<?xml version="1.0" encoding="ASCII"?>
<!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com -->
<!-- Created: Mon May 01 15:50:32 UTC 2023 -->
<html xmlns:country="http://xbrl.sec.gov/country/2022" xmlns:dtr="http://www.xbrl.org/dtr/type/2020-01-21" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2020-02-12" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2022" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:compsci="http://compsciresources.com" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:us-types="http://fasb.org/us-types/2022" xmlns:srt="http://fasb.org/srt/2022" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:us-gaap="http://fasb.org/us-gaap/2022" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:lxeh="http://lxeh.com/20221231" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns="http://www.w3.org/1999/xhtml">
<head>
     <title> </title>

<meta content="text/html" http-equiv="Content-Type" />
</head>
<body><div style="font: 10pt Times New Roman, Times, Serif"><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNITED
STATES </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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Washington,
D.C. 20549 </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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM
<ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Mark
One) </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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric>
<b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)&#160;OF THE SECURITIES EXCHANGE ACT OF 1934</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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR
</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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric>
<b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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">December&#160;31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR
</b></span></p><div>

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

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric>
<b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
of event requiring this shell company report <span style="text-decoration:underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the transition period from <span style="text-decoration:underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span> to
<span style="text-decoration:underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commission
file number: <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-39559</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName">Lixiang
Education Holding Co., Ltd.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Exact
name of Registrant as specified in its charter) </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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Translation
of Registrant&#8217;s name into English) </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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Cayman
Islands</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Jurisdiction
of incorporation or organization) </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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">No.&#160;818
Hua Yuan Street</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2">Liandu
District</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Lishui City</ix:nonNumeric>, Zhejiang Province, <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">323000</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address
of principal executive offices) </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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName">Luoyuan
Ye</ix:nonNumeric>, Chief Financial Officer </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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:
+<ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">86</ix:nonNumeric>-<ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">578-2267142</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Email:
<ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelEmailAddress">irlxeh@lsmxjy.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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1">No.&#160;818
Hua Yuan Street</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine2">Liandu
District</ix:nonNumeric>, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown">Lishui City</ix:nonNumeric>, Zhejiang Province, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">323000</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>People&#8217;s
Republic of <ix:nonNumeric contextRef="c1" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Name,
Telephone, Email and/or Facsimile number and Address of Company Contact Person) </b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section&#160;12(b) of the Act: </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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: bottom"> <td style="border-bottom: black 1.5pt solid; padding: 0pt; white-space: nowrap; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of Each Class</b></span></td> <td style="padding: 0pt; width: 2%; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="border-bottom: black 1.5pt solid; padding: 0pt; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading&#160;Symbol</b></span></td> <td style="padding: 0pt; width: 2%; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="border-bottom: black 1.5pt solid; padding: 0pt; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of Each Exchange On Which Registered</b></span></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American depositary shares, each representing five ordinary shares</b></span></td> <td style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding: 0pt; text-align: center; text-indent: 0pt"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LXEH</b></span></ix:nonNumeric></td> <td style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding: 0pt; text-indent: 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The Nasdaq Stock Market LLC</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(The Nasdaq Global Market)</b></span></p></td></tr> <tr style="vertical-align: top; "> <td style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle">Ordinary shares, par value US$0.0001 per share</ix:nonNumeric>*</b></span></td> <td style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding: 0pt; text-indent: 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The Nasdaq Stock Market LLC</b></span></ix:nonNumeric></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(The Nasdaq Global Market)</b></span></p></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>*</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Not
                                            for trading, but only in connection with the listing on The Nasdaq Stock Market LLC of the
                                            American depositary shares.</b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section&#160;12(g) of the Act: </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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Title
of Class)</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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
for which there is a reporting obligation pursuant to Section&#160;15(d) of the Act: </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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Title
of Class)</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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2022, there were <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">66,667,000</ix:nonFraction> ordinary shares outstanding, par value of US$0.0001 per share.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &#9744;&#160;&#160;Yes
&#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;13
or 15(d) of the Securities Exchange Act of 1934. &#9744; Yes &#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1)&#160;has filed all reports required to be filed by Section&#160;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)&#160;has been subject to such filing requirements for the past 90 days. &#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> &#9744; No</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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). &#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> &#9744; No</span></p><div>

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="padding: 0pt; width: 24%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&#160;accelerated&#160;filer</span></td> <td style="padding: 0pt; width: 10%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="padding: 0pt; width: 23%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&#160;filer</span></td> <td style="padding: 0pt; width: 10%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="padding: 0pt; width: 23%; text-indent: 0pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated&#160;filer</span></ix:nonNumeric></td> <td style="padding: 0pt; width: 10%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td></tr> <tr style="vertical-align: bottom"> <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging&#160;growth&#160;company</span></td> <td style="padding: 0pt; text-indent: 0pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
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&#160;13(a) of the Exchange Act.&#160;&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;5, 2012.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><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">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&#160;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. &#9744;&#160;&#160;Yes &#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag">&#9746;</ix:nonNumeric> No</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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">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. &#9744;</span></p><div>

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

</div><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">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). &#9744;&#160;</span></p><div>

</div><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">&#160;</span></p><div>

</div><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">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:&#160;</span></p><div>

</div><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">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-0">U.S.&#160;GAAP</span>&#160;&#160;&#9746;</span></td> <td style="vertical-align: top; width: 54%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting Standards as issued</span></td> <td style="vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="vertical-align: top; width: 22%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#9744;</span></td></tr> <tr> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by the International Accounting Standards Board</span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="vertical-align: top"><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; text-align: justify"></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">&#160;</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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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. &#9744;&#160;&#160;Item&#160;17 &#9744; Item 18</span></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">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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). &#9744; Yes <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric> No</span></p><div>

</div><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">&#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="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></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">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.&#160;&#160;&#160;&#160;&#9744;&#160;Yes&#160;&#160;&#160;&#160;&#9744;&#160;&#160;No</span></p><div>

