rate on a collateralized basis with similar terms and payments in a similar economic environment. Lease terms may include options
to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expenses are recorded on a straight-line
basis over the lease term.
We evaluate the carrying
value of operating lease ROU assets, including the operating lease obligation of the asset group if there are indicators of
impairment and reviews the recoverability of the related asset group. If the carrying value of the asset group determined to not be
recoverable and is in excess of the estimated fair value, we record an impairment loss in the consolidated statement of operations.
Base on the impairment assessments of the operating lease ROU assets, we recorded impairment loss of RMB12.8 million, RMB15.6
million and RMB8.9 million (US$1.3 million) related to the operating lease ROU assets within the overseas schools' reportable
segment for the years ended August 31, 2020, 2021 and 2022, respectively.
During the 2020, 2021 and 2022 fiscal years, we received COVID-19 related
rent concessions. Consistent with updated guidance from the Financial Accounting Standards Board ("FASB") in April 2020, we
elected to treat COVID-19-related rental discount as variable rent and applied payable approach to COVID-19 related deferral of rent payment.
Rental discount, amounting to RMB2.7 million, RMB4.8 million and RMB4.5 million (US$0.7 million), were recognized as an offset to rent
expense within selling, general and administrative expenses and cost of revenue on our consolidated statement of operations, respectively.
Deferral payments, amounting to approximately RMB16.4 million, RMB0.5 million and nil, were recognized as concession payable within accrued
expenses and other current liabilities on our consolidated balance sheets as of August 31, 2020, 2021 and 2022, respectively.
103
Revenue recognition
Our revenue is derived principally from the provision of educational programs and services, complementary training course and program
fees, commission fees, and consulting service fees etc.
Income from educational programs and services
The educational programs
and services from continuing operations consist of tuition, boarding and meal service from kindergartens in the PRC and overseas schools
in the UK and the US. Each contract of educational programs
and services is accounted for as a single performance obligation which is satisfied proportionately over the service period. The program
and service fee is generally collected in advance prior to the beginning of each semester, or prior to the beginning of the education
programs, and is initially recorded as contract liabilities. Refunds are provided to students if they decide within the predetermined
period that they no longer want to take the course or enroll in the program. After the predetermined period as agreed in the contract,
if a student withdraws from the program, the program fee is no longer available for refund. We determine the transaction price to be
earned based on the tuition fee and the estimated refund liability. The refund liability is determined based on historical refund ratio
on a portfolio basis using the expected value method. Historically, we have not had material refunds in this respect.
Complementary training course and program fees
We offer various types of
after-school tutoring services and art training services, which primarily consist of after-school group class courses, personalized tutoring
courses and art training courses. The tutoring services and art training services are accounted for as a single performance obligation.
Tutoring services and art training service fees is recognized proportionately as the tutoring sessions and art training courses are delivered.
The course fees are generally collected in advance and are initially recorded as contract liability. Tuition refunds are provided to
students if they decide within the trial period that they no longer want to take the course. For certain courses, we also offer refunds
for any unutilized classes for students who withdraw from the course. We determine the transaction price to be earned based on the tutoring
services and art training service fees and the estimated refund liability. The refund liability is determined based on historical refund
ratio on a portfolio basis using the expected value method.
Commission income
We earn commission revenue
by providing referral services to overseas education universities and institutions. Students' referral service is accounted for
as a single performance obligation. Commission income is recognized at the point in time when the referred students enrolled at the overseas
education universities or institutions' program, with the tuition fees are paid and upon we are entitled to the commission income.
Consulting service fees
We offer study abroad consulting
and career consulting services to students/candidates who intend to study abroad and to successfully obtain target job offer respectively.
Study-abroad consulting services and career consulting services are accounted for as a single performance obligation respectively. We
charge each student/candidate an up-front prepaid fee based on the scope of consulting services requested by the student/candidate. Portion
of the prepaid services fee are refundable if the student/candidate does not successfully gain admission or obtain target job offer.
We determine the transaction price to be earned based on service fees and the estimated refund liability. The refund liability is determined
based on historical refund ratio on a portfolio basis using the expected value method. We have not experienced significant refunds in
the past or in the current year. We recognize revenue over the consulting service period.
Camp service income
We offer camp services for
students during school vacations. Camp service is accounted for as a single performance obligation. Camp service fees are generally collected
upfront and are initially recorded as contract liability. Portion of the prepaid service fees are refundable if the student requests
for refund prior to the camp starts. We determine the transaction price to be earned based on services and the estimated refund liability.
The refund liability is determined based on historical refund ratio on a portfolio basis using the expected value method. We have not
experienced significant refunds in current year. We recognize revenue over the camping period.
Operation service income
We offer operation
services which mainly consist of marketing and consulting, procurement support, human resources, finance and legal support, and
information technology support.  Operation service is accounted for as a single performance obligation. We recognize the operation
service income over the service period.
Practical expedients and exemptions
We have applied the new revenue
standard requirements to a portfolio of contracts (or performance obligations) with similar characteristics for transactions where it
is expected that the effects on the financial statements of applying the revenue recognition guidance to the portfolio would not differ
materially from applying this guidance to the individual contracts (or performance obligations) within that portfolio. Therefore, we
elect the portfolio approach in applying the new revenue guidance.
We have elected to record
the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise
would have recognized is one year or less.
104
Consolidation of Variable Interest Entity
Prior to the effectiveness of the Implementation
Rules, PRC laws and regulations prohibit foreign ownership of companies and institutions providing compulsory education services at primary
and middle school levels and restrict foreign investment in education services at the kindergarten and high school level. In addition,
the PRC government regulates the provision of education services through strict licensing requirements.
Accordingly, we, through our WFOE, Zhuhai Bright
Scholar, have entered into a series of contractual arrangements with BGY Education Investment, BGY Education Investment's subsidiaries
and schools, and BGY Education Investment's shareholders that enable the Company to (1) have power to direct the activities that
most significantly affects the economic performance of the VIE, and (2) receive the economic benefits of the VIE that could be significant
to the VIE.
In response to the Implementation Rules, a set
of supplementary agreements to the contractual arrangements were entered into among our WFOE, Zhuhai Bright Scholar, BGY Education Investment,
BGY Education Investment's shareholders and six newly established companies in August 2021 to enable them, as well as their subsidiaries,
to entitle to the same power, rights and obligations of the contractual arrangements as BGY Education Investment. The six newly established
companies, including Foshan Meiliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd., Beijing Boteng Education
Consulting Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd. and Foshan Yongliang
Education Technology Co., Ltd. (collectively referred to as the "New VIE Entities"), are owned by the same equity shareholders
as BGY Education Investment. On the same day, the New VIE Entities obtained the equity interest of the subsidiaries providing complementary
education services, operation services for domestic schools and for-profit kindergartens from BGY Education Investment, which were previously
held by BGY Education Investment.
Under the Implementation Rules, private schools
providing compulsory education are prohibited from being controlled through contractual arrangement and conducting transactions with their
related parties and hence, significantly affects the enforceability of the exclusive management services and business cooperation agreements
with the schools providing compulsory education, including the primary schools, middle schools and international schools. In addition,
we provided high school education services in conjunction with compulsory education under the same school entities. As such, they are
also affected by the Implementation Rules.
Furthermore, taking into account BGY Education
Investment acted as a special purpose vehicle established as a holding company to hold interest in the Affected Entities and was engaged
in investment in private schools providing compulsory education and not-for-profit kindergartens education as the school sponsor or the
holding company thereof, the contractual arrangements with BGY Education Investment were more likely than not violating the Implementation
Rules, and accordingly, we were subject to significant risks of uncertainties of the validity and enforceability of the contractual arrangements
between Zhuhai Bright Scholar, BGY Education Investment, its subsidiaries and private schools that provides compulsory education and non-for-profit
kindergartens.
As a result of the effectiveness of the Implementation
Rules, we would no longer be able to use our power under the contractual arrangements to direct the relevant activities that would most
significantly affect the economic performance of those schools and hence, has lost control on August 31, 2021 over the private schools
providing compulsory education, not-for-profit kindergartens and other enterprises within China, including BGY Education Investment. Accordingly,
the carrying amount related to the net assets of the Affected Entities were deconsolidated from the consolidated financial statements
of the Group as of August 31, 2021.
105
We believe we have the power to control New VIE
Entities. Under the following agreements, including voting rights proxy agreement & irrevocable power of attorney, exclusive call
option agreement, equity pledge agreement and the exclusive management services and business cooperation agreement, the shareholders of
New VIE Entities have irrevocably granted Zhuhai Bright Scholar the power to exercise all voting rights to which they are entitled. In
addition, Zhuhai Bright Scholar has the option to acquire all the equity interests in New VIE Entities to the extent permitted by the
then-effective PRC laws and regulations, for nominal consideration. Finally, Zhuhai Bright Scholar is entitled to receive service fees
for certain services to be provided to New VIE Entities. Therefore, we believe we have the power to direct the activities that most significantly
impact the economic performance of New VIE Entities under the exclusive call option agreement. We also believe that our ability to exercise
effective control, together with the exclusive management services and business cooperation agreement and the equity pledge agreement,
give us the rights to receive substantially all of the economic benefits from New VIE Entities in consideration for the services provided
by our subsidiaries in China. Accordingly, as the primary beneficiary of New VIE Entities and in accordance with U.S. GAAP, we consolidate
their financial results and assets and liabilities in our consolidated financial statements.
As advised by our PRC
legal counsel, other than the Affected Entities, our corporate structure in China complies with all existing PRC laws and
regulations with regard to the foreign ownership in all material aspects. However, our PRC legal counsel has also advised us that as there
are substantial uncertainties regarding the interpretation and application of PRC laws and regulations, and we cannot assure you
that the PRC government would agree that our corporate structure or any of the above contractual arrangements comply with current or
future PRC laws or regulations. PRC laws and regulations governing the validity of these contractual arrangements are uncertain and
the relevant government authorities may have broad discretion in interpreting these laws and regulations. For a detailed description
of the risks associated with our corporate structure, see "Item 3. Key Information—D. Risk Factors—Risks Related
to Our Corporate Structure" and "Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in
China."
Recent Accounting Pronouncements
For a summary of recent accounting
pronouncements, see Note 2 to our consolidated financial statements pursuant to Item 17 of Part III of this annual report.
ITEM 6. DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES
A. Directors and Senior
Management
The following table sets
forth information regarding our executive officers and directors as of the date of this annual report.
Directors and Executive Officers
Age
Position/Title
Hongru Zhou
37
Chairperson of the Board of Director and Chief Executive Officer
Shuting Zhou
38
Director
Meng Rui
55
Director
Jun Zhao
59
Director
Ruolei Niu
40
Chief Financial Officer
Hongru Zhou
has served
as a director and the chairperson of our company since November 2022 and the chief executive officer of our company since February 2023.
Mr. Zhou is a co-founder of Country Garden Venture Capital and has served as its chief executive officer and chairman of investment committee
since its inception in 2019. Mr. Zhou joined Country Garden Holdings Company Limited in 2015 and served as special assistant to the chairman
of its board. Prior to that, Mr. Zhou served as a hedge fund analyst at Bear Stearns Asset Management Inc. from 2007 to 2008. He was also
an analyst at RBS Global Banking and Markets from 2008 to 2009, and an assistant fund manager at China Merchants Fund Management Co.,
Ltd. from 2009 to 2011. Mr. Zhou holds a bachelor's degree in applied mathematics and economics from Harvard University.
106
Shuting Zhou
became
a director of Bright Scholar Holdings in May 2017. Ms. Zhou has served as the general manager of new business department finance branch
at Country Garden Holdings Company Limited since November 2019. Ms. Zhou has been a deputy financial controller of Guangdong Country Garden
Property Management Co., Ltd., a subsidiary of Country Garden Holdings Company Limited, since May 2016. Ms. Zhou held various managerial
positions at Guangdong Country Garden Property Management Co., Ltd. from February 2009 to April 2016. From March 2007 to January 2009,
Ms. Zhou served as an accounting manager at Gaoyao Biyi Property Development Co., Ltd. and Shaoguan Country Garden Property Development
Co., Ltd., both of which are subsidiaries of Country Garden Holdings Company Limited. Ms. Zhou obtained a bachelor's degree in financial
management from Guangdong University of Finance & Economics.
Meng Rui
became a director
of Bright Scholar Holdings in February 2023. Mr. Rui is the Parkland Chair Professor in Finance at China Europe International Business
School and has served as an independent director at various listed companies in China and overseas, including Shang Gong Group Co., Ltd.
(SSE: 600843), China Education Group Holdings Limited (HKEX: 00839), Landsea Green Management Limited (HKEX: 00106), Dexin Services Group
Limited (HKEX: 02215), Country Garden Services Holdings Company Limited (HKEX:06098) and Jiayin Group Inc. (NASDAQ: JFIN). Mr. Rui was
also an independent director at Midea Group Co., Ltd. (SZSE: 000333) from 2015 to 2018, Winner Technology Co., Inc. (SZSE: 300609) from
2014 to 2020, and Cosco Shipping Energy Transportation Co., Ltd. (HKEX: 01138; SSE: 600026) from 2015 to 2021. Mr. Rui holds a bachelor's
degree in international economics from University of International Relations, a Master of Science degree in economics from Oklahoma State
University, and a Master of Business Administration degree and a Doctor of Philosophy degree in business administration from the University
of Houston. Mr. Rui is a Certified Financial Analyst by the Association for Investment Management and Research since 2000 and a Financial
Risk Manager by the Global Association of Risk Professionals since 2010.
Jun Zhao
became a director
of Bright Scholar Holdings in May 2017. Mr. Zhao has served as the chairman of Beijing Fellow Partners Investment Management Ltd. since
October 2014 and an independent director of China Merchants Bank Co., Ltd., a company listed on Shanghai Stock Exchange and The Stock
Exchange of Hong Kong Limited, since January 2015. Mr. Zhao served as a managing partner at DT Capital Partners from July 2005 to September
2014. From May 2000 to July 2005, he served as a managing director of ChinaVest, Ltd. Mr. Zhao obtained a bachelor's degree in shipbuilding
engineering from Harbin Engineering University, a master's degree in ocean engineering from Shanghai Jiao Tong University, a doctor
degree in civil engineering from University of Houston and a MBA from Yale University.
Ruolei Niu
has served
as the chief financial officer of Bright Scholar Holdings since February 2023. Mr. Niu served as the vice general manager of Country
Garden Venture Capital from February 2022 to February 2023. Prior to that, Mr. Niu had also served as the founder, general manager, co-chief
investment officer and responsible officer at CG Partners Asset Management Co., Limited from 2015 to 2022, and the executive director,
fund manager and responsible officer at China Merchants Fund Management Co., Ltd. from 2010 to 2015. Mr. Niu was an investment analyst
and an investment and taxation accountant at ING Investment Management from 2007 to 2010 and 2004 to 2007, respectively. Mr. Niu holds
a Bachelor of Commerce degree in accounting from the University of Melbourne and a Master of Commerce degree in finance from the University
of Sydney. Mr. Niu is a Certified Financial Analyst and a member of Certified Practising Accountant Australia.
B. Compensation
Compensation of Directors and Executive Officers
For the fiscal year ended
August 31, 2022, we paid an aggregate of approximately RMB11.1 million (US$1.6 million) in cash to our officers and directors. Other than
the statutory benefits that we are required by the PRC law to contribute for each employee, including pension insurance, we have not set
aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors.
107
Share Incentive Plan
In February 2017, our board
of directors approved the 2017 Share Incentive Plan (the "2017 Plan") to attract and retain the best available personnel,
provide additional incentives to employees, directors and consultants and promote the success of our business. Under the 2017 Plan, the
maximum aggregate number of shares which may be issued pursuant to all awards under the 2017 Plan shall be 5,263,158 ordinary shares,
which constitutes 5.0% of the total outstanding shares of our company on an as-converted basis as of the date of adoption of the 2017
Plan, after giving effect to a ten-for-one share split effected on April 26, 2017. In December 2017, we granted share options to purchase
a total of 845,000 Class A ordinary shares to certain school principals and management team members at an exercise price of US$8.74 per
share with vesting period varying from three to five years. In September 2018, we granted options to purchase 167,138 Class A ordinary
shares to certain members of the senior management team of Can-achieve pursuant to the 2017 Plan at an exercise price of US$8.74 per share
with vesting periods ending on December 31, 2018, 2019 and 2020. In January 2019, we granted options to purchase 2,545,000 Class A ordinary
shares to a certain member of our senior management team pursuant to the 2017 plan at an exercise price of US$8.74 per share.
In the 2020 fiscal year, our
share-based payment expenses were negative RMB10.6 million in connection with the share options granted to employees. In the 2021 fiscal
year, we recorded share-based payment expenses of RMB1.9 million. In the 2022 fiscal year, we recorded share-based payment expenses of
RMB0.8 million (US$0.1 million).
The following table summarizes,
as of May 31, 2023, the outstanding options we have granted to our directors, officers and other individuals under the 2017
Plan.
Name
Options
Exercise Price
(US$/Share)
Date of
Grant
Date of
Expiration
Senior management members of Can-achieve
69,906
US$
8.74
September 1, 2018
December 14, 2027
Other individuals as a group
614,668
US$
8.74
December 15, 2017
December 14, 2027
The following table sets
forth the number of options that have been granted, exercised, and forfeited or cancelled as of  May 31, 2023.
Options
Granted
3,509,242
Exercised
14,457
Forfeited/Cancelled
2,830,936
Outstanding
663,849
The following paragraphs describe
the principal terms of the 2017 Plan.
Types of awards
.
The 2017 Plan permits the awards of options, restricted shares or restricted share units.
Plan administration
.
Our board of directors or a committee of one or more members of the board of directors will administer the 2017 Plan. The committee or
the full board of directors, as applicable, will determine the participants to receive awards, the type and number of awards to be granted
to each participant, and the terms and conditions of each award grant.
108
Award agreement.
Awards
granted under the 2017 Plan are evidenced by an award agreement that sets forth terms, conditions and limitations for each award, which
may include the term of the award, the provisions applicable in the event of the grantee's employment or service terminates, and
our authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind the award.
Eligibility.
We
may grant awards to our employees, directors and consultants of our company, and other individuals, as determined by the plan administrator.
However, we may grant options that are intended to qualify as incentive share options only to our employees and employees of our parent
companies and subsidiaries.
Vesting schedule.
In
general, the plan administrator determines the vesting schedule, which is specified in the relevant award agreement.
Exercise of options.
The plan administrator determines the exercise price for each award, which is stated in the award agreement. The vested portion
of option will expire if not exercised prior to the time as the plan administrator determines at the time of its grant. However, the maximum
exercisable term is 10 years from the date of a grant.
Transfer restrictions.
Awards may not be transferred in any manner by the recipient except under limited circumstances, including by will or the laws
of descent and distribution, unless otherwise provided by the plan administrator.
Termination and amendment
of the 2017 Plan.
Unless terminated earlier, the 2017 Plan has a term of 10 years. Our board of directors has the authority to
amend or terminate the plan. However, no such action may adversely affect in any material way any awards previously granted without the
prior written consent of the recipient.
C. Board Practices
Board of Directors
Our board of directors consists
of four directors, including two independent directors. A director is not required to hold any shares in our company. A director may vote
with respect to any contract, proposed contract, or arrangement in which he or she is materially interested provided (1) such director,
if his interest in such contract or arrangement is material, has declared the nature of his interest at the earliest meeting of the board
at which it is practicable for him to do so, either specifically or by way of a general notice and (2) if such contract or arrangement
is a transaction with a related party, such transaction has been approved by the audit committee. A director may exercise all the powers
of the company to borrow money, mortgage its business, property and uncalled capital, and issue debentures or other securities whenever
money is borrowed or as security for any obligation of the company or of any third party. None of our directors has a service contract
with us that provides for benefits upon termination of service.
Committees of the Board of Directors
Our board of directors has
established an audit committee, a compensation committee and a nominating and corporate governance committee and adopted a charter for
each of the three committees. Each committee's members and functions are described below.
Audit Committee
.
Our audit committee consists of Mr. Jun Zhao and Mr. Meng Rui, and is chaired by Mr. Rui. Mr. Rui and Mr. Zhao satisfy the "independence"
requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange and meet the independence standards under
Rule 10A-3 under the Exchange Act. We have determined that Mr. Rui qualifies as an "audit committee financial expert." The
audit committee oversees our accounting and financial reporting processes and the audits of the financial statements of our company. The
audit committee is responsible for, among other things:
●
selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;
●
reviewing with the independent registered public accounting firm any audit problems or difficulties and management's response;
●
reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;
109
●
discussing the annual audited financial statements with management and the independent registered public accounting firm;
●
reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;
●
reviewing and reassessing annually the adequacy of our audit committee charter;
●
meeting separately and periodically with management and the independent registered public accounting firm; and
●
monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.
Compensation Committee
.
Our compensation committee consists of Mr. Jun Zhao and Mr. Hongru Zhou, and is chaired by Mr. Zhao. Mr. Zhao satisfies the "independence"
requirements of Section 303A of the Corporate Governance Rules of the New York Stock Exchange. The compensation committee assists the
board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive
officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated upon.
The compensation committee is responsible for, among other things:
●
reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;
●
reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;
●
reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and
●
selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.
Nominating and Corporate
Governance Committee
. Our nominating and corporate governance committee consists of Mr. Jun Zhao and Mr. Hongru Zhou, and is chaired
by Mr. Zhao. Mr. Zhao satisfies the "independence" requirements of Section 303A of the Corporate Governance Rules of the New
York Stock Exchange. The nominating and corporate governance committee assists the board in selecting individuals qualified to become
our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is
responsible for, among other things:
●
recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;
●
reviewing annually with the board the current composition of the board with regards to characteristics such as independence, age, skills, experience and availability of service to us;
●
selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;
●
developing and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices; and
●
evaluating the performance and effectiveness of the board as a whole.
110
Duties of Directors
Under Cayman Islands law,
our directors owe to us fiduciary duties, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider
in good faith to be in our best interests. Our directors also have a duty to exercise the skill they actually possess and such care and
diligence that a reasonably prudent person would exercise in comparable circumstances. In fulfilling their duty of care to us, our directors
must ensure compliance with our memorandum and articles of association, as amended and restated from time to time. Our company may have
the right to seek damages if a duty owed by our directors is breached.
Terms of Directors and Officers
Pursuant to the amended and
restated memorandum and articles of association, our officers are elected by and serve at the discretion of the board. Our directors are
not subject to a term of office and hold office until such time as they resign or are removed from office by ordinary resolution of our
shareholders. A director will be removed from office automatically if, among other things, the director (1) becomes bankrupt or has a
receiving order made against him or her or suspends payment or compounds with his or her creditors; or (2) dies or becomes of unsound
mind.
Employment Agreements
We have entered into employment
agreements with our executive officers. Each of our executive officers is employed for a specified time period, which will be automatically
extended for successive one-year terms unless either party gives the other party a prior written notice to terminate employment. We may
terminate the employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, including
conviction or pleading of guilty to a felony, fraud, misappropriation or embezzlement; negligent or dishonest act to our detriment; misconduct
or failure to perform his or her duty; disability; or death. An executive officer may terminate his or her employment at any time with
a one-month prior written notice if there is a material and substantial reduction in such executive officer's existing authority
and responsibilities or at any time if the termination is approved by our board of directors.
Each executive officer has
agreed to hold, both during and after the employment agreement expires, in strict confidence and not to use or disclose to any person,
corporation or other entity without written consent, any confidential information. Each executive officer has also agreed to assign to
us all his or her all inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer
software programs, databases, mask works and trade secrets.
D. Employees
We had 3,112, 3,025 and 2,941
employees for our continuing operations in the 2020, 2021 and 2022 fiscal years, respectively. The majority of our employees are full-time
and have signed employment agreements for one year, renewable with substantially same terms on mutual agreements. In addition to teachers,
we also have supporting staff such as security guards, chefs, electricians and chauffeurs, and educational and administrative staff including
teaching assistants, librarians, medical staff, and employees in sales and marketing, finance and general administration. The following
table sets forth the average numbers of our employees, categorized by function for the period indicated.
2020 fiscal
2021 fiscal
2022 fiscal
year
year
year
Teachers and instructors
969
707
750
Managerial staff
802
765
644
Educational and administrative staff
232
245
214
Supporting staff
1,109
1,308
1,333
Total
3,112
3,025
2,941
As required by PRC laws and
regulations, we participate in various employee social security plans for our employees that are administered by local PRC governments,
including housing, pension, medical insurance and unemployment insurance. We compensate our employees with basic salaries and performance-based
bonuses. None of our employees is represented by any collective bargaining arrangements. We believe we have maintained good relationship
with our employees.
111
E. Share Ownership
The following table sets forth
information concerning the beneficial ownership of our ordinary shares as of  May 31, 2023 by:
●
each of our directors and executive officers; and
●
each person known to us to beneficially own more than 5.0% of our ordinary shares.
The calculations in the table
below are based on the fact that there are 118,904,817 ordinary shares outstanding, including 31,314,817 Class A ordinary shares and 87,590,000
Class B ordinary shares outstanding as of May 31, 2023.
Beneficial ownership is determined
in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage
ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through the exercise
of any option, warrant, or other right or the conversion of any other security. These shares, however, are not included in the computation
of the percentage ownership of any other person.
Ordinary Shares Beneficially Owned
Total ordinary
% of
% of
Class A
Class B
shares on an
aggregate
aggregate
ordinary
ordinary
as-converted
ordinary
voting
shares
shares
basis
shares***
power†***
Directors and Executive Officers:**
Mr. Hongru Zhou
-
-
-
-
-
Ms. Shuting Zhou
-
-
-
-
-
Mr. Meng Rui
-
-
-
-
-
Mr. Jun Zhao
-
-
-
-
-
Mr. Ruolei Niu
-
-
-
-
-
Directors and executive officers as a group
-
-
-
-
-
Principal Shareholders:
Ms. Huiyan Yang
(1)
5,451,559
87,590,000
93,041,559
78.40
%
98.56
%
†
For each person and group included in this column, percentage of voting power is calculated by dividing the voting power beneficially owned by such person or group by the voting power of all of our Class A and Class B ordinary shares as a single class. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of our Class B ordinary shares is entitled to 20 votes per share on all matters submitted to them for a vote. Our Class A ordinary shares and Class B ordinary shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Our Class B ordinary shares are convertible at any time by the holder thereof into Class A ordinary shares on a one-for-one basis.
*
Less than 1% of our total outstanding share on an as-converted basis or voting power.
**
The business address of our directors and executive officers is No. 1, Country Garden Road, Beijiao Town, Shunde District, Foshan, Guangdong 528300, China.
***
The calculation
of percentage of aggregate ordinary shares and aggregate voting power does not take into account the 235,022 Class A ordinary shares
issued to The Bank of New York Mellon and reserved for further issuance to beneficiaries under the 2017 Plan. We have, however, included
the 14,457 Class A ordinary shares already issued upon exercise of options under the 2017 Plan as of May 31, 2023.  We have also included
Class A ordinary shares that may be issued for options exercisable within 60 days from the date of this annual report, provided that
these shares are not included in the computation of the percentage ownership or voting power of any other person.
112
(1)
Represents
                                            5,000,000 Class A ordinary shares directly held by Sure Brilliant Global Limited ("Sure
                                            Brilliant") wholly owned by Ms. Huiyan Yang, our ex-chairlady, and 451,559 Class A
                                            ordinary shares and 15,000,000 Class B ordinary shares directly held by Ultimate Wise Group
                                            Limited ("Ultimate Wise") and 72,590,000 Class B Ordinary Shares directly held
                                            by Excellence Education Investment Limited ("Excellence Education"), both of
                                            which are wholly owned subsidiaries of Noble Pride Global Limited ("Noble Pride").
                                            The sole shareholder of Noble Pride is TMF Trust (HK) Limited ("TMF Trust"),
                                            which acts as the trustee for Yeung Family Trust V, in which Ms. Huiyan Yang is a joint settlor
                                            and a member of the two-person investment committee. Sure Brilliant, Noble Pride, Ultimate
                                            Wise and Excellence Education are all British Virgin Islands companies. Excellence Education's
                                            registered office is located at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town,
                                            Tortola, British Virgin Islands. Ultimate Wise's registered office is located at Trident
                                            Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands. Sure Brilliant's
                                            registered office is located at Vistra Corporate Services Centre, Wickhams Cay II, Road Town,
                                            Tortola, British Virgin Islands. TMF Trust is incorporated and existing under the laws of
                                            Hong Kong, with its principal business address at 31/F, Tower Two, Times Square, 1 Matheson
                                            Street, Causeway Bay, Hong Kong. Yeung Family Trust V is an irrevocable discretionary trust
                                            established under the laws of Jersey. Ms. Huiyan Yang and Ms. Meirong Yang, a relative of
                                            hers, are the joint settlors and the members of the two-person investment committee of Yeung
                                            Family Trust V. The investment committee retains the sole right to vote the ordinary shares
                                            beneficially owned by Yeung Family Trust V in our company. Ms. Meirong Yang has two votes
                                            and Ms. Huiyan Yang has one vote on the investment committee. In addition, according to an
                                            acting-in-concert agreement entered into in February 2017, Ms. Huiyan Yang agreed to consult
                                            and agree with Ms. Meirong Yang when voting and deciding on material matters in relation
                                            to the management of our company. See the Schedule 13D/A jointly filed by Ms. Huiyan Yang,
                                            Sure Brilliant, Ultimate Wise, Excellence Education, Noble Pride, TMF Trust and Yeung Family
                                            Trust V on January 3, 2023 for further details.
On
February 8, 2017, Ms. Meirong Yang and Ms. Huiyan Yang, who together beneficially own approximately 98.6% of the aggregate voting power
of our company, entered into an acting-in-concert agreement. According to the acting-in-concert agreement, Ms. Huiyan Yang and Ms. Meirong
Yang must consult with each other before voting and deciding on material matters in relation to the management of our company, including
matters subject to approvals by board or shareholders' meetings, such as appointment of directors and officers and adoption of
key group-level policies. If no consensus could be reached through consultation, the decision made by Ms. Meirong Yang prevails. Ms.
Huiyan Yang and Ms. Meirong Yang retrospectively confirmed in the acting-in-concert agreement that they have been acting-in-concert since
2008. The acting-in-concert agreement will continue until (1) such agreement is terminated by the parties thereto or (2) the disposal
of all of either party's interests in our company and affiliated entities and termination of either party's employment or
directorship with our company and affiliated entities. In 2018, Ms. Huiyan Yang and Ms. Meirong Yang further set up Yeung Family Trust
V, an irrevocable discretionary trust established under the laws of Jersey with TMF Trust, a company incorporated and existing under
the laws of Hong Kong, acting as its trustee. Ms. Huiyan Yang and Ms. Meirong Yang are the joint settlors and the members of the two-person
investment committee of Yeung Family Trust V. The investment committee retains the sole right to vote the ordinary shares beneficially
owned by Yeung Family Trust V in our company. Ms. Meirong Yang has two votes and Ms. Huiyan Yang has one vote on the investment committee.
Yeung Family Trust V was established for succession planning purposes.
To
our knowledge, as of August 31, 2022, the record holders of our Class A ordinary shares in the United States included Mr. Junli He, our
former director and executive vice chairman, and The Bank of New York Mellon, the depositary of our ADS program. The number of beneficial
owners of the ADSs in the United States is likely to be much larger than the number of record holders of our ordinary shares in the United
States.
113
ITEM
7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
See
"Item 6. Directors, Senior Management and Employees—E. Share Ownership."
B.
Related Party Transactions
Contractual
Arrangements with the VIEs and Their Shareholders
We
entered into a series of contractual arrangements with the VIEs, including the schools held by the VIEs, and Ms. Meirong Yang, and Mr.
Wenjie Yang, the shareholders of the VIEs, in August 2021. Such contractual arrangements enable us to (1) have the power to direct the
activities that most significantly affects the economic performance of the VIEs; (2) bear the obligation to absorb losses of the VIEs
that could potentially be significant to the affiliated entities or to receive benefits from the affiliated entities that could potentially
be significant to the affiliated entities; and (3) have an exclusive option to purchase all of the equity interests in the VIEs when
and to the extent permitted under PRC law. Therefore, we control the VIEs, including the subsidiaries and domestic kindergartens owned
and operated by the VIEs. For a description of these contractual arrangements, see "Item 4. Information on the Company—C.
Organizational Structure—Our Contractual Arrangements."
All
of our domestic for-profit kindergartens have executed Rights and Obligations Assumption Letters to enjoy the rights and perform the
obligations under the contractual arrangements.
Kindergarten
Operation Agreements with Country Garden
As
of August 31, 2022, substantially all of our kindergartens in China, other than those that do not operate on Country Garden properties,
had each entered into an operation agreement with Country Garden. Under these agreements, Country Garden provides the premises and facilities
for us to operate these kindergartens, while we are responsible for the operation and management of these kindergartens. We may also
provide preferential student placements and tuition discounts to Country Garden's homeowners and employees.
Trademark
Licensing Agreements with Country Garden
As
of August 31, 2022, four of our kindergartens in China had entered into a trademark licensing agreement with Zhuhai Bright Scholar, pursuant
to which Zhuhai Bright Scholar agreed to grant those schools the right to use certain trademarks, including "Country Garden,"
free of charge for a term expiring in 2028 or 2030, which was permitted under a trademark licensing agreement made between Zhuhai Bright
Scholar and Country Garden, pursuant to which Country Garden agreed to grant Zhuhai Bright Scholar the right to use, with a right to
sublicense, the same trademarks.
Transactions
with Certain Related Parties
Purchase
of services and materials
We
purchase services and materials, which include mechanics and electrics engineering services, construction services, shuttle bus services
and furniture, from other entities controlled by Ms. Huiyan Yang, our ex-chairlady, including Country Garden. In the 2020, 2021 and 2022
fiscal years, we entered into various agreements with certain entities controlled by Ms. Huiyan Yang or her affiliates, including primarily
the following:
●
Guangdong
                                            Phoenix Holiday International Travel Service Co., Ltd.
●
Guangdong
                                            Shunde Chuang Xi Bang Sheng Furniture Co., Ltd.
●
Foshan
                                            Shunde Country Garden Property Development Co., Ltd.
●
Guangdong
                                            Teng An Mechanics and Electrics Engineering Co., Ltd.
●
Guandong
                                            Elite Architectural Co., Ltd
●
Huidong
                                            Country Garden Real Estate Development Co., Ltd.
●
Guangdong Chengjia Design Co., Ltd.
For
the 2020, 2021 and 2022 fiscal years, we entered into transactions of an aggregate of approximately RMB4.5 million, RMB7.5 million and
RMB11.1 million (US$1.6 million), respectively, to purchase materials, construction services and other services from such related parties.
During the fiscal year 2022,
we continued to provide essential services to keep these schools open without recognizing relevant revenues. Services provided to these
schools primarily include marketing and consulting, procurement support, human resources, finance and legal support, and information technology
support, all of which were conducted through our centralized management system. Our centralized management system provided services to
the Affected Entities without charges together with other kindergartens that we charged services fee for. As we did not track the costs
incurred by the centralized management system separately among different service recipients, and majority of the costs are staff costs
incurred by the centralized management system, there are significant limitations for us to accurately determine the costs attributable
to providing services to the Affected Entities.
114
Advances
and loans from and to related parties
The
following table presents amounts owed from and to our related parties as of August 31, 2021 and 2022:
As
    of August 31,
2021
2022
RMB
RMB
US$
(in Thousands)
Amounts due from related parties*
BGY Education Investment and its
    affiliates (1)
2,028,866
185,366
26,907
Shaoguan Shunhong Real Estate Development Co.,
    Ltd. (2)
10,000
10,000
1,452
Can-Achieve Global Edutour Co., Ltd. (2)
1,906
-
-
Hangzhou Mashao Enterprise Management Consulting
    Co., Ltd. (3)
1,206
-
-
Kaiping Country Garden Property Development
    Co., Ltd. (4)
1,060
1,060
154
Others
1,148
772
112
Less: allowance for
    amounts due from related parties
(233
)
(572
)
(83
)
Total
2,043,953
196,626
28,542
*
Amounts due from related parties are non-interest bearing, unsecured,
and due on demand.
(1)
The
                                            amounts mainly represent the loan receivables from BGY Education Investment and its affiliates
                                            for the purpose of opening new schools and maintaining daily operation of the private schools
                                            before fiscal year 2021, which had been fully repaid in fiscal year 2022. As of August 31,
                                            2022, the amounts mainly represent the acquisition payable paid on behalf of affiliates of
                                            BGY Education investment, and the receivables from disposal of property and equipment to
                                            BGY Education investment.
(2)
The
                                            amounts mainly represent the receivables from the entities in which consist of expense was
                                            paid on behalf of entities controlled by Ms.
Huiyan Yang, our
                                            ex-chairlady,
and a non-controlling interest shareholder, respectively.
(3)
The
                                            amounts represent loan receivables from the non-controlling interest shareholders of Hangzhou
                                            Impression.
(4)
The
                                            amounts mainly represent the receivables of providing consulting services on pre-opening
                                            schools to Kaiping Country Garden Property Development Co., Ltd.
As
    of August 31,
2021
2022
RMB
RMB
US$
(in Thousands)
Amounts due to related parties*
BGY Education
    Investment and its affiliates (1)
333,270
307,587
44,649
Chuzhou Country Garden
    Property Development Co., Ltd. (2)
30,769
30,769
4,466
Shanghai Hanlue Information
    Technology Center Limited Partnership (3)
2,885
-
-
Gongqingcheng Yuansen
    Commercial Information Consulting Center Ltd. (4)
2,462
-
-
Others
4,329
4,676
679
Total
373,715
343,032
49,794
*
Amounts due to related parties are non-interest bearing, unsecured, and payable on demand.
As
    of August 31,
2021
2022
RMB
RMB
US$
(in Thousands)
Other non-current liability due to related
    parties*
Shanghai
    Hanlue Information Technology Center Limited Partnership (3)
2,650
-
-
Gongqingcheng
    Yuansen Commercial Information Consulting Center Ltd. (4)
10,504
11,197
1,625
Total
13,154
11,197
1,625
*
Other non-current liabilities due to related parties are non-interest bearing and unsecured.
(1)
The
                                            amounts mainly represent the acquisition payables to BGY Education Investment and its affiliates
                                            for the acquisition of certain PRC subsidiaries under common control in fiscal year 2021.
(2)
The
                                            amounts mainly represent financing funds from other entities controlled by
Ms.
                                            Huiyan Yang, our ex-chairlady
, for the purpose of maintaining daily operation of certain
                                            schools.
115
(3)
The
                                            amounts represent the acquisition payables to Shanghai Hanlue Information Technology Center
                                            Limited Partnership for the acquisition of Linstitute in fiscal year 2020.
(4)
The
                                            amounts represent the acquisition payables to Gongqingcheng Yuansen Commercial Information
                                            Consulting Center Ltd. for the acquisition of Leti in fiscal year 2021.
Employment
Agreements
See "Item 6. Directors,
Senior Management and Employees—C. Board Practices—Employment Agreements."
Share
Incentive Plan
See
"Item 6. Directors, Senior Management and Employees-B. Compensation-Share Incentive Plan."
C.
Interests of Experts and Counsel
Not
applicable.
ITEM
8. FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information
We
have appended consolidated financial statements filed as part of this annual report.
Legal
Proceedings
See
"Item 4. Information on the Company—B. Business Overview—Legal Proceedings."
116
Dividend
Policy
On
September 18, 2019, we declared a cash dividend of US$0.10 per ordinary share; on July 23, 2020, we declared a cash dividend of US$0.12
per ordinary share; and on July 21, 2021, we declared a cash dividend of US$0.12 per ordinary share. We currently have no further plan
to declare or pay any dividends in the near future on our shares or ADSs. We currently intend to retain most, if not all, of our available
funds and any future earnings to operate and expand our business.
Our
board of directors has discretion as to whether to distribute dividends, subject to applicable laws. Under Cayman Islands law, a Cayman
Islands company may pay a dividend on its shares out of its profits, realized or unrealized, or from any reserve set aside from profits
which its directors determine is no longer required or out of the share premium account or any other fund or account that can be authorized
for this purpose in accordance with the Companies Act (As Revised) of the Cayman Islands, provided that in no circumstances may a dividend
be paid if this would result in the company being unable to pay its debts due in the ordinary course of business. Even if our board of
directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements
and surplus, general financial condition, contractual restrictions and other factors that our board of directors may deem relevant. If
we pay any dividends, we will pay our ADS holders to the same extent as holders of our Class A ordinary shares, subject to the terms
of the deposit agreement, including the fees and expenses payable thereunder. Cash dividends on our Class A ordinary shares, if any,
will be paid in U.S. dollars.
We
are a holding company incorporated in the Cayman Islands. We rely principally on dividends from our Hong Kong and PRC subsidiaries for
our cash requirements, including any payment of dividends to our shareholders. PRC regulations may restrict the ability of our PRC subsidiaries
to pay dividends to us. See "Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Our
subsidiaries and affiliated entities in China are subject to restrictions on making dividends and other payments to us."
B.
Significant Changes
Except
as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this annual report.
ITEM
9. THE OFFER AND LISTING
A.
Offer and Listing Details
Our
ADSs are listed on the New York Stock Exchange under the symbol "BEDU." Effective on August 19, 2022, we changed the ratio
of the ADSs to Class A ordinary shares from the then ADS ratio of one ADS to one Class A ordinary share to a new ADS ratio of
one ADS representing four Class A ordinary shares.
B.
Plan of Distribution
Not
applicable.
C.
Markets
Our
ADSs have been listed for trading on the New York Stock Exchange under the symbol "BEDU" since May 18, 2017.
D.
Selling Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses of the Issue
Not
applicable.
117
ITEM
10. ADDITIONAL INFORMATION
A.
Share Capital
Not
applicable.
B.
Memorandum and Articles of Association
We
incorporate by reference into this annual report our amended and restated memorandum of association and our amended and restated articles
of association filed as Exhibit 3.2 to our F-1 registration statement (File No. 333-217359), as amended, initially filed with the SEC
on April 18, 2017.
C.
Material Contracts
Material
contracts other than in the ordinary course of business are described in Item 4 and Item 7 or elsewhere in this annual report.
D.
Exchange Controls
See
"Item 4. Information on the Company—B. Business Overview—Regulations—PRC Laws and Regulations Relating to Foreign
Exchange."
E.
Taxation
The following discussion of material Cayman Islands, PRC and United
States federal income tax consequences of an investment in the ADSs or Class A ordinary shares is based upon laws and relevant interpretations
thereof in effect as of the date of this annual report, all of which are subject to change. This discussion does not deal with all possible
tax consequences relating to an investment in the ADSs or Class A ordinary shares, such as the tax consequences under state, local and
other tax laws.
Cayman
Islands Taxation
The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the
jurisdiction of, the Cayman Islands.
The
Cayman Islands are a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double
tax treaties.
There
are no exchange control regulations or currency restrictions in the Cayman Islands.
Pursuant
to Section 6 of the Tax Concessions Act (revised) of the Cayman Islands, we have obtained an undertaking from the Governor-in-Cabinet
that:
●
no law which is enacted
    in the Cayman Islands imposing any tax to be levied on profits or income or gains or appreciation shall apply to us or our operations;
    and
●
the aforesaid tax or any
    tax in the nature of estate duty or inheritance tax shall not be payable on our shares, debentures or other obligations.
●
The undertaking for us
    is for a period of 20 years from January 10, 2017.
118
People's
Republic of China Taxation
Bright
Scholar Holdings is a holding company incorporated in the Cayman Islands and its income depends primarily on dividends from our PRC subsidiaries.
The PRC enterprise income tax law and its implementation rules provide that an income tax rate of 10.0% will be applicable to dividends
payable by Chinese companies to non-PRC-resident enterprise shareholders unless otherwise exempted or reduced according to treaties or
arrangements between the PRC central government and governments of other countries or regions. Under the Double Tax Avoidance Arrangement,
dividends paid by a foreign-invested enterprise in the PRC to its direct holding company, which is considered a Hong Kong tax resident
and is determined by the PRC tax authority to have satisfied relevant requirements under the Double Tax Avoidance Arrangement between
China and Hong Kong and other applicable PRC laws, will be subject to withholding tax at the rate of 5.0%. Entitlement to a lower tax
rate on dividends according to tax treaties or arrangements between the PRC central government and governments of other countries or
regions is subject to inspection or approval of the relevant tax authorities. Furthermore, the State Administration of Taxation promulgated
Circular 9 to clarify the definition of beneficial owner under PRC tax treaties and tax arrangements. According to Circular 9, a beneficial
owner refers to a party who holds ownership of and control over the income of the entity, or the rights or assets from which such income
is derived. The test to determine whether a resident of the other contracting party to the double taxation treaty or arrangement is a
beneficial owner shall focus on several factors including, among others, (1) whether the applicant is under the obligation to pay 50%
or more of the income received to any resident of any third country or region within 12 months upon receipt of the income; and (2) whether
the business activities carried out by the applicant constitutes substantive business activities, which include substantive manufacturing,
distribution, management and other activities. See "Item 3. Key Information—D. Risk Factors—Risk Related to Doing Business
in China—There are significant uncertainties under the PRC enterprise income tax law relating to the withholding tax liabilities
of our PRC subsidiaries, and dividends payable by our PRC subsidiaries to our offshore subsidiaries may not qualify to enjoy certain
treaty benefits."
Under
the PRC enterprise income tax law, enterprises established under the laws of jurisdictions outside China with their "de facto management
body" located within China may be considered to be PRC tax resident enterprises for tax purposes and therefore subject to PRC enterprise
income tax at the rate of 25% on their worldwide income. The implementation rules of the PRC enterprise income tax law define the term
"de facto management body" as a management body which substantially manages, or has control over the business, personnel,
finance and assets of an enterprise. The State Administration of Taxation issued the Notice Regarding the Determination of Chinese-Controlled
Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies, or Circular 82, on April
22, 2009. Circular 82 provides certain specific criteria for determining whether the "de facto management body" of a Chinese-controlled
offshore incorporated enterprise is located in China, which include all of the following conditions: (1) the senior management and core
management departments in charge of daily operations are located mainly within China, (2) financial and human resources decision are
subject to determination or approval by persons or bodies in China, (3) major assets, accounting books, company seals and minutes and
files of board and shareholders' meeting are located or kept within China, and (4) at least half of the enterprise's directors
with voting rights or senior management reside within China. The State Administration of Taxation issued a bulletin on August 3, 2011
to provide more guidance on the implementation of Circular 82. The bulletin clarifies certain matters relating to resident status determination,
post-determination administration and competent tax authorities. Although both the circular and the bulletin only apply to offshore enterprises
controlled by PRC enterprises and not those by PRC individuals, the determination criteria set forth in the circular and administration
clarification made in the bulletin may reflect the general position of the State Administration of Taxation on how the "de facto
management body" test should be applied in determining the tax resident status of offshore enterprises and the administration measures
should be implemented, regardless of whether they are controlled by PRC enterprises or PRC individuals. See "Item 3. Key Information—D.
Risk Factors—Risk Related to Doing Business in China—Under the PRC enterprise income tax law, we may be classified as a PRC
"resident enterprise," which could result in unfavorable tax consequences to us and our non-PRC shareholders."
119
United
States Federal Income Tax Considerations
The following discussion
is a summary of United States federal income tax considerations relating to the ownership and disposition of the ADSs or Class A
ordinary shares by a U.S. Holder, as defined below, who holds the ADSs or Class A ordinary shares as "capital assets"
(generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended, or the Code. This
discussion is based upon existing United States federal income tax law, which is subject to differing interpretations or change,
possibly with retroactive effect. No ruling has been sought from the Internal Revenue Service, or the IRS, with respect to any
United States federal income tax consequences described below, and we cannot assure you that the IRS or a court will not take a
contrary position. This discussion does not address all aspects of United States federal income taxation that may be important to
particular investors in light of their individual circumstances, including investors subject to special tax rules (such as, for
example, financial institutions, insurance companies, regulated investment companies, real estate investment trusts, broker-dealers,
traders in securities that elect mark-to-market treatment, partnerships or other pass-through entities and their partners or
investors, tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors subject to
special accounting rules under Section 451(b) of the Code, investors that own (directly, indirectly, or constructively) 10% or more
of our stock by vote or by value, investors that hold their ADSs or ordinary shares as part of a straddle, hedge, conversion,
constructive sale or other integrated transaction, or investors that have a functional currency other than the U.S. dollar, all of
whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not
address any state, local, alternative minimum tax, or non-United States tax considerations, or the Medicare contribution tax on net
investment income. Each potential investor is urged to consult its tax advisor regarding the United States federal, state, local and
non-United States income and other tax considerations of an investment in the ADSs or ordinary shares.
General
For purposes of this discussion
or arrangement, a "U.S. Holder" is a beneficial owner of the ADSs or Class A ordinary shares that is, for United States federal
income tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a corporation (or other entity treated as
a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state
thereof or the District of Columbia, (3) an estate the income of which is includible in gross income for United States federal income
tax purposes regardless of its source, or (4) a trust (a) the administration of which is subject to the primary supervision of a United
States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust
or (b) that has otherwise elected to be treated as a United States person under the Code.
If a partnership (or other
entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of the ADSs or Class
A ordinary shares, the tax treatment of a partner in the partnership will depend upon the status of the partner and the activities of
the partnership. Partnerships and partners of a partnership holding the ADSs or Class A ordinary shares are urged to consult their tax
advisors regarding an investment in the ADSs or Class A ordinary shares.
For
United States federal income tax purposes, a U.S. Holder of ADSs will generally be treated as the beneficial owner of the underlying
shares represented by the ADSs. Accordingly, deposits or withdrawals of Class A ordinary shares for ADSs will generally not be subject
to United States federal income tax.
120
Passive
foreign investment company considerations
A
non-United States corporation, such as our company, will be classified as a "passive foreign investment company," or PFIC,
for United States federal income tax purposes, if, in the case of any particular taxable year, either (1) 75% or more of its gross income
for such year consists of certain types of "passive" income or (2) 50% or more of its average quarterly assets during such
year produce or are held for the production of passive income. For this purpose, cash is categorized as a passive asset and the company's
unbooked intangibles associated with active business activities may generally be classified as active assets. Passive income generally
includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated
as owning our proportionate share of the assets and earning our proportionate share of the income of any other non-U.S. corporation in
which we own, directly or indirectly, more than 25% (by value) of the stock.
Although
the law in this regard is unclear, we treat the New VIEs as being owned by us for United States federal income tax purposes, not
only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all
of their economic benefits, and, as a result, we consolidate their operating results in our consolidated financial statements.
Assuming that we are the owner of the New VIEs for United States federal income tax purposes, based upon our historical and current
income and assets, we do not believe that we were classified as a PFIC for the taxable year ending August 31, 2022.
The determination of
whether we are or will become a PFIC will depend upon the composition of our income (which may differ from our historical results
and current projections) and assets and the value of our assets from time to time, including, in particular the value of our
goodwill and other unbooked intangibles (which may depend upon the market value of the ADSs or Class A ordinary shares from
time-to-time and may be volatile). In estimating the value of our goodwill and other unbooked intangibles, we have taken into
account our market capitalization, which may fluctuate. If our market capitalization declines further, we may be classified as a PFIC for
the current or future taxable years. It is also possible that the IRS may challenge our classification or valuation of our goodwill
and other unbooked intangibles, which may result in our company being, or becoming classified as, a PFIC for the current or one or
more future taxable years.
Finally, in determining our PFIC status, we have relied in our unaudited
and audited financials. If we are required to restate or amend our financials further, it is possible that our company may have been,
or we may determine that it is, a PFIC.
The determination of
whether we are or will be a PFIC may also depend, in part, on how, and how quickly, we use our liquid assets, including cash. Under
circumstances where we retain significant amounts of liquid assets including cash, or if the New VIEs were not treated as owned by
us for United States federal income tax purposes, our risk of being classified as a PFIC may substantially increase. Because there
are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close
of each taxable year, we cannot assure you that we will not be a PFIC for the current taxable year or any future taxable year. If we
are classified as a PFIC for any year during which a U.S. Holder holds the ADSs or Class A ordinary shares, we generally would
continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds the ADSs or Class A ordinary
shares.
The
discussion below under "Dividends" and "Sale or Other Disposition of ADSs or Ordinary Shares" is written on the
basis that we will not be classified as a PFIC for United States federal income tax purposes. The United States federal income tax rules
that apply if we are classified as a PFIC for the current taxable year or any subsequent taxable year are discussed below under "Passive
Foreign Investment Company Rules."
Dividends
Subject
to the PFIC rules described below, any cash distributions (including the amount of any PRC tax withheld) paid on the ADSs or Class A
ordinary shares out of our current or accumulated earnings and profits, as determined under United States federal income tax principles,
will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by
the U.S. Holder, in the case of Class A ordinary shares, or by the depositary bank, in the case of ADSs. Because we do not intend to
determine our earnings and profits on the basis of United States federal income tax principles, any distribution will generally be treated
as a "dividend" for United States federal income tax purposes. Under current law, a non-corporate recipient of dividend income
will generally be subject to tax on dividend income from a "qualified foreign corporation" at the lower applicable net capital
gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period and other
requirements are met.
121
A non-United States
corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the
preceding taxable year) will generally be considered to be a qualified foreign corporation (1) if it is eligible for the benefits of
a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is satisfactory
for purposes of this provision and which includes an exchange of information program, or (2) with respect to any dividend it pays on
stock (or ADSs in respect of such stock) which is readily tradable on an established securities market in the United States. Our
ADSs are listed on the New York Stock Exchange. Accordingly, we believe that the ADSs are readily tradable on an established
securities market in the United States and that we will be a qualified foreign corporation with respect to dividends paid on the
ADSs. Since we do not expect that our Class A ordinary shares will be listed on established securities markets, it is unclear
whether dividends that we pay on our Class A ordinary shares that are not backed by ADSs currently meet the conditions required for
the reduced tax rate. We cannot assure you that the ADSs will continue to be considered readily tradable on an established
securities market in later years. In the event we are deemed to be a PRC resident enterprise under the EIT Law, we may be eligible
for the benefits of the Agreement Between the Government of the United States of America and the Government of the People's
Republic of China for the Avoidance of Double Taxation and the Prevention of Tax Evasion with Respect to Taxes on Income (the
"United States-PRC income tax treaty") (which the Secretary of the Treasury of the United States has determined is
satisfactory for this purpose), in which case we would be treated as a qualified foreign corporation with respect to dividends paid
on our Class A ordinary shares or ADSs. U.S. Holders are urged to consult their tax advisors regarding the availability of the
reduced tax rate on dividends in their particular circumstances. Dividends received on the ADSs or Class A ordinary shares will not
be eligible for the dividends received deduction allowed to corporate shareholders of a domestic corporation.
For United States foreign tax credit purposes, dividends paid on the
ADSs or Class A ordinary shares will generally be treated as income from foreign sources and will generally constitute passive category
income. In the event that we are deemed to be a PRC resident enterprise under the EIT Law, a U.S. Holder may be subject to PRC withholding
taxes on dividends paid, if any, on the ADSs or Class A ordinary shares. A U.S. Holder may be eligible, subject to a number of complex
limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed on dividends received on the ADSs or Class
A ordinary shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction
for United States federal income tax purposes in respect of such withholding, but only for a year in which such holder elects to do so
for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are urged to consult their
tax advisors regarding the availability of the foreign tax credit under their particular circumstances.
Sale
or other disposition of ADSs or ordinary shares
Subject
to the PFIC rules discussed below, a U.S. Holder will generally recognize capital gain or loss, if any, upon the sale or other disposition
of ADSs or Class A ordinary shares in an amount equal to the difference between the amount realized upon the disposition and the holder's
adjusted tax basis in such ADSs or Class A ordinary shares. Any capital gain or loss will be long-term gain or loss if the ADSs or Class
A ordinary shares have been held for more than one year and will generally be United States source gain or loss for United States foreign
tax credit purposes. Long-term capital gains of non-corporate tax payers are currently eligible for reduced rates of taxation. In the
event that we are treated as a PRC resident enterprise under the EIT Law, and gain from the disposition of the ADSs or Class A ordinary
shares is subject to tax in the PRC, such gain may be treated as PRC source gain for foreign tax credit purposes under the United States-PRC
income tax treaty. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors
regarding the tax consequences if a foreign tax is imposed on a disposition of the ADSs or Class A ordinary shares, including the availability
of the foreign tax credit under their particular circumstances.
122
Passive
Foreign Investment Company Rules
If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds the ADSs or Class A ordinary shares, unless the U.S.
Holder makes a mark-to-market election (as described below), the U.S. Holder will, except as discussed below, be subject to special tax
rules that have a penalizing effect, regardless of whether we remain a PFIC, on (1) any excess distribution that we make to the U.S.
Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual
distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the ADSs or Class
A ordinary shares), and (2) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of
ADSs or Class A ordinary shares. Under the PFIC rules:
●
the excess distribution
    and/or gain will be allocated ratably over the U.S. Holder's holding period for the ADSs or Class A ordinary shares;
●
the amount allocated to
    the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which
    we are classified as a PFIC, or a pre-PFIC year, will be taxable as ordinary income; and
●
the amount allocated to
    each prior taxable year, other than the current taxable year or a pre-PFIC year, will be subject to tax at the highest tax rate in
    effect applicable to the individuals or corporations, as appropriate, for that year, and will be increased by an additional tax equal
    to interest on the resulting tax deemed deferred with respect to each such other taxable year.
If
we are a PFIC for any taxable year during which a U.S. Holder holds the ADSs or Class A ordinary shares and any of our non-United States
subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier
PFIC for purposes of the application of these rules. Each U.S. Holder is advised to consult its tax advisors regarding the application
of the PFIC rules to any of our subsidiaries.
As an alternative to the foregoing rules, a U.S. Holder of "marketable
stock" in a PFIC may make a mark-to-market election with respect to the ADSs, provided that the ADSs are "regularly traded"
(as specially defined) on the New York Stock Exchange. No assurances may be given regarding whether the ADSs will continue to qualify
as being regularly traded in this regard. If a mark-to-market election is made, the U.S. Holder will generally (1) include as ordinary
income for each taxable year that we are a PFIC the excess, if any, of the fair market value of ADSs held at the end of the taxable year
over the adjusted tax basis of such ADSs and (2) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the ADSs
over the fair market value of such ADSs held at the end of the taxable year, but only to the extent of the net amount previously included
in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the ADSs would be adjusted to reflect
any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year
that we are a PFIC any gain recognized upon the sale or other disposition of the ADSs will be treated as ordinary income and loss will
be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market
election. Because our ordinary shares are not listed on a stock exchange, U.S. Holders will not be able to make a mark-to-market election
with respect to our ordinary shares.
If
a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified
as a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period
that such corporation is not classified as a PFIC.
Because
a mark-to-market election cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market
election with respect to the  ADSs may continue to be subject to the general PFIC rules with respect to such U.S. Holder's
indirect interest in any of our non-United States subsidiaries that is classified as a PFIC.
We
do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections, which, if available, would
result in tax treatment different from the general tax treatment for PFICs described above.
As
discussed above under "Dividends," dividends that we pay on the ADSs or Class A ordinary shares will not be eligible for
the reduced tax rate that applies to qualified dividend income if we are classified as a PFIC for the taxable year in which the
dividend is paid or the preceding taxable year. In addition, if a U.S. Holder owns the  ADSs or Class A ordinary shares during
any taxable year that we are a PFIC, the holder must file an annual information return with the IRS. Each U.S. Holder is urged to
consult its tax advisor concerning the United States federal income tax consequences of purchasing, holding, and disposing ADSs or
Class A ordinary shares if we are or become a PFIC, including the possibility of making a mark-to-market election and the
unavailability of the qualified electing fund election.
123
Information
reporting and backup withholding
Certain
U.S. Holders are required to report information to the IRS relating to an interest in "specified foreign financial assets,"
including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial
assets exceeds $50,000 (or a higher dollar amount prescribed by the IRS), subject to certain exceptions (including an exception for shares
held in custodial accounts maintained with a United States financial institution). These rules also impose penalties if a U.S. Holder
is required to submit such information to the IRS and fails to do so.
In
addition, U.S. Holders may be subject to information reporting to the IRS and backup withholding with respect to dividends on and
proceeds from the sale or other disposition of the  ADSs or ordinary shares. Information reporting will apply to payments of
dividends on, and to proceeds from the sale or other disposition of, ordinary shares or ADSs by a paying agent within the United
States to a U.S. Holder, other than U.S. Holders that are exempt from information reporting and properly certify their exemption. A
paying agent within the United States will be required to withhold at the applicable statutory rate, currently 24%, in respect of
any payments of dividends on, and the proceeds from the disposition of, ordinary shares or ADSs within the United States to a U.S.
Holder (other than U.S. Holders that are exempt from backup withholding and properly certify their exemption) if the holder fails to
furnish its correct taxpayer identification number or otherwise fails to comply with applicable backup withholding requirements.
U.S. Holders who are required to establish their exempt status generally must provide a properly completed IRS Form W-9.
Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a U.S. Holder's U.S. federal
income tax liability. A U.S. Holder generally may obtain a refund of any amounts withheld under the backup withholding rules by filing
the appropriate claim for refund with the IRS in a timely manner and furnishing any required information. Each U.S. Holder is advised
to consult with its tax advisor regarding the application of the United States information reporting rules to their particular circumstances.
F.
Dividends and Paying Agents
Not
applicable.
G.
Statement by Experts
Not
applicable.
H.
Documents on display
We
have previously filed with the SEC our registration statement on Form F-1 (File Number 333-217359), as amended and our registration statement
on Form F-1 (File Number 333-223193), as amended.
We
are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required
to file reports and other information with the SEC. Specifically, we are required to file annually a Form 20-F within four months after
the end of each fiscal year. Copies of reports and other information, when so filed, may be inspected without charge and may be obtained
at prescribed rates at the public reference facilities maintained by the SEC at 100 F Street, N.E., Room 1580, Washington, D.C. 20549.
The public may obtain information regarding the Washington, D.C. Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC
also maintains a web site at www.sec.gov that contains reports, proxy and information statements, and other information regarding registrants
that make electronic filings with the SEC using its EDGAR system.
124
As
a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing
profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file
periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered
under the Exchange Act.
We
will furnish The Bank of New York Mellon, the depositary of the  ADSs, with our annual reports, which will include a review of
operations and annual audited consolidated financial statements prepared in conformity with U.S. GAAP, and all notices of
shareholders' meetings and other reports and communications that are made generally available to our shareholders. The
depositary will make such notices, reports and communications available to holders of ADSs and, upon our request, will mail to all
record holders of ADSs the information contained in any notice of a shareholders' meeting received by the depositary from
us.
I.
Subsidiary Information
Not
applicable.
J.
Annual Report to Security Holders
We are not required to provide an annual report to security holders
in response to the requirements of Form 6-K.
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign
currency risk
Our
revenues, expenses and assets and liabilities are primarily denominated in Renminbi. Renminbi is not freely convertible into foreign
currencies for capital account transactions. The value of the Renminbi against the U.S. dollar and other currencies is affected by changes
in China's political and economic conditions and by China's foreign exchange policies, among other things. In July 2005,
the PRC government changed its decades-old policy of pegging the value of the Renminbi to the U.S. dollar, and the Renminbi appreciated
more than 20% against the U.S. dollar over the following three years. Between July 2008 and June 2010, this appreciation subsided and
the exchange rate between the Renminbi and the U.S. dollar remained within a narrow band. Since June 2010, the Renminbi has fluctuated
against the U.S. dollar, at times significantly and unpredictably. On March 17, 2014, the PRC government announced a policy to further
expand the maximum daily floating range of Renminbi trading prices against the U.S. dollar in the inter-bank spot foreign exchange market
to 2.0%. On August 10, 2015, the PRC government announced that it had changed the calculation method for Renminbi's daily central
parity exchange rate against the U.S. dollar, which resulted in an approximately 2.0% depreciation of Renminbi on that day. We expect
Renminbi to fluctuate more significantly in value against the U.S. dollar or other foreign currencies in the future, depending on the
market supply and demand with reference to a basket of major foreign currencies. It is difficult to predict how market forces or PRC
or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future.
To
date, we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. To the
extent that we need to convert U.S. dollars we received from the offering into Renminbi for our operations or capital expenditures, appreciation
of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we would receive from the conversion. Conversely,
if we decide to convert our Renminbi into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs
or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar
amount available to us.
In
addition, very limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have
not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide
to enter into hedging transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be
able to adequately hedge our exposure or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations
that restrict our ability to convert Renminbi into foreign currency.
Concentration
of credit risk
Financial
instruments that potentially subject us to significant concentration of credit risk consist primarily of cash and cash equivalents and
restricted cash. As of August 31, 2022, substantially all of our cash and cash equivalents and term deposits were deposited with financial
institutions with high-credit ratings and quality.
125
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt Securities
Not
applicable.
B.
Warrants and Rights
Not
applicable.
C.
Other Securities
Not
applicable.
D.
American Depositary Shares
Fees
and Expenses
Our
ADS holders are required to pay the following service fees to the depositary bank, the Bank of New York Mellon, and certain taxes and
governmental charges (in addition to any applicable fees, expenses, taxes and other governmental charges payable on the deposited securities
represented by any of your ADSs):
Persons
    depositing or withdrawing shares or ADS holders must pay :
For:
US$5.00 (or less) per 100
    ADSs (or portion of 100 ADSs)
Issuance of ADSs, including
    issuances resulting from a distribution of shares or rights or other property Cancellation of ADSs for the purpose of withdrawal,
    including if the deposit agreement terminates
US$0.05 (or less) per ADS
Any cash distribution to
    ADS holders
A fee equivalent to the
    fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs
Distribution of securities
    distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders
US$0.05 (or less) per ADS
    per calendar year
Depositary services
Registration or transfer
    fees
Transfer and registration
    of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares
Expenses of the depositary
Cable, telex and facsimile
    transmissions (when expressly provided in the deposit agreement) converting foreign currency to U.S. dollars
Taxes and other governmental
    charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty
    or withholding taxes
As necessary
Any charges incurred by
    the depositary or its agents for servicing the deposited securities
As necessary
The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.
From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.
The
depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and
not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate
assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when
buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained
in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the
method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary's obligations
under the deposit agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.
126
PART
II
ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Material
Modifications to the Rights of Security Holders
See
"Item 10. Additional Information" for a description of the rights of securities holders, which remain unchanged.
Use
of Proceeds
The
following "Use of Proceeds" information relates to the registration statement on Form F-1, as amended (File Number 333-217359)
in relation to our initial public offering of 17,250,000 ADSs representing 17,250,000 Class A ordinary shares, at an initial offering
price of US$10.50 per ADS, and the F-1 Registration Statement (File Number 333-223193) in relation to our follow-on public offering of
10,000,000 ADSs representing 10,000,000 Class A ordinary shares at US$19.00 per ADS. Our initial public offering closed in June 2017,
and our follow-on offering closed in March 2018. Morgan Stanley & Co. International plc and Deutsche Bank Securities Inc. were the
representatives of the underwriters for our initial public offering, and Deutsche Bank Securities Inc. and Goldman Sachs (Asian) LLC
were the representatives of the underwriters for our follow-on public offering.