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

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

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 colspan="2" style="padding: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; padding: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_001"><span style="font-size: 10pt">INTRODUCTION</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</span></td></tr>
  <tr>
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_002"><span style="font-size: 10pt; text-transform: uppercase">Enforceability
    of Civil Liabilities </span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_003"><span style="font-size: 10pt">FORWARD-LOOKING
    INFORMATION</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">v</span></td></tr>
  <tr>
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_004"><span style="font-size: 10pt">PART
    I</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; width: 12%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td style="padding: 0pt; vertical-align: top; width: 81%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_005"><span style="font-size: 10pt">IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; width: 7%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    2. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_006"><span style="font-size: 10pt">OFFER
    STATISTICS AND EXPECTED TIMETABLE</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_007"><span style="font-size: 10pt">KEY
    INFORMATION</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_008"><span style="font-size: 10pt">INFORMATION
    ON THE COMPANY</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">7<span style="font-size: 10pt">3</span></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4A. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_009"><span style="font-size: 10pt">UNRESOLVED
    STAFF COMMENTS</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    5. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_010"><span style="font-size: 10pt">OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    6. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_011"><span style="font-size: 10pt">DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    7. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_012"><span style="font-size: 10pt">MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">135</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_013"><span style="font-size: 10pt">FINANCIAL
    INFORMATION</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">138</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    9. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_014"><span style="font-size: 10pt">THE
    OFFER AND LISTING</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">139</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_015"><span style="font-size: 10pt">ADDITIONAL
    INFORMATION</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">139</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    11. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_016"><span style="font-size: 10pt">QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">157</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_017"><span style="font-size: 10pt">DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">157</span></td></tr>
  <tr>
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_018"><span style="font-size: 10pt">PART
    II</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">159</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_019"><span style="font-size: 10pt">DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">159</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_020"><span style="font-size: 10pt">MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">159</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_021"><span style="font-size: 10pt">CONTROLS
    AND PROCEDURES</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">159</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.</span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_022"><span style="font-size: 10pt">[RESERVED]</span></a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.A. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_023"><span style="font-size: 10pt">AUDIT
    COMMITTEE FINANCIAL EXPERT</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.B. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_024"><span style="font-size: 10pt">CODE
    OF ETHICS</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.C. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_025"><span style="font-size: 10pt">PRINCIPAL
    ACCOUNTANT FEES AND SERVICES</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.D. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_026"><span style="font-size: 10pt">EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.E. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_027"><span style="font-size: 10pt">PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.F. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_028"><span style="font-size: 10pt">CHANGE
    IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.G. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_029"><span style="font-size: 10pt">CORPORATE
    GOVERNANCE</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">162</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.H. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_030"><span style="font-size: 10pt">MINE
    SAFETY DISCLOSURE</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">162</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.I. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_031"><span style="font-size: 10pt">DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></span></td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">162</span></td></tr>
  <tr>
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_032"><span style="font-size: 10pt">PART
    III</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">163</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_033"><span style="font-size: 10pt">FINANCIAL
    STATEMENTS</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">163</span></td></tr>
  <tr>
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    18. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_034"><span style="font-size: 10pt">FINANCIAL
    STATEMENTS</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">163</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    19. </span></td>
    <td style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_035"><span style="font-size: 10pt">EXHIBITS</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">163</span></td></tr>
  <tr>
    <td colspan="2" style="padding: 0pt; vertical-align: top; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#b_036"><span style="font-size: 10pt">SIGNATURES</span></a></span></td>
    <td style="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">170</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 3 --><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: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="b_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INTRODUCTION
</b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this annual report on Form&#160;20-F, unless otherwise indicated or the context otherwise requires, references to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ADRs&#8221; refer to our American depositary
    receipts that evidence our ADSs;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ADSs&#8221; refer to our American depositary
    shares, each of which represents five&#160;ordinary shares;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Beijing P.X.&#8221;
    refers to Beijing Pengxiang Tianxia Education Technology Co., Ltd. (&#21271;&#20140;&#40527;&#32724;&#22825;&#19979;&#25945;&#32946;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;),
    a company incorporated under the laws of the PRC and a wholly-owned subsidiary of Lishui Mengxiang;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Beijing S.K.&#8221;
    refers to Beijing Shangkun Education Technology Development Co., Ltd. (&#21271;&#20140;&#21830;&#40114;&#25945;&#32946;&#31185;&#25216;&#21457;&#23637;&#26377;&#38480;&#20844;&#21496;),
    a company incorporated under the laws of the PRC;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Beijing Xinxiang&#8221;
    refers to Beijing Xinxiang Future Technology Development Co., Ltd. (&#21271;&#20140;&#24515;&#32724;&#26410;&#26469;&#31185;&#25216;&#21457;&#23637;&#26377;&#38480;&#20844;&#21496;),
    a company incorporated under the laws of the PRC and in which Lishui Mengxiang holds 43% equity interests;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Beijing R.R.Z.&#8221;
    refers to Beijing Renrenzhen Intelligent Technology Co., Ltd. (&#21271;&#20140;&#20154;&#20154;&#35786;&#26234;&#33021;&#31185;&#25216;&#26377;&#38480;&#20844;&#21496;),
    a company incorporated under the laws of the PRC holding 42% equity interests of Beijing Xinxiang;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CAGR&#8221; refers
    to compound annual growth rate;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;China&#8221;, &#8220;mainland
    China&#8221; or the &#8220;PRC&#8221; refers to the People&#8217;s Republic of China, excluding, for the purposes of this annual
    report on Form&#160;20-F only, the Hong Kong Special Administrative Region, the Macau Special Administrative Region and&#160;Taiwan,
    while the legal and operational risks associated with operating in China may also apply to operations in Hong Kong;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Chuangmei Weiye&#8221;
    refers to Beijing Chuangmei Weiye Enterprise Management Co., Ltd. ( &#21271;&#20140;&#21019;&#32654;&#20255;&#19994;&#20225;&#19994;&#31649;&#29702;&#26377;&#38480;&#20844;&#21496;)
    , a company incorporated under the laws of the PRC and a wholly-owned subsidiary of Beijing P.X.;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><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">&#8220;Hainan Jiangcai&#8221;
    refers to Hainan Jiangcai Vocational Skills Training School Co., Ltd. (&#28023;&#21335;&#21280;&#25165;&#32844;&#19994;&#25216;&#33021;&#22521;&#35757;&#23398;&#26657;&#26377;&#38480;&#20844;&#21496;),
    a company incorporated under the laws of the PRC and a wholly-owned subsidiary of Beijing P.X.;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Hangzhou Youxi&#8221;
    refers to Hangzhou Youxi Information Technology Co., Ltd., a company incorporated under the laws of the PRC and a wholly-owned subsidiary
    of Liandu WFOE;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Hong Kong&#8221;
    refers to Hong Kong Special Administrative Region of the People&#8217;s Republic of China;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Langfang School&#8221;
    refers to Langfang City Rail Transit Technical School (&#24266;&#22346;&#24066;&#22478;&#36712;&#20132;&#36890;&#25216;&#24037;&#23398;&#26657;),
    a PRC school specialized in providing vocational education;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Lianwai School&#8221;
    refers to Liandu Foreign Language School, comprising of Baiyun Campus and Yijing Campus&#8212;Featured Division, which was historically
    controlled and consolidated by Liandu WFOE through a series of contractual arrangements but was deconsolidated on September&#160;1,
    2021;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Liandu WFOE&#8221;
    refers to Zhejiang Mengxiang Consultancy Services Co., Ltd. (&#27993;&#27743;&#26790;&#32724;&#21672;&#35810;&#26381;&#21153;&#26377;&#38480;&#20844;&#21496;),
    a wholly foreign-owned enterprise incorporated under the laws of the PRC;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Lishui Mengxiang&#8221;
    refers to Zhejiang Lishui Mengxiang Education Development Co., Ltd. (&#27993;&#27743;&#20029;&#27700;&#26790;&#32724;&#25945;&#32946;&#21457;&#23637;&#26377;&#38480;&#20844;&#21496;),
    a company incorporated under the laws of the PRC and the sponsor of Qingtian International School;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Lixiang,&#8221;
    &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our company&#8221;, &#8220;the Company&#8221; and &#8220;our&#8221; refer to Lixiang Education
    Holding Co., Ltd. (formerly known as Lianwai Education Group Limited), an exempted company incorporated in the Cayman Islands with
    limited liability, and its subsidiaries;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 4 --><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: LowerRoman; Name: PageNo -->ii<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><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">&#8220;Mengxiang Holdings&#8221;
    or &#8220;Controlling Shareholder&#8221; refers to, Mengxiang Holdings Limited, a British Virgin Islands company;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ordinary shares&#8221;
    refer to our ordinary shares of par value US$0.0001 per share;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><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">&#8220;Qingtian International
    School&#8221; refers to Qingtian Overseas Chinese International School (&#38738;&#30000;&#21439;&#21326;&#20392;&#22269;&#38469;&#23398;&#26657;),
    a PRC private educational school specialized in providing high school education, whose name was changed to Qingtian Overseas Chinese
    Experimental High School (&#38738;&#30000;&#21326;&#20392;&#23454;&#39564;&#39640;&#32423;&#20013;&#23398;) in February 2023;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;RMB&#8221; and &#8220;Renminbi&#8221; refer
    to the legal currency of China;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><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">&#8220;SEC&#8221; refers
    to the United&#160;States Securities and Exchange Commission;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;school year&#8221;
    refers to the periods from September of each calendar year to July of the following calendar year which consists of two semesters.
    The first semester usually commences in September of each year and ends in January of the following year, while the second semester
    usually commences in March and ends in July of the following year;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;US$,&#8221; &#8220;U.S.&#160;dollars,&#8221;
    &#8220;$&#8221; and &#8220;dollars&#8221; refer to the legal currency of the United&#160;States;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Variable Interest
    Entities&#8221; or &#8220;VIEs&#8221; refer to Lishui Mengxiang, Qingtian International School, Beijing Xinxiang, Beijing P.X., Langfang
    School, Hainan Jiangcai and Chuangmei Weiye, the PRC entities of which we have power to control the management, and financial and
    operating policies and have the right to recognize and receive substantially all the economic benefits and in which we have an exclusive
    option to purchase all or part of the equity interests and all or a portion of the assets at the minimum price possible to the extent
    permitted by PRC law as of the date of the annual report;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Vocational Education
    Services Providers&#8221; refer to Beijing Xinxiang, Langfang School, and Hainan Jiangcai; and </span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Xianke&#8221; refers
    to Zhejiang Lishui Xianke Agricultural Products Distribution Co., Ltd. (&#27993;&#27743;&#20029;&#27700;&#40092;&#23458;&#20892;&#20135;&#21697;&#37197;&#36865;&#26377;&#38480;&#20844;&#21496;),
    a company incorporated under the laws of the PRC and a wholly-owned subsidiary of Liandu WFOE.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
Rate Information </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
and the VIEs&#8217; business is conducted in China, all of our revenue is denominated in RMB and our financial records are maintained
in RMB, our functional currency. Our reporting currency is RMB and this annual report on Form 20-F contains translations of RMB into
U.S. dollars solely for the convenience of the reader. The exchange rate used for translation on December&#160;30, 2022 was US$1.00=RMB6.8972,
representing the certificated exchange rate published by 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, or
at all. The PRC government imposes controls over its foreign currency reserves in part through direct regulation of the conversion of
RMB into foreign exchange and through restrictions on foreign trade.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></p><div>

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


</div><!-- Field: Page; Sequence: 5 --><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: LowerRoman; Name: PageNo -->iii<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="b_002"></a></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"><b>ENFORCEABILITY
OF CIVIL LIABILITIES </b></span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cayman
Islands </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman
Islands because of certain benefits associated with being a Cayman Islands exempted company, such as political and economic stability,
an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability
of professional and support services. However, the Cayman Islands has a less developed body of securities laws than the United States
and provides significantly less protection for investors. In addition, Cayman Islands companies may not have standing to sue before the
federal courts of the United States.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
assets and operations are located in China. All of our directors, namely Ms. Fen Ye, Mr. Biao Wei, Mr. Zhaoxiang Wei, Mr. Guoliang Chen,
Mr. Teck Yong Heng and Mr. Yan Kit Lee, and our officer, Mr. Luoyuan Ye, reside within the PRC and Hong Kong, and a substantial portion
of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process
upon us or these persons, or to bring actions or enforce judgments obtained in United States courts against us or them, based on the
civil liability provisions of the securities laws of the United States or any state in the United States.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appointed Cogency Global Inc. as our agent upon whom process may be served in any action brought against us under the securities
laws of the United States.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maples
and Calder (Hong Kong) LLP, or Maples, our counsel as to the laws of the Cayman Islands has advised us that there is uncertainty as to
whether the courts of the Cayman Islands would (1)&#160;recognize or enforce judgments of U.S. courts obtained against us or our directors
or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities
laws of any state in the United States, or (2)&#160;entertain original actions brought in the Cayman Islands against us or our directors
or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United
States.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maples
has informed us that 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),
a judgment&#160;obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without
any&#160;re-examination&#160;of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand
Court of the Cayman Islands, provided such judgment (a)&#160;is given by a foreign court of competent jurisdiction, (b)&#160;imposes
on the judgment debtor a liability to pay a liquidated sum for which judgment has been given, (c)&#160;is final, (d)&#160;is not in respect
of taxes, a fine or a penalty; (e)&#160;was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural
justice or the public policy of the Cayman Islands. However, there is uncertainty with regard to Cayman Islands law on whether judgments
of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or
the securities laws of any state will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination
is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands company, such as our company.
Because such a determination in relation to judgments obtained from U.S. courts under civil liability provisions of U.S. securities laws
has not yet been made by a court of the Cayman Islands, it is uncertain whether such judgments would be enforceable in the Cayman Islands.
A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRC</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is uncertainty as to whether the courts of China would:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><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">recognize or enforce judgments
    of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities
    laws of the United States or any state in the United States; or</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entertain original actions
    brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United
    States or any state in the United States.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
advised by our PRC legal counsel, Beijing DeHeng Law Offices, the recognition and enforcement of foreign judgments are provided for under
the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil
Procedures Law based either on treaties between China and the jurisdiction where the judgment is made or on principles of reciprocity
between jurisdictions. China does not have any treaties or other form of reciprocity with the United States that provide for the reciprocal
recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not
enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of
PRC law or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would
enforce a judgment rendered by a court in the United States.</span></p><div>