The
F-1 registration statement for our initial public offering was declared effective by the SEC on May 17, 2017. For the period from the
effective date of the F-1 registration statement to August 31, 2017, the total expenses incurred for our company's account in connection
with our initial public offering was approximately US$0.6 million. We received net proceeds of approximately US$174.7 million from our
initial public offering. None of the transaction expenses included payments to directors or officers of our company or their associates,
persons owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds from the initial public offering
were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity
securities or our affiliates.
The
F-1 registration statement for our follow-on public offering was declared effective by the SEC on February 27, 2018. For the period from
the effective date of the F-1 registration statement to August 31, 2018, the total expenses incurred for our company's account
in connection with our follow-on public offering was approximately US$1.0 million. We received net proceeds of approximately US$181.4
million from our follow-on offering. None of the transaction expenses included payments to directors or officers of our company or their
associates, persons owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds from the follow-on
offering were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our
equity securities or our affiliates.
For
the period from May 17, 2017, the date that the F-1 registration statement in connection with our initial public offering was declared
effective by the SEC, to the date of this annual report, we have used (1) approximately US$2.0 million as the registered capital of Guangdong
Bright Scholar Education Technology Co., Ltd., (2) approximately US$90.3 million for the repurchase of the ADSs, and (3) approximately
US$228.7 million for overseas acquisitions, of the net proceeds received from our public offerings.
ITEM
15. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
Under
the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we carried
out an evaluation of the effectiveness of our disclosure controls and procedures, which is defined in Rules 13a-15(e) of the Exchange
Act, as of August 31, 2022. Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure
controls and procedures as of August 31, 2022 were effective.
127
Management's Annual Report on Internal
Control over Financial Reporting
Our management is responsible
for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f), of the
Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. Because of its
inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or because
the degree of compliance with policies or procedures may deteriorate.
Under the supervision and
with the participation of our management, including our chief executive officer and chief financial officer, we conducted an assessment
of the effectiveness of our internal control over financial reporting as of August 31, 2022.   The assessment was based on criteria established in the framework Internal Control-Integrated Framework
(2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission. A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company's
annual or interim financial statements will not be prevented or detected on a timely basis.
Based on this assessment,
management concluded that our internal control over financial reporting was not effective as of August 31, 2022 due to the material weaknesses
identified. Specifically, we identified (1) a material weakness in the design and maintenance of an effective control environment that
commensurate with the Company's financial reporting requirements due to an insufficient complement of resources in the accounting/finance
and IT department with an appropriate level of knowledge, experience and training; and (2) a material weakness in the design and implementation
of the Company's internal controls relating to lease accounting due to the lack of comprehensive assessment process over lease accounting
in the overseas schools component.
Management's Remediation Plan
In order to remediate the
material weaknesses identified in our overseas schools component, specifically, in control environment and in lease accounting, we plan
to take the following actions:
●
recruit additional personnel with knowledge of GAAP for our overseas
schools component;
●
continue evaluating the structure of the finance organization, IT department
and add resources as needed;
●
increase the level of relevant training in accounting and disclosure
under the requirement of U.S. GAAP to our financial reporting department personnel;
●
improve
our controls designed and implemented over the financial reporting process, e.g. specify the criteria used for investigation and the
process for follow up, design and implement relevant controls on the recognition and measurement of the deferred tax asset and valuation
allowance, implement monthly reconciliation on all balance sheet accounts and etc;
●
continue communicating and emphasizing the importance of internal control
across the overseas schools component;
●
continue improving and implementing the IT internal control framework
requirements across the overseas schools component;
●
continue engaging an accounting advisory firm to assist with
the documentation, evaluation, remediation and testing of our internal control over financial reporting based on the criteria established
in Internal Control – Integrated Framework (2013) issued by COSO.
In addition to actions taken
to address material weaknesses identified, we are also working to remediate the significant deficiencies identified, specifically, lack
of comprehensive documentation on goodwill and indefinite lived intangible assets impairment assessment and lack of comprehensive assessment
process on valuation of equity method investments. For example, we are in the process of the implementation of a set of internal control
policies that include detailed procedures and guidance on goodwill and indefinite lived intangible assets impairment assessment, in particular,
the estimates and assumptions within the impairment test. We are increasing communication with our equity investee companies to ensure
timely receipt of relevant financial information; we have instructed our material investees to provide quarterly financial statements;
and we are implementing completeness and accuracy controls surrounding the financial data received from investees.
In addition to the items noted above, as we continue to evaluate, remediate
and improve our internal control over financial reporting, executive management may elect to implement additional measures to address
control deficiencies or may determine that the remediation efforts described above require modification. Executive management, in consultation
with and at the direction of our Audit Committee, will continue to assess the control environment and the above-mentioned efforts
to remediate the underlying causes of the identified material weaknesses.
Attestation Report of the Registered Public
Accounting Firm
This annual report
on Form 20-F does not include an
attestation
report
of
our registered public accounting firm because our company is neither an accelerated filer nor a large accelerated filer, as such terms
are defined in Rule 12b-2 under the Exchange Act.
128
Changes in Internal Control over Financial
Reporting
We have implemented remediation
measures to address the significant deficiencies related to lack of comprehensive assessment process over lease accounting and lack of
comprehensive documentation on assessment transition and implementation of new accounting standards or pronouncements as of and for the
fiscal year ended August 31, 2021 by enhancing the implementation of a set of internal control policies. However, as part of our remediation
procedures, we identified additional errors in fiscal year 2022 and resulted in a restatement of previously issued financial statements
in lease accounting.
Aside from the identification
of the material weaknesses and significant deficiencies, and the actions taken as described in Management's Remediation Plan above
to improve the Company's internal control over financial reporting, there were no changes in our internal control over financial
reporting that occurred during the year ended August 31, 2022 that have materially affected or are reasonably likely to materially affect,
our internal control over financial reporting.
However, we cannot
                                                                                                                  assure you that we will not identify additional material weaknesses or significant deficiencies in the future. In addition, the
                                                                                                                  process of designing and implementing an effective financial reporting system is a continuous effort that requires us to anticipate
                                                                                                                  and react to changes in our business and the economic and regulatory environments and to employ significant resources to maintain a
                                                                                                                  financial reporting system that satisfies our reporting obligations. See "Item 3. Key Information—D. Risk
                                                                                                                  Factors—Risks Related to Our Business—If we fail to implement and maintain an effective system of internal controls, we
                                                                                                                  may be unable to accurately or timely report our results of operations or prevent fraud, and investor confidence and the market
                                                                                                                  price of the ADSs may be materially and adversely affected." As a result, we may be subject to a number of risks, including
                                                                                                                  increased risks that we have or may not file our financial statements and related reports with the SEC on a timely basis and that
                                                                                                                  there are errors in our reported financial statements and material misstatements in our reports and other documents filed with the
                                                                                                                  SEC.
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our board of directors has
determined that Mr. Meng Rui, an independent director (under the standards set forth in Section 303A of the Corporate Governance Rules
of the New York Stock Exchange and Rule 10A-3 under the Exchange Act) and the chairman of our audit committee, is our audit committee
financial expert.
ITEM 16B. CODE OF ETHICS
Our board of directors has
adopted our code of conduct and ethics, a code that applies to members of the board of directors including its chairman and other senior
officers, including the chief executive officer, the chief financial officer and the chief operations officer. This code is publicly available
on our website at http://ir.brightscholar.com/.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following table sets forth
the aggregate fees by categories specified below in connection with certain professional services rendered by Deloitte Touche Tohmatsu
Certified Public Accountants LLP ("Deloitte"), our independent registered public accounting firm, its member firms of Deloitte
Touche Tohmatsu Limited, and their respective affiliates ("Deloitte Entities"), for the periods indicated. We did not pay
any other fees to the Deloitte Entities during the periods indicated below.
2021
Fiscal Year
2022
Fiscal Year
(in thousands)
Audit fees (1)
RMB
10,236
RMB
14,243
US$
2,068
Tax fee (2)
RMB
90
RMB
-
US$
-
(1)
"Audit fees" represent the aggregate fees billed for each of the fiscal years listed for professional services rendered by our principal accountant for the audit of our annual consolidated financial statements, review of quarterly financial information, and audit services that are normally provided by the principal accountant in connection with regulatory filings or engagements for those fiscal years.
(2)
"Tax fee" represents the fee billed for professional service rendered by our independent registered public accounting firm for tax advice. The policy of our audit committee is to pre-approve all audit and non-audit services provided by Deloitte Touche Tohmatsu Certified Public Accountants LLP, including audit services and tax service as described above, other than those for de minimis services which are approved by the audit committee prior to the completion of the audit.
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS
FOR AUDIT COMMITTEES
Not applicable.
129
ITEM 16E PURCHASES OF EQUITY SECURITIES BY
THE ISSUER AND AFFILIATED PURCHASERS
In April 2018, our board
of directors announced a share repurchase program pursuant to which we would repurchase up to US$100 million worth of the  ADSs.
The 2018 share repurchase program expired on April 30, 2019 and as of such date we had repurchased 6,679,183 of our outstanding ADSs
for an aggregate purchase price of approximately US$77 million pursuant to the program.
In September 2019, our
board of directors announced a new share repurchase program pursuant to which we would repurchase up to US$30 million worth of the
 ADSs. The 2019 Share Repurchase Program expired on November 29, 2020 and as of such date we had repurchased 1.2 million of our
outstanding ADSs for an aggregate purchase price of approximately US$9.4 million pursuant to the program.
In November 2020, our board
of directors announced a new share repurchase program pursuant to which we would repurchase up to US$50 million worth of the ADSs. The
2020 Share Repurchase Program expired on November 19, 2021 and as of such date we had repurchased 0.7 million of our outstanding ADSs
for an aggregate purchase price of approximately US$3.1 million pursuant to the program.
The table below is a summary
of the shares repurchased by us during the 2021 fiscal year and up to December 31, 2022. All ADSs were repurchased in the open market
pursuant to the applicable share repurchase programs.
Total Number of
ADSs Purchased
Average Price
Paid per
ADS(US$)
Total Number of
ADSs Purchased
as Part of
Publicly
Announced
Programs
Approximate
Dollar Value of ADSs that May
Yet Be Purchased
Under the
Programs (US$)
September 2021
109,402
2.88
109,402
47,322,909
October 2021
107,010
2.88
107,010
47,015,130
November 2021
42,319
2.46
42,319
46,911,019
December 2021
-
-
-
-
January 2022
-
-
-
-
February 2022
-
-
-
-
March 2022
-
-
-
-
April 2022
-
-
-
-
May 2022
-
-
-
-
June 2022
-
-
-
-
July 2022
-
-
-
-
August 2022*
-
-
-
-
September 2022
-
-
-
-
October 2022
-
-
-
-
November 2022
-
-
-
-
December 2022
-
-
-
-
*
Effective on August 19, 2022, we changed the ratio of the ADSs
to Class A ordinary shares from the then ADS ratio of one ADS to one Class A ordinary share to a new ADS ratio of one ADS representing
four Class A ordinary shares.
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING
ACCOUNTANT
Not applicable.
130
ITEM 16G. CORPORATE GOVERNANCE
As a Cayman Islands company
listed on the New York Stock Exchange, we are subject to New York Stock Exchange corporate governance listing standards. However, the
New York Stock Exchange rules permit a foreign private issuer like us to follow the corporate governance practices of its home country.
Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from New York Stock
Exchange corporate governance listing standards. Shareholders of Cayman Islands exempted companies like us have no general rights under
Cayman Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies. Our directors have discretion
under our articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our
shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information
needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy
contest.
Certain corporate governance
practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other
jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to corporate governance
matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic
issuers. See "Item 3. Key Information—D. Risk Factors—Risks Related to Our Ordinary Shares and ADSs—As a company
incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters
that differ significantly from New York Stock Exchange corporate governance listing standards; these practices may afford less protection
to shareholders than they would enjoy if we complied fully with New York Stock Exchange corporate governance listing standards."
ITEM 16H. MINE SAFETY DISCLOSURE
Not applicable.
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTIONS
Not applicable.
ITEM 16J. INSIDER TRADING POLICIES
We have adopted an insider
trading policy to promote compliance with applicable securities laws and regulations, including those that prohibit insider trading.
This policy applies to all officers, directors, employees and consultants of our Group (each, an "Affiliate") and extends
to all activities within and outside an individual's duties at our group. The insider trading policy establishes guidelines and
procedures for the following:
1. No Trading
: No
Affiliate can trade any securities or enter into a trading plan while possessing material non-public information about us. Affiliates
in possession of such information must wait for a 48-hour period after public disclosure and the lapse of one full trading day on Nasdaq
before trading. Additionally, affiliates cannot trade during limited trading periods, regardless of the possession of material information.
All transactions of securities by officers, directors, and key employees must be pre-approved by our compliance officer.
2. Trading Window
:
The insider trading policy establishes a trading window for officers, directors, employees, or consultants, during which they can trade
our securities or enter into a trading plan. The trading window begins at the close of business on the second trading day following the
public disclosure of our financial results for the previous fiscal year or quarter and ends on the last day of each fiscal quarter. Trading
during the trading window does not provide a safe harbor, and affiliates must comply with all policies. If in doubt, consult the compliance
officer before trading.
3. No Tipping
: No
Affiliate may directly or indirectly disclose any material information to anyone who trades in our securities.
4. Confidentiality
:
No Affiliate may communicate any material information to anyone outside our Group under any circumstances unless approved by the compliance
officer in advance, or to anyone within our group other than on a need-to-know basis.
5. No Comment
: No
Affiliate may discuss any internal matters or developments of our Group with anyone outside our group, except as required in the performance
of regular corporate duties. Unless expressly authorized to do otherwise, if an affiliate receives any inquiries about our group or its
securities from any press, investment analyst, investor or other outsiders, or any requests for comments or interviews, they should decline
to comment and direct the inquiry or request to the compliance officer or any other office designated by the chief executive officer.
6. Corrective Action
:
If any information that may be considered material information is unintentionally disclosed, any affiliate with knowledge of the disclosure
should notify the compliance officer immediately. This allows our group to determine if any corrective action, such as public disclosure,
is necessary.
We are committed to maintaining
the highest standards of ethical conduct and have implemented these insider trading policies and procedures to ensure compliance with
applicable securities laws and to protect the interests of our shareholders.
131
PART
III
ITEM 17. FINANCIAL STATEMENTS
We have elected to provide
financial statements pursuant to Item 18.
ITEM 18. FINANCIAL STATEMENTS
Our consolidated financial
statements are included at the end of this annual report.
ITEM 19. EXHIBITS
Exhibit No.
Description
    of Exhibit
1.1
Amended and Restated Articles of Association of the Registrant (incorporated by reference to Exhibit 3.2 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
2.1
Registrant's specimen American depositary receipt (included in Exhibit 2.3)
2.2
Registrant's specimen certificate for ordinary shares (incorporated by reference to Exhibit 4.2 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on May 5, 2017)
2.3
Form of deposit agreement by and among the Registrant, the depositary and holders of the American Depositary Receipts (incorporated by reference to Exhibit 4.3 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on May 5, 2017)
2.4
Indenture, dated as of July 31, 2019, among Bright Scholar Education Holdings Limited, its Subsidiary Guarantors and The Bank of New York Mellon, London Branch, as the Trustee (incorporated by reference to Exhibit 2.4 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
2.5
*
Description of Securities
3.1
English translation of acting-in-concert agreement between Ms. Meirong Yang and Ms. Huiyan Yang dated February 8, 2017 (incorporated by reference to Exhibit 4.4 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
4.1
Form of employment agreement between the Registrant and the executive officers of the Registrant (incorporated by reference to Exhibit 10.1 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
4.2
Form of indemnification agreement by and between the Registrant and its directors and executive officers (incorporated by reference to Exhibit 10.2 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
4.3
English translation of exclusive management service and business cooperation agreement among Zhuhai Bright Scholar, our affiliated entities, and Ms. Meirong Yang and Mr. Wenjie Yang, dated January 25, 2017 (incorporated by reference to Exhibit 10.3 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
4.4
English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and BGY Education Investment dated January 25, 2017 (incorporated by reference to Exhibit 10.4 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
4.5
English translation of power of attorney granted by BGY Education Investment dated January 25, 2017 (incorporated by reference to Exhibit 10.5 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
4.6
English translation of power of attorney granted by Ms. Meirong Yang dated January 25, 2017 (incorporated by reference to Exhibit 10.6 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
4.7
English translation of power of attorney granted by Mr. Wenjie Yang dated January 25, 2017. (incorporated by reference to Exhibit 10.7 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
132
Exhibit No.
Description of Exhibit
4.8
English translation of equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and BGY Education Investment dated January 25, 2017 (incorporated by reference to Exhibit 10.8 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
4.9
2017 Share Incentive Plan (incorporated by reference to Exhibit 10.9 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
4.10
English Translation of Rights and Obligations Assumption Letter executed by Baoding Baigou New City Bright Scholar Shenghua Education Consulting Co., Ltd. dated June 14, 2017 (incorporated by reference to Exhibit 4.10 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)
4.11
English Translation of Rights and Obligations Assumption Letter executed by Chuzhou Country Garden Kindergarten dated August 30, 2017 (incorporated by reference to Exhibit 4.12 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)
4.12
English Translation of Rights and Obligations Assumption Letter executed by Chuzhou Country Garden Foreign Language School dated October 13, 2017 (incorporated by reference to Exhibit 4.13 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)
4.13
English Translation of Rights and Obligations Assumption Letter executed by Kaiping Country Garden Jade Bay Kindergarten dated July 5, 2017 (incorporated by reference to Exhibit 4.14 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)
4.14
English Translation of Rights and Obligations Assumption Letter executed by Shaoguan Country Garden English Foreign Language School dated September 3, 2017 (incorporated by reference to Exhibit 4.15 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)
4.15
English Translation of Rights and Obligations Assumption Letter executed by Shenghua Country Garden Bilingual School dated October 10, 2017 (incorporated by reference to Exhibit 4.16 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)
4.16
English Translation of Rights and Obligations Assumption Letter executed by Kaiping Country Garden School dated September 25, 2017 (incorporated by reference to Exhibit 4.17 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 7, 2017)
4.17
English Translation of Rights and Obligations Assumption Letter executed by Wuhan East Lake High-tech Development Zone Xinqiao-Jinxiu Longcheng Kindergarten dated October 22, 2018 (incorporated by reference to Exhibit 4.17 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)
4.18
English Translation of Rights and Obligations Assumption Letter executed by Wuhan East Lake High-tech Development Zone Xinqiao Kindergarten dated October 22, 2018 (incorporated by reference to Exhibit 4.18 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)
4.19
English Translation of Rights and Obligations Assumption Letter executed by Wuhan Dongxihu District Dongqiao Kindergarten dated October 22, 2018 (incorporated by reference to Exhibit 4.19 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)
4.20
English Translation of Rights and Obligations Assumption Letter executed by Wuhan Hongshan District Xinqiao Aijia Kindergarten dated October 22, 2018 (incorporated by reference to Exhibit 4.20 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)
4.21
English Translation of Rights and Obligations Assumption Letter executed by Wuhan Qingshan District Xinqiao Bilingual Kindergarten dated October 22, 2018 (incorporated by reference to Exhibit 4.21 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)
4.22
English Translation of Rights and Obligations Assumption Letter executed by Wuhan Qiaosheng Education Investment Co., Ltd. dated October 23, 2018 (incorporated by reference to Exhibit 4.22 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)
133
Exhibit No.
Description of Exhibit
4.23
English Translation of Rights and Obligations Assumption Letter executed by Foshan Shunde Beijiao Country Garden Guilanshan Kindergarten Co., Ltd. dated November 3, 2018 (incorporated by reference to Exhibit 4.23 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)
4.24
English Translation of Rights and Obligations Assumption Letter executed by Chengdu Yinzhe Education and Technology Co., Ltd. dated December 13, 2018 (incorporated by reference to Exhibit 4.24 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)
4.25
English Translation of Rights and Obligations Assumption Letter executed by Chengdu Laizhe Education and Technology Co., Ltd. dated December 13, 2018 (incorporated by reference to Exhibit 4.25 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)
4.26
Business and Asset Sale and Purchase Agreement in relation to the sale and purchase of the Business and Asset of Bournemouth Collegiate School dated October 1, 2018 (incorporated by reference to Exhibit 4.26 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 14, 2018)
4.27
English Translation of Rights and Obligations Assumption Letter executed by Hubei Sannew Education Development Limited dated December 15, 2019 (incorporated by reference to Exhibit 4.27 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
4.28
English Translation of Rights and Obligations Assumption Letter executed by Sannew American Middle School dated December 20, 2019 (incorporated by reference to Exhibit 4.28 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
4.29
English Translation of Rights and Obligations Assumption Letter executed by Wuhan Mierdun Education Technology Limited dated December 10, 2019 (incorporated by reference to Exhibit 4.29 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
4.30
English Translation of Rights and Obligations Assumption Letter executed by Heze Qiqiaoban Education Technology Limited dated December 10, 2019 (incorporated by reference to Exhibit 4.30 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
4.31
English Translation of Rights and Obligations Assumption Letter executed by Heze Development Zone Electric Kindergarten dated December 9, 2019 (incorporated by reference to Exhibit 4.31 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
4.32
English Translation of Rights and Obligations Assumption Letter executed by HeZe Qiqiaoban Juancheng Kindergarten dated December 10, 2019 (incorporated by reference to Exhibit 4.32 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
4.33
English Translation of Rights and Obligations Assumption Letter executed by Beijing Huanxue International Travel Limited dated December 12, 2019 (incorporated by reference to Exhibit 4.33 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
4.34
English Translation of Rights and Obligations Assumption Letter executed by Guangzhou Huihua Education Consulting Co., Ltd. dated December 12, 2019 (incorporated by reference to Exhibit 4.34 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
4.35
Purchase Agreement in relation to the issuance and sales of US$300,000,000 7.45% Senior Notes due 2022 to the Initial Purchaser dated July 24, 2019 (incorporated by reference to Exhibit 4.35 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
4.36
Sale and Purchase Agreement relating to CATS Colleges Holdings Limited dated July 5, 2019 (incorporated by reference to Exhibit 4.36 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2019)
4.37
English translation of exclusive management service and business cooperation agreement among Zhuhai Bright Scholar, our affiliated entities, Beijing Haidian Bright Scholar Training School and Beijing Elib Technology Co., Ltd., dated November 26, 2019 (incorporated by reference to Exhibit 4.37 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.38
English Translation of Rights and Obligations Assumption Letter executed by Baoding Baigou New City Shenghua Country Garden Kindergarten Co., Ltd. dated August 31, 2019 (incorporated by reference to Exhibit 4.38 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
134
Exhibit No.
Description of Exhibit
4.39
English Translation of Rights and Obligations Assumption Letter executed by Heze Economic Development Zone Qiqiaoban -OTC Kindergarten dated September 30, 2020 (incorporated by reference to Exhibit 4.39 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.40
English Translation of Rights and Obligations Assumption Letter executed by Cao xian Qiqiaoban Kindergarten dated December 15, 2020 (incorporated by reference to Exhibit 4.40 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.41
English Translation of Rights and Obligations Assumption Letter executed by Guangyuan Lizhou Kasijia Kindergarten dated August 31, 2019 (incorporated by reference to Exhibit 4.41 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.42
English Translation of Rights and Obligations Assumption Letter executed by Beijing Huanxue Tianxia International Travel Limited dated January 31, 2020 (incorporated by reference to Exhibit 4.42 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.43
English Translation of Rights and Obligations Assumption Letter executed by Chengdu Zhiyimeng Software Technology Co., Ltd. dated July 25, 2019 (incorporated by reference to Exhibit 4.43 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.44
English Translation of Rights and Obligations Assumption Letter executed by Guangzhou Xingzhu Information Technology Co., Ltd. dated August 31, 2019 (incorporated by reference to Exhibit 4.44 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.45
English Translation of Rights and Obligations Assumption Letter executed by Dongguan Humen Bright Scholar Country Garden Kindergarten dated December 2, 2020 (incorporated by reference to Exhibit 4.45 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.46
English Translation of Rights and Obligations Assumption Letter executed by Foshan Shunde Ronggui Street Country Garden Kindergarten dated June 16, 2020 (incorporated by reference to Exhibit 4.46 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.47
English Translation of Rights and Obligations Assumption Letter executed by Dongguan Dongcheng Bright Scholar Kindergarten Co., Ltd. dated March 31, 2020 (incorporated by reference to Exhibit 4.47 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.48
English Translation of Rights and Obligations Assumption Letter executed by Huizhou Huiyang Lelebao Shenhui City Kindergarten Co., Ltd. dated December 10, 2020 (incorporated by reference to Exhibit 4.48 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.49
English Translation of Rights and Obligations Assumption Letter executed by Chengdu Pidu Bright Scholar Kindergarten Co., Ltd. dated December 3, 2020 (incorporated by reference to Exhibit 4.49 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.50
English Translation of Rights and Obligations Assumption Letter executed by Tianjin Beichen Lelebao Kindergarten dated August 30, 2020 (incorporated by reference to Exhibit 4.50 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.51
English Translation of Rights and Obligations Assumption Letter executed by Guangzhou Zengcheng Fettes College Kindergarten Co., Ltd. dated June 15, 2020 (incorporated by reference to Exhibit 4.51 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.52
English Translation of Rights and Obligations Assumption Letter executed by Guigang Gangbei Country Garden Lelebao Kindergarten dated October 21, 2020 (incorporated by reference to Exhibit 4.52 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.53
English Translation of Rights and Obligations Assumption Letter executed by Jinan Zhangqiu Phoenix City Lelebao Kindergarten dated December 14, 2020 (incorporated by reference to Exhibit 4.53 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.54
English Translation of Rights and Obligations Assumption Letter executed by Heze Mudan District Cultural City Kindergarten dated December 17, 2020 (incorporated by reference to Exhibit 4.54 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
135
Exhibit No.
Description of Exhibit
4.55
English Translation of Rights and Obligations Assumption Letter executed by Fettes College Experimental School of Zengcheng, Guangzhou dated June 15, 2020 (incorporated by reference to Exhibit 4.55 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.56
English Translation of Rights and Obligations Assumption Letter executed by Shanghai Huodai Commercial Information Consulting Co., Ltd. dated July 20, 2020 (incorporated by reference to Exhibit 4.56 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.57
English Translation of Rights and Obligations Assumption Letter executed by Shanghai Youxun Education Technology Co., Ltd. dated May 26, 2020 (incorporated by reference to Exhibit 4.57 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.58
English Translation of Rights and Obligations Assumption Letter executed by Shanghai Hanlin Education Technology Co., Ltd. dated July 20, 2020 (incorporated by reference to Exhibit 4.58 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.59
English Translation of Rights and Obligations Assumption Letter executed by Guangdong Lebeimeng Education Consulting Co., Ltd. dated November 29, 2019 (incorporated by reference to Exhibit 4.59 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.60
English Translation of Rights and Obligations Assumption Letter executed by Guangdong Lelebao Education Technology Co., Ltd. dated November 30, 2019 (incorporated by reference to Exhibit 4.60 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.61
English Translation of Rights and Obligations Assumption Letter executed by Jinan Boshixing Education Consulting Co., Ltd. dated January 27, 2020 (incorporated by reference to Exhibit 4.61 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.62
English Translation of Rights and Obligations Assumption Letter executed by Jining Boshiwei Education Consulting Limited dated October 29, 2019 (incorporated by reference to Exhibit 4.62 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.63
English Translation of Rights and Obligations Assumption Letter executed by Taishan Lebeimeng Education Consulting Co., Ltd. dated December 26, 2019 (incorporated by reference to Exhibit 4.63 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.64
English Translation of Rights and Obligations Assumption Letter executed by Weifang Boshixin Education Consulting Co., Ltd. dated March 29, 2020 (incorporated by reference to Exhibit 4.64 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.65
English Translation of Rights and Obligations Assumption Letter executed by Foshan Shunde Beijiao Town Country Garden Ivy League Education Training Centre Co., Ltd. dated December 7, 2020 (incorporated by reference to Exhibit 4.65 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.66
English Translation of Rights and Obligations Assumption Letter executed by Guangdong Bright Scholar Ivy League Education Science Research Institute Co., Ltd. dated December 7, 2020 (incorporated by reference to Exhibit 4.66 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.67
English Translation of Rights and Obligations Assumption Letter executed by Shanghai Bolai Training Center Co., Ltd. dated December 7, 2020 (incorporated by reference to Exhibit 4.67 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
4.68
English Translation of Rights and Obligations Assumption Letter executed by Wuhan Qiaokou Mierdun Training School Limited dated November 20, 2019 (incorporated by reference to Exhibit 4.68 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on December 23, 2020)
136
Exhibit No.
Description of Exhibit
4.69
English translation of supplemental agreement to the exclusive management service and business cooperation agreement among Zhuhai Bright Scholar, BGY Education Investment, Foshan Meiliang Education Technology Co., Ltd., Foshan Shangtai Education Technology Co., Ltd., Foshan Renliang Education Technology Co., Ltd., Foshan Yongliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd., and Beijing Boteng Consulting Co., Ltd., dated August 13, 2021
(incorporated by reference to Exhibit 4.69 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.70
English translation of equity transfer framework agreement among BGY Education Investment, Baoding Baigou New City Shenghua Country Garden Kindergarten Co., Ltd., Hubei Sannew Education Development Limited, Foshan Meiliang Education Technology Co., Ltd., Foshan Zhiliang Education Technology Co., Ltd., and Beijing Boteng Consulting Co., Ltd., dated August 13, 2021
(incorporated by reference to Exhibit 4.70 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.71
English translation of supplementary power of attorney granted by Ms. Meirong Yang dated August 13, 2021
(incorporated by reference to Exhibit 4.71 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.72
English translation of supplementary power of attorney granted by Mr. Wenjie Yang dated August 13, 2021
(incorporated by reference to Exhibit 4.72 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.73
English translation of power of attorney granted by Foshan Meiliang Education Technology Co., Ltd. dated August 13, 2021
(incorporated by reference to Exhibit 4.73 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.74
English translation of power of attorney granted by Foshan Zhiliang Education Technology Co., Ltd. dated August 13, 2021
(incorporated by reference to Exhibit 4.74 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.75
English translation of power of attorney granted by Beijing Boteng Consulting Co., Ltd. dated August 13, 2021
(incorporated by reference to Exhibit 4.75 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.76
English translation of power of attorney granted by Foshan Shangtai Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.76 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.77
English translation of power of attorney granted by Foshan Renliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.77 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.78
English translation of power of attorney granted by Foshan Yongliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.78 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.79
English translation of equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Meiliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.79 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.80
English translation of equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Zhiliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.80 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.81
English translation of equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Beijing Boteng Consulting Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.81 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.82
English translation of equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Beijing Foshan Shangtai Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.82 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.83
English translation of equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Beijing Foshan Renliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.83 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.84
English translation of equity pledge agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Beijing Foshan Yongliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.84 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
137
Exhibit No.
Description of Exhibit
4.85
English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Meiliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.85 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.86
English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Zhiliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.86 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.87
English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Beijing Boteng Consulting Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.87 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.88
English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Shangtai Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.88 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.89
English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Renliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.89 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.90
English translation of exclusive call option agreement among Zhuhai Bright Scholar, Ms. Meirong Yang and Mr. Wenjie Yang, and Foshan Yongliang Education Technology Co., Ltd. dated August 13, 2021 (incorporated by reference to Exhibit 4.90 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.91
English Translation of Rights and Obligations Assumption Letter executed by Aijia Education Training (Shanghai) Co., Ltd. dated May 20, 2021 (incorporated by reference to Exhibit 4.91 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.92
English Translation of Rights and Obligations Assumption Letter executed by Anqiu Lelebao Kindergarten dated April 14, 2021 (incorporated by reference to Exhibit 4.92 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.93
English Translation of Rights and Obligations Assumption Letter executed by Beijing Bright Scholar Education Consulting Limited Co., Ltd. dated August 31, 2021 (incorporated by reference to Exhibit 4.93 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.94
English Translation of Rights and Obligations Assumption Letter executed by Beijing Chaoyang Bright Scholar Training School dated August 31, 2021 (incorporated by reference to Exhibit 4.94 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.95
English Translation of Rights and Obligations Assumption Letter executed by Guangzhou Elan Education Consulting Co., Ltd. dated August 31, 2021 (incorporated by reference to Exhibit 4.95 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.96
English Translation of Rights and Obligations Assumption Letter executed by Henan Lelebao Education Consulting Management Co. Ltd. dated May 21, 2021 (incorporated by reference to Exhibit 4.96 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.97
English Translation of Rights and Obligations Assumption Letter executed by Jurong Lelebao Yunxiyuan Kindergarten dated May 21, 2021 (incorporated by reference to Exhibit 4.97 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.98
English Translation of Rights and Obligations Assumption Letter executed by Shanghai Xinghanhai Education Technology Co., Ltd. dated August 31, 2021 (incorporated by reference to Exhibit 4.99 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.99
English Translation of Rights and Obligations Assumption Letter executed by Shanghai Yuhanlin Education Technology Co., Ltd. dated August 31, 2021 (incorporated by reference to Exhibit 4.99 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
138
Exhibit No.
Description of Exhibit
4.100
English Translation of Rights and Obligations Assumption Letter executed by Shenzhen Elan Education Training Co., Ltd. dated August 31, 2021 (incorporated by reference to Exhibit 4.100 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.101
English Translation of Rights and Obligations Assumption Letter executed by Shouguang Feicui Huafu Lelebao Kindergarten dated April 21, 2021 (incorporated by reference to Exhibit 4.101 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.102
English Translation of Rights and Obligations Assumption Letter executed by Tianjin Wuqing Ziquantingyuan Lelebao Kindergarten dated February 24, 2021 (incorporated by reference to Exhibit 4.102 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.103
English Translation of Rights and Obligations Assumption Letter executed by Xianning Bright Scholar Country Garden Bilingual School dated June 8, 2021 (incorporated by reference to Exhibit 4.103 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.104
English Translation of Rights and Obligations Assumption Letter executed by Jiangxi Leti Culture and Tourism Development Co., Ltd. dated November 24, 2021 (incorporated by reference to Exhibit 4.104 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.105
English Translation of Rights and Obligations Assumption Letter executed by Tongxiang Wuzhen Leti Camping Operation Management Co., Ltd. dated May 6, 2021 (incorporated by reference to Exhibit 4.105 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.106
English Translation of Rights and Obligations Assumption Letter executed by Jiangxi Leyan Education Management Co., Ltd. dated January 12, 2021 (incorporated by reference to Exhibit 4.106 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.107
English Translation of Rights and Obligations Assumption Letter executed by Jiangxi Jingrui International Travel Agency Co., Ltd. dated January 12, 2021 (incorporated by reference to Exhibit 4.107 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
4.108
English Translation of Rights and Obligations Assumption Letter executed by Fuzhou Leti Camping Operation Management Co., Ltd. dated January 12, 2021 (incorporated by reference to Exhibit 4.108 of our Form 20-F (file No. 001-38077) filed with the Securities and Exchange Commission on January 18, 2022)
8.1*
List of subsidiaries and affiliated entities of the Registrant
11.1
Code of business conduct and ethics (incorporated by reference to Exhibit 99.1 of our Registration Statement on Form F-1 (file No. 333-217359) filed with the Securities and Exchange Commission on April 18, 2017)
11.2*
Insider Trading Policy
12.1*
CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002
12.2*
CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002
13.1**
CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002
13.2**
CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002
15.1*
Consent of JunHe LLP
15.2*
Consent of Deloitte Touche Tohmatus Certified Public Accountants LLP
101.INS*
Inline XBRL Instance Document
101.SCH*
Inline XBRL Taxonomy Extension Schema Document.
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*
Filed with this annual report
on Form 20-F
**
Furnished with this annual report
on Form 20-F
139
SIGNATURES
The registrant hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this
annual report on its behalf.
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
By:
/s/ Ruolei Niu
Name:
Ruolei Niu
Title:
Chief Financial Officer
Date: June 21, 2023
140
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm
(PCAOB ID
1113
)
F-
2
Consolidated Balance Sheets as of August 31, 2021 and 2022
F-5
Consolidated Statements of Operations for the years ended August 31, 2020, 2021 and 2022
F-
7
Consolidated Statements of Comprehensive Income for the years ended August 31, 2020, 2021 and 2022
F-
8
Consolidated Statements of Shareholders' Equity for the years ended August 31, 2020, 2021 and 2022
F-
9
Consolidated Statements of Cash Flows for the years ended August 31, 2020, 2021 and 2022
F-
10
Notes to Consolidated Financial Statements
F-
12
Schedule 1-Condensed Financial Statement of Bright Scholar Education Holdings Limited
F-
55
F-
1
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Bright
Scholar Education Holdings Limited
Opinion
of the Financial Statements
We
have audited the accompanying consolidated balance sheets of Bright Scholar Education H
oldings Limited and its subsidiaries (the
"Company") as of August 31, 2021 and 2022, the related consolidated statements of operations, comprehensive income, shareholders'
equity and cash flows for each of the three years in the period ended August 31, 2022, and the related notes and the schedule (collectively
referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of August 31, 2021 and 2022, and the results of their operations and their cash flows for each
of the three years in the period ended August 31, 2022, in conformity with accounting principles generally accepted in the United States
of America.
Convenience Translation
Our
audits also comprehended the translation of Renminbi amounts into United States dollar amounts and, in our opinion, such translation
has been made in conformity with the basis stated in Note 2(i). Such United States dollar amounts are presented solely for the convenience
of the readers.
Restatement of Previously Issued Financial Statements
As discussed in Note 2(d) to the financial statements, the
Company has restated its 2020 and 2021 financial statements to correct errors relating to lease accounting.
Basis for Opinion
These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the
risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those
risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below
are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to
the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our
especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion
on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate
opinion on the critical audit matters or on the accounts or disclosures to which they relate.
F-
2
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Critical Audit Matters (Continued)
Goodwill and indefinite lived intangible assets —
Overseas Schools reporting unit — Refer to Notes 2, 8 and 10 to the financial statements
Critical Audit Matter Description
Management conducts an impairment assessment annually or more frequently
if events or circumstances indicate that the carrying values of goodwill and indefinite lived intangible assets may be impaired. The Company's
impairment evaluation involves the comparison of the fair values to the carrying values of each reporting unit and the comparison of the
fair values to the carrying values of each indefinite lived intangible asset. The fair value of each reporting unit is estimated by management
using the discounted cash flow model. The fair values of indefinite lived intangible assets are estimated by management using the relief-from-royalty
method. The determination of the fair values of the reporting units and the indefinite lived intangible assets requires management to
make significant estimates and assumptions. In particular, the fair value estimate is sensitive to certain assumptions, such as discount
rate, terminal growth rate and royalty rate as well as others used to project future cash flows, such as forecasts of future revenues.
These assumptions were affected by management's business plans and expectations about future market and economic conditions, including
the impact of the Coronavirus Disease 2019 ("COVID-19") pandemic.
As of August 31, 2022, the carrying values of
the goodwill and indefinite lived intangible assets, net of impairment allocated to the Overseas Schools segment, which also represents
as Overseas Schools Reporting Unit, were RMB 704.7 million and RMB 252.7 million, respectively. Based on the Company's annual impairment
test performed as of August 31, 2022, the Company recognized impairment loss of RMB 419.8 million on goodwill and RMB 113.4 million on
indefinite lived intangible assets associated with Overseas Schools reporting unit, respectively, for the year ended August 31, 2022.
We identified goodwill and indefinite lived intangible
assets impairment assessments for Overseas Schools reporting unit as a critical audit matter because of the significant estimates and
assumptions made by management in estimating the fair values. This required a high degree of auditor judgment and an increased extent
of effort, including the need to involve our valuation specialists, when performing audit procedures to evaluate the reasonableness of
management's estimates and assumptions relating to discount rate, terminal growth rate, royalty rate, forecasts of future revenue,
specifically due to the sensitivity of Overseas Schools' operations to changes of the market and economic conditions.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to discount rate,
terminal growth rate and royalty rate and forecasts of future revenue used by management to estimate the fair values of the Overseas Schools
reporting unit and indefinite lived intangible assets included the following, among others:
●
We evaluated management's ability to appropriately forecast future
revenue by comparing actual results to management's historical forecasts.
●
We evaluated the reasonableness of management's forecasts
of future revenue by comparing the forecasts to:
–
Historical and current performances.
–
Future business plans, developed by the management of the
Overseas Schools reporting unit.
–
Current industry and economic trends, including the impact
of COVID-19 pandemic.
●
With the assistance of our valuation specialists, we evaluated the
reasonableness of the (1) valuation methodology, (2) terminal growth rate, (3) discount rate and (4) royalty rate, including testing the
source information underlying the determination of the terminal growth rate, discount rate and royalty rate, and the mathematical accuracy
of the calculation, and developing an independent estimate of discount rate and comparing it to the discount rate selected by management.
F-
3
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Critical Audit Matters (Continued)
Leases— Overseas
Schools segment— Refer to Notes 2 and 15 to the financial statements
Critical Audit Matter Description
When measuring the operating lease right-of-use
assets and operating lease liabilities, the Company calculates the present value of the future lease payments over lease term. The determination
of expected future lease payments requires the Company consider whether the variable lease payments in the future, should be included
in the lease payments.
As of August 31, 2022, the Company had RMB 1,453.8
million of operating lease right-of-use assets and RMB 1,543.8 million of operating lease liabilities, of which RMB 1,297.3 million of
operating lease right-of-use assets and RMB 1,363.5 million of operating lease liabilities were derived from operations in Overseas Schools
segment. As of August 31, 2022, RMB 872.1 million of operating lease right-of-use assets and RMB 897.0 million of operating lease liabilities
are subject to terms of variable payments in the lease agreements. Whether operating lease right-of-use assets and operating lease liabilities
are accurately computed and recorded may have a significant effect on the Company's consolidated financial statements. Given the
high amounts of payments and the variety of payment terms in the lease agreements, we identified the evaluation of the variable payments
to be included in or excluded from the lease payments in Overseas Schools segment, as a critical audit matter. The audit of appropriate
application of variable lease payments required an increased extent of effort, when performing audit procedures to evaluate the reasonableness
of Company's determination of lease payments.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the evaluation
of the payments of leases included or excluded from lease payments included the following, among others:
●
We performed audit procedures that included, testing the accuracy of
data used in the calculation of the operating lease right-of-use assets and operating lease liabilities, by agreeing the underlying inputs,
such as lease term and payment terms to source documents on a sample basis.
●
We examined the lease contracts on a sample basis and assessed whether
management's assessment on the nature of payments to be included or excluded from the lease payment that are consistent with guidance
in Accounting Standards Codification 842, Leases ("ASC 842").
/s/
Deloitte Touche Tohmatsu
Certified Public Accountants LLP
Guangzhou, China
June 21, 2023
We have served as the Company's auditor since 2016.
F-
4
BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except shares and par value
data)
As of
August 31,
As of August 31,
Notes
2021
2022
RMB
RMB
USD
As Restated
Note 2(i)
Note 2(d)
ASSETS
Current assets
Cash and cash equivalents
27
844,684
664,769
96,497
Restricted cash, net of allowance of RMB
119
and RMB
30
as of August 31, 2021 and 2022, respectively
27
669,029
191,365
27,778
Accounts receivable, net of allowance of RMB
19,895
and RMB
13,793
as of August 31, 2021 and 2022, respectively
17
41,723
18,084
2,625
Amounts due from related parties, net of allowance of RMB
233
and RMB
572
as of August 31, 2021 and 2022, respectively
21
15,087
196,626
28,542
Other receivables, deposits and other assets, net of allowance of RMB
797
and RMB
1,677
as of August 31, 2021 and 2022, respectively
6
81,119
112,762
16,369
Inventories
7,579
6,869
997
Amounts due from Affected Entities, net of allowance of RMB
nil
and RMB
nil
as of August 31, 2021 and 2022, respectively*
3, 21
2,028,866
-
-
Assets held for sale
-
11,258
1,634
Total current assets
3,688,087
1,201,733
174,442
Restricted cash – non current
27
1,450
1,650
240
Property and equipment, net
7
519,452
393,277
57,088
Intangible assets, net
8
485,822
322,896
46,871
Goodwill, net
10
1,950,186
1,433,916
208,146
Long-term investments
9
75,443
40,486
5,877
Prepayments for construction contracts
5,974
4,894
711
Deferred tax assets, net
19
64,096
85,103
12,354
Other non-current assets, net of allowance of RMB
829
and RMB
237
as of August 31, 2021 and 2022, respectively
11
68,217
15,343
2,226
Operating lease right-of-use assets – non current
15
1,693,463
1,453,833
211,037
Total non-current assets
4,864,103
3,751,398
544,550
TOTAL ASSETS
8,552,190
4,953,131
718,992
LIABILITIES AND EQUITY
Current liabilities
Accounts payable (including accounts payable of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
10,941
and RMB
6,154
as of August 31, 2021 and 2022, respectively)
73,411
100,229
14,549
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
5,641
and RMB
294,164
as of August 31, 2021 and 2022,  respectively)
21
40,445
343,032
49,794
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited RMB
13,876
and RMB
27,790
as of August 31, 2021 and 2022, respectively)
13
234,036
262,490
38,104
Short-term loans (including short-term loans of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
nil
and RMB
nil
as of August 31, 2021 and 2022, respectively)
14
753,754
149,239
21,663
Income tax payable (including income tax payable of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
19,091
and RMB
19,983
as of August 31, 2021 and 2022, respectively)
178,213
85,856
12,463
Contract liabilities – current (including contract liabilities of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
139,126
and RMB
107,494
as of August 31, 2021 and 2022, respectively)
17
425,954
516,731
75,008
Refund liabilities – current (including refund liabilities of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
10,398
and RMB
9,458
as of August 31, 2021 and 2022, respectively)
17
32,362
20,517
2,978
Operating lease liabilities – current (including operating lease liabilities of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
12,005
and RMB
20,779
as of August 31, 2021 and 2022, respectively)
15
122,995
104,515
15,171
Bond payable (including bond payable of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
nil
and RMB
nil
as of August 31, 2021 and 2022, respectively)
12
1,836,362
-
-
Amounts due to Affected Entities (including amounts due to Affected Entities of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
276,378
and RMB
nil
as of August 31, 2021 and 2022, respectively)*
3, 21
333,270
-
-
Total current liabilities
4,030,802
1,582,609
229,730
Non-current contract liabilities (including non-current portion of contract liabilities of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
1,084
and RMB
1,108
as of August 31, 2021 and 2022, respectively)
17
1,421
2,203
320
Deferred tax liabilities, net (including deferred tax liabilities, net of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
9,561
and RMB
9,551
as of August 31, 2021 and 2022, respectively)
19
26,744
21,707
3,151
F-
5
BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
- CONTINUED
(Amounts in thousands, except shares and par value
data)
As of
August 31,
As of August 31,
Notes
2021
2022
RMB
RMB
USD
As Restated
Note 2(i)
Note 2(d)
Long-term loan (including long-term loan of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited RMB
nil
and RMB
nil
as of August 31, 2021 and 2022, respectively)
14
616
633
92
Other non-current liabilities due to related parties (including other non-current liabilities due to related parties of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
13,154
and RMB
11,197
as of August 31, 2021 and 2022, respectively)
21
13,154
11,197
1,625
Operating lease liabilities – non current (including operating lease liabilities – non current of the consolidated VIEs without recourse to Bright Scholar Education Holdings Limited of RMB
83,475
and RMB
72,464
as of August 31, 2021 and 2022, respectively)
15
1,672,577
1,439,239
208,918
Total non-current liabilities
1,714,512
1,474,979
214,106
TOTAL LIABILITIES
5,745,314
3,057,588
443,836
Commitments and Contingencies
22
EQUITY
Share capital (US$
0.00001
par value;
118,928,526
shares issued and outstanding as of August 31, 2021,
118,669,795
shares issued and outstanding as of August 31, 2022)
16
8
8
1
Additional paid-in capital
1,727,020
1,693,358
245,806
Statutory reserves
2,531
14,872
2,159
Accumulated other comprehensive income
168,324
34,401
4,994
Retained earnings (accumulated deficit)
648,944
(
72,737
)
(
10,558
)
Shareholders' equity
2,546,827
1,669,902
242,402
Non-controlling interests
23
260,049
225,641
32,754
TOTAL EQUITY
2,806,876
1,895,543
275,156
TOTAL LIABILITIES AND EQUITY
8,552,190
4,953,131
718,992
*
The Affected Entities refer to the schools and entities been
affected by the Implementation Rules and consequently deconsolidated on August 31, 2021. They became the related parties of the Company
since September 1, 2021.
The accompanying notes are an integral part of these consolidated
financial statements.
F-
6
BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED
CONSOLIDATED STATEMENTS
OF OPERATIONS
FOR THE YEARS ENDED AUGUST
31, 2020, 2021 AND 2022
(Amounts in thousands, except for share and per
share data)
Notes
2020
2021
2022
RMB
RMB
RMB
USD
Continuing operations
Note 2(i)
Revenue
17
1,476,347
1,401,780
1,713,965
248,797
Cost of revenue
(
1,059,537
)
(
1,180,263
)
(
1,237,306
)
(
179,606
)
Gross profit
416,810
221,517
476,659
69,191
Selling, general and administrative expenses
(
562,600
)
(
535,878
)
(
539,893
)
(
78,370
)
Other operating income
34,761
24,969
5,339
775
Impairment loss on property and equipment
-
-
(
6,586
)
(
956
)
Impairment loss on operating lease right-of-use assets
(
12,772
)
(
15,575
)
(
8,861
)
(
1,286
)
Impairment loss on intangible assets
-
-
(
113,385
)
(
16,459
)
Impairment loss on goodwill
-
(
84,730
)
(
419,805
)
(
60,938
)
Operating loss
(
123,801
)
(
389,697
)
(
606,532
)
(
88,043
)
Interest expense, net
(
162,912
)
(
169,693
)
(
127,840
)
(
18,557
)
Investment income
54,166
129,575
135,309
19,641
Other expenses
(
10,364
)
(
10,137
)
(
5,808
)
(
843
)
Loss before income taxes and share of equity in loss of unconsolidated affiliates
(
242,911
)
(
439,952
)
(
604,871
)
(
87,802
)
Income tax expense
19
(
63,815
)
(
94,176
)
(
58,919
)
(
8,553
)
Share of equity in loss of unconsolidated affiliates
(
595
)
(
1,018
)
(
39,747
)
(
5,770
)
Net loss from continuing operations
(
307,321
)
(
535,146
)
(
703,537
)
(
102,125
)
Income from discontinued operations, net of tax
3
471,495
369,343
-
-
Net income/(loss)
164,174
(
165,803
)
(
703,537
)
(
102,125
)
Less: Net income/(loss) attributable to the non-controlling interests
23
3,169
(
112,998
)
5,803
842
Net income/(loss) attributable to Bright Scholar Education Holdings Limited ordinary shareholders
161,005
(
52,805
)
(
709,340
)
(
102,967
)
Amounts attributable to Bright Scholar Education Holdings Limited shareholders
Net loss from continuing operations
(
316,878
)
(
540,768
)
(
709,340
)
(
102,967
)
Income from discontinued operations, net of tax
477,883
487,963
-
-
Net income/(loss) attributable to Bright Scholar Education Holdings Limited shareholders
161,005
(
52,805
)
(
709,340
)
(
102,967
)
Net earnings/(loss) per share attributable to ordinary shareholders
—
basic and diluted:
Net loss from continuing operations attributable to ordinary shareholders
20
(
2.64
)
(
4.54
)
(
5.98
)
(
0.87
)
Net income from discontinued operations attributable to ordinary shareholders
20
3.98
4.09
-
-
Net income/(loss) attributable to Bright Scholar Education Holdings Limited shareholders
20
1.34
(
0.45
)
(
5.98
)
(
0.87
)
Weighted average shares used in calculating net earnings/(loss) per ordinary share, basic and diluted
20
120,158,001
119,220,331
118,697,495
118,697,495
The accompanying
notes are an integral part of these consolidated financial statements.
F-
7
BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED
CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED AUGUST
31, 2020, 2021 AND 2022
(Amounts in thousands)
2020
2021
2022
RMB
RMB
RMB
USD
Note 2(i)
Net income/(loss)
164,174
(
165,803
)
(
703,537
)
(
102,125
)
Other comprehensive income
/
(expense), net of tax
Foreign currency translation adjustment
106,387
(
17,156
)
(
133,840
)
(
19,428
)
Other comprehensive income/(loss)
106,387
(
17,156
)
(
133,840
)
(
19,428
)
Comprehensive income/(loss)
270,561
(
182,959
)
(
837,377
)
(
121,553
)
Less: comprehensive income/(loss) attributable to non-controlling interests
3,140
(
113,107
)
5,886
854
Comprehensive income/(loss) attributable to ordinary shareholders
267,421
(
69,852
)
(
843,263
)
(
122,407
)
The accompanying notes are an integral part of these consolidated
financial statements.
F-
8
BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED
CONSOLIDATED STATEMENTS
OF SHAREHOLDERS' EQUITY
(Amounts in thousands, except for share data)
Share capital
Additional
paid-in
capital
Statutory
reserves
Retained
earnings
(accumulated
deficit)
Accumulated
other
comprehensive
income
Total Bright
Scholar
Education
Holdings
Limited
shareholders'
equity
Non-
controlling
interests
Total
equity
Number of shares
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
Balance as of August 31, 2019
120,585,274
8
2,105,189
64,945
472,339
78,955
2,721,436
361,832
3,083,268
Net income for the year
—
—
—
—
161,005
—
161,005
3,169
164,174
Acquisition of subsidiaries
—
—
—
—
—
—
—
27,583
27,583
Capital injection
—
—
—
—
—
—
—
2,650
2,650
Foreign currency translation adjustment
—
—
—
—
—
106,416
106,416
(
29
)
106,387
Repurchase of ordinary shares**
—
—
(
56,058
)
—
—
—
(
56,058
)
—
(
56,058
)
Cancellation of Treasury Stock**
(
569,732
)
*
*
—
—
—
—
—
—
Share-based compensation (Note 18)
—
—
(
10,631
)
—
—
—
(
10,631
)
—
(
10,631
)
Provision for statutory reserves
—
—
—
622
(
622
)
—
—
—
—
Distribution of dividends to shareholders***
—
—
(
184,238
)
—
—
—
(
184,238
)
—
(
184,238
)
Distribution of dividends to non-controlling interest shareholders****
—
—
—
—
—
—
—
(
3,104
)
(
3,104
)
Disposal of a subsidiary
—
—
—
—
—
—
—
(
5,650
)
(
5,650
)
Balance as of August 31, 2020
120,015,542
8
1,854,262
65,567
632,722
185,371
2,737,930
386,451
3,124,381
Cumulative-effect adjustment upon adoption of ASC Topic 326
—
—
—
—
(
4,244
)
—
(
4,244
)
—
(
4,244
)
Net loss for the year
—
—
—
—
(
52,805
)
—
(
52,805
)
(
112,998
)
(
165,803
)
Loss of control over Affected Entities (Note 3)
—
—
(
10,235
)
(
64,945
)
75,180
—
—
—
—
Acquisition of subsidiaries (Note 4)
—
—
—
—
—
—
—
18,012
18,012
Capital injection
—
—
—
—
—
—
—
1,370
1,370
Foreign currency translation adjustment
—
—
—
—
—
(
17,047
)
(
17,047
)
(
109
)
(
17,156
)
Repurchase of ordinary shares**
—
—
(
24,628
)
—
—
—
(
24,628
)
(
24,628
)
Cancellation of Treasury Stock**
(
1,058,389
)
*
*
—
—
—
—
—
—
Share-based compensation (Note 18)
—
—
1,865
—
—
—
1,865
—
1,865
Provision for statutory reserves
—
—
—
1,909
(
1,909
)
—
—
—
—
Distribution of dividends to shareholders***
—
—
(
92,554
)
—
—
—
(
92,554
)
—
(
92,554
)
Distribution of dividends to non-controlling interest shareholders****
—
—
—
—
—
—
—
(
17,697
)
(
17,697
)
Acquisition of additional interest in subsidiaries of non-controlling
    interests
—
—
(
1,690
)
—
—
—
(
1,690
)
(
14,980
)
(
16,670
)
Balance as of August 31, 2021 in RMB
118,957,153
8
1,727,020
2,531
648,944
168,324
2,546,827
260,049
2,806,876
Net (loss)/income for the year
—
—
—
—
(
709,340
)
—
(
709,340
)
5,803
(
703,537
)
Capital injection
—
—
1,000
—
—
—
1,000
6,160
7,160
Foreign currency translation adjustment
—
—
—
—
—
(
133,923
)
(
133,923
)
83
(
133,840
)
Repurchase of ordinary shares**
—
—
(
9,245
)
—
—
—
(
9,245
)
—
(
9,245
)
Cancellation of Treasury Stock**
(
287,358
)
—
—
—
—
—
—
—
—
Share-based compensation (Note 18)
—
—
(
816
)
—
—
—
(
816
)
—
(
816
)
Provision for statutory reserves
—
—
—
12,341
(
12,341
)
—
—
—
—
Distribution of dividends to non-controlling interest shareholders****
—
—
—
—
—
—
—
(
27,473
)
(
27,473
)
Acquisition of additional interest in subsidiaries of non-controlling
    interests
—
—
(
24,601
)
—
—
—
(
24,601
)
(
18,981
)
(
43,582
)
Balance as of August 31, 2022 in RMB
118,669,795
8
1,693,358
14,872
(
72,737
)
34,401
1,669,902
225,641
1,895,543
Balance as of August 31, 2022 in USD
118,669,795
1
245,806
2,159
(
10,558
)
4,994
242,402
32,754
275,156
The accompanying notes are an integral part of these consolidated
financial statements.
Note*:
The amount is less than RMB one thousand.
N
ote**:
The repurchase of ordinary shares is accounted for under the cost method whereby the entire cost of the acquired ordinary shares is recorded
as treasury stock. During the years ended August 31, 2020, 2021 and 2022, the Group repurchased a total of 1,096,312, 560,436 and 258,731
ordinary shares from the market for a cash consideration of RMB 56,058, RMB 24,628, and RMB 9,245, respectively. Total of 569,732 ordinary
shares, 1,058,389 ordinary shares and 287,358 ordinary shares have been cancelled by the Group during the years ended August 31, 2020,
2021 and 2022, respectively. As of August 31, 2022, the number of treasury stock is nil.
Note***
:
Board of directors (the "Board") has approved and declared a cash dividend of US$0.12, US$0.12 and US$0.12 per ordinary
shares in September 2019, July 2020 and July 2021, respectively. The total amount of cash dividends distributed is US$26,000 (equivalents
to RMB 184,238) and US$14,326 (equivalents to RMB 92,554) during the years ended August 31, 2020 and 2021, respectively. The cash dividend
has been fully paid as of August 31, 2020 and 2021, respectively.
Note****:
The C
ompany has distributed a cash dividend of RMB 3,104, RMB 17,697 and RMB 27,473 to the non-controlling interest shareholders
during the years ended August 31, 2020, 2021 and 2022, respectively. The cash dividend has been fully paid as of August 31, 2020, 2021
and 2022, respectively.
F-
9
BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED
CONSOLIDATED STATEMENTS
OF CASH FLOWS
FOR
THE YEARS ENDED AUGUST 31, 2020, 2021 AND 20
22
(Amounts in thousands)
Notes
2020
2021
2022
RMB
RMB
RMB
USD
As Restated
As Restated
Note 2(i)
Note 2(d)
Note 2(d)
Cash flows from operating activities
Net income/(loss) for the year
164,174
(
165,803
)
(
703,537
)
(
102,125
)
Adjustments to reconcile net cash flows from operating activities:
Depreciation
153,850
188,831
98,120
14,243
Amortization of land use rights
2,128
2,127
—
—
Amortization of intangible assets
41,447
30,781
17,814
2,586
Noncash lease expense
143,268
251,360
132,392
19,218
Impairment loss on goodwill
68,723
84,730
419,805
60,938
Impairment loss on intangible assets
—
—
113,385
16,459
Impairment loss on operating lease right-of-use assets
12,772
15,575
8,861
1,286
Impairment loss on property and equipment
—
—
6,586
956
Gain on lease early termination
—
—
(
17,022
)
(
2,472
)
Provision/(reversal) of current expected credit losses
—
7,077
(
5,835
)
(
847
)
Finance costs
15,161
15,746
19,853
2,882
Loss on disposal of property and equipment
438
187
582
84
Share of equity in loss of unconsolidated affiliates*
595
1,218
39,747
5,770
Share-based compensation
(
10,631
)
1,865
(
816
)
(
118
)
Gain on disposal of a subsidiary
(
14,865
)
—
—
—
Loss on deconsolidation of Affected Entities
—
261,267
—
—
Investment income
(
211
)
—
(
83,787
)
(
12,162
)
Deferred income taxes
(
12,971
)
(
44,342
)
(
33,535
)
(
4,868
)
Changes in operating assets and liabilities and other, net:
Accounts receivable
5,467
(
37,966
)
27,279
3,960
Inventories
(
1,345
)
(
2,736
)
710
103
Amounts due from related parties
(
7,868
)
897
(
12,361
)
(
1,794
)
Other receivables, deposits and other assets
7,746
(
2,194
)
(
36,650
)
(
5,320
)
Accounts payable
(
7,876
)
997
36,857
5,350
Amounts due to related parties
3,605
(
2,349
)
86,533
12,561
Accrued expenses and other current liabilities
6,256
220,334
74,936
10,878
Contract liabilities
(
25,249
)
162,810
114,800
16,664
Refund liabilities
23,802
(
70,712
)
(
11,845
)
(
1,719
)
Other assets and liabilities
30,847
(
20,677
)
(
132,071
)
(
19,171
)
Operating lease liabilities
(
108,036
)
(
200,215
)
(
113,628
)
(
16,494
)
Net cash provided by operating activities
491,227
698,808
47,173
6,848
Cash flows from investing activities
Purchase of short-term investments
5
(
2,156,550
)
(
3,892,690
)
(
2,337,000
)
(
339,236
)
Proceed from redemption of short-term investments upon maturity
5
2,390,010
3,905,707
1,536,494
223,036
Additions of property and equipment and intangible assets
(
149,763
)
(
158,673
)
(
89,644
)
(
13,013
)
Proceeds from sale of property and equipment
1,539
2,189
2,949
428
Acquisition of subsidiaries, net of cash acquired of RMB
41,413
, RMB
164
and RMB
nil
in 2020, 2021 and 2022, respectively
5,179
(
1,755
)
—
—
Payment for an equity method investment
(
42,000
)
(
1,134
)
—
—
Disposal of a subsidiary, net of cash disposed of RMB
6,192
, RMB
nil
, RMB
nil
in 2020, 2021 and 2022, respectively
24,152
—
—
—
Net cash outflow from loss of control of Affected Entities
—
(
2,912,290
)
—
—
Purchase of long-term investments
9
—
(
21,890
)
(
5,000
)
(
726
)
Proceed from redemption of long-term investment
9
—
1,500
—
—
Proceeds from loan receivable
—
—
55,432
8,046
Net cash provided by/(used in) investing activities
72,567
(
3,079,036
)
(
836,769
)
(
121,465
)
*
This amount included share of equity in loss of unconsolidated
affiliates in discontinued operation.
F-
10
BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED
CONSOLIDATED STATEMENTS
OF CASH FLOWS
FOR
THE YEARS ENDED AUGUST 31, 2020, 2021 AND 20
22 - CONTINUED
(Amounts in thousands)
Note
2020
2021
2022
RMB
RMB
RMB
USD
As Restated
As Restated
Note 2(i)
Note 2(d)
Note 2(d)
Cash flows from financing activities
Payments for purchase of non-controlling interest
—
(
16,670
)
(
43,582
)
(
6,326
)
Advances from related parties
—
—
1,806,663
262,254
Repayments for advances from related parties
(
8,732
)
—
—
—
Proceeds from related party loan
—
—
480,000
69,676
Repayment for related party loan
—
—
(
480,000
)
(
69,676
)
Repurchase of ordinary shares
(
56,058
)
(
24,628
)
(
9,245
)
(
1,342
)
Dividend to shareholders
(
184,238
)
(
92,554
)
—
—
Dividend to non-controlling interests
(
3,104
)
(
17,697
)
(
27,473
)
(
3,988
)
Proceeds from bank loans
1,016,219
1,047,188
629,008
91,306
Repayment for bank loans
(
50,000
)
(
1,228,550
)
(
1,221,799
)
(
177,355
)
Repurchase of bonds
(
10,659
)
(
80,174
)
(
394,756
)
(
57,302
)
Redemption of bonds
—
—
(
1,513,460
)
(
219,693
)
Capital injection from non-controlling interests
2,650
1,370
7,160
1,039
Proceeds from promissory note
—
—
877,487
127,375
Payment for acquisition of Chengdu Yinzhe
(
30,375
)
(
22,579
)
—
—
Payment for acquisition of Leti
—
—
(
2,500
)
(
363
)
Payment for acquisition of Linstitute
—
(
12,240
)
(
6,120
)
(
888
)
Net cash provided by/(used in) financing activities
675,703
(
446,534
)
101,383
14,717
Net increase/(decrease) in cash and cash equivalents, and restricted cash
1,239,497
(
2,826,762
)
(
688,213
)
(
99,900
)
Cash and cash equivalents and restricted cash at beginning of the year
3,265,014
4,423,937
1,515,163
219,939
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(
80,574
)
(
82,012
)
30,834
4,476
Cash and cash equivalents and restricted cash at end of the year
27
4,423,937
1,515,163
857,784
124,515
Supplemental disclosure of cash flow information:
Income tax paid
67,869
68,602
153,821
22,328
Non-cash investing and financing activities:
For the years ended of August 31, 2020, 2021 and 2022
Acquisition of subsidiaries
38,416
—
—
—
Accounts payable balance for acquisition of property and equipment
(
13,038
)
(
14,668
)
(
5,205
)
(
756
)
Amounts due to related parties balance for acquisition of property and equipment
(
15,545
)
(
19,519
)
(
512
)
(
74
)
Right-of-use assets obtained in exchange for the new operating lease liabilities
(Note 15)
141,000
179,968
86,116
12,501
Decrease of Right-of-use assets for early termination
14,019
23,815
55,908
8,116
Decrease of amount due to related parties by offsetting with short-term investments (Note 21)
—
—
884,293
128,363
Increase of amount due from related parties from disposal of property and equipment (Note 21)
—
—
57,998
8,419
The accompanying notes are an integral part of these consolidated
financial statements.