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


</div><!-- Field: Page; Sequence: 6 --><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: LowerRoman; Name: PageNo -->iv<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p><div>

</div><div><a id="b_003"></a></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"><b>FORWARD-LOOKING
INFORMATION </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report on Form&#160;20-F contains forward-looking statements that reflect our current expectations and views of future events.
These statements are made under the &#8220;safe harbor&#8221; provisions of the U.S. Private Securities Litigation Reform Act of 1995.
You can identify these forward-looking statements by terminology such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221;
&#8220;is/are likely to,&#8221; &#8220;potential,&#8221; &#8220;continue&#8221; or other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections about future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are
not limited to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            goals and strategies;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            future business development, financial condition and results of operations;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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
                                            trends in, expected growth, market size and student enrollment in the education industry,
                                            in China;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">expected
                                            changes in our revenue, costs or expenditures;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">competition
                                            in our industry;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">relevant
                                            government policies and regulations relating to our industry;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">general
                                            economic and business conditions in China; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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
                                            development of COVID-19 pandemic in the PRC and globally.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction
with the risk factors disclosed in &#8220;Item 3. Key Information&#8212;D. Risk Factors.&#8221; Those risks are not exhaustive. We operate
in an evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor
can we assess the impact of all factors on our and the VIEs&#8217; business or the extent to which any factor, or combination of factors,
may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update
or revise the forward-looking statements except as required under applicable law. You should read this annual report on Form&#160;20-F
and the documents that we reference in this annual report on Form&#160;20-F completely and with the understanding that our actual future
results may be materially different from what we expect.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 7 --><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: LowerRoman; Name: PageNo -->v<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="b_004"></a></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"><b>PART&#160;I</b></span></p><div>