F-
11
BRIGHT SCHOLAR EDUCATION
HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
(Amounts in thousands, except for share and per
share data, unless otherwise stated)
1.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Bright
Scholar Education Holdings L
imited (the "Company") was incorporated under the laws of Cayman Islands on December 16,
2016. The Company, its subsidiaries, schools, its variable interest entities (the "VIE"s) and its VIEs' subsidiaries and schools
(collectively referred to as the "Group") are principally engaged in the provision of full spectrum private fundamental education,
including for-profit kindergarten in the People's Republic of China (the "PRC"), complementary education services, operation
services for domestic schools, and education programs and services including independent schools and colleges in United Kingdom (the "UK")
and the United States (the "US").
On May 14, 2021, the General Office of the State Council of the People's
Republic of China (the "PRC State Council") announced the issuance of the Implementation Regulations of the People's
Republic of China on the Law Regarding the Promotion of Private Education (the "Implementation Rules"), which became effective
on September 1, 2021. The Implementation Rules prohibit social organizations and individuals from controlling a private school that provides
compulsory education or a non-profit private school that provides pre-school education by means of merger, acquisition, contractual arrangements,
etc., and a private school providing compulsory education is prohibited from conducting transactions with its related parties, and any
other private school conducting any transaction with any related party shall follow the principles of openness, fairness and impartiality,
fix the price reasonably and regulate the decision-making, and shall not damage the interests of the state and the school or the rights
and interests of the teachers and students, which may impose restrictions on the above-mentioned related party transactions. Compulsory
education in this context means the nine years of curriculum education mandated by the PRC, consisting of six years of primary education
at primary school and three years of secondary education at middle school. Moreover, all Company's international schools provide
partial or complete compulsory education services in the PRC. Pursuant to the Implementation Rules, (1) foreign-invested enterprises established
in China and social organizations whose actual controllers are foreign parties shall not sponsor, participate in or actually control private
schools that provide compulsory education, (2) social organizations or individuals shall not control any private school that provides
compulsory education or any non-profit private school that provides pre-school education by means of merger, acquisition, contractual
arrangements, etc., and (3) private schools providing compulsory education shall not conduct any transaction with any related party.
Under the Implementation Rules, private schools providing compulsory
education is prohibited from being controlled through contractual arrangement and conducting transactions with its related parties and
hence, significantly affects the enforceability of the exclusive management services and business cooperation agreements with the schools
providing compulsory education, including the Company's primary schools, middle schools and international schools. In addition,
the Company's high schools provide high school education services in conjunction with compulsory education under the same school
entities, as such, they are also affected by the Implementation Rules. Such prohibition has significantly affected the enforceability
of the exclusive management services and business cooperation agreements with school entities providing compulsory education. As such, the Company have ceased to recognize revenues for all activities related to the Affected Entities with compulsory education and discontinued
all business activities with such entities, by August 31, 2021 while continuing to provide essential services to keep these schools open.
Furthermore,
taking into account Guangdong Country Garden Education Investment Management Co., Ltd.
("BGY Education
Investment") acts as a special purpose vehicle established as a holding company to hold interest in the Affected Entities and
is engaged in investment in private schools providing compulsory education and not-for-profit kindergartens education as the school
sponsor or the holding company thereof, the contractual arrangements with BGY Education Investment are more likely than not
violating the Implementation Rules, and accordingly, the Company is subject to significant risks of uncertainties of the validity
and enforcement of the contractual arrangements between the Company's wholly owned subsidiary (the "WFOE") Zhuhai
Hengqin Bright Scholar Management Consulting Co. Ltd. ("Zhuhai Bright Scholar"), BGY Education Investment, its
subsidiaries and private schools that provides compulsory education and non-for-profit kindergartens.
As a result of the effectiveness of
the Implementation Rules, the Company would no longer be able to use its power under the contractual arrangements as disclosed in Note
2(b) to direct the relevant activities that would most significantly affect the economic performance of those schools and hence, has lost
control on August 31, 2021 over the private schools providing compulsory education, not-for-profit kindergartens and other enterprises
within China, including BGY Education Investment, that are affected by the Implementation Rules. All such entities are collectively named
as "Affected Entities". The Company assessed the implications of Implementation Rules and concluded that, based on all relevant
facts and circumstances, and after consultation with its PRC legal counsel and external advisors, the ability of the Group to use its
power under the contractual arrangements with BGY Education Investment to direct the relevant activities that would most significantly
affect the economic performance of the Affected Entities had ceased on August 31, 2021 immediately before the Implementation Rules became
effective. Accordingly, the carrying amount related to the net assets of the Affected Entities were deconsolidated from the consolidated
financial statements of the Group as of August 31, 2021.
In
addition, after August 31, 2021,
the remaining businesses of the Group are mainly engaged in the provision of operation services
for domestic schools, including catering and procurement services, for-profit kindergarten education programs and services, complementary
education services, and overseas education programs and services. The schools under the VIE entities are 8 for-profit kindergartens as
of August 31, 2021 and 2022. There were no significant changes in the nature of the Group's principal activities during the year
ended August 31, 2022.
F-
12
1.
ORGANIZATION AND PRINCIPAL ACTIVITIES
- continued
As
of August 31, 2022, details of the material Company's subsidiaries, schools, its VIEs and the VIE's major subsidiaries and schools
of
the continuing operations were as follows:
Name
Place of establishment
Date of establishment
Equity interest
attributed to
the
    Group as of
August 31,
2022
Principal activities
Major wholly owned subsidiaries:
Impetus
Investment Limited ("Impetus")
Cayman
April 1, 2014
100
%
Investment holding
Zhuhai
Hengqin Bright Scholar Management Consulting Co. Ltd. ("Zhuhai Bright Scholar")
PRC
January 24, 2017
100
%
Management consulting service
Time Education China Holdings Limited
Hong Kong
August 16, 2013
100
%
Investment holding
Bright Scholar (Enlightenment) Investment Holdings Limited
Cayman
December 27, 2017
100
%
Investment holding
Shenzhen Qianhai Xingkeyucai Trading Co., Ltd.
PRC
December 15, 2016
100
%
Complementary education services
Can-achieve (Beijing) Education Consulting Co., Ltd.
PRC
May 14, 2008
70
%
Complementary education services
Guangdong Bright Scholar Education Technology Co., Ltd.
PRC
September 26, 2017
100
%
Complementary education services
Guangdong Zhixing Weilai Logistics Management Co., Ltd.
PRC
October 24, 2018
100
%
Complementary education services
Zhuhai Hengqin Dingjia Education Consulting Limited
PRC
March 13, 2019
70
%
Complementary education Services
Bright Scholar (UK) Holdings Limited
UK
July 31, 2018
100
%
Investment holding
CATS Colleges Holdings Limited
UK
March 13, 2019
100
%
Investment holding
Cambridge Arts and Science Limited
UK
October 23, 1997
100
%
Overseas education services
The Worthgate School Canterbury (previously known as CATS Canterbury Limited)
UK
August 29, 2007
100
%
Overseas education services
Guildhouse School London (previously known as CATS College London Limited)
UK
November 17, 2010
100
%
Overseas education services
CATS Academy Boston Inc.
US
July 5, 2012
100
%
Overseas education services
VIEs
of the Company:
Foshan Meiliang Education Technology Co., Ltd.
PRC
August 13, 2021
100
%
Investment holding
Foshan Zhiliang Education Technology Co., Ltd.
PRC
August 13, 2021
100
%
Investment holding
Beijing Boteng Consulting Co., Ltd.
PRC
June 1, 2021
100
%
Investment holding
Foshan Shangtai Education Technology Co., Ltd.
PRC
August 13, 2021
100
%
Investment holding
Foshan Renliang Education Technology Co., Ltd.
PRC
August 12, 2021
100
%
Investment holding
Foshan Yongliang Education Technology Co., Ltd.
PRC
August 13, 2021
100
%
Investment holding
Major subsidiaries and schools of the VIEs:
Foshan Shunde Beijiao Country Garden Guilanshan Kindergarten Co., Ltd.
PRC
November 2, 2018
100
%
Kindergarten education services
Baoding Baigou New City Shenghua Country Garden Kindergarten Co., Ltd.
PRC
August 22, 2019
70
%
Kindergarten education services
Guangzhou Zengcheng Fettes College Kindergarten Co., Ltd.
PRC
September 15, 2020
100
%
Kindergarten education services
Beijing Huanxue International Travel Limited
PRC
October 16, 2020
100
%
Complementary education Services
Foshan Shunde Shengbo Culture and Arts Training Co., Ltd.
PRC
July 16, 2015
100
%
Complementary education services
Chengdu Laizhe Education and Technology Co., Ltd.
PRC
November 12, 2013
85
%
Complementary education services
Shanghai Huodai Commercial Information Consulting Co., Ltd.
PRC
December 14, 2017
51
%
Complementary education services
F-
13
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of presentation
The consolidated financial statements the Group have been
prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP").
As a result of the Implementation Rules stated in Note 1,
the Group has considered that it lost control over Affected Entities providing compulsory education and not-for-profit kindergartens education
in China by August 31, 2021, and therefore deconsolidated the Affected Entities on August 31, 2021. In addition, the Group concluded that
the Affected Entities together represent a group of components of the Group and the deconsolidation represents a strategic shift that
has (or will have) a major effect on the Group's operations and financial results. Therefore, the Group has presented the results
related to the Affected Entities as discontinued operations in its consolidated statements of operations and comprehensive income
for all historical comparative periods presented.
(b) Principles of consolidation
The consolidated financial statements include the financial
statements of the Company, its subsidiaries, schools, its VIEs and the VIEs' subsidiaries and schools. All inter-company transactions
and balances have been eliminated upon consolidation.
Consolidation of VIEs
Prior to the effectiveness of the Implementation Rules,
PRC laws and regulations prohibit foreign ownership of companies and institutions providing compulsory education services at primary and
middle school levels, and restrict foreign investment in education services at the kindergarten and high school level. In addition, the
PRC government regulates the provision of education services through strict licensing requirements.
Accordingly, the Company, through its WFOE, Zhuhai Bright
Scholar, have entered into the following contractual arrangements with BGY Education Investment, BGY Education Investment's subsidiaries
and schools, and BGY Education Investment's shareholders that enable the Company to (1) have power to direct the activities that
most significantly affects the economic performance of the VIE, and (2) receive the economic benefits of the VIE that could be significant
to the VIE.
In
response to the Implementation Rules, a set of supplementary agreements to the contractual arrangements were entered into among Company's
WFOE, Zhuhai Bright Scholar, BGY Education Investment, BGY Education Investment's shareholders and six newly established companies
in August 2021 to enable them, as well as their subsidiaries, to entitle to the same power, rights and obligations of the contractual
arrangements as BGY Education Investment. The six newly established companies, including Foshan Meiliang Education Technology Co., Ltd.,
Foshan Zhiliang Education Technology Co., Ltd., Beijing Boteng Education Consulting Co., Ltd., Foshan Shangtai Education Technology Co.,
Ltd., Foshan Renliang Education Technology Co., Ltd. and Foshan Yongliang Education Technology Co., Ltd. (collectively referred to as
the "New VIEs"), are owned by the same equity shareholders as BGY Education Investment. On the same day, the New VIEs obtained
the equity interest of the subsidiaries providing complementary education services, operation services for domestic schools and for-profit
kindergartens from BGY Education Investment, which were previously held by BGY Education Investment.
Accordingly, the Group had consolidated the financial position and
operating results of BGY Education Investment, new VIEs and its subsidiaries and schools in the consolidated financial statements of the
Company during the year ended August 31, 2020 and 2021 before the Group lost control over the Affected Entities by August 31, 2021 as
a result of the effectiveness of the Implementation Rules. The Company's VIE includes (1) BGY Education Investment and the schools
and subsidiaries it held, prior to August 31, 2021; and (2) the New VIEs and subsidiaries and schools they hold respectively before and
after August 31, 2021.
F-
14
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(b)
Principles of consolidation
- continued
Agreements that provide the Group with effective control
over the VIEs include:
Voting Rights Proxy Agreement & Irrevocable
Power of Attorney
During
the
year ended August 2020 and 2021 before the Group lost control over the Affected Entities by August 31, 2021, under voting right
proxy agreement and irrevocable power of attorney, each of the shareholders of BGY Education Investment has executed a power of attorney
to grant Zhuhai Bright Scholar the power of attorney to act on his or her behalf on all matters pertaining to the BGY Education Investment
and to exercise all of his or her rights as a shareholder of BGY Education Investment, including but not limited to convene, attend and
vote at shareholders' meetings, designate and appoint directors and senior management members. The proxy agreement will remain in
effect unless Zhuhai Bright Scholar terminates the agreement by giving a prior written notice or gives its consent to the termination
by BGY Education Investment.
As agreed in the aforementioned supplementary agreements, including
supplementary irrevocable power of attorney, the irrevocable power of attorney between each of the shareholders of BGY Education Investment
and Zhuhai Bright Scholar was terminated on August 31, 2021 due to the effectiveness of the Implementation Rules. Meanwhile, under the
respective supplementary agreements, the shareholders of New VIEs entitle to the same power, rights and obligations of the contractual
arrangements as the shareholders of BGY Education Investment previously entitled.
Exclusive Call Option Agreement
Under the exclusive call option agreement,
each of the shareholders of BGY Education Investment and the New VIEs granted Zhuhai Bright Scholar or its designated representative(s)
an irrevocable and exclusive option to purchase their equity interests in BGY Education Investment and the New VIEs when and to the extent
permitted by PRC law. Zhuhai Bright Scholar or its designated representative(s) has sole discretion as to when to exercise such options,
either in part or in full. Without Zhuhai Bright Scholar's written consent, the shareholders of BGY Education Investment and the
New VIEs shall not transfer, donate, pledge, or otherwise dispose any equity interests of BGY Education Investment and the New VIEs in
any way. The acquisition price for the shares or assets will be the minimum amount of consideration permitted under the PRC law at the
time when the option is exercised. The agreement cannot be terminated by BGY Education Investment, the New VIEs or their shareholders.
There is no change made on the exclusive call option agreement among
each of the shareholders of BGY Education Investment and Zhuhai Bright Scholar during years ended August 31, 2020, 2021 and 2022. In August
2021, the shareholders of New VIEs entered into the exclusive call option agreement with Zhuhai Bright Scholar, and no change was made
since then.
Equity Pledge Agreement
Under the equity pledge agreement, each of the shareholders pledged
all of their equity interests in BGY Education Investment and the New VIEs to Zhuhai Bright Scholar as collateral to secure their obligations
under the equity pledge agreements. If the shareholders of BGY Education Investment and the New VIEs breach their respective contractual
obligations, Zhuhai Bright Scholar, as pledgee, will be entitled to certain rights, including the right to dispose the pledged equity
interests. Pursuant to the agreement, the shareholders of BGY Education Investment and the New VIEs shall not transfer, assign or otherwise
create any new encumbrance on their respective equity interest in BGY Education Investment and the New VIEs without prior written consent
of Zhuhai Bright Scholar. The equity pledge right held by Zhuhai Bright Scholar will expire when the shareholders of BGY Education Investment
and the New VIEs, and Zhuhai Bright Scholar have fully performed their respective obligations under the Consulting Services Agreement
and Operating Agreement, or the shareholder is no longer a shareholder of BGY Education Investment, the New VIEs or the satisfaction of
all its obligations by BGY Education Investment and the New VIEs under the VIE contractual arrangements.
There is no change made on the equity
pledge agreement among each of the shareholders of BGY Education Investment and Zhuhai Bright Scholar during years ended August 31, 2020,
2021 and 2022. In August 2021, the shareholders of New VIEs entered into the equity pledge agreement with Zhuhai Bright Scholar, and
no change was made since then.
F-
15
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(b)
Principles of consolidation
- continued
The agreements that transfer economic
benefits of BGY Education Investment and the New VIEs to the Group include:
Exclusive Management Services and Business Cooperation
Agreement
During
the
year ended August 2020 and 2021 before the Group lost control over the Affected Entities by August 31, 2021, under the exclusive
management services and business cooperation agreement, BGY Education Investment engages Zhuhai Bright Scholar as its exclusive technical
and operational consultant and under which Zhuhai Bright Scholar agrees to assist in business development and related services necessary
to conduct BGY Education Investment's operational activities. BGY Education Investment shall not seek or accept similar services
from other providers without the prior written approval of Zhuhai Bright Scholar. The agreements will be effective as long as BGY Education
Investment exists. Zhuhai Bright Scholar may terminate this agreement at any time by giving a prior written notice to BGY Education Investment.
As agreed in the aforementioned supplementary
agreements, including supplementary exclusive management services and business cooperation agreement, the exclusive management services
and business cooperation agreement between BGY Education Investment and Zhuhai Bright Scholar was terminated on August 31, 2021 due to
the effectiveness of the Implementation Rules.
Meanwhile, under the respective supplementary
agreements, the New VIEs engages Zhuhai Bright Scholar as its exclusive technical and operational consultant and under which Zhuhai Bright
Scholar agrees to assist in business development and related services necessary to conduct the New VIEs' operational activities.
The New VIEs shall not seek or accept similar services from other providers without the prior written approval of Zhuhai Bright Scholar.
The agreements will be effective as long as the New VIEs exists. Zhuhai Bright Scholar may terminate this agreement at any time by giving
a prior written notice to the New VIEs.
Under the above agreements, the shareholders
of BGY Education Investment (prior to termination of the agreement on August 31, 2021) and the New VIEs irrevocably granted Zhuhai Bright
Scholar the power to exercise all voting rights to which they were entitled in the respective periods. In addition, Zhuhai Bright Scholar
has the option to acquire all of the equity interests in BGY Education Investment and the New VIEs, to the extent permitted by the then-effective
PRC laws and regulations, for nominal consideration in the respective periods. Finally, Zhuhai Bright Scholar is entitled to receive service
fees for services to be provided to BGY Education Investment and the New VIEs in the respective periods.
As of August 31, 2021, based on all relevant facts and circumstances,
and advices from the Company's PRC legal advisor, the Company concluded that it no longer has a controlling interest in the Affected
Entities due to the effectiveness of the Implementation Rules, which resulted to the deconsolidation of the Affected Entities. In addition,
as agreed in the aforementioned supplementary agreements, certain contractual agreements with BGY Education Investment and its shareholders
including exclusive management services and business cooperation agreement and irrevocable power of attorney were terminated on August
31, 2021 due to the effectiveness of the Implementation Rules. Nevertheless, the legal enforceability of the contractual arrangements
with the New VIEs and its subsidiaries and schools is not impacted by the Implementation Rules. During year ended August 31, 2022, the
Group believes that the contractual arrangements with the New VIEs are in compliance with the PRC law and regulations and are legally
enforceable.
The Call Option Agreement and Voting
Rights Proxy Agreement provide the Group with effective control over the BGY Education Investment (prior to August 31, 2021) and the New
VIEs, while the Equity Pledge Agreements secure the obligations of the shareholders of BGY Education Investment (prior to August 31, 2021)
and the New VIEs under the relevant agreements. Because the Group, through Zhuhai Bright Scholar, has (i) the power to direct the
activities of BGY Education Investment (prior to the termination of the
Exclusive Management Services and Business Cooperation Agreement
on August 31, 2021)
and the New VIEs, that most significantly affect the entity's economic performance and (ii) the right
to receive substantially all of the benefits from BGY Education Investment and the New VIEs, the Group is deemed the primary beneficiary
of BGY Education Investment (prior to August 31, 2021) and the New VIEs. Accordingly, the Company consolidates BGY Education Investment's
(prior to August 31, 2021) and the New VIEs' financial results of operations, assets and liabilities in the Group's consolidated
financial statements in the respective periods.
P
rior
to the effective of the Implementation Rules, during the years ended August 31, 2020 and August 31, 2021 before the Group lost control
over the Affected Entities as a result of the effect of the Implementation Rules, the Group believes that the contractual arrangements
with the VIEs are in compliance with the PRC law and regulations and are legally enforceable.
Risks related contractual arrangements
Subsequent to the Implementation Rules became effective
on September 1, 2021, except for Affected Entities, the contractual arrangements continue to be legally enforceable. However, there are
uncertainties regarding the interpretation and application of existing and future PRC laws and regulations. If the ownership structure
of the Company and the contractual arrangements are found to violate any PRC laws or regulations, or if the Company is found to be required
but failed to obtain any of the permits or approvals for its private education business, the relevant PRC regulatory authorities would
have broad discretion in imposing fines or punishments upon the Company for such violations, including:
●
revoking the business and operating licenses of the Group and/or its VIEs;
●
discontinuing or restricting any related-party transactions between the Group and its VIEs;
●
imposing fines and penalties, or imposing additional requirements for the Group's operations with which it, or its VIEs may not be
able to comply;
●
requiring the Group to restructure the ownership and control structure or its current schools;
F-
16
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(b)
Principles of consolidation
- continued
●
restricting or prohibiting the use of the proceeds of the Company's equity offerings to finance its business and operations in China,
particularly the expansion of its business through strategic acquisitions; or
●
restricting the use of financing sources by the Group or its affiliated entities or otherwise restricting the Group's or its VIEs'
ability to conduct business.
The Group's ability to conduct
its business may be negatively affected if the PRC government were to carry out of any of the aforementioned actions. As a result, the
Group may not be able to consolidate BGY Education Investment and the New VIEs in its consolidated financial statements as it may lose
the ability to exert effective control over BGY Education Investment, the New VIEs and their shareholders, and it may lose the ability
to receive economic benefits from BGY Education Investment and the New VIEs.
The following balances of VIEs as of August 31, 2021 and
2022, were included in the Group's consolidated balance sheet after the elimination of intercompany balances, respectively.
As of August 31,
2021
2022
RMB
RMB
ASSETS
Current assets
Cash and cash equivalents
142,609
142,642
Restricted cash, net
2,943
10,410
Accounts receivable, net
2,857
2,416
Amounts due from related parties, net
11
10,375
Other receivables, deposits and other assets, net
20,011
16,884
Inventories
4,761
5,748
Amounts due from Affected Entities, net
133,092
—
Total current assets
306,284
188,475
Restricted cash - non current
1,450
1,650
Property and equipment, net
25,034
46,747
Intangible assets, net
46,253
44,137
Goodwill, net
227,814
227,814
Long-term investments
70,315
30,289
Prepayments for construction contract
—
4,025
Operating lease right-of-use assets – non-current
87,752
76,607
Other non-current assets, net
1,043
6,311
Total non-current assets
459,661
437,580
TOTAL ASSETS
765,945
626,055
LIABILITIES
Current liabilities
Accounts payable
10,941
6,154
Amounts due to related parties
5,641
294,164
Accrued expenses and other current liabilities
13,876
27,790
Income tax payable
19,091
19,983
Contract liabilities
139,126
107,494
Refund liabilities
10,398
9,458
Operating lease liabilities – current
12,005
20,779
Amounts due to Affected Entities
276,378
—
Total current liabilities
487,456
485,822
Non-current portion of contract liabilities
1,084
1,108
Deferred tax liabilities, net
9,561
9,551
Operating lease liabilities – non current
83,475
72,464
Other non-current liabilities due to related parties
13,154
11,197
Total non-current liabilities
107,274
94,320
TOTAL LIABILITIES
594,730
580,142
F-
17
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(b)
Principles of consolidation
- continued
The following amounts of VIEs for the years ended August
31, 2020, 2021 and 2022, were included in the Group's consolidated statements of operations and consolidated statements of cash flows
after the elimination of intercompany balances.
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Revenue from continuing operations of the New VIEs
239,968
311,373
327,573
Revenue from discontinued operations of Affected Entities
1,890,156
2,303,339
—
Net income from continuing operation of the New VIEs after elimination of intercompany transactions
59,321
30,335
45,770
Net income from discontinued operations of Affected Entities (Note 3) after elimination of intercompany transactions
471,495
369,343
—
Net cash provided by operating activities
1,534,031
555,679
36,096
Net cash used in investing activities*
(
47,946
)
(
2,893,644
)
(
54,677
)
Net cash provided by/(used in) financing activities
48,543
(
42,844
)
26,281
Net increase/(decrease) in cash and cash equivalents and restricted cash
1,534,628
(
2,380,809
)
7,700
Cash and cash equivalents and restricted cash at beginning of year
993,183
2,527,811
147,002
Cash and cash equivalents and restricted cash at end of year
2,527,811
147,002
154,702
Note*:
Due to loss of control of Affected Entities on August 31, 2021, the n
et cash outflow disclosed in investing activities is RMB
2,912,290
.
VIEs contributed an aggregate of
63.3
%,
70.6
% and
19.1
% of the consolidated revenue from both discontinued and continuing operations for the three years ended August 31,
2020, 2021 and 2022, respectively. As of August 31, 2021, the New VIEs accounted for an aggregate of
8.9
% of the consolidated total assets,
and
10.2
% of the consolidated total liabilities. And as of August 31, 2022, the New VIEs accounted for an aggregate of
12.6
% of the consolidated
total assets, and
19.0
% and of the consolidated total liabilities.
During year ended August 31, 2020,
BGY Education Investment entered into a seven-year loan agreement of RMB
121,500
with SPD Bank. Under the agreement, BGY Education Investment
is able to draw down up to RMB
121,500
from SPD Bank for the acquisition of Chengdu Yinzhe during the period from September 30, 2019 to
September 30, 2021. The loan facility is secured by the Group's equity interest in Chengdu Yinzhe, and guaranteed by Zhuhai Bright
Scholar and Country Garden Real Estate Group Co., Ltd. As of August 31, 2020, BGY Education Investment drew down RMB
85,000
from SPD Bank,
of which, RMB
7,500
was repaid in fiscal year ended August 31, 2021. In September and November 2021, BGY Education Investment repaid the
loan with an aggregated amount of RMB
77,500
, therefore the loan has been fully repaid and no guarantee has been provided by the Group
to Affected Entities as of August 31, 2022.
There are no terms in any arrangements,
considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial
support to BGY Education Investment (prior to deconsolidation on August 31, 2021) and the New VIEs. However, if BGY Education Investment
and the New VIEs were ever to need financial support, the Group may, at its option and subject to statutory limits and restrictions, provide
financial support to its VIEs through loans to the shareholders of BGY Education Investment, the New VIEs or entrustment loans to BGY
Education Investment and the New VIEs. After the effectiveness of the Implementation Rules, the loans provided to BGY Education Investment
and its subsidiaries and schools (if any) would then be accounted for as related party transactions.
The Group believes that there are no
assets held in the BGY Education Investment and the New VIEs that can be used only to settle obligations of BGY Education Investment and
the New VIEs, except for registered capital and the PRC statutory reserves, in the respective periods. As the BGY Education Investment
and the New VIEs is incorporated as a limited liability company under the PRC Company Law, creditors of the BGY Education Investment and
the New VIEs do not have recourse to the general credit of the Company for any of the liabilities of the BGY Education Investment and
the New VIEs in the respective periods. Relevant PRC laws and regulations restrict BGY Education Investment and the New VIEs in the respective
periods from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to
the Company in the form of loans and advances or cash dividends. Please refer to Note 26 for disclosure of restricted net assets.
F-
18
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(c) Deconsolidation
Upon
the occurrence of certain events and on a regular basis, the Group evaluates whether it no longer has a controlling interest in its subsidiaries,
including consolidated variable interest entities. If the Company determines it no longer has a controlling interest, the subsidiary is
deconsolidated. The Company records a gain or loss on deconsolidation based on the difference on the deconsolidation date
between (i) the aggregate of (a) the fair value of any consideration received, (b) the fair value of any retained non
-controlling
investment in the former subsidiary and (c) the carrying amount of any non-controlling interest in the subsidiary being deconsolidated,
less (ii) the carrying amount of the former subsidiary's assets and liabilities.
The
Company assesses whether a deconsolidation is required to be presented as discontinued operations in its consolidated
financial statements on the deconsolidation date. This assessment is based on whether or not
the deconsolidation represents a strategic shift that has or will have a major effect on the Company's operations or
financial results. If the Company determines that a deconsolidation requires presentation as a discontinued operation on
the deconsolidation date, or at any point during the one-year period following such date, it will present the
former subsidiary as a discontinued operation in current and comparative period financial statements.
(
d)
Restatements
In connection with the preparation
of financial statements of the Company as of and for the year ended August 31, 2022, the Company determined that there were errors
in the prior year financial statements relating to the identification and measurement of certain overseas operating leases upon the initial
adoption of ASC 842. In addition, the Company identified an lease contract which was terminated in 2021, but not accounted for in the
correct period. Therefore, certain information in the consolidated financial statements for the year ended August 31, 2020 and 2021 has
been restated to correct for these errors, including operating lease right-of-use assets-non current, operating lease liabilities-current
and operating lease liabilities- non current in the consolidated balance sheets and the related items on the consolidated statements of
cash flows.
The restatements to the consolidated
balance sheets as of August 31, 2020 and 2021 are summarized as follows:
August 31, 2020
As Reported
Adjustment
As Restated
RMB'000
RMB'000
RMB'000
ASSETS
Operating lease right-of-use assets –non current
1,816,721
(
25,550
)
1,791,171
Total assets
1,816,721
(
25,550
)
1,791,171
LIABILITIES
Operating lease liabilities – current
196,129
(
62,120
)
134,009
Operating lease liabilities – non current
1,662,928
36,570
1,699,498
Total liabilities
1,859,057
(
25,550
)
1,833,507
August 31, 2021
As Reported
Adjustment
As Restated
RMB'000
RMB'000
RMB'000
ASSETS
Operating lease right-of-use assets –non current
1,773,773
(
80,310
)
1,693,463
Total assets
1,773,773
(
80,310
)
1,693,463
LIABILITIES
Operating lease liabilities – current
123,215
(
220
)
122,995
Operating lease liabilities – non current
1,752,667
(
80,090
)
1,672,577
Total liabilities
1,875,882
(
80,310
)
1,795,572
F-
19
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(d)
Restatements -
continued
The restatements to the consolidated
statements of cash flows for the year ended August 31, 2020 and 2021 are summarized as follows:
August 31, 2020
As Reported
Adjustment
As Restated
RMB'000
RMB'000
RMB'000
Cash Flows From Operating Activities
Adjustments to reconcile net cash flows from operating activities:
Noncash lease expense
142,519
749
143,268
Changes in operating assets and liabilities and other, net:
Other receivables, deposits and other assets
9,973
(
2,227
)
7,746
Operating lease liabilities
(
109,514
)
1,478
(
108,036
)
Net cash provided by operating activities
42,978
-
42,978
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for the new operating lease liabilities
75,752
65,248
141,000
August 31, 2021
As Reported
Adjustment
As Restated
RMB'000
RMB'000
RMB'000
Cash Flows From Operating Activities
Adjustments to reconcile net cash flows from operating activities:
Noncash lease expense
257,244
(
5,884
)
251,360
Changes in operating assets and liabilities and other, net:
Other receivables, deposits and other assets
5,534
(
7,728
)
(
2,194
)
Operating lease liabilities
(
213,827
)
13,612
(
200,215
)
Net cash provided by operating activities
48,951
-
48,951
Non-cash investing and financing activities:
Right-of-use assets obtained in exchange for the new operating lease liabilities
228,123
(
48,155
)
179,968
Decrease of Right-of-use assets for early termination
14,415
9,400
23,815
The corresponding footnotes have been restated for the adjustments
noted above.
The nature of these error corrections
is as follows:
a.
Certain overseas operating leases were not properly determined
their respective variable lease payment upon the adoption of ASC 842 and adjustments have been made to correct these errors in the years
ended August 31, 2020 and 2021.
b.
Two operating leases existed prior to the adoption of ASC 842 but not have been appropriately identified,
adjustments have been made to correct these errors in the years ended August 31, 2020 and 2021.
c.
One of the lease contracts of the Overseas Schools was early terminated in fiscal year 2021, but it has been inappropriately accounted
for as a termination in fiscal year 2022. Adjustment has been made to correct the error in the year ended August 31, 2021.
d.
As part of the error corrections being made, the resultant classification of operating lease liabilities-current
and operating lease liabilities-non current was corrected.
The errors were immaterial to the consolidated
statements of operations and consolidated statements of shareholders' equity for the years ended August 31, 2020 and 2021, and thus
the Company recorded the accumulated impact in the fiscal year 2022.
F-
20
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(e) Use of estimates
The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses
during the reporting period. Actual results may differ from these estimates. The Group bases its estimates on historical experience and
various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected
in the Group's financial statements include the consolidation and deconsolidation of variable interest entities, impairment
assessment of goodwill and long-lived assets, and assessment of realization of deferred tax assets. Actual results may differ materially
from those estimates.
(
f)
Fair value
Fair value is considered to be the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When
determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers
the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when
pricing the asset or liability.
Authoritative literature provides a fair value hierarchy,
which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within
which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement
as follows:
Level 1 applies to assets or liabilities for which there
are quoted prices in active markets for identical assets or liabilities.
Level 2 applies to assets or liabilities for which there
are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar
assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.
Level 3 applies to assets or liabilities
for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the
assets or liabilities.
The carrying values of financial instruments, which consist
of cash and cash equivalents, restricted cash, accounts receivable, amounts due from related parties, amounts due from Affected Entities,
other receivables, deposits, accounts payable, amounts due to related parties, amounts due to Affected Entities, short-term loans, bond
payable and other current liabilities are recorded at cost which approximates their fair value due to the short-term nature of these instruments.
F-
21
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(g) Foreign currency translation
The
Group's reporting currency is Renminbi ("RMB"). The functional currency of the affiliates incorporated outside of mainland
China includes the United States dollar ("US dollar" or "US$"), Great Britain Pound ("GBP"), Hong
Kong dollar ("HKD" or "HK$")
, and Canadian dollar ("CAD"). The functional currency of all the
other subsidiaries and the VIEs is RMB.