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

</div><div><a id="b_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="b_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;2.
OFFER STATISTICS AND EXPECTED TIMETABLE </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="b_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM&#160;3.
KEY INFORMATION </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Corporate Structure and Contractual Arrangements with the Consolidated VIEs </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lixiang
Education Holding Co., Ltd. is a Cayman Islands holding company and not a Chinese operating company, and does not conduct operations
directly. The operations in China are conducted through Liandu WOFE and its subsidiaries in which Lixiang holds equity ownership interests,
and their contractual arrangements, commonly known as the VIE structure, with the VIEs incorporated in China, namely Lishui Mengxiang,
Qingtian International School, Beijing Xinxiang, Beijing P.X., Langfang School, Hainan Jiangcai and Chuangmei Weiye. The VIEs are consolidated
for accounting purpose only and Lixiang does not own any equity interest in the VIEs. Our corporate structure involves unique risks to
investors as they are purchasing equity securities in Lixiang, the Cayman Islands holding company, and are not purchasing, and may never
directly hold, equity interests in the VIEs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
laws, regulations, and rules restrict and impose conditions on direct foreign investment in certain types of business, including education
at the primary, middle school and high school levels, and operation of vocational schools. As we are a company incorporated in the Cayman
Islands, our wholly-owned subsidiary in the PRC, Liandu WFOE, is viewed as a foreign-owned enterprise, and thus is ineligible to apply
for or hold licenses to operate, or otherwise own equity interests in, primary and middle schools. Also, as neither we nor Liandu WFOE
is a foreign education institution or a foreign vocational skills training institution with relevant qualifications on education services
and operating high-quality education, we and Liandu WFOE are ineligible to independently or jointly invest in or operate high schools
or vocational schools pursuant to the relevant laws and regulations. In response to these restrictions, the Company operates these businesses
in China through the VIE structure which provides investors with exposure to foreign investment in the Chinese operating companies where
Chinese law prohibits us from direct foreign investment in the operating companies.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual
Arrangements with respect to Lishui Mengxiang, its subsidiaries and Qingtian International School </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;20, 2022, Liandu WFOE entered into a series of contractual arrangements, or the VIE structure, with Lishui Mengxiang, Qingtian
International School, shareholders of Lishui Mengxiang and the Council Members of Qingtian International School. On January 31, 2023,
due to the change of shareholders of Lishui Mengxiang, Liandu WFOE entered into an updated series of contractual arrangements with respect
to the operation of Qingtian International School. The updated series of contractual arrangements replaced the previous ones in their
entirety and took effect on December 16, 2022, the same date when the shareholders of Lishui Mengxiang signed an equity transfer agreement.
Below is a summary of the material provisions of these contractual arrangements with Liandu WFOE and the shareholders of Lishui Mengxiang.
For more complete information you should read these agreements in their entirety. These agreements or their forms are filed as exhibits
to this annual report on Form 20-F.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 8; 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exclusive
Call Option Agreement.</i></b>&#160;Under the Exclusive Call Option Agreement dated January 31, 2023, Ms.&#160;Fen Ye and Ms.&#160;Hong
Ye, or the shareholders of Lishui Mengxiang have irrevocably granted Liandu WFOE or its designated purchaser the exclusive right to purchase
all or part of the direct and/or indirect equity interests of Lishui Mengxiang, or the Equity Call Option. The purchase price payable
by Liandu WFOE or its designated purchaser in respect of the transfer of Lishui Mengxiang&#8217;s direct and/or indirect equity interest
or equity interests shall be at the lowest price permitted under the PRC laws and regulations. Liandu WFOE or its designated purchaser
shall have the right to purchase such proportion of Lishui Mengxiang&#8217;s interest in Qingtian International School and/or other equity
interest of Lishui Mengxiang as it decides at any time. Qingtian International School provides high school education services, in which
case the foreign investors are restricted to hold equity interests of Lishui Mengxiang, Qingtian International School&#8217;s sponsor,
in accordance with the current PRC laws and regulations. If and when the PRC laws and regulations allow Liandu WFOE or us to directly
hold all or part of the school sponsor interests in Qingtian International School and/or all or part of other equity interests of Lishui
Mengxiang and operate competent education business in the PRC, Liandu WFOE shall issue the notice of exercise of such equity call option
as soon as practicable, and the percentage of interests to be purchased upon exercise of such Equity Call Option shall be no less than
the maximum percentage allowed to be held by Liandu WFOE or its designated purchaser under the PRC laws and regulations. Such equity
transfer price is not expressly provided for in the current PRC laws and regulations and it is uncertain whether it may be further regulated
by future PRC laws and regulations. Pursuant to the Exclusive Call Option Agreement, all taxes and fees associated with the equity transfer
shall be paid by Lishui Mengxiang&#8217;s shareholders and/or the direct equity holders of the VIEs upon the transfer. In the absence
of written consent from Liandu WFOE, except as otherwise described in the Exclusive Call Option Agreement, Lishui Mengxiang and its shareholders
shall not sell, transfer, assign or otherwise dispose of or create any encumbrance on any of Lishui Mengxiang&#8217;s assets, businesses
or equity interests or procure separation or merge with any other entities. Furthermore, without written consent from Liandu WFOE, Lishui
Mengxiang may not terminate any material contracts or enter into any other contracts which may contradict such material contracts, incur
any indebtedness or provide any loan or guarantee to a third party, except as disclosed to Liandu WFOE, or alter the nature or scope
of its business. The Exclusive Call Option Agreement will remain in force during the operation term of VIEs and any periods that are
renewable pursuant to the PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercised
their options to purchase all the equities of VIEs in accordance with this agreement. In addition, unless otherwise stipulated by laws,
this agreement may not be terminated by Lishui Mengxiang or its shareholders unilaterally, but may only be terminated by Liandu WFOE
after notice in advance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Proxy
Agreement for School&#8217;s Sponsors and Council Members.</i></b>&#160;Pursuant to the Proxy Agreement for School&#8217;s Sponsors and
Council Members dated January 31, 2023, Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights
as school sponsor of Qingtian International School to the extent permitted by the PRC laws. These rights include, but are not limited
to: (a)&#160;the right to appoint and/or elect of council members of Qingtian International School; (b)&#160;the right to appoint and/or
elect the supervisors of Qingtian International School; the right to put forward the School&#8217;s mission and scope of operation;(c)the
right to examine or approve the Articles of Association of Qingtian International School, development planning, major projects and budget
for revenues and expenditures;(d) the right to supervise the performance of Qingtian International School and the achievement of the
objectives set out in the bylaw;(e) the right to establish the executive school council in accordance with the authority and procedures
prescribed in the bylaw of Qingtian International School and to participate in the running and management of the School;(f) the right
to access the information about the operation conditions and financial conditions of Qingtian International School;(g) the right to consult
the resolutions, records, financial and accounting statements and reports of the school council meetings in accordance with the PRC laws;(h)
the right to obtain reasonable returns from Qingtian International School&#8217;s Sponsor in accordance with the PRC laws;(i) the right
to obtain the remaining property of Qingtian International School after the liquidation in accordance with the PRC laws;(j) the right
to transfer the interests of Qingtian International School&#8217;s Sponsor in accordance with the PRC laws;(k) the right to select the
profitability and non-profitability of the characteristic of Qingtian International School in accordance with the PRC laws, regulations
or regulatory documents; and(l) any other rights of Qingtian International School&#8217;s Sponsor provided by other applicable laws and
regulations of the PRC and the articles of association of Qingtian International School (as amended from time to time).</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
appointed Council Members of Qingtian International School from Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE
to exercise all its rights as school sponsor of Qingtian International School to the extent permitted by the PRC laws. These rights include,
but are not limited to: (a)&#160;acting as the agent of Qingtian International School&#8217;s Sponsor to attend the council meeting of
Qingtian International; enjoying the right to speak, propose, vote, elect and stand for election, and the right to know, propose and
supervise council meeting and business activities carried out by Qingtian International School; (b)&#160;exercising the voting rights
on behalf of Qingtian International School&#8217;s Sponsor for all matters requiring discussion and resolution of the council; (c)&#160;proposing
to convene a council meeting of Qingtian International School; (d)&#160;signing the council meeting minutes, council meeting resolutions
or other legal documents that the Appointed Council Members has the right to sign as the council member of Qingtian International School;
(e)&#160;instructing the legal representative, the financial, business and administrative chiefs, etc. of Qingtian International School
to act in accordance with the Trustee&#8217;s intention; (f)&#160;exercising other rights of the council member and council members&#8217;
voting rights under the articles of association (including any other council members&#8217; voting rights as stipulated in the amended
articles of association) of Qingtian International School; (g)&#160;handling legal procedures containing registration, examination and
approval and license of schools at the competent departments of government; and (h)&#160;any other rights of the Council Member as pursuant
to the applicable PRC laws, regulations and the articles of association (as amended from time to time) of Qingtian International School.
In addition, each of Lishui Mengxiang and the Council Members of Qingtian International School have irrevocably agreed that (i)&#160;Liandu
WFOE may delegate its rights under the Proxy Agreement for School&#8217;s Sponsors and Council Members to the directors of Liandu WFOE
or its designated person, without prior notice to or approval by Lishui Mengxiang and the Council Members of Qingtian International School;
and (ii)&#160;any person as successor of civil rights of Liandu WFOE or liquidator by reason of subdivision, merger, liquidation of Liandu
WFOE or other circumstances shall have authority to replace Liandu WFOE to exercise all rights under the Proxy Agreement for School&#8217;s
Sponsors and Council Members.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 9; 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Proxy
Agreement for Shareholders.</i></b>&#160;Pursuant to the Proxy Agreement for Shareholders dated January 31, 2023, each shareholder of
Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as the shareholder to the extent permitted
by the PRC laws. These rights include, but are not limited to: (a)&#160;the right to attend the shareholders&#8217; meeting of our school
acting as WFOE&#8217;s nominee; (b)&#160;the right to vote on behalf of the sponsors for all matters requiring discussion and resolution
of the shareholders&#8217; meeting; (c)&#160;the right to sign the shareholders&#8217; minutes, resolutions or other legal documents;
(d)&#160;the right to indicate the directors, the legal representative, etc. to act in accordance with WFOE&#8217;s intention; (e)&#160;the
right to handle legal procedures containing registration, examination and approval and license of schools at the competent departments
of governments; (f)&#160;the right to decide to transfer or otherwise dispose of the equity of our school; (g)&#160;any other shareholder
rights as pursuant to the applicable PRC laws, regulations and our school&#8217;s articles of association as amended from time to time.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Cooperation Agreement</i>.</b>&#160;Pursuant to the Business Cooperation Agreement dated January 31, 2023, Liandu WFOE shall provide
technical services, management support and consulting services necessary for the private education business, and in return, the VIEs
shall make payments accordingly. In particular, such services include but not limited to developing curriculum, conducting market research
and offering management and marketing advice, providing technology services, providing public relations services, providing support for
teacher hiring and training and providing other services that the VIEs&#160;may need from time to time. Without the prior consent of
Liandu WFOE, none of the VIEs may accept such services provided by any third party. As part of the business cooperative agreement, VIEs
and the shareholders of Lishui Mengxiang agree that they will not take any actions except as otherwise described in the Business Cooperation
Agreement, such as incurring indebtedness, disposing of material assets, materially changing the scope or nature of the business of the
VIEs, disposing of their equity interests in the VIEs, or paying dividends or other similar payments to the sponsors or the shareholders
VIEs in the absence of written consent from Liandu WFOE. The aforementioned agreements will terminate automatically when Liandu WFOE
and/or its designated entities fully exercised their options to purchase all the equities held by Nominee Shareholders in accordance
with the Exclusive Call Option Agreement. In addition, unless otherwise stipulated by laws, this agreement may not be terminated by VIEs
or the shareholders, but may only be terminated by Liandu WFOE after notice in advance.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exclusive
Technical Service and Business Consulting Agreement.</i></b>&#160;Pursuant to the Exclusive Technical Service and Business Consulting
Agreement dated January 31, 2023, Liandu WFOE agreed to provide exclusive technical services to Qingtian International School and Qingtian
International School&#8217;s sponsor, Lishui Mengxiang. Furthermore, Liandu WFOE agreed to provide exclusive business consultancy services
to Qingtian International School and Qingtian International School&#8217;s sponsor. In consideration of the technical and business consultancy
services provided by Liandu WFOE, Qingtian International School and Qingtian International School&#8217;s sponsor agreed to pay Liandu
WFOE a service fee withdrawn from their respective amount of surplus from operations after deducting all costs, expenses, taxes, losses
(if required by the law) and the legally development fund of the respective school (if required by the law) and other costs and funds
that shall be retained at Qingtian International School in accordance with applicable PRC laws. Liandu WFOE has the right (but not the
obligation) to adjust the amount of such service fee by reference to the actual services provided and the actual business operations
and needs of Qingtian International School and Qingtian International School&#8217;s sponsor, provided that any adjusted amount shall
not exceed the amount mentioned above. Qingtian International School and Qingtian International School&#8217;s sponsor do not have any
right to make any such adjustment. Unless otherwise prescribed under the PRC laws and regulations, Liandu WFOE shall have exclusive proprietary
rights to any technology and intellectual property developed and materials prepared in the course of the provision of research and development,
technical support and services by Liandu WFOE to Qingtian International School and Qingtian International School&#8217;s sponsor, and
any intellectual property in the products developed, including any other rights derived thereunder, in the course of performance of obligations
under the Exclusive Technical Service and Business Consulting Agreement and/or any other agreements entered into between Liandu WFOE
and the VIEs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Equity
Pledge Agreement</i></b>. Pursuant to the Equity Pledge Agreement dated January 31, 2023, the shareholders unconditionally and irrevocably
pledged all of their equity interests in Lishui Mengxiang to Liandu WFOE to guarantee performance of the obligations of the VIEs under
the Exclusive Call Option Agreement, Business Cooperation Agreement, Exclusive Technical Service and Business Consulting Agreement, Proxy
Agreement for Shareholders, Proxy Agreement for School&#8217;s Sponsors and Council Members and Loan Agreement, each as described above
the shareholders of Lishui Mengxiang agreed that without prior written consent of the PRC WFOE, they shall not transfer or dispose of
the pledged equity interests, or create or allow any encumbrance on the pledged equity interests. Unless otherwise stipulated by laws,
this agreement may not be terminated by Lishui Mengxiang or the shareholders of Lishui Mengxiang unilaterally, but may only be terminated
by the Liandu WFOE after notice in advance. The equity pledge agreement remains in full force and effect until all of the obligations
under the contractual arrangements&#160;have been duly performed or the guaranteed debts are duly paid. The pledge of equity interests
in Lishui Mengxiang has been duly registered with the local branch of SAIC and is effective upon such registration.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 10; 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>
    </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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual
Arrangements with respect to Langfang School </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 28, 2023, Liandu WFOE entered into a series of contractual arrangements, or the VIE structure, with Beijing P.X. and Langfang School,
shareholders of Beijing P.X. and the Council Members of Langfang School. The series of contractual arrangements became effective on January
1, 2022. Below is a summary of the material provisions of these contractual arrangements with Liandu WFOE and the shareholders of Beijing
P.X.. For more complete information you should read these agreements in their entirety. These agreements or their forms are filed as
exhibits to this annual report on Form 20-F.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exclusive
Call Option Agreement.</i></b>&#160;Under the Exclusive Call Option Agreement dated March 28, 2023, Ms.&#160;Fen Ye, Ms.&#160;Hong Ye,
and Lishui Mengxiang, or the shareholders of Beijing P.X. have irrevocably granted Liandu WFOE or its designated purchaser the exclusive
right to purchase all or part of the direct and/or indirect equity interests of Beijing P.X. and Langfang School, or the Equity Call
Option. The purchase price payable by Liandu WFOE or its designated purchaser in respect of the transfer of above equity interests shall
be at the lowest price permitted under the PRC laws and regulations. Liandu WFOE or its designated purchaser shall have the right to
purchase such proportion of Beijing P.X.&#8217;s interest in Langfang School and/or other equity interest of Beijing P.X. as it decides
at any time. Langfang School provides vacational school education services, in which case the foreign investors shall be a foreign education
institution or a foreign vocational skills training institution with relevant qualifications on education services and operating high-quality
education in accordance with the current PRC laws and regulations. If and when the PRC laws and regulations allow Liandu WFOE or us to
directly hold all or part of the school sponsor interests in Langfang School and/or all or part of other equity interests of Beijing
P.X. and operate competent education business in the PRC, Liandu WFOE shall issue the notice of exercise of such equity call option as
soon as practicable, and the percentage of interests to be purchased upon exercise of such Equity Call Option shall be no less than the
maximum percentage allowed to be held by Liandu WFOE or its designated purchaser under the PRC laws and regulations. Such equity transfer
price is not expressly provided for in the current PRC laws and regulations and it is uncertain whether it may be further regulated by
future PRC laws and regulations. Pursuant to the Exclusive Call Option Agreement, all taxes and fees associated with the equity transfer
shall be paid by Beijing P.X.&#8217;s shareholders upon the transfer. In the absence of written consent from Liandu WFOE, except as otherwise
described in the Exclusive Call Option Agreement, Beijing P.X. and its shareholders shall not sell, transfer, assign or otherwise dispose
of or create any encumbrance on any of Langfang School&#8217;s assets, businesses or equity interests or procure separation or merge
with any other entities. Furthermore, without written consent from Liandu WFOE, Langfang School may not terminate any material contracts
or enter into any other contracts which may contradict such material contracts, incur any indebtedness or provide any loan or guarantee
to a third party, except as disclosed to Liandu WFOE, or alter the nature or scope of its business. The Exclusive Call Option Agreement
will remain in force during the operation term of Beijing P.X. and Langfang School and any periods that are renewable pursuant to the
PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercised their options to purchase
all the equities of Beijing P.X. and Langfang School in accordance with this agreement. In addition, unless otherwise stipulated by laws,
this agreement may not be terminated by Langfang School, Beijing P.X. or its shareholders unilaterally, but may only be terminated by
Liandu WFOE after notice in advance.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Proxy
Agreement for School&#8217;s Sponsors and Council Members.</i></b>&#160;Pursuant to the Proxy Agreement for School&#8217;s Sponsors and
Council Members dated March 28, 2023, Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as
school sponsor of Langfang School to the extent permitted by the PRC laws. These rights include, but are not limited to: (a)&#160;the
right to appoint and/or elect of council members of Langfang School; (b)&#160;the right to appoint and/or elect the supervisors of Langfang
School; the right to put forward the School&#8217;s mission and scope of operation;(c)the right to examine or approve the Articles of
Association of Langfang School, development planning, major projects and budget for revenues and expenditures;(d) the right to supervise
the performance of Langfang School and the achievement of the objectives set out in the bylaw;(e) the right to establish the executive
school council in accordance with the authority and procedures prescribed in the bylaw of Langfang School and to participate in the running
and management of the School;(f) the right to access the information about the operation conditions and financial conditions of Langfang
School;(g) the right to consult the resolutions, records, financial and accounting statements and reports of the school council meetings
in accordance with the PRC laws;(h) the right to obtain reasonable returns from Langfang School&#8217;s Sponsor in accordance with the
PRC laws;(i) the right to obtain the remaining property of Langfang School after the liquidation in accordance with the PRC laws;(j)
the right to transfer the interests of Langfang School&#8217;s Sponsor in accordance with the PRC laws;(k) the right to select the profitability
and non-profitability of the characteristic of Langfang School in accordance with the PRC laws, regulations or regulatory documents;
and(l) any other rights of Langfang School&#8217;s Sponsor provided by other applicable laws and regulations of the PRC and the articles
of association of Langfang School (as amended from time to time).</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
appointed Council Members of Langfang School from Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its
rights as school sponsor of Langfang School to the extent permitted by the PRC laws. These rights include, but are not limited to: (a)&#160;acting
as the agent of Langfang School&#8217;s Sponsor to attend the council meeting of Langfang School; enjoying the right to speak, propose,
vote, elect and stand for election, and the right to know, propose and supervise council meeting and business activities carried out
by Langfang School; (b)&#160;exercising the voting rights on behalf of Langfang School&#8217;s Sponsor for all matters requiring discussion
and resolution of the council; (c)&#160;proposing to convene a council meeting of Langfang School; (d)&#160;signing the council meeting
minutes, council meeting resolutions or other legal documents that the Appointed Council Members has the right to sign as the council
member of Langfang School; (e)&#160;exercising other rights of the council member and council members&#8217; voting rights under the
articles of association (including any other council members&#8217; voting rights as stipulated in the amended articles of association)
of Langfang School; (f)&#160;handling legal procedures containing registration, examination and approval and license of school at the
competent departments of government; and (g)&#160;any other rights of the Council Member as pursuant to the applicable PRC laws, regulations
and the articles of association (as amended from time to time) of Langfang School. In addition, each of Beijing P.X. and the Council
Members of Langfang School have irrevocably agreed that (i)&#160;Liandu WFOE may delegate its rights under the Proxy Agreement for School&#8217;s
Sponsors and Council Members to the directors of Liandu WFOE or its designated person, without prior notice to or approval by Beijing
P.X. and the Council Members of Langfang School; and (ii)&#160;any person as successor of civil rights of Liandu WFOE or liquidator by
reason of subdivision, merger, liquidation of Liandu WFOE or other circumstances shall have authority to replace Liandu WFOE to exercise
all rights under the Proxy Agreement for School&#8217;s Sponsors and Council Members.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 11; 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Proxy
Agreement for Shareholders.</i></b>&#160;Pursuant to the Proxy Agreement for Shareholders dated March 28, 2023, Lishui Mengxiang, the
shareholder of Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as the shareholder to the
extent permitted by the PRC laws. These rights include, but are not limited to: (a)&#160;the right to attend the shareholders&#8217;
meeting of Beijing P.X. acting as WFOE&#8217;s nominee; (b)&#160;the right to vote on behalf of Lishui Mengxiang for all matters requiring
discussion and resolution of the shareholders&#8217; meeting; (c)&#160;the right to sign the shareholders&#8217; minutes, resolutions
or other legal documents; (d)&#160;the right to indicate the directors, the legal representative, etc. to act in accordance with WFOE&#8217;s