Monetary assets and liabilities denominated in currencies
other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the
balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange
rates. Exchange gains and losses are recognized in the consolidated statement of operation. All assets and liabilities are translated
at exchange rates at the balance sheet date and revenue and expenses are translated at the average yearly exchange rates and equity is
translated at historical exchange rate. Any translation adjustments are not included in determining net income but are included in foreign
exchange adjustment to other comprehensive income.
(h) Foreign currency risk
The RMB is not a freely convertible currency. The State
Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into other
currencies. The value of the RMB is subject to changes in central government policies, international economic and political developments
affecting supply and demand in the China Foreign Exchange Trading System market. The Group's cash and cash equivalents and restricted
cash denominated in RMB amounted to RMB
461,350
and RMB
468,184
as of August 31, 2021 and 2022, respectively.
(i) Convenience translation
The
Group's reporting currency is RMB. However, periodic reports made to shareholders will include current period amounts translated
into US dollars using the then current exchange rates, for the convenience of the readers. Translations of balances in the consolidated
balance sheets, and the related consolidated statements of operations, comprehensive income, shareholders' equity and cash flows
from RMB into US dollars as of and for the year ended August 31, 202
2 are solely for the convenience of the readers and were
calculated at the rate of US$
1.00
=RMB
6.8890
,
representing the noon buying rate set forth in the H.10 statistical release of the
U.S. Federal Reserve Board on August 31, 2022. No representation is made that the RMB amounts could have been, or could be, converted,
realized or settled into US$ at that rate on August 31, 2022, or at any other rate.
(j) Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, cash
in banks and highly liquid investments which are unrestricted as to withdrawal or use, and which have original maturities of three months
or less when purchased.
(k) Restricted cash
The Group's restricted cash mainly represents (a) deposits
in connection with the short-term loan disclosed in Note 14; (b) deposit restricted as to withdrawal or use under government
regulations; and (c) deposit held in a designated bank account for the sole purpose of business operation including the establishment
of new kindergartens and subsidiaries.
F-
22
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(l) Investments
Short-term investments primarily consist of wealth management
products, which are certain deposits with different interest rates and fixed maturity dates ranging from three months to one year.
The
Group reviews its
short-term investments for other-than-temporary impairment ("OTTI") based on the specific identification
method. The Group considers available quantitative and qualitative evidence in evaluating the potential impairment of its short-term investments.
If the cost of an investment exceeds the investments fair value, the Group considers, among other factors, general market conditions,
expected future performance of the investees, the duration and the extent to which the fair value of the investment is less than the cost,
and the Group's intent and ability to hold the investments. OTTI is recognized as a loss in the consolidated statements of operations.
Long-term investments include held-to-maturity investment
with maturity date which is longer than one year, equity securities without readily determinable fair values and equity method investments.
●
Equity securities without readily determinable fair values
The Group elects a practicability exception to fair value
measurement for the equity securities without readily determinable fair values, under which these investments are measured at cost, less
impairment, plus or minus observable price changes of an identical or similar investment of the same issuer with fair value change recorded
in the consolidated statements of operations.
The Group reviews its equity securities without readily
determinable fair value for impairment at each reporting period. If a qualitative assessment indicates that the investment is impaired,
the Group estimates the investment's fair value in accordance with the principles of ASU 2011-4: Fair Value Measurement (ASC 820).
If the fair value is less than the investment's carrying value, the Group recognizes an impairment loss equal to the difference
between the carrying value and fair value in the consolidated statements of operations.
●
Equity method investments
Investee
companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest through investment
in
ordinary shares or in-substance ordinary shares, are accounted for using the equity method. Significant influence is generally
considered to exist when the Group has an ownership interest in the voting stock of the investee between
20
% and
50
%, and other factors,
such as representation on the investee's board of directors, voting rights and the impact of commercial arrangements, are also considered
in determining whether the equity method of accounting is appropriate. For certain investments in limited partnerships, where the Group
holds less than a
20
% equity or voting interest, the Group may also have significant influence.
Under the equity method, the Group initially records its
investment at cost and subsequently recognizes the Group's proportionate share of each equity investee's net income or loss
after the date of investment into the consolidated statements of operations and accordingly adjusts the carrying amount of the investment.
The
Group reviews its equity method investments for impairment whenever an event or circumstance indicates that an OTTI has occurred. The
Group considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments
.
An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to
be other-than-temporary.
(m) Allowance for doubtful accounts
Accounts receivable mainly represents amounts due from corporate
customers of the Group's various subsidiaries, and amounts due from students of the Group's UK schools. The allowance for
doubtful accounts is the Group's best estimates of the amount of probable credit losses in the Group's existing accounts receivable
balance. The Group provides allowance for doubtful accounts based on historical credit loss experience and a review of the current status
and reasonable and supportable forecasts of future events and economic conditions. Accounts receivable, restricted cash, other receivables, amounts
due from related parties and amounts due from Affected Entities are presented net of allowance for doubtful accounts.
(n) Inventories
Inventories are stated at the lower of cost or net realizable
value.
F-
23
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(o) Property and equipment, net
Property and equipment is generally stated at historical
cost and depreciated on a straight-line basis over the estimated useful lives of the assets. Depreciation expense is included in either
cost of revenue or selling, general and administrative expenses, as appropriate. Property and equipment consist of the following and depreciation
is calculated on a straight-line basis over the following estimated useful lives:
Buildings
20
-
50
years
Leasehold improvement
3
-
20
years or the lesser of remaining life of lease
Motor vehicles
4
-
10
years
Electronic equipment
4
-
10
years
Office equipment
3
-
5
years
Furniture and other equipment
3
-
5
years
Others
3
years
Construction in progress
*
Note*: The Group constructs certain of its property. In
addition to cost under the construction contracts, external costs, including consulting fee directly related to the construction of such
facilities, are capitalized. Depreciation is recorded at the time assets are ready for the intended use.
The Group assesses lands with indefinite life for impairment
periodically.
(p) Land use rights, net
Land use right represents the amount paid and relevant costs
incurred for the Group's leases for the right of use of land located in PRC and is recorded at cost less accumulated amortization. Amortization
is provided over the term of the land use right agreement on a straight-line basis over the term of the agreement, which is
40
-
50
years.
Land use right is relating to the discontinued operations (Note 3).
(q) Impairment of long-lived assets
The
Group evaluates the recoverability of long-lived assets with determinable useful lives whenever events or changes in circumstances indicate
that an asset's carrying amount may not be recoverable. The Group measures the carrying amount of long-lived asset against the estimated
undiscounted future cash flows associated with it. Impairment exists when the sum of the expected future net cash flows is less than the
carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds
its fair value. Fair value is estimated based on various valuation techniques, including the discounted value of estimated future cash
flows. The evaluation of asset impairment requires the Group to make assumptions about future cash flows over the life of the asset being
evaluated. These assumptions require judgment and actual results may differ from assumed and estimated amounts. The Group recorded RMB
15
,575 and RMB 8,861 impairment loss on operating lease right-of-use assets during the year ended August 31, 2021 and 2022, respectively
(Note 15). In addition, for the year ended August 31, 2022, the Group recorded RMB
6,586
impairment loss on property and equipment (Note
7).
F-
24
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(r)
Goodwill
, net
Goodwill represents the excess of the purchase consideration
over the fair value of the identifiable net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment
on an annual basis as of August 31, or more frequently if events or changes in circumstances indicate that it might be impaired. The Group
has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill
impairment test. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall
financial performance of the reporting unit, and other specific information related to the operations. The Group will perform the quantitative
impairment test if the Group bypasses the qualitative assessment, or based on the qualitative assessment, if it is more likely than not
that the fair value of each reporting unit is less than the carrying amount.
On September 1, 2019, the Group early adopted ASU No. 2017-04,
simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment by eliminating Step two from the
goodwill impairment test. Under the new guidance, if the fair value of a reporting unit exceeds its carrying amount, goodwill is not impaired
and no further testing is required. If the fair value of a reporting unit is less than the carrying value, an impairment charge is recognized
for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed
the total amount of goodwill allocated to that reporting unit.
T
he
Group estimate the fair values of reporting units using discounted cash flow model of the income approach, which requires management to
make significant estimates and assumptions, including, but not limited to, discount rate, terminal growth rate and others used to project
future cash flows, such as forecasts of future revenues. These assumptions were affected by management's business plans and expectations
about future market and economic conditions, including the impact of the COVID-19.
For
the years ended August 31, 2020, 2021 and 2022, the Group recorded RMB
68,723
, RMB
84,730
and RMB
419,805
impairment loss on goodwill
respectively, of which
RMB
68,723
and RMB
nil
were related to discontinued operations for the years ended August 31, 2020 and 2021,
respectively (Note 3 and Note 10).
(s) Intangible assets
Intangible
assets with finite lives are amortized over their estimated useful lives. The useful life of an intangible asset is the period over which
the asset is expected to contribute directly or indirectly to future cash flows. Intangible assets with indefinite lives consist of oversea
schools' brand name and is tested for impairment annually, or whenever events are indicators of impairment occur between annual
impairment tests. Management expects to use the brand name
indefinitely.
Like goodwill, the Group test indefinite lived intangible
assets for impairment by first assessing qualitative factors to determine whether it is necessary to perform a quantitative impairment
test. If based on the qualitative assessment, it is more likely than not that the fair value of the indefinite lived intangible asset
is less than its carrying amount, a quantitative impairment test is required. The Group test indefinite lived intangible assets for impairment
using the relief-from-royalty method of the income approach, which requires management to make significant estimates and assumptions,
including, but not limited to, royalty rate, discount rate, terminal growth rate and forecasts of future revenues.
Acquired intangible assets, other than goodwill, consist
of trademarks and brand names, customer relationship, backlog and student base, non-compete agreements and core curriculum are carried
at cost, less accumulated amortization and impairment. The amortization periods by major intangible asset classes are as follows:
Trademarks and brand names
10 years-indefinite
Core curriculum
10 years
Customer relationship, backlog and student base
0.6-
7 years
Non-compete agreements
4-
8 years
Software
5 years
License
3 years
For
the years ended August 31, 2020, 2021 and 2022, the Group recorded RMB
nil
, RMB
nil
and RMB
113,385
impairment loss on
indefinite
lived intangible assets, respectively (Note 8).
F-
25
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(
t)
Leases
The
Group determines if an arrangement is a lease or contains a lease at lease inception. Operating leases are required to be recorded in
the balance sheets as operating lease right-of-use
(ROU) assets and operating lease liabilities, initially measured at the present
value of the lease payments. The Group has elected the package of practical expedients, which allows the Group not to reassess (1) whether
any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing
leases as of the adoption date and (3) initial direct costs for any expired or existing leases as of the adoption date. The Group adopts
the practical expedient to account for each separate lease component and the non-lease components associated with that lease component
as a single lease component. Lastly, the Company also has elected to utilize the short-term lease recognition exemption and, for those
leases that qualified, the Group did not recognize operating lease ROU assets or operating lease liabilities.
The
Company has leases that have variable payments, including lease payments where lease payment increases are based on the percentage
change in the Consumer Price Index ("CPI
"). For such leases, payment at the lease commencement date is used to
measure the operating lease ROU assets and operating lease liabilities. Lease payments that are based on a change
in CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was
incurred. Majority of the leases within Overseas Schools reportable segment have variable payments. As of August 31, 2021 and 2022,
the leases within Overseas Schools reportable segment that are subject to terms of variable payments contributed to the operating
lease right-of-use assets by RMB
909,180
and RMB
872,143
respectively, and to operating lease liabilities by RMB
926,544
and RMB
896,994
, respectively.
As the rate implicit in the lease is not readily determinable,
the Group estimates its incremental borrowing rate based on the information available at the commencement date in determining the present
value of lease payments. The incremental borrowing rate is estimated in a portfolio approach to approximate the interest rate on a collateralized
basis with similar terms and payments in a similar economic environment. Lease terms may include options to extend or terminate the lease
when it is reasonably certain that the Group will exercise that option. Lease expenses are recorded on a straight-line basis over the
lease term.
The Group evaluates the carrying value of right-of-use assets,
including the operating lease obligation of the asset group if there are indicators of impairment and reviews the recoverability of the
related asset group. If the carrying value of the asset group determined to not be recoverable and is in excess of the estimated fair
value, the Group records an impairment loss in the consolidated statement of operations. Based on the impairment assessments of the ROU
assets, the Group recognized RMB
15,575
and RMB
8,861
impairment loss on certain operating lease right-of-use assets during the years
ended August 31, 2021 and 2022, respectively.
During the fiscal year ended August 31, 2021 and 2022, the
Group received Coronavirus Disease 2019 ("COVID-19") related rent concessions. Consistent with updated guidance from the Financial
Accounting Standards Board ("FASB") in April 2020, the Group elected to treat COVID-19-related rental discount as variable
rent and applied payable approach to COVID-19 related deferral of rent payment. Rental discount, amounting to RMB
4,759
and RMB
4,479
,
were recognized as an offset to rent expense within selling, general and administrative expenses and cost of revenue on the Group's
consolidated statement of operations during the years ended August 31, 2021 and 2022, respectively, of which RMB
1,685
were related to
the discontinued operations during the years ended August 31, 2021. Deferral payments, amounting to approximately RMB
519
and RMB
nil
,
were recognized as concession payable within accrued expenses and other current liabilities on the Group's consolidated balance
sheets as of August 31, 2021 and 2022, respectively.
F-
26
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(
u)
Revenue recognition
Revenue is recognized when control of promised goods or
services is transferred to the Group's customers in an amount of consideration to which Group expects to be entitled to in exchange for
those goods or services. The Group follows the five steps approach for revenue recognition under Topic 606: (i) identify the contract(s)
with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction
price to the performance obligations in the contract, and (v) recognize revenue when (or as) the Group satisfies a performance obligation.
The primary sources of the Group's revenues are as follows:
Income from educational programs and services
The educational programs and
services from continuing operations consist of tuition, boarding and meal service from kindergartens in the PRC and overseas schools
in the UK and the US. The educational programs and services from discontinued operations consist of tuition, boarding and
meal service from international schools, bilingual schools and not-for-profit kindergartens in the PRC. Each contract of educational
programs and services is accounted for as a single performance obligation which is satisfied proportionately over the service
period. The program and service fee is generally collected in advance prior to the beginning of each semester, or prior to the
beginning of the education programs, and is initially recorded as contract liabilities. Refunds are provided to students if they
decide within the predetermined period that they no longer want to take the course or enroll in the program. After the predetermined
period as agreed in the contract, if a student withdraws from the program, the program fee is no longer available for refund	.
The Group determines the transaction price to be earned based on the tuition fee and the estimated refund liability. The refund
liability is determined based on historical refund ratio on a portfolio basis using the expected value method. Historically, the
Group has not had material refunds in this respect.
Complementary training course and program fees
The Group offers various types of after-school tutoring
services and art training services, which primarily consist of after-school group class courses, personalized tutoring courses and art
training courses. The tutoring services and art training services are accounted for as a single performance obligation. Tutoring services
and art training service fees is recognized proportionately as the tutoring sessions and art training courses are delivered. The course
fees are generally collected in advance and are initially recorded as contract liability. Tuition refunds are provided to students if
they decide within the trial period that they no longer want to take the course. For certain courses, the Group also offers refunds for
any unutilized classes for students who withdraw from the course. The Group determines the transaction price to be earned based on the
tutoring services and art training service fees and the estimated refund liability. The refund liability is determined based on historical
refund ratio on a portfolio basis using the expected value method.
Commission income
The
Group earns commission revenue by providing referral services to overseas education universities and institutions. Students' referral
service is accounted for as a single performance obligation. Commission income is recognized at the point in time when the referred students
enrolled at the overseas education universities or institutions' program, with the tuition fees are paid
and upon the Group is
entitled to the commission income.
Consulting service fees
The Group offers study abroad consulting and career consulting
services to students/candidates who intend to study abroad and to successfully obtain target job offer respectively. Study-abroad consulting
services and career consulting services are accounted for as a single performance obligation respectively. The Group charges each student/candidate
an up-front prepaid fee based on the scope of consulting services requested by the student/candidate. Portion of the prepaid services
fee are refundable if the student/candidate does not successfully gain admission or obtain target job offer. The Group determines the
transaction price to be earned based on the consulting service fees and the estimated refund liability. The refund liability is determined
based on historical refund ratio on a portfolio basis using the expected value method. The Group has not experienced significant refunds
in the past or in the current year. The Group recognizes revenue over the consulting service period.
Camp service income
The Group offers camp services for students during school
vacations. Camp service is accounted for as a single performance obligation. Camp service fees are generally collected upfront and are
initially recorded as contract liability. Portion of the prepaid service fees are refundable if the student requests for refund prior
to the camp starts. The Group determines the transaction price to be earned based on the camp service fee and the estimated refund liability.
The refund liability is determined based on historical refund ratio on a portfolio basis using the expected value method. The Group has
not experienced significant refunds in current year. The Group recognizes revenue over the camping period.
F-
27
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(
u)
Revenue recognition
- continued
Operation service income
The Group offers operation services which mainly consist
of marketing and consulting, procurement support, human resources, finance and legal support, and information technology support, to domestic
not-for-profit kindergartens. Operation service is accounted for as a single performance obligation. The Group recognizes the operation
service income over the service period.
Practical expedients and exemptions
The Group has applied the new revenue standard requirements
to a portfolio of contracts (or performance obligations) with similar characteristics for transactions where it is expected that the effects
on the financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from applying this
guidance to the individual contracts (or performance obligations) within that portfolio. Therefore, the Group elects the portfolio approach
in applying the new revenue guidance.
The Group has elected to record the incremental costs of
obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized
is one year or less.
(
v)
Cost of revenues
Cost of revenues consists of the following:
●
staff costs, which primarily consist of salaries and other benefits for the teachers,
●
education expenses, which primarily consist of expenses related to educational activities, including teaching material expenses and
student activity expenses,
●
depreciation and amortization costs of long-lived assets used in the provision of educational activities,
●
utilities and maintenance costs for the schools,
●
cost of goods sold for ancillary services, which primarily consist of cost of goods sold at the on-campus canteens,
●
commission expenses to agents in relation to referral services and overseas school enrollment.
(
w)
Government Subsidies
The
Group recognizes government subsidies as other operating income when they are received because they are not subject to any past or future
conditions, there are no performance conditions or conditions of use, and they are not subject to future refunds. Government subsidies
received and recognized as other operating income totaled RMB
28,249
, RMB
20,213
and RMB
2,256
for the years ended August 31, 2020,
2021 and 2022, respectively, of which RMB
1,622
and RMB
5,441
were related to discontinued operations for the years ended August 31, 2020
and 2021, respectively. The government subsidies income recognized for the year ended August 31, 2020
and 2021 were primarily from
the remuneration compensation plan executed by UK government due to COVID-19.
(
x)
Income Taxes
Income taxes are accounted for under the asset and liability
method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between
the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities
are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.
Valuation allowances are established when necessary to reduce deferred tax assets for amounts more likely than not to be realized.
The determination of Group's provision for income taxes
requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. Significant judgment
is required in assessing the timing and amounts of deductible and taxable items.
The Group record unrecognized tax benefit liabilities for
known or anticipated tax issues based on the Group's analysis of whether, and the extent to which, additional taxes will be due. The Group
accrues interest and penalties related to unrecognized tax benefits in other liabilities and recognizes the related expense in income
tax expense.
F-
28
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- continued
(
y)
Employee Benefits
Obligations for contributions to defined contribution pension
plans are recognized as an employee benefit expense in profit or loss in the period during which services are rendered by employees. Pursuant
to the relevant labor rules and regulations in the PRC, the Group participates in defined contribution retirement schemes (the "Schemes")
organized by the relevant local government authorities for its eligible employees whereby the Group is required to make contributions
to the Schemes at certain percentages of the deemed salary rate announced annually by the local government authorities.
The
Company also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of the PRC
(see Note
25).
The
Group has no other material obligation for payment of pension benefits associated with those schemes beyond the annual contributions described
above
.
(
z)
Share-based compensation
Share-based payment transactions with
employees are measured based on the grant date fair value of the equity instrument issued and recognized as compensation expense net
of a forfeiture rate on a straight-line basis, over the requisite service period, with a corresponding impact reflected in additional
paid-in capital.
For
the share option with both service condition and performance condition,
the Group recognizes the compensation cost, net of estimated
forfeitures, if it is probable that the performance condition will be achieved at the end of each reporting period. The Group will reassess
the probability of achieving the performance conditions at each reporting period and record a cumulative catch-up adjustment for any changes
to its assessment.
For the share option with service condition only, changes
in estimated forfeiture rate will be adjusted on a prospective basis. The estimate of forfeiture rate will be adjusted over the requisite
service period to the extent that actual forfeiture rate differs, or is expected to differ, from such estimates.
(
aa)
Comprehensive income
Comprehensive income is defined to include all changes in
equity from transactions and other events and circumstances from non-owner sources. For the years presented, the Group's comprehensive
income includes net income and foreign currency translation adjustments and is presented in the consolidated statements of comprehensive
income.
(a
b)
Segment
The Group uses management approach to determine operating
segment. The management approach considers the internal organization and reporting used by the Group's chief operating decision
maker ("CODM") for making decisions, allocation of resource and assessing performance. The CODM was identified as the management
committee who reviews the financial information of its operating and reportable segments when making decisions about allocation of resources
and assessing performance. In response to the Implementation Rules, the Group operates in three reportable segments due to the reorganization
of the business units, including Overseas Schools, Complementary Education Services, and Domestic Kindergartens and K-12 Operation Services.
(a
c)
Concentration of credit risk
Financial
instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents,
restricted cash
, short-term investments and long-term investments. As of August 31, 2022, substantially all of the Group's
cash and cash equivalents, term deposits and restricted cash were deposited with financial institutions with high-credit ratings.
(a
d)
Earnings per Share
Basic
earnings per share are computed by dividing earning attributable to holders of ordinary shares by the weighted average number of ordinary
shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other
contracts to issue
ordinary shares were exercised into ordinary shares. The Group had share options which could potentially dilute
basic earnings per ordinary share in the future. To calculate the number of shares for diluted earnings per ordinary shares, the effect
of the share options is computed using the treasury stock method.
F-
29
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
– continued
(a
e)
Recent accounting pronouncements adopted
In
December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended
to simplify various aspects related to accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related
to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition
for deferred tax liabilities for outside basis differences. ASU 2019-12 is effective for annual periods beginning after December 15, 2020
and interim periods within those annual periods, with early adoption permitted. The Group adopted this new standard beginning
September 1,
2021 with no material impact on its consolidated financial statements.
In
January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint
Ventures (Topic 323), which clarifies that a company should consider observable transactions that require a company to either apply or
discontinue the equity method of accounting under Topic 323, Investments—Equity Method and Joint Ventures, for the purposes of applying
the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The ASU
is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted,
including early adoption in an interim period, for periods for which financial statements have not yet been issued.
The Group adopted
this new standard beginning September 1, 2021 with no material impact on its consolidated financial statements.
(a
f)
Recent accounting pronouncements issued not yet adopted
In October 2021, the FASB issued ASU 2021-08, Business Combinations
(Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which the amendments in this update
require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in
accordance with Topic 606. The amendments in this Update address how to determine whether a contract liability is recognized by the acquirer
in a business combination. The ASU is effective for the fiscal year beginning after December 15, 2022, and interim periods within those
fiscal years. Early adoption is permitted, including early adoption in an interim period, for periods for which financial statements have
not yet been issued. The Group is currently evaluating the impact of this update on its consolidated financial statements.
In November 2021, the FASB issued ASU 2021-10, "Government Assistance
(Top 832): Disclosures by Business Entities about Government Assistance." This update requires certain annual disclosures about
transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy, including
the nature of the transaction, the related accounting policy, the financial statement line items affected and the amounts applicable to
each financial statement line item, as well as any significant terms and conditions, including commitments and contingencies. The amendments
in this ASU are effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those
fiscal years. Early adoption is permitted. An entity should apply the amendments in this Update either (1) prospectively to all transactions
within the scope of the amendments that are reflected in financial statements at the date of initial application and new transactions
that are entered into after the date of initial application or (2) retrospectively to those transactions. The Group is in the process
of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.
F-
30
3.
DISCONTINUED OPERATIONS
As refer to Note 2(a), in connection with the deconsolidation
of the Affected Entities, the Group evaluated and concluded that the Affected Entities should be accounted as discontinued operations
during the year ended and as of August 31, 2021.
Reconciliation of the carrying amounts of the major classes
of assets and liabilities from the discontinued operations in the consolidated balance sheets as of August 31, 2021 is as follow. In addition,
on August 31, 2021, the Group recorded RMB
261,267
one-off loss for the deconsolidation of the Affected Entities, and the carrying amounts
of the major classes of assets and liabilities at deconsolidation date is presented as follow.
As of August 31,
2021
RMB
ASSETS
Current assets
Cash and cash equivalents
2,881,737
Restricted cash, net of allowance of RMB
4
30,553
Accounts receivable, net of allowance of RMB
2,854
6,541
Amounts due from related parties, net of allowance of RMB
50
3,148
Other receivables, deposits and other assets, net of allowance of RMB
88
49,003
Inventories
23,200
Amounts due from continuing operations
333,270
Total current assets
3,327,452
Property and equipment, net
510,862
Land use rights, net
83,949
Intangible assets, net
78,373
Goodwill, net
231,386
Prepayments for construction contracts
3,863
Deferred tax assets, net
4,109
Operating lease right-of-use assets – non current
157,813
Other non-current assets, net of allowance of RMB
343
13,335
Total non-current assets
1,083,690
TOTAL ASSETS
4,411,142
LIABILITIES
Current liabilities
Short-term loan
77,500
Accounts payables
21,745
Amounts due to related parties
38,422
Accrued expenses and other current liabilities
512,404
Income tax payable
38,678
Operating lease liabilities – current
6,343
Contract liabilities
1,229,601
Refund liabilities
14,008
Amounts due to continuing operations
2,028,866
Total current liabilities
3,967,567
Deferred tax liabilities
22,959
Other non-current liabilities
2,213
Operating lease liabilities – non-current
157,136
Total non-current liabilities
182,308
TOTAL LIABILITIES
4,149,875
F-
31
3.
DISCONTINUED OPERATIONS
- continue
Reconciliation of the major classes of income and losses
from discontinued operations in the consolidated statements of operations and comprehensive loss for the years ended August 31, 2020 and
2021 is as follow:
For the year ended August 31,
2020
2021
RMB
RMB
Revenue
1,890,156
2,303,339
Cost of revenue
(
1,085,249
)
(
1,315,026
)
Gross profit
804,907
988,313
Selling, general and administrative expenses
(
308,554
)
(
400,012
)
Other operating income
3,900
7,604
Impairment loss on goodwill*
(
68,723
)
-
Operating income
431,530
595,905
Interest income/(expense), net
3,560
(
695
)
Investment income
52,509
56,657
Other expenses
(
927
)
(
4,180
)
Income before income taxes and share of equity in loss of unconsolidated
affiliate
486,672
647,687
Income tax expense
(
15,177
)
(
16,877
)
Share of equity in loss of unconsolidated affiliate
-
(
200
)
Net income (before one-off loss upon deconsolidation of the Affected Entities)
471,495
630,610
One-off loss upon deconsolidation of the Affected Entities, net of tax
-
(
261,267
)
Net income from discontinued operations
471,495
369,343
Summarized cash flow information for discontinued operations are as follows:
Net cash provided by operating activities
308,989
516,873
Net cash (used in)/provided by investing activities**
(
329,453
)
137,323
Net cash provided by/(used in) financing activities***
1,690,275
(
153,987
)
N
ote*:
For the year ended August 31, 2020, the Group has determined that based on the underperformance of the Wuhan Sannew reporting unit since
the acquisition date, market conditions and other factors including the uncertainty in the Sino-US relationship and adverse impacts from
COVID-19, it was more likely than not that the fair value of Wuhan Sannew reporting unit was less than the carrying amount. The Group
utilized the discounted cash flow model to estimate the fair value of the reporting unit and concluded the carrying amount of Wuhan Sannew
reporting unit exceeded its fair value. Accordingly, the Group recorded RMB
68,723
as impairment loss on goodwill on the consolidated
statement of operations for the year ended August 31, 2020.
N
ote**:
There was amount of RMB
271,577
cash invested into continuing operations during the year ended August 31, 2020. The amount of RMB
192,373
cash was redeemed from continuing operations for the year ended August 31, 2021.
Note***:
There was amount of RMB
1,641,732
cash received from continuing operations by the Affected Entities during the year ended August 31, 2020.
The amount of RMB
111,668
was repaid to continuing operations for the year ended August 31, 2021
.
4.
BUSINESS COMBINATION
Business combinations in fiscal year 2021:
On
January 31, 2021, the Group acquired
60
% equity interest of Jiangxi Leti Camp Education Technology Co., Ltd. ("Leti") with
a total consideration of approximately RMB
26,026
. As of August 31, 2021, the total unpaid consideration was RMB
26,026
at present value,
which will be paid in
3.25
years and recorded in amounts due to related parties and other non-current liability due to related parties
(non-controlling interest shareholder of Leti) in the consolidated balance sheets. For the year ended August 31, 2022, the Group paid
the first installment of cash consideration RMB
7,500
according to the share purchase agreement
. The goodwill, intangible assets
and non-controlling interests acquired from the acquisition were approximately RMB
20,874
, RMB
9,000
and RMB
18,012
, respectively. Leti
provides outdoor camp services to students in PRC.
F-
32
4.
BUSINESS COMBINATION
- continued
Pro forma results of acquisitions (unaudited)
The
following table summarizes the unaudited pro forma consolidated results of operations for the years ended August 31, 20
20 and 2021,
assuming that these acquisitions occurred as of the beginning of the comparable annual reporting period. These pro forma results have
been prepared for comparative purpose only based on management's best estimate and do not purport to be indicative of the results
of operations which actually would have resulted had the acquisitions occurred as of the beginning of period:
Pro forma for the years ended August 31, 2020 and 2021
2020
Unaudited
2021
Unaudited
Pro forma revenue from continuing operations
1,514,453
1,406,147
Pro forma operating income from continuing operations
127,726
390,843
Pro forma net income/(loss) attributable to the Group
163,949
(
53,253
)
5.
SHORT-TERM INVESTMENTS
As of August 31, 2020, the balance of short-term investments
pertains to investments in a USD Global Medium Term Note (the "GMT Note") with a maturity date on May 4, 2021 with an aggregate
notional amount of USD
2,000
(approximately RMB
13,695
). According to the term sheet, the GMT Note will be redeemed at the maturity
date at an amount determined by reference to the performance of the underlying fund and such performance will therefore affect the nature
and value of the investment return on the GMT Note. During the fiscal year 2021, the GMT Note was redeemed at the maturity date and the
Group recognized an investment income of approximately RMB
1,962
.
6.
OTHER RECEIVABLES, DEPOSITS AND OTHER ASSETS
Other receivables, deposits and other assets consisted of
the following:
As of August 31,
2021
2022
RMB
RMB
Other receivables from third parties
9,026
7,334
Advances to employees
5,089
4,396
Deposits
11,656
11,949
Interest receivable
2,262
-
Prepaid tax and deductible value-added tax-in
7,733
10,035
Rental prepayment (a)
3,085
28,003
Prepayment for suppliers
34,979
45,661
Others
8,086
7,061
81,916
114,439
Less: allowance for other receivables
(
797
)
(
1,677
)
81,119
112,762
(a)
Rental prepayment represents the prepayment of rent related to leases less than
12
months.
7.
PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consisted of the following:
As of August 31,
2021
2022
RMB
RMB
Buildings
298,260
254,428
Leasehold improvement
362,341
336,450
Motor vehicles
1,526
1,839
Electronic equipment
55,304
58,425
Office equipment
123,161
125,630
Furniture and other equipment
56,342
60,017
Others
57,006
65,235
Less: accumulated depreciation
(
469,011
)
(
531,195
)
Construction in progress
34,523
22,448
Property and equipment, net
519,452
393,277
F-
33
7.
PROPERTY AND EQUIPMENT, NET
- continued
For
the years ended August 31, 2020, 2021 and 2022, depreciation expenses were RMB
153,850
, RMB
18
8,831 and RMB
98,120
respectively,
of which RMB
62,441
and RMB
66,126
were related to discontinued operations for the years ended August 31, 2020 and 2021, respectively.
For the year ended August 31, 2022, the Group recorded impairment
loss of RMB
6,586
related to the property and equipment within the Overseas Schools reportable segment, due to closure of certain schools.
8.
INTANGIBLE ASSETS, NET
Intangible assets, net, consisted of the following:
As of August 31, 2021
As of August 31, 2022
Cost
Accumulated
amortization
Accumulated
Impairment
Net
amount
Cost
Accumulated
amortization
Accumulated
Impairment
Net
amount
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
Indefinite lived intangible assets
Brand names
398,789
-
-
398,789
366,070
-
(
113,385
)
252,685
Definite lived intangible assets
Brand names
50,486
(
16,955
)
-
33,531
50,486
(
21,148
)
-
29,338
Trademarks
39,016
(
9,645
)
-
29,371
39,016
(
14,226
)
-
24,790
Non-compete agreements
29,800
(
13,537
)
-
16,263
29,800
(
18,289
)
-
11,511
Student bases
22,451
(
18,423
)
-
4,028
21,857
(
18,946
)
-
2,911
Others*
10,314
(
6,474
)
-
3,840
10,314
(
8,653
)
-
1,661
550,856
(
65,034
)
-
485,822
517,543
(
81,262
)
(
113,385
)
322,896
Note*:
Others include core curriculum,
software, backlog and license.