intention; (e)&#160;the right to handle legal procedures containing registration, examination and approval and license of Beijing P.X.
at the competent departments of governments; (f)&#160;the right to decide to transfer or otherwise dispose of the equity of Beijing P.X.;
(g)&#160;any other shareholder&#8217;s rights as pursuant to the applicable PRC laws, regulations and articles of association of Beijing
P.X. as amended from time to time.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Cooperation Agreement</i>.</b>&#160;Pursuant to the Business Cooperation Agreement dated March 28, 2023, Liandu WFOE shall provide technical
services, management support and consulting services necessary for the private education business, and in return, Beijing P.X. and Langfang
School shall make payments accordingly. In particular, such services include but not limited to developing curriculum, conducting market
research and offering management and marketing advice, providing technology services, providing public relations services, providing
support for teacher hiring and training and providing other services that Beijing P.X. and Langfang School&#160;may need from time to
time. Without the prior consent of Liandu WFOE, none of Beijing P.X. and Langfang School may accept such services provided by any third
party. As part of the business cooperative agreement, Beijing P.X., Langfang School and the shareholders of Beijing P.X. agree that they
will not take any actions except as otherwise described in the Business Cooperation Agreement, such as incurring indebtedness, disposing
of material assets, materially changing the scope or nature of the business of Langfang School, disposing of their equity interests in
the Langfang School, or paying dividends or other similar payments to Beijing P.X. or the shareholders of Beijing P.X. in the absence
of written consent from Liandu WFOE. The aforementioned agreements will terminate automatically when Liandu WFOE and/or its designated
entities fully exercised their options to purchase all the equities held by Nominee Shareholders in accordance with the Exclusive Call
Option Agreement. In addition, unless otherwise stipulated by laws, this agreement may not be terminated by Beijing P.X., Langfang School
or the shareholders of Beijing P.X., but may only be terminated by Liandu WFOE after notice in advance.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exclusive
Technical Service and Business Consulting Agreement.</i></b>&#160;Pursuant to the Exclusive Technical Service and Business Consulting
Agreement dated March 28, 2023, Liandu WFOE agreed to provide exclusive technical services to Langfang School and Beijing P.X.. Furthermore,
Liandu WFOE agreed to provide exclusive business consultancy services to Langfang School and Beijing P.X.. In consideration of the technical
and business consultancy services provided by Liandu WFOE, Langfang School and Beijing P.X. agreed to pay Liandu WFOE a service fee withdrawn
from their respective amount of surplus from operations after deducting all costs, expenses, taxes, losses (if required by the law) and
the legally development fund (if required by the law) and other costs and funds that shall be retained at Langfang School in accordance
with applicable PRC laws. Liandu WFOE has the right (but not the obligation) to adjust the amount of such service fee by reference to
the actual services provided and the actual business operations and needs of Langfang School and Beijing P.X., provided that any adjusted
amount shall not exceed the amount mentioned above. Langfang School and Beijing P.X. do not have any right to make any such adjustment.
Unless otherwise prescribed under the PRC laws and regulations, Liandu WFOE shall have exclusive proprietary rights to any technology
and intellectual property developed and materials prepared in the course of the provision of research and development, technical support
and services by Liandu WFOE to Langfang School and Beijing P.X., and any intellectual property in the products developed, including any
other rights derived thereunder, in the course of performance of obligations under the Exclusive Technical Service and Business Consulting
Agreement and/or any other agreements entered into between Liandu WFOE, Langfang School and Beijing P.X..</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></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 -->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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Equity
Pledge Agreement</i></b>. Pursuant to the Equity Pledge Agreement dated March 28, 2023, the shareholders unconditionally and irrevocably
pledged all of their equity interests in Beijing P.X. to Liandu WFOE to guarantee performance of the obligations of Langfang School and
Beijing P.X. under the Exclusive Call Option Agreement, Business Cooperation Agreement, Exclusive Technical Service and Business Consulting
Agreement, Proxy Agreement for Shareholders, Proxy Agreement for School&#8217;s Sponsors and Council Members and Loan Agreement, each
as described above the shareholders of Beijing P.X. agreed that without prior written consent of the WFOE, they shall not transfer or
dispose of the pledged equity interests, or create or allow any encumbrance on the pledged equity interests. Unless otherwise stipulated
by laws, this agreement may not be terminated by Beijing P.X. or the shareholders of Beijing P.X. unilaterally, but may only be terminated
by the Liandu WFOE after notice in advance. The equity pledge agreement remains in full force and effect until all of the obligations
under the contractual arrangements&#160;have been duly performed or the guaranteed debts are duly paid. The pledge of equity interests
in Beijing P.X. has been duly registered with the local branch of PRC State Administration of Market Regulation, or SAMR and is effective
upon such registration.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual agreements are not equivalent to equity ownership in the business of the VIEs. Our control over Lishui Mengxiang and its
subsidiaries, Qingtian International School, and Langfang School, and our position of being the primary beneficiary of Lishui Mengxiang
and its subsidiaries, Qingtian International School, and Langfang School for the accounting purposes are limited to the conditions that
we have met for consolidation of Lishui Mengxiang and its subsidiaries, Qingtian International School, and Langfang School under U.S.
GAAP. Such conditions include that (i) we have the power to govern the activities which most significantly impact the VIEs&#8217; economic
performance, (ii) we are contractually obligated to absorb losses of the VIEs that could potentially be significant to the VIEs, and
(iii) we are entitled to receive benefits from the VIEs that could potentially be significant to the VIEs. We&#8217;ve met such conditions
for consolidation of the VIEs under U.S. GAAP through the aforementioned contractual arrangements, and as a result, we are deemed as
the primary beneficiary of the VIEs, and the VIEs will be treated as our consolidated affiliated entities for accounting purposes.&#160;We
have consolidated the results of the VIEs in our consolidated financial statements included elsewhere in this annual report on Form 20-F
in accordance with U.S. GAAP. For a more detailed discussion of the basis of presentation of our consolidated financial statements, see
&#8220;Item 5. Operating and financial Review and Prospects&#8212;A. Operating Results&#8212;Critical Accounting Policies.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
could face heightened risks and substantial costs in enforcing these contractual arrangements, because, although the aforementioned contractual
arrangements have been widely adopted by PRC companies listed overseas, such arrangements have not been tested in any of the PRC courts.
In addition,&#160; there are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations,
and rules relating to the contractual arrangements and the VIE structure. If the PRC government finds these contractual arrangements
or the VIE structure non-compliant with the restrictions on direct foreign investment in the relevant industries, or if the relevant
PRC laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced
to relinquish our interests in the VIEs or forfeit our rights under the contractual arrangements. Lixiang and investors in the ADSs face
uncertainty about potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements,
consequently, significantly affect the financial condition and results of operations. If we are unable to claim our right to control
the assets of the VIEs, the ADSs may decline in value or become worthless. The PRC government could even disallow the VIE structure completely,
which would likely result in a material adverse change in our operations and the ADSs may significantly decline in value or become worthless.
See &#8220;Risk Factors&#8212;Risks Related to Corporate Structure.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 -->6<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
we and the VIEs have established an education services network consisting of one high school (Qingtian International School), three vocational
education services providers (Beijing Xinxiang, Langfang School and Hainan Jiangcai) and one comprehensive human resources services provider
(Chuangmei Weiye). Lishui Mengxiang became the sponsor of Qingtian International School in August 2021. Beijing P.X., a wholly-owned
subsidiary of Lishui Mengxiang, holds the whole sponsorship interests of Langfang School from January 1, 2022, and has two wholly-owned
subsidiaries, namely Hainan Jiangcai and Chuangmei Weiye. Prior to August&#160;31, 2021, the VIEs primarily operated primary and secondary
school in Baiyun campus and Yijing campus&#8212;Featured Division of Lianwai School. Under the Implementation Rules for the Law for Promoting
Private Education of the PRC (&#12298;&#20013;&#21326;&#20154;&#27665;&#20849;&#21644;&#22269;&#27665;&#21150;&#25945;&#32946;&#20419;&#36827;&#27861;&#23454;&#26045;&#26465;&#20363;&#12299;)
for Private Education Laws, or the 2021 Implementation Rules, which took effect on September&#160;1, 2021, social organizations and individuals
are prohibited from controlling a private school that provides compulsory 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 among Liandu WFOE and Lianwai School providing compulsory education. Therefore,
we re-assessed our control over Lianwai School. Based on the relevant accounting standard in accordance with U.S. GAAP, we have concluded
that we have lost control of Lianwai School since August&#160;31, 2021, in view of the significant uncertainties and restrictions the
2021 Implementation Rules impose on our ability to direct the range of ongoing activities that would most significantly impact the returns
of Lianwai School. In light of such regulatory developments, on April&#160;20, 2022, we entered into an acknowledgment agreement of contractual
agreements with Lianwai School and respective directors, to confirm all the terms of rights and obligations relating to Lianwai School
and the directors appointed by the sponsor under the contractual arrangements among them, and agree among the parties that such arrangements
shall have been terminated on August&#160;31, 2021. To minimize disruptions to existing students enrolled in Lianwai School, we and the
VIEs continued to offer essential services to the students. We deconsolidated Lianwai School commencing from September&#160;1, 2021 and
presented it as a discontinued operation in current and comparative period financial statements.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs have explored and considered business opportunities beyond high school education. We and the VIEs took steps to expand into
online education and vocational education. In February 2021, Liandu WFOE completed the acquisition of 100% equity interests of Hangzhou
Youxi for the layout of online education. In January&#160;2022, Lishui Mengxiang formed Beijing Xinxiang with Beijing R.R.Z. to provide
vocational education in the health care industry. On January 1, 2022, Lishui Mengxiang entered into definitive agreements to acquire
100% equity interests of Beijing P.X., a wholly-owned subsidiary of Beijing S.K., which in turn holds 100% equity interests of Chuangmei
Weiye and Hainan Jiangcai, and the sponsorship interests of Langfang School, to expand our and the VIEs&#8217; business into vocational
education. The acquisition was completed in May 2022. As of the date of the annual report on Form 20-F, the administrative procedures
with the PRC governmental authorities to amend the registration reflecting the result of the acquisition of Langfang School have not
been completed due to the internal procedures of the competent authorities.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&#160;30, 2020, the Standing Committee of the National People&#8217;s Congress of the PRC, or the Standing Committee of the NPC,
promulgated the Law of the People&#8217;s Republic of China on Safeguarding National Security in the Hong Kong Special Administrative
Region, or the Law of PRC on Safeguarding National Security in Hong Kong, the interpretation of which involves a degree of uncertainty.
The PRC government has also announced recently that it would step up supervision of overseas listed PRC businesses, and check sources
of funding for securities investment and control leverage ratios. The PRC government has also opened a probe into several U.S.-listed
technology companies focusing on anti-monopoly, financial technology regulation and more recently, with the passage of the PRC Data Security
Law, how companies collect, store, process and transfer personal data. Currently these laws (other than the Law of the PRC on Safeguarding
National Security in Hong Kong) are expected to apply to China domestic businesses, rather than businesses in Hong Kong which operate
under a different set of laws from China. However, there can be no assurance that the government of Hong Kong will not enact similar
laws and regulations applicable to companies operating in Hong Kong. For example, the PRC government may pressure the government of Hong
Kong to enact similar laws and regulations to those in the PRC, which may seek to exert control over offerings conducted overseas by
Hong Kong companies. If any or all of the foregoing were to occur, and if our Hong Kong subsidiary elects to carry out substantive business
activities in the future, it could lead to a material adverse change in our operations and limit or hinder our ability to offer securities
to overseas investors or remain listed in the United States, which could cause the value of our ADSs to significantly decline or become
worthless. See &#8220;<i>Risk Factors&#8212;Risks Related to Doing Business in China&#8212;Implementation of the Law of the PRC on Safeguarding
National Security in Hong Kong involves uncertainty, and the recent policy pronouncements by the PRC government regarding business activities
of U.S.-listed PRC businesses may negatively impact Lixiang&#8217;s existing and future operations in Hong Kong.</i>&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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 -->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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates the corporate structure of us, our subsidiaries and the VIEs, as of the date of the annual report:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="font-family: Times New Roman, Times, Serif"><img alt="" src="image_001.jpg"/></span></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 -->8<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Notes:
</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
The sponsorship registration of Qingtian International School was changed to Lishui Mengxiang in August&#160;2021. As of the date of
the annual report, we have not received any formal notice from the competent authorities of Qingtian County requesting us to conduct
the classified registration of private schools. However, given that Qingtian International School is a non-state public institution legal
person, it may be directly classified as a non-profit private school by the competent authorities of Qingtian County and has no need
to go through additional registration procedures. On April 20, 2022, Liandu WFOE entered into a series of contractual arrangements with
respect to the operation of Qingtian International School. On January 31, 2023, due to the change of shareholders of Lishui Mengxiang,
Liandu WFOE entered into an updated series of contractual arrangements with respect to the operation of Qingtian International School.
The updated series of contractual arrangements replaced the series entered in April 2022 and took effect on December 16, 2022, the same
date when the shareholders of Lishui Mengxiang signed an equity transfer agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(2)
Beijing P.X. holds the whole sponsorship interests of Langfang School. Liandu WFOE entered into a series of contractual arrangements
with respect to the operation of Langfang School on March 28, 2023. The contractual arrangements took effect on January 1, 2022. As of
the date of the annual report, Langfang City has not released any detailed rules on classification registration of private schools and
we have not received any relevant notice from the competent authorities of Langfang City since January 1, 2022 when Beijing P.X. began
to hold the whole sponsorship interests of Langfang School.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
Lishui Mengxiang holds 43% equity interests of Beijing Xinxiang. Beijing R.R.Z. holds 42% equity interests of Beijing Xinxiang. The management
team of Beijing Xinxiang formed Beijing Chuang&#8217;ao Technology Center (L.P.) (&#8220;Beijing C.A.&#8221;), holding 15% equity interests
of Beijing Xinxiang. Given that the board of directors of Beijing Xinxiang consists of five members, three of which shall be appointed
by Lishui Mengxiang, we are regarded as the primary beneficiary of Beijing Xinxiang through Lishui Mengxiang under U.S. GAAP as Lishui
Mengxiang holds more than half of the voting power in the board of directors of Beijing Xinxiang. Therefore, the financial statements
of Beijing Xinxiang will be consolidated in our annual report on Form 20-F for the year ending December&#160;31, 2022.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
According to PRC laws and regulations, entities and individuals who establish private schools are commonly referred to as &#8220;sponsors&#8221;
instead of &#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 ownership with regard to legal, regulatory and tax matters. However, the differences between
sponsorship and equity ownership can be found in the specific provisions of the laws and regulations applicable to sponsors and owners,
such as provisions regarding the right to receive returns on investment and the right to the distribution of residual properties upon
termination and liquidation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">Investors
are purchasing equity interests in Lixiang, the Cayman Islands holding company, and are not purchasing, and may never directly hold,
equity interests in the VIEs.&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We do not have any
equity interests in the VIEs. However, because of the contractual arrangements, we control the VIEs through our PRC subsidiary, Liandu
WFOE, and are regarded as the primary beneficiary of the VIEs for accounting purposes under U.S. GAAP. We have consolidated the results
of the VIEs in our consolidated financial statements included elsewhere in this annual report on Form 20-F in accordance with U.S. GAAP.
For a more detailed discussion of the basis of presentation of our consolidated financial statements, see &#8220;Item 5. Operating and
financial Review and Prospects&#8212;A. Operating Results&#8212;Critical Accounting Policies.&#8221; </span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
contractual arrangements may not be as effective in providing us with control over the VIEs as equity ownership. If we had equity ownership
of the VIEs, we would be able to exercise our rights as a direct or indirect shareholder to effect changes in the board of directors
of the VIEs, which in turn could effect changes, subject to any applicable fiduciary obligations, at the management level. However, as
these contractual arrangements stand now, if the VIEs or their shareholders fail to perform their respective obligations under these
contractual arrangements, we cannot exercise shareholders&#8217; rights to direct corporate actions as direct ownership would otherwise
entail. If the parties under such contractual arrangements refuse to carry out our directions in relation to everyday business operations,
we will be unable to maintain effective control over the operations of the VIEs in China under U.S. GAAP. Losing effective control over
the VIEs may impair our access to their cash flow from operations, which may reduce our liquidity. If the VIEs or their respective ultimate
shareholders fail to perform their obligations under our contractual arrangements, we may have to incur additional costs and expend substantial
resources to enforce our contractual arrangements, temporarily or permanently lose control over our primary operations or lose access
to our primary sources of revenue.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating
to the contractual arrangements and the VIE structure. If the PRC government finds these contractual arrangements or the VIE structure
non-compliant with the restrictions on direct foreign investment in the relevant industries, or if the relevant PRC laws, regulations,
and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our
interests in the VIEs or forfeit our rights under the contractual arrangements. Lixiang and investors in the ADSs face uncertainty about
potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements, consequently,
significantly affect the financial condition and results of operations. If we are unable to claim our right to control the assets of
the VIEs, the ADSs may decline in value or become worthless. The PRC government could even disallow the VIE structure completely, which
would likely result in a material adverse change in our operations and the ADSs may significantly decline in value or become worthless.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in; "><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 16; 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 -->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: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Permissions
Required for Our Operations in China </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to conduct our and the VIEs&#8217; business and operate schools in China, we and the VIEs are required to obtain and maintain various
approvals, licenses and permits and fulfill registration and filing requirements. For example, to establish and operate a high school
in the PRC, we are required to obtain a private school operation permit from the local education bureau and register with competent administration
authorities to obtain a business license or registration certificate. Such local regulatory authorities may also conduct annual inspection
of the schools.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
consulting with our PRC legal counsel, Beijing DeHeng Law offices, we are of the view that, as of the date of the annual report, except
for the circumstances which would not in the aggregate have a material adverse effect on our financial conditions, Lixiang, our PRC subsidiaries
and the VIEs have&#160;received from PRC authorities requisite licenses, permissions or approvals needed to engage in the businesses
currently conducted in China. Such licenses and permissions mainly include Business License, Public Institution Legal Person Certificate,
Permit for Establishment of Privately-run Schools, Registration Certificate for Private Non-enterprise Entities, Labor Dispatch Operation
License, Human Resources Service License and Food Operation License. The following table provides details on the aforementioned licenses
and permissions held by our PRC subsidiaries and VIEs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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: 15%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company/School</b></span></td>
    <td style="text-align: center; vertical-align: top; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>License/Permission</b></span></td>
    <td style="text-align: center; vertical-align: top; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuing
    Authority</b></span></td>
    <td style="text-align: center; vertical-align: top; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 27%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Validity</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liandu&#160;WFOE</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business&#160;License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Supervision Administration
    of Lishui City</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until&#160;October&#160;9,&#160;2068</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xianke</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Supervision Administration
    of Jingning Shezu Autonomous County</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Food Operation License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Supervision Administration
    of Jingning Shezu Autonomous County</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until August&#160;24, 2025</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou&#160;Youxi</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Supervision Administration
    of Hangzhou City</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lishui&#160;Mengxiang</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Supervision Administration
    of Lishui City</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until August&#160;16, 2051</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qingtian School</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public&#160;Institution&#160;Legal&#160;
    Person Certificate</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Administration
    of Public Institutions of Qingtian County</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until August&#160;1, 2024</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permit for Establishment of
    Privately-run Schools</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qingtian Education Bureau</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until August&#160;27, 2024</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Food Operation License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Supervision Administration
    of Qingtian County</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until September&#160;8, 2026</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Xinxiang</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Supervision Administration
    of Chaoyang District, Beijing</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until February 13, 2062</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing P.X.</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Supervision Administration
    of Haidian District, Beijing</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until December 22, 2051</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainan Jiangcai</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Supervision Administration
    of Hainan Province</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Langfang School</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Certificate for
    Private Non-enterprise Entities</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative Examination
    and Approval Bureau of Langfang City</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until June 17, 2023</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permit for Establishment of
    Privately-run Schools</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Department of Human Resources
    and Social Security of Hebei Province</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until August, 2025</span></td></tr>