Amortization
expenses for the intangible assets for the years ended August 31, 2020, 2021 and 2022 were RMB
41,447
, RMB
30,781
and RMB
17,814
respectively
,
of which RMB
14,696
and RMB
14,639
were related to discontinued operations for the years ended August 31, 2020 and 2021, respectively.
As of August 31, 2022, the estimated amortization expenses related to intangible assets for continuing operations for each of the next
five years is expected to be RMB
14,797
, RMB
13,602
, RMB
11,304
, RMB
7,990
and RMB
5,461
, respectively, and RMB
17,057
thereafter.
Based on the result of the Group's annual impairment assessment
on indefinite lived intangible assets performed as of August 31, 2022, it is determined that the carrying amounts of indefinite lived
intangible assets brand names associated with Overseas Schools reporting unit exceeded their fair values and, therefore, an impairment
loss was recorded. The Group has determined that based on the underperformance of the Overseas Schools reporting unit, market conditions
and other factors, it was more likely than not that there were indications of impairment. The Group utilized the relief-from-royalty method
to estimate the fair value of indefinite lived intangible assets brand names. For the year ended August 31, 2022, the Group recorded RMB
113,385
of impairment loss on indefinite lived intangible assets. In Company's 2022 annual indefinite lived intangible assets impairment
assessment for the overseas schools brand names, the key assumptions used are a royalty rate of
3.5
%, a discount rate of
15.5
%, a terminal
growth rate of
2.3
% and forecast future revenue.
F-
34
9.
LONG-TERM INVESTMENTS
Long-term investments, consisted of the following:
As of August 31,
2021
2022
RMB
RMB
Equity method investments:
Foshan Yingrui Gaoze Equity Investment Partnership (Limited Partnership)  ("Gaoze Partnership") (a)
42,934
3,338
Startcamp Education Technology Limited ("Startcamp") (b)
8,364
8,211
BOTO Academic English Co., Ltd. ("BOTO") (c)
1,464
1,464
Other investments (d)
647
439
Equity securities without readily determinable fair value (e)
22,034
27,034
Total
75,443
40,486
(a)
On June 1, 2020, Gaoze Partnership was established with the total committed capital of RMB
1,270,000
. The Group participates in Gaoze
Partnership as a limited partner, and invested RMB
42,000
and RMB
1,134
in fiscal year 2020 and 2021, respectively. The Group accounts
for the investment under the equity method in accordance with ASC 323 because the Group is a limited partner and owns
19.84
% interest
in Gaoze Partnership. The fair value of the underlying investment of Gaoze Partnership is estimated using discounted cash flow model.
Loss of RMB
nil
, RMB
200
and RMB
39,596
were recorded for the years ended August 31, 2020, 2021 and 2022, respectively, due to the fair
value change of underlying investments of Gaoze Partnership.
(b)
The Group acquired
25
% equity interest in Startcamp for total cash consideration of RMB
10,000
in the year ended August 31, 2019.
The Group accounts for the investment under the equity method because the Group has the ability to exercise significant influence but
does not have control over the investee. Loss of RMB
539
, RMB
998
and RMB
153
were recorded for the years ended August 31, 2020, 2021
and 2022, respectively.
(c)
The Group holds
30
% equity interest in BOTO through acquisition of Can-achieve Education Consultants Co., Ltd. and its subsidiaries
("Can-achieve Group") in fiscal year 2018. The Group accounts for the investment under the equity method because the Group has
the ability to exercise significant influence but does not have control over the investee. Loss of RMB
15
, RMB
4
and RMB
nil
were recorded
for the years ended August 31, 2020, 2021 and 2022, respectively.
(d)
The other investments include
46
% equity interest in Beijing Cloud Apply Co., Ltd. through the acquisition of Can-achieve Group in fiscal year 2018 and
50
% equity interest in Sanli Foundation Education Limited through the acquisition of Foundation Global Education Limited and its subsidiaries ("FGE Group") in fiscal year 2018. The Group accounts for these investments under the equity method because the Group has the ability to exercise significant influence but does not have control over the investees. During the year ended August 31, 2022, the Group redeemed its
50
% equity interest in Sanli Foundation Education Limited by offsetting the consideration payable of RMB
251
, which is equal to the investment cost. Loss of RMB
53
, RMB
16
and gain of RMB
43
were recorded for the years ended August 31, 2020, 2021 and 2022, respectively.
(e)
The Group accounted for these equity investments using the measurement alternative when equity method is not applicable and there is no readily determinable fair value for the investments. No impairment loss was recorded during the years ended August 31, 2020, 2021 and 2022, respectively.
During the year ended August 31, 2021, the Group acquired
18
% equity interest in Shanghai Yurong Culture and Art Co., Ltd. ("Golden Ballet") for a total cash consideration of RMB
21,951
, and redeemed its
10
% equity interest in Chengdu Qingjiao Education Technology Co., Ltd. with a total cash consideration of RMB
1,500
, which is equal to the investment cost. During year ended August 31, 2022, the Group acquired
10
% equity interest in Hurun Baixue (Shanghai) Industrial Co., Ltd for a total cash consideration RMB
5,000
.
F-
35
10.
GOODWILL
The following table summarizes the change in the carrying
amount of goodwill by segment for the years ended August 31, 2022 and 2021:
Overseas
Schools
Complementary
Education Services
Total
RMB
RMB
RMB
Balance as of August 31, 2020
1,259,647
793,077
2,052,724
Addition (a)
—
20,874
20,874
Impairment (b)
—
(
84,730
)
(
84,730
)
Exchange realignment
(
38,682
)
—
(
38,682
)
Balance as of August 31, 2021
1,220,965
729,221
1,950,186
Impairment (c)
(
419,805
)
—
(
419,805
)
Exchange realignment
(
96,465
)
—
(
96,465
)
Balance as of August 31, 2022
704,695
729,221
433,916
Notes:
(a)
For the year ended August 31, 2021, the additions to goodwill reflects the excess of the consideration paid over the fair values of
the identifiable net assets acquired of Leti (Note 4).
(b)
For each of the years ended August 31, 2020 and 2021, the Company performed
impairment test of its goodwill. The impairment test performed during fiscal years ended August 31, 2020 did not result in the fair value
exceeding the carrying value; therefore, the Group recorded nil impairment loss on goodwill for the year. For the year ended August 31,
2021, the Group has determined that based on the underperformance of Elan reporting unit, market conditions and other factors including
the adverse impacts from the regulations on after-school tutoring promulgated by the General Office of State Council and the General Office
of Central Committee of the Communist Party of China in fiscal year 2021, it was more likely than not that there were indications of impairment.
Furthermore, the Group also has determined that based on the underperformance of the Chengdu Yinzhe reporting unit, market conditions
and other factors, it was more likely than not that there were indications of impairment. The Group utilized the discounted cash flow
model to estimate the fair value of the reporting units and concluded the carrying amount of Elan and Chengdu Yinzhe reporting unit exceeded
their respective fair values.
Accordingly, the Group recorded RMB 51,361 and RMB 33,369 as impairment loss on goodwill of Elan and Chengdu
Yinzhe on the consolidated statement of operations for the year ended August 31, 2021, respectively.
The impairment is recorded in complementary
education services reportable segment.
(c)
For the year ended August 31, 2022, the Company performed impairment
test of its goodwill. Based on the results of the Group's annual goodwill impairment assessment performed as of August 31, 2022
for all of reporting units, it is determined that the carrying amounts of the Group's goodwill reporting units did not exceed their
respective fair values and, therefore, no impairment existed, except for the Overseas Schools reporting unit. The Group has determined
that based on the underperformance of the Overseas Schools reporting unit, market conditions and other factors, it was more likely than
not that there were indications of impairment. The Group utilized the discounted cash flow model to estimate the fair value of the reporting
units and concluded the carrying amount of the Overseas Schools reporting unit exceeded its fair value. Accordingly, the Group recorded
RMB
419,805
as impairment loss on goodwill on the consolidated statement of operations for the year ended August 31, 2022. In the Company's
2022 annual goodwill impairment assessment for the Overseas Schools reporting unit, the key assumptions used are a discount rate of
15
%
(2021:
15
%), a terminal growth rate of
2.3
% (2021:
3
%) and forecast future revenue. The impairment is recorded in Overseas Schools reportable
segment.
11.
OTHER NON CURRENT ASSETS
Other
non current assets primarily consist of receivable from a third party and deposits for operating leases. In fiscal year 2020, USD
8,711
(approximately
RMB
59,648
) deposit was paid for acquisition of equity interest of an US education group,
and subsequently the acquisition was
terminated before year ended August 31, 2020. The deposit paid was then turned into a promissory note issued by the Company to the contractual
parties in November 2020. Pursuant to the promissory note, the principal amount of USD
8,711
will be repaid on December 31, 2022 at a
rate of
9
% per annum compounding quarterly. As of August 31, 2021, it was recorded as other non-current asset on the consolidated balance
sheet. In fiscal year 2021, the Group recorded RMB
5,319
interest income, of which RMB
2,262
was included in interest receivable as of
August 31, 2021. The promissory note was early redeemed in March 2022, and the Group recorded RMB
3,788
interest income in fiscal year
2022. As of August 31, 2022, the principal and interest receivable of the promissory note has been fully settled.
F-
36
12.
BOND PAYABLE
On
July 31, 2019, the Company issued USD
300,000
(approximately RMB
2,146,190
) in aggregate principal amount of bond due on July 31, 2022
(the "Bond"), unless earlier redeemed
by the Company. The Bond bears interest at a rate of
7.45
% per year, payable semi-annually
in arrears on the business day on or nearest to January 31 and July 31 of each year, beginning on January 31, 2020.
The net proceeds from the Bond, after deducting the issuance
costs, were USD
294,224
(approximately RMB
2,104,964
). The Company has accounted for the Bond as a single instrument as bond payable.
The value of the Bond is measured by the cash received.
The
Company may at its option to redeem the Bond, in whole but not in part, at any time prior to July 31, 2022, at a redemption price equal
to
100
% of the principal amount of the Bond plus the premium defined in the Bond terms, and accrued and unpaid interest, if any, to (but
not including) the redemption date. The premium is the greater of (1)
1.00
% of the principal amount of the Bond or (2) the excess of (A)
the present value at the redemption date of the redemption price of
the Bond at July 31, 2022 plus all required remaining scheduled
interest payments due on the Bond (but excluding accrued and unpaid interest to the redemption date) through July 31, 2022 computed using
a discount rate defined in the Bond terms, over (B) the principal amount of such Bond on such redemption date.
At any time and from time to time prior to July 31, 2022,
the Company may at its option redeem up to
35
% of the aggregate principal amount of the Bond at a redemption price of
107.45
% of the principal
amount of the Bond, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the proceeds from sales
of certain kinds of the Company's capital stock, subject to certain conditions.
During
the years ended August 31, 2021 and 2022, the Group repurchased principal amount of USD
12,410
and USD
62,106
in the open market with
cash payment of RMB
80,174
and RMB
394,756
, respectively. As of August 31, 2021, the carrying amount of the bond payable was USD
284,249
(approximately RMB
1,836,362
) . On July 31, 2022, the Company redeemed all its outstanding Bond, including the principal amount of outstanding
Bond of
USD
223,984
(approximately RMB
1,513,460
) and the interest of USD
8,343
(approximately RMB
56,374
) accrued till the day
before the maturity date. For the years ended August 31, 2021 and 2022, the Group recognized interest expense of USD
24,181
(approximately
RMB
158,077
) and USD
19,200
(approximately RMB
124,911
) respectively, at an effective interest rate of
8.37
% per annum.
13.
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses and other current liabilities consisted
of the following:
As of August 31,
2021
2022
RMB
RMB
Payroll and related benefits
65,719
75,750
Temporary receipt from students
47,885
51,555
Deposits received
35,939
34,940
Bond interest payables
24,862
-
Other tax payable
9,406
17,574
Professional fee
7,501
13,297
Commission fee
4,975
8,257
Offering subsidies-current
1,174
-
Accrual rental expense
1,971
3,561
Accrual utilities expenses
1,391
6,583
Others
33,213
50,973
Total
234,036
262,490
F-
37
1
4.
SHORT-TERM AND LONG-TERM LOANS
In January 2021, the Group entered into a banking facility
agreement of RMB
871,000
with Agricultural Bank of China with a fixed interest rate of Loan Prime Rate (released by the National Inter-Bank
Funding Center of the PRC) minus 55 basis points. Under the agreement, the Group drew down RMB
871,000
from Agricultural Bank of China
during fiscal year 2021, of which, RMB
290,250
has been repaid as of August 31, 2021, and RMB
580,750
is to be repaid on January 19, 2022
and therefore classified as short-term loan. The loan is intended for general working capital purposes. As of August 31, 2021, the loan
facility is secured by a bank deposit pledge of USD
100,000
(approximately RMB
646,040
) which is recorded as restricted cash on the consolidated
balance sheet as of August 31, 2021. The loan has been fully repaid on its maturity date.
In May 2021, the Group entered into a senior secured term
loan facility agreement with China Merchants Bank Co., Ltd., New York Branch in an aggregate principal amount of up to GBP
22,000
(approximately
RMB
195,384
). The interest is at a rate per annum equal to the LIBOR Rate for the applicable interest period plus the spread, which is
defined as
1.50
% per annum for any loan for any applicable interest period. As of August 31, 2021, the Group drew down principal amount
of GBP
19,480
(approximately RMB
173,004
) with a maturity date of
May 16, 2022
. The loan is guaranteed by Bright Scholar Education Holdings
Limited and is intended for general working capital purposes. The loan has been fully repaid on its maturity date.
Subsequent in July 2022, the Group entered into another
senior secured term loan facility agreement with China Merchants Bank Co., Ltd., New York Branch in an aggregate principal amount of up
to GBP
19,480
(approximately RMB
156,300
). The interest is at a rate per annum equal to the Sterling Overnight Interbank Average Rate
for the applicable interest period plus the spread, which is defined as
1.40
% per annum for any loan for any applicable interest period.
As of August 31, 2022, the Group drew down principal amount of GBP
18,600
(approximately RMB
149,239
) with a maturity date of July 10,
2023. The loan is guaranteed by Bright Scholar Education Holdings Limited and is intended for general working capital purposes. As of
August 31, 2022, the loan facility is secured by a bank deposit pledge of RMB
180,000
) which is recorded as restricted cash on the consolidated
balance sheet as of August 31, 2022.
In April 2020, one of the Canadian subsidiaries of the Group
received an interest free loan amounted to CAD
80
from the government of Canada under the program named "Canada Emergency Business
Account" ("CEBA") due on or before December 31, 2022. The program intends to help cover the small businesses' operating
costs during a period where the revenue has been temporarily reduced due to the economic impacts of the COVID-19. In fiscal year 2021,
the Canadian subsidiary received additional CAD
40
interest free loan under the same grogram, which is also due on or before December
31, 2022. Further in fiscal year 2022, the CEBA program has been updated and the repayment date of the interest free loan is extended
to be due on or before December 31, 2023. As of August 31, 2022, the total amount of interest free loan was CAD
120
(approximately RMB
633
). Subsequent in December, the loan has been fully repaid.
15.
LEASES
The Group has operating leases mainly for campuses, office
space and learning centers, the lease term ranges from less than 12 months to 28 years. Leases with an initial term of 12 months or less
are not recorded on the balance sheet. The Group does not have options to extend or terminate leases, as the renewals or terminations
of these leases are on negotiation basis. None of these leases contain material residual value guarantees or material restrictive covenants.
Supplemental
balance sheet information related to the leases
a
re
as follows:
As of
August 31,
As of
August 31,
2021
2022
RMB
RMB
ROU assets*
1,693,463
1,453,833
Operating lease liabilities – current*
122,995
104,515
Operating lease liabilities – non current*
1,672,577
1,439,239
Weighted-average remaining lease term
14.06
13.45
Weight-average discount rate
4.21
%
4.17
%
F-
38
15.
LEASES
- continued
The
components of lease costs of these operating leases
from continuing operations are as follow:
For the year ended
August 31,
For the year ended
August 31,
2021
2022
RMB
RMB
Operating lease cost for fixed payments*
232,886
187,653
Short - term lease costs
5,509
8,414
Variable lease costs*
2,814
2,324
Total lease costs
241,209
198,391
Supplemental cash flow information related to the operating
leases is as follows:
For the
year
    ended
August 31,
For the year ended
August 31,
2021
2022
RMB
RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases*
182,462
182,205
Supplemental noncash information:
ROU assets obtained in exchange for new operating lease liabilities*
159,684
86,116
Decrease of ROU assets for early terminations*
(
23,125
)
(
55,908
)
Note
*:
the relevant items have been restated for the adjustments disclosed in Note 2(d).
The
following table provides the maturities of
the operating lease liabilities as of August 31, 2022:
Operating leases
Fiscal year ending
August 2023
170,013
August 2024
165,696
August 2025
161,559
August 2026
149,860
August 2027
134,103
August 2028 and thereafter
1,236,341
Total future undiscounted lease payments
2,017,572
Less : imputed interest
473,818
Total present value of operating lease liabilities
1,543,754
Impairment loss on operating lease right-of-use
assets
The
Group tests its long-lived assets for recoverability whenever events or changes in circumstances indicate that its carrying amount
may not be recoverable. As a result of the adverse impacts of the COVID-19 pandemic on the economic environment and change in the
Group's business strategy, the Group determine
s to close certain language training centers in the US resulting in four
idled operating leases. The Group determines the fair value of the ROU assets based on the discounted value of estimated future cash
flows from subleases, if any. For the year ended August 31, 2020, 2021 and 2022, the Group recorded impairment loss of RMB
12,772
, RMB
15,575
and RMB
8,861
related to the ROU assets within the Overseas Schools reportable segment, respectively.
F-
39
16.
SHARE CAPITAL
Holders of Class A Ordinary Shares and Class B Ordinary
Shares are entitled to the same rights except for voting and conversion rights. In respect of matters requiring a shareholder's vote,
each Class A Ordinary Share is entitled to
one
vote and each Class B Ordinary Share is entitled to
20
votes. Class B Ordinary Shares are
convertible at any time by the holder thereof into Class A Ordinary Shares on a one-for-one basis.
The Company was incorporated on December 16, 2016. As of
the incorporation date, the total issued share capital of the Company was USD
0.0001
consisting of
10
ordinary shares with a par value
of USD
0.00001
and total authorized share capital was USD
50
divided into
5,000,000,000
shares
.
The
Company completed a follow-on public offering of American Depositary Shares ("
ADSs") priced at US$
19.00
per ADS on March
2, 2018. The Company issued and sold
10,000,000
ADSs, each representing
one
Class A Ordinary Share of the Company.
In
September 2019, the Board of Directors approved a US
$30
,000 share repurchase program (the "2019 Repurchase Program").
Under the 2019 Repurchase Program, the Group repurchased
1,096,312
shares during the year ended August 31, 2020 with a cost of USD
8,721
(approximately RMB
56,058
). For the year ended August 31, 2020, the Board of Directors approved and the Company completed the cancellation
and retirement of
569,732
shares that were repurchased.
In
November 2020, the Board of Directors approved a US
$50
,000 share repurchase program (the "2020 Repurchase Program").
Under the 2020 Repurchase Program, the Group repurchased
560,436
shares and
258,731
shares during the year ended August 31, 2021 and 2022,
respectively with a cost of US$
3,075
(approximately RMB
24,628
) and US$
1,530
(approximately RMB
9,245
), respectively. For the year ended
August 31, 2021 and 2022, the Board of Directors approved and the Company completed the cancellation and retirement of
1,058,389
shares
and
287,358
shares that were repurchased respectively.
In
August 2022, the Company changed the ratio of its ADSs to its Class A Ordinary Shares (the "ADS Ratio
"), par value US$
0.00001
per share, from the previous ADS Ratio of
one
ADS to
one
Class A Ordinary Share to the current ADS Ratio of
one
ADS to
four
Class A Ordinary
Shares, effective August 19, 2022.
17.
REVENUE
Continuing operations
The
Group provides domestic kindergartens education program and international education program oversea. Overseas business includes arts programs,
language programs and university foundation programs. The Group's revenue includes tuition income from education programs, meal income,
boarding income, commission income, study-abroad and career consulting service income
, camp service and other education services
related revenue. Revenue for the years ended August 31, 2020, 2021 and 2022 were primarily generated in the PRC, Hong Kong, Canada,
the UK and US. Please refer to Note 24 for disaggregation of revenue by geographical areas. The Group recognized majority of its revenue
over time and have insignificant amount of revenue recognized at a point in time.
(a)
Disaggregation of revenue
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Tuition income from education programs
526,397
343,468
405,990
Tuition income from complementary training institutes
137,083
229,011
286,891
Meal income
143,475
259,190
358,643
Boarding income
187,672
88,600
145,077
Commission income
142,856
119,565
148,154
Consulting service income
160,469
113,426
125,365
Operation service income
-
-
59,702
Other revenues
182,235
254,878
187,915
Less: sales tax
3,840
6,358
3,772
Total
1,476,347
1,401,780
1,713,965
F-
40
17.
REVENUE
- continued
(b)
Contract balances
As of August 31,
2021
2022
RMB
RMB
Accounts receivable, net of allowance
41,723
18,084
Contract liabilities - Current
425,954
516,731
Non-current contract liabilities
1,421
2,203
Refund liabilities
32,362
20,517
Contract liabilities principally relate to customer advances
received prior to performance of services. Substantially all contract liabilities at the beginning of the year ended August 31, 2022 were
recognized as revenue during the year ended August 31, 2022 and substantial all contract liabilities as of August 31, 2022 are expected
to be realized in the following year.
Refund liabilities mainly related to the estimated refunds
that are expected to be provided to students if they decide they no longer want to take the course. Refund liabilities estimates are based
on historical refund ratio on a portfolio basis using the expected value method.
18.
SHARE-BASED COMPENSATION
Share incentive plan
On December 15, 2017, the Company adopted the Bright Scholar
Education Holdings Limited 2017 Share Incentive Plan (the "2017 Plan").
In 2017, the Company provided up to an aggregate of
845,000
Class A ordinary shares of the Company as share based compensation to school principals and management team members with vesting period
varying from
3
to
5
years.
On
September 1, 2018, the Company granted
167,138
Class A ordinary shares to management of Can-achieve Group pursuant to the 2017 Plan. The
vesting period of option is
3
year, and the vesting is subject to the performance indicator of the option holders. During any authorized
leave of absence, the vesting of the option shall be suspended after the leave of absence exceeds a period of
90
days.
On
January 18, 2019, the Company granted
2,545,000
Class A ordinary shares to
a member of the Company's senior management team pursuant
to the Company's 2017 plan, in which, one tenth was vested and exercisable on grant date and the remaining options will vest over
6
years
from grant date. Vesting is subject to the continuous services of the option holders to the Company and the financial and operating performance
of the Group. During any authorized leave of absence, the vesting of the option shall be suspended after the leave of absence exceeds
a period of
90
days.
In the event of termination of the option holders' continuous
service for cause, the option holders' right to exercise the option shall terminate concurrently, except otherwise determined by the plan
administrator, and the Group shall have the rights to repurchase all vested options purchased by the option holders. The Company uses
the Binomial tree of lattice pricing model to determine the estimated fair value for each option granted below with the assistance of
an independent valuation firm. The post-vesting forfeiture rate is estimated by the Group at the range of
0
%-
15
% by different level of
principals and management team members.
The assumptions used in determining the fair value of the
share options on the grant date were as follows:
Assumptions
2018
2019
Expected dividend yield
0
%
0
%
Risk-free interest rate
1.84
%-
2.35
%
2.75
%-
2.85
%
Expected volatility
42
%-
51
%
50
%-
51
%
Expected life
2
or
10
years
8.90
or
9.29
years
Exercise multiples
2.20
-
2.80
times
2.20
-
2.80
times
Fair value of underlying ordinary shares (US$/share)
9.29
-
12.25
6.28
-
6.83
F-
41
18.
SHARE-BASED COMPENSATION
- continued
Share
incentive plan
- continued
Notes:
(1)
The expected dividend yield was estimated by the Company based on its dividend policy over the expected life of the options.
(2)
The risk-free interest rate was estimated based on the US Government Bond yield with the maturity commensurate with the expected life.
(3)
The expected volatility of the underlying ordinary shares was estimated based on historical volatility of the Company for the period
before the valuation date with length commensurate to expected life of the options.
(4)
The expected life was the contractual life of the share options.
(5)
The Company estimated the exercise multiple based on a consideration of various research studies regarding exercise pattern from historical
statistical data.
(6)
The fair values of ordinary shares were determined based on the closing price in the market.
For
the years ended A
ugust 31, 2020, 2021 and 2022, the share options movement were as follows:
Number of
share options
Weighted
average exercise
price
Weighted average
remaining
contractual years
Weighted average
fair value at
grant date
Aggregate
intrinsic value
US$
US$
US$
As of August 31, 2019
3,073,314
8.74
8.33
7.98
(
1,407,301
)
Granted
—
—
—
Forfeited/Cancelled
(
2,232,547
)
8.74
7.29
Outstanding as of August 31, 2020
840,767
8.74
7.29
10.73
(
823,950
)
Vested and exercisable as of August 31, 2020
471,200
8.74
7.29
10.13
(
461,776
)
Granted
—
—
—
Forfeited/Cancelled
(
81,242
)
8.74
6.29
Outstanding as of August 31, 2021
759,525
8.74
6.29
10.74
(
4,086,239
)
Vested and exercisable as of August 31, 2021
635,795
8.74
6.29
10.55
(
3,420,579
)
Granted
—
—
—
Forfeited/Cancelled
(
74,951
)
8.74
6.29
Outstanding as of August 31, 2022
684,574
8.74
5.29
10.92
(
3,778,848
)
Vested and exercisable as of August 31, 2022
649,428
8.74
5.29
10.83
(
3,584,843
)
For
the years ended August 31, 2020, 2021 and 2022, the Group recognized share-based payment expenses of RMB (
10,631
), RMB
1,865
and RMB (
816
),
respectively, in connection with the share options granted to employees. The share-based award granted to members of senior management
requires both a performance condition and service condition. During the fiscal year ended August 31, 2020, the Group assessed that the
performance condition of certain employees is not probable of being met and recorded a reversal of share-based compensation amounting
to RMB
34,252
.
The total fair value of share options vested as of August 31, 2020, 2021 and 2022 was RMB 32,851, RMB 43,341 and RMB 48,450,
respectively.
The
total compensation expense is recognized on a straight-line basis over the respective vesting periods. As of August 31, 2020, 2021 and
2022, there were RMB
4,098
, RMB
748
and RMB
nil
unrecognized compensation expense, respectively, related to un-vested share options granted
to executive and employees of the Group. As of August 31, 2021 and 2022, the unvested share options expense relating to the share options
of the Group is expected to be recognized over a weighted average vesting period of
1
year and
less than
1
year, respectively.
F-
42
19.
INCOME TAX EXPENSE
Continuing operations
Income tax expense consisted of the following:
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Current income tax expense (benefit):
PRC
79,223
113,045
64,352
Hong Kong
(
897
)
23,665
29,923
US
4,192
2,633
2,455
Canada
-
-
44
UK
1,629
-
-
Deferred income tax expense (benefit):
PRC
(
2,892
)
(
2,716
)
(
3,749
)
Canada
(
178
)
(
49
)
67
US
(
4,605
)
-
(
28
)
UK
(
12,657
)
(
42,402
)
(
34,145
)
Total income tax expense:
63,815
94,176
58,919
Cayman Islands
The Company and Impetus are incorporated in the Cayman Islands.
Under the current laws of the Cayman Islands, the Company and Impetus are not subject to income or capital gains taxes. In addition, dividend
payments are not subject to withholdings tax in the Cayman Islands.
U
S
Can-achieve Global Education, Inc. (Los Angeles), Cambridge
Education Group Holding Inc. (US) and its subsidiaries are located in US and are subject to an income tax rate of
21
% for taxable income
earned in the US.
UK
The Company's subsidiaries operating in UK are subjected
to income tax rate at
19
%.
Canada
Can-Achieve International Education Limited (Vancouver)
operating in Vancouver, Can-Achieve Academy Limited and CEG Holdings Canada Inc. and its subsidiaries operating in Toronto are subject
to income tax rate ranging from
26
% to
26.5
% according to the province tax rates.
Hong Kong
The Group's subsidiaries operating in Hong Kong are
subject to a two-tiered income tax rate for taxable income earned in Hong Kong effectively since April 1, 2018. The first
2
million Hong
Kong dollars of profits earned by a company are subject to be taxed at an income tax rate of
8.25
%, while the remaining profits will continue
to be taxed at the existing tax rate of
16.5
%.
PRC
The subsidiaries and VIEs incorporated in the PRC were generally
subject to a corporate income tax rate of
25
%.
Effective from January 1, 2008, a new Enterprise Income
Tax Law, or ("the New EIT Law"), consolidated the previous income tax laws for foreign invested and domestic invested enterprises
in the PRC by the adoption a unified tax rate of
25
% for most enterprises with the following exceptions.
Zhuhai
Bright Scholar is a company registered in Hengqin New Area whose main business, providing outsourcing consulting services, falls within
the preferential enterprise income tax ("EIT") catalogue of Hengqin New Area in Zhuhai and whose revenue derived from its main
business accounts for more than
60
% of its total revenue. Zhuhai Bright Scholar was classified as a domestically-owned enterprise in Hengqin
New Area, Zhuhai in an encouraged industry sector, and was approved by the PRC tax authorities to enjoy a preferential EIT rate of
15
%
from January 24, 2017 (date of incorporation). As of the issuance date of this consolidated financial statements, Zhuhai Bright
Scholar continues to meet the relevant requirements and is eligible for the preferential EIT rate
.
F-
43
19.
INCOME TAX EXPENSE
- continued
PRC
- continued
Chengdu Yinzhe Education and Technology Co., Ltd. and Chengdu
Laizhe Education and Technology Co., Ltd. established in the western development area of the PRC were subject to preferential tax rate
of
15
% of taxable profit for the years ended August 31, 2020, 2021 and 2022.
Entities qualified as Software Enterprises ("SEs")
enjoy EIT exemption for two years starting from its first profitable calendar year, followed by a
50
% reduction for the subsequent
three
calendar
years
. Chengdu Zhi Yi Meng Software Technology Co., Ltd. was qualified as SEs and enjoyed the zero preferential
tax rate in calendar year 2019 and 2020, and was subject to
50
% reduction of EIT at
12.5
% preferential tax rate in calendar year 2021
and 2022.
Further, according to Caishui
[2019]13 No.2, certain subsidiaries in the PRC qualified as "small-scaled minimal profit enterprise". The first RMB
1,000
of taxable income earned by a qualified company is subject to preferential income tax rate of
5
%, while the remaining profits
will be subject to income tax rate of
10
%, in calendar year 2020. According to Announcement [2021] No. 12 from the Ministry of
Finance and the State Administration of Taxation ("MOF&SAT"), these PRC subsidiaries are subject to preferential
income tax rate of
2.5
% and 10% for the first RMB
1,000
of taxable income and remaining profit respectively, in calendar year 2021.
While according to Announcement [2022] No. 13 from the MOF&SAT subsequently issued, the applicable preferential income tax rate
is
2.5
% and
5
% for the first RMB
1,000
of taxable income and remaining profit respectively, in calendar year 2022.
Deferred income taxes reflect the net tax effects of temporary
differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax
purposes. The Group's deferred tax assets and liabilities were as follows:
As of August 31,
2021
2022
RMB
RMB
Deferred tax assets:
Net operating loss carry-forward
162,177
184,081
Less: valuation allowance
(
98,081
)
(
98,978
)
Total deferred tax assets
64,096
85,103
Deferred tax liabilities:
Intangible assets
26,744
21,707
Total deferred tax liabilities
26,744
21,707
Movement in valuation allowance is as follows:
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Beginning balance
16,716
61,448
98,081
Additions from acquisition
-
2,070
-
Additions
50,389
46,488
14,442
Reversal
(
4,261
)
(
11,789
)
(
13,293
)
Expired
(
1,396
)
(
136
)
(
252
)
Ending balance
61,448
98,081
98,978
As
of August 31, 2020, 2021 and 2022, the tax loss carry-forward in the PRC amounted to RMB
251,368
, RMB
396,192
and RMB
399,660
respectively,
which would expire by the end of calendar year 2025, 2026 and 2027. The Group operates its business through its subsidiaries and VIEs.
The Group does not file consolidated tax returns, therefore, losses from individual subsidiaries or the VIEs may not be used to offset
other subsidiaries' or VIEs' earnings within the Group. Valuation allowance is considered on each individual subsidiary and VIE basis.
A valuation allowance of RMB
61,448
, RMB
98,081
and RMB
98,978
had been established as of August 31, 2020, 2021 and 2022, respectively,
in respect of certain deferred tax assets as it is considered more likely than not that the relevant deferred tax assets will not be realized
in the foreseeable future.
The total deferred tax assets of RMB
64,096
and RMB
85,103
as of August
31, 2021 and 2022 respectively, was mainly attributed to the deductible tax losses carry-forward arising from Overseas Schools, with indefinite
expiration date for future utilization. The Group considered it is more likely than not that future taxable profit against which the losses
can be utilized will be available in the relevant tax jurisdiction.
A deferred tax liability should be recorded for taxable
temporary differences attributable to the excess of financial reporting amounts over tax basis amounts, including those differences attributable
to a more than
50
% interest in a domestic subsidiary. However, recognition is not required in situations where the tax law provides a
means by which the reported amount of that investment can be recovered tax-free and the enterprise expects that it will ultimately use
that means. The Company has not recorded any such deferred tax liability attributable to the undistributed earnings of its financial interest
in VIEs because it believes such excess earnings can be distributed in a manner that is considered to be indefinitely reinvested and thus
would not be subject to income tax.
F-
44
19.
INCOME TAX EXPENSE
- continued
The impact of an uncertain income tax position on the income
tax return is recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant tax authority.
An uncertain income tax position will not be recognized if it has less than a
50
% likelihood of being sustained. Interest and penalties
on income taxes will be classified as a component of the provisions for income taxes. The Group has concluded that there are no significant
uncertain tax positions requiring recognition in consolidated financial statements for the years ended August 31, 2020, 2021 and
2022.
The Group did not incur any interest and penalties related
to potential underpaid income tax expenses and also does not anticipate any significant increases or decreases in unrecognized tax benefits
in the next
12
months. The Group has no material unrecognized tax benefits which would favorably affect the effective income tax rate
in future periods.
According to PRC Tax Administration and Collection Law,
the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding
agent. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined (but an underpayment
of tax liability exceeding RMB 0.1 million is specifically listed as a special circumstance). In the case of a related party transaction,
the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. From inception to 2022, the Group
is subject to examination of the PRC tax authorities.
Reconciliation between the provision for income taxes computed
by applying the PRC EIT rates of
25
% in year 2020, 2021 and 2022 to income before income taxes and the actual provision for income tax
were as follows:
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Net loss before provision for income tax after elimination adjustment
(
242,911
)
(
439,952
)
(
604,871
)
PRC statutory tax rate
25
%
25
%
25
%
Income tax at statutory tax rate
(
60,728
)
(
109,988
)
(
151,218
)
Effect of intercompany transactions between continuing and discontinued operations
130,721
154,947
-
Effect of expenses that are not deductible in determining taxable profit*
(
1,738
)
66,668
180,404
Unrecognized tax losses
50,389
46,488
14,442
Utilization of tax losses previously not recognized
(
4,261
)
(
11,789
)
(
13,293
)
Effect of tax rate difference from tax holiday and statutory rate in other jurisdictions
(
49,907
)
(
51,815
)
7,604
Withholding tax expense**
-
-
25,000
Others
(
661
)
(
335
)
(
4,020
)
Income tax expense recognized in profit or loss
63,815
94,176
58,919
Note
*:
Included in the expenses that are not deductible in determining taxable profit were primarily related to impairment loss, share based
compensation and non-deductible expenses arose from Overseas Schools.
Note**:
The Enterprise Income Tax Law and its implementation
rules also impose a withholding tax at
10
%, unless reduced by a tax treaty or agreement, for dividends receivable by non-PRC-resident
enterprises from PRC-resident enterprises in respect of earnings accumulated beginning on January 1, 2008. As of August 31, 2022, the
Company has recorded RMB
25,000
for dividend withholding tax related to the distributed earnings of Zhuhai Bright Scholar to Time Education
China Holdings Limited.
If the tax holidays granted to certain schools and entities
of the Group were not available, the Group's income tax expense would have increased by RMB
45,315
, RMB
66,742
and RMB
12,397
for the
years ended August 31, 2020, 2021 and 2022, respectively. The basic net earnings or loss per share attributable to the Company would decrease
in earning or increase in loss by RMB
0.38
, RMB
0.56
and RMB
0.10
for the years ended August 31, 2020, 2021 and 2022, respectively.
F-
45
20.
EARNINGS (LOSS) PER SHARE
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Numerator used in basic and diluted earnings/(loss) per share:
Net loss attributable to Bright Scholar Education Holdings Limited from continuing operations
(
316,878
)
(
540,768
)
(
709,340
)
Net income attributable to Bright Scholar Education Holdings Limited from discontinued operations
477,883
487,963
-
Net income/(loss) attributable to Bright Scholar Education Holdings Limited shareholders
161,005
(
52,805
)
(
709,340
)
Shares (denominator):
Weighted average ordinary shares outstanding used in calculating earnings/(loss) per share—basic and diluted
120,158,001
119,220,331
118,697,495
Net earnings/(loss) per share attributable to ordinary shareholders — basic and diluted:
Net loss from continuing operations attributable to ordinary shareholders
(
2.64
)
(
4.54
)
(
5.98
)
Net income from discontinued operations attributable to ordinary shareholders
3.98
4.09
-
Net income/(loss) attributable to Bright Scholar Education Holdings Limited shareholders
1.34
(
0.45
)
(
5.98
)
As
of August 31,
2020, 2021 and 2022, there were
840,767
,
759,525
and
684,574
employee share options or non-vested ordinary shares
excluded from the computation of diluted net earnings/(loss) per share in the periods presented, as their inclusion would have been anti-dilutive
for the years presented.
F-
46
21.
RELATED PARTY TRANSACTIONS
The table below sets forth the major related parties and
their relationships with the Group:
Name of related parties
Relationship with the group
Foshan Shunde Country Garden Property Development Co., Ltd.
Entities controlled by Ms. Huiyan Yang ("Ms. H")*
Huidong Country Garden Real Estate Development Co., Ltd.
Entities controlled by Ms. H*
Guangdong Phoenix Holiday International Travel Service Co., Ltd.
Entities controlled by Ms. H*
Guangdong Shunde Chuang Xi Bang Sheng Furniture Co., Ltd.
Entities controlled by Ms. H*
Guangdong Teng An Mechanics and Electrics Engineering Co., Ltd.
Entities controlled by Ms. H*
Guangdong Chengjia Design Co., Ltd.
Entities controlled by Ms. H*
Guangdong Elite Architectural Co., Ltd.
Entities controlled by Ms. H*
Guangdong Biyouwei Catering Co., Ltd.
Entities controlled by Ms. H*
Kaiping Country Garden Property Development Co., Ltd.
Entities controlled by Ms. H*
Chuzhou Country Garden Property Development Co., Ltd.
Entities controlled by Ms. H*
Fine Nation Group Limited
Entities controlled by the immediate family of the
chairperson of the Group
Can-Achieve Global Edutour Co., Ltd.
Entities controlled by non-controlling interest
shareholder
Hangzhou Mashao Enterprise Management Consulting Co., Ltd.
Non-controlling interest shareholder of a subsidiary
of the Group
Shanghai Hanlue Information Technology Center Limited Partnership
Non-controlling interest shareholder of a subsidiary
of the Group
Gongqingcheng Yuansen Commercial Information Consulting Center Ltd.
Non-controlling interest shareholder of a subsidiary
of the Group
Name of Affected Entities
BGY Education Investment and its affiliates**
Entities controlled by Ms. Meirong Yang, the shareholder
of the Group
Phoenix City Bilingual Kindergarten and other non-for-profit Kindergartens**
Entities controlled by Ms. Meirong Yang, the shareholder
of the Group
Note*: Ms. H served as the
chairperson for the year ended August 31, 2020, 2021 and 2022. The Board has accepted Ms. H's resignation and appointed Mr.
Hongru Zhou as the chairman of the Board on November 29, 2022, the appointment is effective on November 30, 2022.
Note**:
These entities were deconsolidated on August 31, 2021 due to the effectiveness of the Implementation Rules stated in Note 2(a)
,
and became the related parties of the Company since September 1, 2021.
F-
47
21.
RELATED
PARTY TRANSACTIONS
- continued
The Group entered into the following transactions with its
related parties:
The
Group has purchased services and materials from related parties at negotiated prices for a total amount of RMB
11,215
and RMB
13,863
for
the years ended August 31, 2020 and 2021, respectively, of which RMB
6,76
4 and RMB
7,610
were related to discontinued operations
for the years ended August 31, 2020 and 2021, respectively. Details of related party transactions in continuing operations for the years
ended August 31, 2020, 2021 and 2022 are as follows:
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Purchases of services and materials provided by other entities controlled by Ms. H are as below
Foshan Shunde Country Garden Property Development Co., Ltd.
2,538
1,328
4,456
Huidong Country Garden Real Estate Development Co., Ltd.
-
2,969
1,623
Guangdong Phoenix Holiday International Travel Service Co., Ltd.
548
-
-
Guangdong Shunde Chuang Xi Bang Sheng Furniture Co., Ltd.
-
380
-
Others
1,365
1,576
2,751
Total
4,451
6,253
8,830
The Group has received construction services from related
parties at negotiated prices for a total amount of RMB
nil
and RMB
1,427
for the years ended August 31, 2020 and 2021, respectively, of
which RMB
nil
and RMB
144
were related to discontinued operations for the years ended August 31, 2020 and 2021, respectively. Details
of related party transactions in continuing operations for the years ended August 31, 2020, 2021 and 2022 are as follows:
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Construction services provided by other entities controlled by the Ms. H are as below
Guangdong Teng An Mechanics and Electrics Engineering Co., Ltd.
-
603
-
Guangdong Chengjia Design Co., Ltd.
-
680
339
Guangdong Shunde Chuang Xi Bang Sheng Furniture Co., Ltd.
-
-
1,910
Others
-
-
3
Total
-
1,283
2,252
The Group has paid interest expense to related parties at
negotiated prices for a total amount of RMB
nil
for the years ended August 31, 2020 and 2021, and RMB
11,118
for the years ended August
31, 2022. Details of related party transactions in continuing operations for the years ended August 31, 2020, 2021 and 2022 are as follows:
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Interest expense paid to the related parties are as below
Fine Nation Group Limited (1)
-
-
6,946
BGY Education Investment (2)
-
-
4,172
Total
-
-
11,118
(1)
On
July 22, 2022, the Group issued a Promissory Note (the "Note") to Fine Nation Group Limited with a principal amount of USD
130,000
(approximately RMB
877,487
) at an interest rate of
7.45
%
per annum. As of August 31, 2022, the Note had been fully offset
with the Group's short-term investments in accordance to the agreement among the Group, Fine Nation Group Limited and the investment
management institution.
(2)
On
July 12, 2022, the Group borrowed a
short term loan from BGY Education Investment amounting to RMB
480,000
at an interest rate
of
7.45
% per annum, which had been fully paid as of August 31, 2022.
F-
48
21.
RELATED
PARTY TRANSACTIONS
- continued
The Group has disposed property and equipment at negotiated
price to related parties for a total amount of RMB
nil
for the years ended August 31, 2020 and 2021, and RMB
57,998
for the year ended
August 31, 2022. Details of related party transactions in continuing operations for the years ended August 31, 2020, 2021 and 2022 are
as follows:
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Property and equipment disposed to the related parties are as below
BGY Education Investment
    (1)
-
-
57,998
(1)
On February 28, 2022, the Group
has disposed property
and equipment to BGY Education Investment amounting to RMB
57,998
, which is equal to the carrying amount of theses property and equipment
as of the transaction date.
The
Group provided services at negotiated price to related parties for a total amount of RMB
3,198
and RMB
4,745
for the years ended
August 31, 2020 and 2021, respectively, of which RMB
2,380
and RMB
508
were related to discontinued operations for the years ended August
31, 2020 and 2021, respectively. Details of related party transactions in continuing operations for the years ended August 31, 2020, 2021
and 2022 are as follows:
For the year ended August 31,
2020
2021
2022
RMB
RMB
RMB
Services provided to other entities controlled by Ms. H are as below
Phoenix City Bilingual Kindergarten and other non-for-profit Kindergartens(1)
-
-
53,197
Kaiping Country Garden Property Development Co., Ltd.
353
1,013
-
Guangdong Biyouwei Catering Co., Ltd.
348
755
97
Foshan Shunde Country Garden Property Development Co., Ltd.
-
424
-
Others
117
650
-
Total
818
2,842
53,294
(1)
The amount represented the management fees charged for the
provision of services to the Phoenix City Bilingual Kindergarten and other non-for-profit kindergartens
.
During the fiscal year 2022,
other than the services above, the Group provided various types of services to keep the Affected Entities open without entering into
any service contract. Services provided to the Affected Entities include marketing and consulting, procurement support, human
resources, finance and legal support, and information technology support, all of which were conducted through the centralized
management system in the Group's headquarter. The Group does not expect to be entitled to any compensation in exchange for
those services, and therefore does not recognize relevant revenues. This centralized management system provided services to the
Affected Entities without charges together with other kindergartens that the Group charged services fee for. As the Group did not
track the costs incurred by the services center separately among different service recipients, and majority of the costs are staff
costs incurred by the service centers, there are significant limitations for the Group to accurately determine the costs
attributable to providing services to the Affected Entities. As a result, such costs related to services provided to the Affected
Entities are not disclosed.
The following table presents amounts owed from and to related
parties as of August 31, 2021 and 2022:
As of August 31,
2021
2022
RMB
RMB
Amounts due from related parties
BGY Education Investment and its affiliates (1)
2,028,866
185,366
Shaoguan Shunhong Real Estate Development Co., Ltd. (2)
10,000
10,000
Can-Achieve Global Edutour Co., Ltd. (2)
1,906
-
Hangzhou Mashao Enterprise Management Consulting Co., Ltd. (3)
1,206
-
Kaiping Country Garden Property Development Co., Ltd. (4)
1,060
1,060
Others
1,148
772
Less: allowance for Amounts due from related parties
(
233
)
(
572
)
Total
2,043,953
196,626
Amounts
due from related parties are non-interest bearing, unsecured, and
due on demand.
(1)
The amounts mainly represent the loan receivables from BGY
Education Investment and its affiliates for the purpose of opening new schools and maintaining daily operation of the private schools
before fiscal year 2021, which had been fully repaid in fiscal year 2022. As of August 31, 2022, the amounts mainly represent the acquisition
payable paid on behalf of affiliates of BGY Education investment, and the receivables from disposal of property and equipment to BGY Education
investment
.
F-
49
21.
RELATED
PARTY TRANSACTIONS
- continued
(2)
The amounts mainly represent the receivables from
respective
entities in which consist of expense were paid on behalf of entities controlled by Ms. H and a non-controlling interest shareholder, respectively.
(
3)
The amounts represent loan receivables from the non-controlling interest shareholders of Hangzhou Impression.
(4)
The amounts mainly represent the receivables of providing consulting services on pre-opening schools to Kaiping Country Garden Property
Development Co., Ltd..
As of August 31,
2021
2022
RMB
RMB
Amounts due to related parties
BGY Education Investment and its affiliates (1)
333,270
307,587
Chuzhou Country Garden Property Development Co., Ltd. (2)
30,769
30,769
Shanghai Hanlue Information Technology Center Limited Partnership (3)
2,885
-
Gongqingcheng Yuansen Commercial Information Consulting Center Ltd. (4)
2,462
-
Others
4,329
4,676
Total
373,715
343,032
Amounts
due to related parties are non-interest bearing, unsecured, and
payable on demand.
As of August 31,
2021
2022
RMB
RMB
Other non-current liabilities due to related parties
Shanghai Hanlue Information Technology Center Limited Partnership (3)
2,650
-
Gongqingcheng Yuansen Commercial Information Consulting Center Ltd. (4)
10,504
11,197
Total
13,154
11,197
Other
non-current liabilities due to related parties are non-interest bearing and unsecured
.
(1)
The
amounts mainly represent the acquisition payables to BGY Education Investment
and its affiliates for the acquisition of certain
PRC subsidiaries under common control in fiscal year 2021.
(2)
The amounts mainly represent financing funds from other entities controlled by Ms. H, for the purpose of maintaining daily operation
of certain schools.
(3)
The amounts represent the acquisition payables to Shanghai Hanlue Information Technology Center Limited Partnership for the acquisition
of Linstitute in fiscal year 2020.
(4)
The amounts represent the acquisition payables to Gongqingcheng Yuansen Commercial Information Consulting Center Ltd. for the acquisition
of Leti in fiscal year 2021.
22.
COMMITMENTS AND CONTINGENCIES
Capital commitments
As of August 31, 2021 and 2022, future minimum capital
commitments under non-cancelable contracts from continuing operations were as follows:
As of August 31,
2021
2022
RMB
RMB
Capital commitment for construction of schools
70,231
10,764
Capital commitment for an equity method investment
208,866
208,866
Total
279,097
219,630
Contingent liabilities
The Group has been named in a number of lawsuits arising
in its ordinary course of business. Although the outcome of those lawsuits are uncertain, the Group does not believe the possibility of
a material loss is probable. The Group is unable to estimate a range of loss, if any, that could result if there would be an adverse decision,
as such, and the Group has not accrued any liabilities.
F-
50
2
3.
NON-CONTROLLING INTERESTS
The following table summarizes the
changes in non-controlling interests from August 31, 2019 through August 31, 2022.
Can-achieve
Xinqiao
Group
Chengdu
Yinzhe
Wuhan
Sannew
Hangzhou
Impression
Linstitute
Others
Total
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
Balance at August 31, 2019
125,941
37,914
68,685
73,078
30,119
—
26,095
361,832
Capital injection from non-controlling interest shareholders
—
—
—
—
—
—
2,650
2,650
Income attributable to non-controlling interests
(
4,017
)
(
3,875
)
5,750
(
84
)
123
990
4,282
3,169
Foreign currency translation
(
54
)
—
—
—
—
—
25
(
29
)
Acquisition of subsidiaries
—
—
—
—
—
27,583
—
27,583
Disposal of a subsidiary*
—
—
—
—
—
—
(
5,650
)
(
5,650
)
Distribution of dividends to shareholders
—
—
—
—
(
3,104
)
—
—
(
3,104
)
Balance at August 31, 2020
121,870
34,039
74,435
72,994
27,138
28,573
27,402
386,451
Capital injection from non-controlling interest shareholders
—
—
—
—
—
—
1,370
1,370
Income attributable to non-controlling interests
277
(
34,039
)
77
(
72,994
)
(
916
)
8,730
(
14,133
)
(
112,998
)
Foreign currency translation
66
—
—
—
—
—
(
175
)
(
109
)
Acquisition of a subsidiary (Note 4)
—
—
—
—
—
—
18,012
18,012
Acquisition of additional interest in a subsidiary of non-controlling interests*
—
—
(
14,980
)
—
—
—
—
(
14,980
)
Distribution of dividends to shareholders
(
14,330
)
—
—
—
(
1,053
)
(
2,314
)
—
(
17,697
)
Balance at August 31, 2021
107,883
—
59,532
—
25,169
34,989
32,476
260,049
Capital injection from non-controlling interest shareholders
—
—
—
—
—
—
6,160
6,160
Income attributable to non-controlling interests
(
351
)
—
2,694
—
183
7,099
(
3,822
)
5,803
Foreign currency translation
83
—
—
—
—
—
—
83
Acquisition of additional interest in a subsidiary of non-controlling interests*
—
—
(
12,183
)
—
—
—
(
6,798
)
(
18,981
)
Distribution of dividends to shareholders
—
—
(
12,522
)
—
(
1,451
)
(
8,802
)
(
4,698
)
(
27,473
)
Balance at August 31, 2022
107,615
—
37,521
—
23,901
33,286
23,318
225,641
Note*:
During the year ended August 31, 2020, the Company disposed
its equity interest in a subsidiary with a total consideration of RMB
30,344
, and the carrying amount of the non-controlling interests
of the disposed subsidiary as of the disposal date was RMB
5,650
.
During
the year ended August 31, 20
21, the Company acquired additional
5
% of equity interests in Chengdu Yinzhe from a non-controlling
interest shareholder with total cash consideration of RMB
16,670
. The net carrying amount of the acquired non-controlling interests was
RMB
14,980
and the difference of RMB
1,690
was charged to additional paid in capital of the Company accordingly. During the year ended
August 31, 2022, the Company further acquired additional
5
% of equity interests in Chengdu Yinzhe from a non-controlling interest shareholder
with total cash consideration of RMB
12,708
. The net carrying amount of the acquired non-controlling interests was RMB
12,183
and the
difference of RMB
525
was charged to additional paid in capital of the Company accordingly. As of August 31, 2022, the equity interest
of the Company in Chengdu Yinzhe is
85
%.
During
the year ended August 31, 20
22, the Company acquired additional
25
% of equity interests in FGE from a non-controlling interest
shareholder with total cash consideration of RMB
30,874
. The net carrying amount of the acquired non-controlling interests was RMB
6,798
and the difference of RMB
24,076
was charged to additional paid in capital of the Company accordingly. As of August 31, 2022, the equity
interest of the Company in FGE is
100
%.
F-
51
2
4.
SEGMENT INFORMATION
The CODM reviews financial information of operating segments
based on internal management report when making decisions about allocating resources and assessing the performance of the Group.
During the year ended August 31, 2020, the Group changed
its internal management structure and expanded the service offerings in utilizing technology to deliver online study programs, which forms
an additional reportable segment called, Education Technology. As of August 31, 2020, the Group has
six
reportable segments, including
International Schools, Bilingual Schools, Kindergartens, Overseas Schools, Complementary Education Services and Education Technology.
During the year ended August 31,
2021, in response to the Implementation Rules, the Group reorganized its business units and made change in its reportable segments.
As of August 31, 2021 and 2022, the Group has identified
three
reportable segments, including Overseas Schools, Complementary
Education Services, and Domestic Kindergartens and K-12 Operation Services. Given the change in the composition of the Group's
reportable segments, in fiscal year 2021, fiscal year 2020 segment information was recast to conform to the fiscal year 2021
presentation.
The Group's CODM evaluates performance based on the operating
segment's revenue and their operating results. The revenue and operating results by segments were as follows:
For the year ended August 31, 2020
Continuing operations
Overseas Schools
Complementary
Education Services
Domestic
Kindergartens & K-12
Operation Services
Total
RMB
RMB
RMB
RMB
Revenue
835,927
540,387
100,033
1,476,347
Costs of revenue
(
588,840
)
(
338,363
)
(
132,334
)
(
1,059,537
)
Segment profit
247,087
202,024
(
32,301
)
416,810
For
the year ended August 31, 202
1
Continuing operations
Overseas Schools
Complementary
Education Services
Domestic
Kindergartens & K-12
Operation Services
Total
RMB
RMB
RMB
RMB
Revenue
502,607
625,640
273,533
1,401,780
Costs of revenue
(
513,871
)
(
382,548
)
(
283,844
)
(
1,180,263
)
Segment profit
(
11,264
)
243,092
(
10,311
)
221,517
For
the year ended August 31, 202
2
Continuing operations
Overseas Schools
Complementary
Education Services
Domestic
Kindergartens & K-12
Operation Services
Total
RMB
RMB
RMB
RMB
Revenue
652,773
636,615
424,577
1,713,965
Costs of revenue
(
574,744
)
(
373,753
)
(
288,809
)
(
1,237,306
)
Segment profit
78,029
262,862
135,768
476,659
The Group's CODM review the financial position at consolidated
level, thus total assets of each operating segment is not presented.
F-
52
2
4.
SEGMENT INFORMATION
- continued
GEOGRAPHIC INFORMATION
The
Group's revenues are attributed to geographic areas based on the
selling location.
The following table presents total revenues from continuing
operations for the years ended August 31, 2020, 2021 and 2022 from a geographical perspective:
For the year ended August 31,
2020
2021
2022
Revenues from sales originated:
China **
638,435
911,562
1,099,735
Canada
16,914
9,265
7,013
US
188,111
61,641
89,309
UK
632,887
419,312
517,908
Total
1,476,347
1,401,780
1,713,965
The following table presents long-lived assets from continuing
operations including property and equipment, net, and operating lease right-of-use assets as of August 31, 2021 and 2022 from a geographical
perspective:
As of August 31,
2021
2022
China **
426,131
250,623
Canada
10,411
-
US
398,708
320,437
UK***
1,377,665
1,276,050
Total
2,212,915
1,847,110
**
Includes mainland
China and Hong Kong.
**
*:
It has been restated for the adjustments disclosed in Note 2(d).
2
5.
CONTRIBUTION PLAN
In
mainland China, full-time employees of the Group in the PRC participate in a government-mandated defined contribution plan pursuant to
which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to
employees. The PRC labor regulations require the Group to accrue for these benefits based on certain percentages of the employees' salaries.
Total contributions for such employee benefits were RMB
138,235
, RMB
16
6,765 and RMB
33,002
for the years ended August 31,
2020, 2021 and 2022, respectively, of which RMB
119,456
and RMB
139,367
were related to discontinued operations for the years ended August
31, 2020 and 2021, respectively.
The
Company also provides other defined contribution plans for the benefit of overseas employees. Total contribution for such employee benefits
for the years ended August 31, 202
1 and 2022 were recorded in consolidated statements of operations in an amount of RMB
27,350
and RMB
29,434
, respectively.
F-
53
2
6.
STATUTORY RESERVES AND RESTRICTED NET ASSETS
As stipulated by the relevant PRC laws and regulations applicable
to the Group's entities in the PRC, the Group is required to make appropriations from net income as determined in accordance with the
PRC GAAP to non-distributable reserves, which include a statutory surplus reserve and a statutory welfare reserve. The PRC laws and regulations
require that annual appropriations of
10
% of after-tax income should be set aside prior to payments of dividends as reserve fund, and
in private school sector, the PRC laws and regulations require that annual appropriations of
25
% of after-tax income should be set aside
prior to payments of dividend as development fund. The appropriations to statutory surplus reserve are required until the balance reaches
50
% of the PRC entity registered capital.
The
statutory reserve may be applied against prior year losses, if any, and may be used for general business expansion and production or increase
in registered capital of the entities.
For the years ended August 31, 2020, 2021 and 2022, the Group made apportions of RMB 622,
RMB 1,909 and RMB 12,341 to the statutory surplus reserve fund, respectively, and
RMB nil, RMB nil and RMB nil to the development
fund, respectively.
As a result of these PRC laws and regulations and the requirement
that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities
are restricted from transferring a portion of their net assets to the Group. Restricted net assets include paid-in capital, additional
paid-in capital, the statutory reserves and the retained earnings of the Company's PRC subsidiaries and VIEs.
As of August 31,
2021
2022
RMB
RMB
Paid-in capital
445,288
165,615
Additional paid-in capital
6,239
9,556
Statutory reserves
3,993
29,841
Retained earnings
1,596,274
1,397,490
Total
2,051,794
1,602,502
2
7.
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
For the purpose of the consolidated statement of cash flows,
cash and cash equivalents, and restricted cash included cash on-hand and in banks and restricted cash. Cash and cash equivalents, and
restricted cash at the end of reporting year end as shown in the consolidated statements of cash flows can be reconciled to the related
items in the consolidated balance sheets as follow:
As of August 31,
2021
2022
RMB
RMB
Cash and cash equivalents
844,684
664,769
Restricted cash
670,598
193,045
Less: allowance for restricted cash
(
119
)
(
30
)
Total
1,515,163
857,784
2
8.
SUBSEQUENT EVENT
Subsequent in October 2022, the UK subsidiary of the Group
sold certain properties in the UK with a total consideration of approximately RMB
22,863
, which resulted in disposal gain on property
and equipment of RMB
11,073
in the first quarter of fiscal year 2023.
F-
54
SCHEDULE 1-CONDENSED FINANCIAL STATEMENT OF BRIGHT
SCHOLAR EDUCATION HOLDINGS LIMITED
BALANCE SHEET
(Amounts in thousands)
As of August 31,
As of August 31,
2021
2022
RMB
RMB
USD
Note 2(h)
ASSETS
Current assets
Cash and cash equivalents
132,203
88,047
12,781
Restricted cash, net
646,040
-
-
Amounts due from subsidiaries and VIEs
2,640,221
2,017,029
292,790
Amounts due from related parties, net
6
7
1
Other receivables, deposits and other assets, net
7,104
9,846
1,429
Total current assets
3,425,574
2,114,929
307,001
Investment in subsidiaries and VIEs
1,034,925
544,953
79,105
Other non-current assets, net
56,277
-
-
Total non-current assets
1,091,202
544,953
79,105
TOTAL ASSETS
4,516,776
2,659,882
386,106
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
8
-
-
Bond payable
1,836,362
-
-
Accrued expenses and other current liabilities
13,340
2,105
305
Amounts due to subsidiaries and VIEs
120,239
987,875
143,399
Total current liabilities
1,969,949
989,980
143,704
Non-current liabilities
Other non-current liabilities
-
-
-
Bond payable
-
-
-
Total non-current liabilities
-
-
-
TOTAL LIABILITIES
1,969,949
989,980
143,704
EQUITY
Share capital (US$
0.00001
par value;
118,928,526
shares issued and outstanding as of August 31, 2021,
118,669,795
shares issued and outstanding as of August 31, 2022)
8
8
1
Additional paid-in capital
1,727,020
1,693,358
245,806
Accumulated other comprehensive income
168,324
34,401
4,994
Retained earnings
651,475
(
57,865
)
(
8,399
)
TOTAL EQUITY
2,546,827
1,669,902
242,402
TOTAL LIABILITIES AND EQUITY
4,516,776
2,659,882
386,106
F-
55
SCHEDULE 1-CONDENSED FINANCIAL STATEMENT OF BRIGHT
SCHOLAR EDUCATION HOLDINGS LIMITED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED AUGUST 31, 2022
(Amounts in thousands)
2020
2021
2022
RMB
RMB
RMB
USD
Note 2(i)
Other operating income
2,147
3,276
2,677
389
Selling, general and administrative expenses
2,805
(
10,768
)
(
10,355
)
(
1,503
)
Other expenses
(
26
)
-
(
263
)
(
38
)
Interest income/(expense), net
8,792
(
56,635
)
(
236,592
)
(
34,344
)
Investment income
1,617
3,936
1,564
227
Equity in earnings(loss) of subsidiaries and VIEs
145,670
7,386
(
466,371
)
(
67,698
)
Net income/ (loss)
161,005
(
52,805
)
(
709,340
)
(
102,967
)
Other comprehensive income/(loss)
106,416
(
17,047
)
(
133,923
)
(
19,440
)
Comprehensive income/(loss)
267,421
(
69,852
)
(
843,263
)
(
122,407
)
F-
56
SCHEDULE 1-CONDENSED FINANCIAL STATEMENT OF BRIGHT
SCHOLAR EDUCATION HOLDINGS LIMITED
STATEMENTS OF CASH FLOWS
(Amounts in thousands)
2020
2021
2022
RMB
RMB
RMB
USD
Note 2(i)
Cash flows from operating activities
Net income/(loss) for the year
161,005
(
52,805
)
(
709,340
)
(
102,967
)
Share-based compensation
(
10,631
)
1,865
(
816
)
(
118
)
Investment income
(
211
)
—
—
—
Finance costs
12,288
20,304
11,978
1,739
Equity in earnings of subsidiaries and VIEs
(
145,670
)
(
7,386
)
466,371
67,698
Other receivables, deposits and other assets
(
3,050
)
(
734
)
(
904
)
(
131
)
Accrued expenses and other current liabilities
(
3,572
)
(
6,463
)
(
4,648
)
(
675
)
Amounts due to subsidiaries and VIEs
100,209
—
—
—
Other non-current assets and liabilities
(
1,789
)
(
1,085
)
—
—
Amounts due from subsidiaries and VIEs
(
254,001
)
—
—
—
Net cash used in operating activities
(
145,422
)
(
46,304
)
(
237,359
)
(
34,454
)
Cash flows from investing activities
Proceed from redemption of investments upon maturity
213,860
13,017
—
—
Proceeds from loan receivable
—
—
55,432
8,046
Amounts due from subsidiaries and VIEs
—
(
180,391
)
577,976
83,899
Net cash provided by(used in) investing activities
213,860
(
167,374
)
633,408
91,945
Cash flows from financing activities
Dividend to shareholders
(
184,238
)
(
92,554
)
—
—
Repurchase of ordinary shares
(
56,058
)
(
24,628
)
(
9,245
)
(
1,342
)
Repurchase of bonds
(
10,659
)
(
80,174
)
(
394,756
)
(
57,302
)
Redemption of bonds
—
—
(
1,513,460
)
(
219,693
)
Amounts due to subsidiaries and VIEs
—
17,076
(
72,439
)
(
10,515
)
Proceeds from promissory note
—
—
877,487
127,375
Net cash provided used in financing activities
(
250,955
)
(
180,280
)
(
1,112,413
)
(
161,477
)
Net change in cash and cash equivalents and restricted cash
(
182,517
)
(
393,958
)
(
716,364
)
(
103,986
)
Cash and cash equivalents and restricted cash at beginning of the year
1,496,959
1,247,633
778,243
112,969
Effect of exchange rate changes on cash and cash equivalents and restricted
    cash
(
66,809
)
(
75,432
)
26,168
3,798
Cash and cash equivalents and restricted cash at end of the year
1,247,633
778,243
88,047
12,781
F-
57
Note to Schedule 1
(
In thousands
)
Schedule
1 has been provided pursuant to the requirements of Rule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation S-X, which require condensed financial
statements as to the financial position, changes in financial position and results of operations of a parent company as of the same dates
and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the
consolidated and unconsolidated subsidiaries (including variable interest entities) together exceed 25 percent of consolidated net assets
as of the end of the most recently completed fiscal year. As of August 31, 20
22, RMB
1,602,502
of the restricted capital and reserves
are not available for distribution, and as such, the condensed financial statements of the Company have been presented for the years ended
August 31, 2020, 2021 and 2022.
1.
Basis of preparation
The condensed financial statements of the Company has been
prepared using the same accounting policies as set out in its financial statements, except that the Company has used the equity method
to account for its subsidiaries and its variable interest entities. Accordingly, the condensed financial information presented herein
represents the financial information of the Company.
Detailed footnote disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or
omitted. The footnote discloses certain supplemental information relating to the operations of the Company and, as such, the condensed
financial statements of the Company should be read in conjunction with the notes to the accompanying financial statements of the Group.
2.
Convenience translation
Translations of balances in condensed financial information
of parent company balance sheets, statements of operations statements of comprehensive income and statements of cash flows from RMB into
US dollars as of and for the year ended August 31, 2022 are solely for the convenience of the reader and were calculated at the rate
of US$1.00 = RMB6.8890, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board
on August 31, 2022.
No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into
U.S. dollar at that rate on August 31, 2022, or at any other rate.
F-58