<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><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; font-size: 10pt">Food Operation License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative Examination
    and Approval Bureau of Anci District, Langfang City</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until October 15, 2027</span></td></tr>

<tr style="vertical-align: top; ">
    <td style="text-align: left"><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: left"><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: left"><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: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chuangmei Weiye</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market Supervision Administration
    of Dongcheng District, Beijing</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until January 4, 2042</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor Dispatch Operation License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Human Resources and Social
    Security Bureau of Dongcheng District, Beijing</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until November 26, 2025</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Human Resources Service License</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Human Resources and Social
    Security Bureau of Dongcheng District, Beijing</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until March 29, 2026</span></td></tr>
  </table><div>

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


</div><!-- Field: Page; Sequence: 17; 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 -->10<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that Lixiang, our PRC subsidiaries and the VIEs are always able to successfully update or renew the licenses or permits
required for the relevant business in a timely manner or that these licenses or permits are sufficient to conduct all of our and the
VIEs&#8217; present or future business. As advised by our PRC legal counsel, Beijing DeHeng Law Offices, if Lixiang, our PRC subsidiaries
or the VIEs (i)&#160;do not receive or maintain required permissions or approvals, (ii)&#160;inadvertently conclude that such permissions
or approvals are not required, or (iii)&#160;applicable laws, regulations, or interpretations change and Lixiang, our PRC subsidiaries
or the VIEs are required to obtain such permissions or approvals in the future, we could be subject to fines or legal sanctions, which
may materially and adversely affect the business, financial condition and results of operations of us and the VIEs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report on Form 20-F, the administrative procedures for changing the sponsor of Langfang School with the PRC
governmental authorities, especially for renewing the Permit for Establishment of Privately-run Schools, have not been completed due
to the internal procedures of the competent authorities. The adjustment of the cooperation arrangement between Beijing P.X. and Hainan
Communication Senior Technical School (&#28023;&#21335;&#30465;&#20132;&#36890;&#39640;&#32423;&#25216;&#24037;&#23398;&#26657;) (&#8220;Hainan
Technical School&#8221;) for compliance purposes has not been completed.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
risks relating to permissions and approvals required for the operations of us and the VIEs in China, see <i>&#8220;Risk Factors&#8212;Risks
relating to our business and industry&#8212;We and the VIEs may not be able to obtain all necessary approvals, licenses and permits and
to make all necessary registrations and filings for our and the VIEs&#8217; educational and other services in China.&#8221;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulatory
Approval from the China Securities Regulatory Commission </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
advised by our PRC legal counsel, Beijing DeHeng Law Offices, as of the date of this annual report, approvals from the China Securities
Regulatory Commission, or CSRC, are not required to maintain the listing status of our ADSs on the Nasdaq, and since we are existing
enterprises and have not been involved in refinancing or other filing matters, we are not required to fulfill the filing procedures with
the CSRC.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
Beijing DeHeng Law Offices, has further advised us that there remains some uncertainty as to how the Provisions on the Merger and Acquisition
of Domestic Enterprises by Foreign Investors (Revised in 2009), or the M&amp;A Rules, will be interpreted or implemented in the context
of an overseas offering and its opinions summarized above are subject to any new laws, regulations and rules or detailed implementations
and interpretations in any form relating to the M&amp;A Rules.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, on February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic
Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date, the CSRC circulated No.1 to No.5 Supporting
Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic
Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of CSRC, or collectively, the Guidance Rules
and Notice. These new regulations propose to establish a new filing-based regime to regulate overseas offerings and listings by Chinese
domestic companies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 18; 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 -->11<!-- 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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing
activities, either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial
Measures within three working days following its submission of initial public offering or listing application. Since the date of effectiveness
of the Trial Measures, the domestic enterprises falling within the scope of filing that have been listed overseas or met the following
circumstances are existing enterprises: before the effectiveness of the Trial Measures, the application for indirect overseas issuance
and listing has been agreed by the overseas regulators or overseas stock exchanges (such as having passed the hearing on the Hong Kong
market or registration become effective as agreed on the U.S. market, etc.), and it is not required to perform issuance and listing supervision
procedures of the overseas regulators or overseas stock exchanges (such as rehearing on the Hong Kong market, etc.), and the overseas
issuance and listing will be completed by September 30, 2023. Existing enterprises are not required to file immediately, and filing should
be made as required if they involve refinancing and other filing matters. &#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the CSRC or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals to maintain
the listing status of our ADSs on the Nasdaq or to conduct offerings of securities in the future, we may be unable to obtain such approvals
in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance could significantly limit
or completely hinder our ability to maintain the listing status of our ADSs on the Nasdaq or continue to offer securities to investors
and cause the value of our ADSs to significantly decline or be worthless.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Regulatory
Approval from the Cyberspace Administration of China </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2021, thirteen PRC governmental and regulatory agencies, including the Cyberspace Administration of China, or CAC, promulgated
the Measures for Cyber Security Review, which further restates and expands the applicable scope of the cybersecurity review. Pursuant
to the Measures for Cyber Security Review, network platform operators grasping the personal information of more than 1 million users
must apply with the Cybersecurity Review Office of CAC for a cybersecurity review in order to pursue a foreign listing, and operators
of critical information infrastructure purchasing network products and services and online platform operators engaging in data processing
activities which affect or may affect national security of the PRC are also obligated to apply for a cybersecurity review. However, the
Measures for Cyber Security Review provide no further explanation on the extent of &#8220;network platform operator&#8221;, &#8220;affect
or may affect national security&#8221; or &#8220;foreign&#8221; listing.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have less than 100 subscribers on our digital platform such as WeChat public account. We have no registered users on our website.
We only require and obtain user information after users register with us. As advised by our PRC legal counsel, Beijing DeHeng Law Offices,
as of the date of this annual report, we do not need to apply for a cybersecurity review pursuant to the above regulation to maintain
the listing status of our ADSs on the Nasdaq, given that (i) we are not in possession of personal information of over one million users
and it is also very unlikely that it will reach such threshold in the near future; and (ii) as of the date of the annual report, we have
not received any notice or determination from applicable PRC governmental authorities identifying us as a critical information infrastructure
operator or an online platform operator engaging in relevant data processing activities which affect or may affect national security
of the PRC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"></p><div>

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


</div><!-- Field: Page; Sequence: 19; 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 -->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; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Considering
that the Measures for Cyber Security Review empower the cybersecurity review office to initiate cybersecurity review when they believe
any particular data processing activities &#8220;affect or may affect national security&#8221;, it is uncertain whether the competent
government authorities will deem that our data processing activities may affect national security and thus initiate the cybersecurity
review against our business. Although we believe we currently are not required to obtain clearance from the CAC in order to maintain
the listing status of our ADSs on the Nasdaq under the Measures for Cyber Security Review or the Opinions on Strictly Cracking Down on
Illegal Securities Activities, we face uncertainties as to the interpretation or implementation of such regulations or rules, and if
required, whether such clearance can be timely obtained, or at all. If we were to subject to such review in order to maintain the listing
status of our ADSs on the Nasdaq, during such review, we may be required to suspend our operation and experience other disruptions to
our operations. Cybersecurity review could also result in negative publicity with respect to our company and diversion of our managerial
and financial resources. Further, failure of cybersecurity, data privacy and data security compliance could subject us to penalties,
damage our reputation and brand, and adversely harm our business and results of operations.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Holding Foreign Companies Accountable Act </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been
subject to inspections by the PCAOB for two consecutive&#160;years, the SEC will prohibit our shares or ADSs from being traded on a national
securities exchange or in the over-the-counter trading market in the United States.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial statements contained in this annual report on Form 20-F for the fiscal year ended December&#160;31, 2022 have been audited
by WWC Professional Corporation Limited, or WWC, P.C., an independent registered public accounting firm headquartered in the United States
and is among the public accounting firms that are registered with the Public Company Accounting Oversight Board of the United States,
or the PCAOB. Such PCAOB-registered accounting firm is subject to laws in the United States pursuant to which the PCAOB conducts regular
inspections to assess its compliance with the applicable professional standards. On December&#160;16, 2021, the PCAOB issued its determination
that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China
and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions, and the PCAOB included in the report of its determination
a list of the accounting firms that are headquartered in the PRC or Hong Kong. This list does not include our auditor, WWC, P.C. As of
the date of the annual report, our listing is not affected by the Holding Foreign Companies Accountable Act, or the HFCAA, and related
regulations. However, the recent developments would add uncertainties to our listing and we cannot assure you whether Nasdaq or regulatory
authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor&#8217;s audit
procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience
as related to the audit of our financial statements. While our auditor is based in the U.S. and is registered with PCAOB and subject
to PCAOB inspection, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor because
of a position taken by an authority in a foreign jurisdiction, then such lack of inspection could cause our securities to be delisted
from the stock exchange. If, in the future, we have been identified by the SEC&#160;for two consecutive years&#160;as a commission-identified
issuer whose registered public accounting firm is determined by the PCAOB that it is unable to inspect or investigate completely because
of a position taken by&#160;one or more authorities in China, the SEC may prohibit our shares or ADSs from being traded on a national
securities exchange or in the over the counter trading market in the United States, and this ultimately could result in our ADSs being
delisted.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2022, the PCAOB signed a statement of protocol agreement with the CSRC and the PRC Ministry of Finance, or the &#8220;Cooperative
Agreement.&#8221; According to the fact sheets published by the PCAOB, the PCAOB has the sole discretion in selecting the subject of
its inspections and investigations without input from the Chinese authorities, and that procedures are in place to allow PCAOB inspectors
and investigators to review complete audit working papers of accounting firms located in mainland China and Hong Kong.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 15, 2022, the PCAOB determined that it was able to secure complete access to inspect and investigate registered public accounting
firms headquartered in mainland China and Hong Kong and vacated its previous determinations to the contrary. However, should PRC authorities
obstruct or otherwise fail to facilitate the PCAOB&#8217;s access in the future, the PCAOB may consider the need to issue a new determination.</span></p><div>

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

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


</div><!-- Field: Page; Sequence: 20; 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 -->13<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Summary </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our ADSs is subject to a number of risks, including risks related to our business and industry, risks related to our corporate
structure, risks related to doing business in China and risks related to our ADSs. The following list summarizes some, but not all, of
these risks. Please read the information in the section entitled &#8220;Risk Factors&#8221; for a more thorough description of these
and other risks.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
relating to our business and industry </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
                                            uncertainties exist in relation to the interpretation and implementation of, or proposed
                                            changes to, the PRC laws, regulations and policies regarding the private education industry.
                                            See <i>&#8220;Risk Factors&#8212;Risks relating to our business and industry&#8212;Significant
                                            uncertainties exist in relation to the interpretation and implementation of, or proposed
                                            changes to, the PRC laws, regulations and policies regarding the private education industry.
                                            In particular, our compliance with the 2021 Implementation Rules for Private Education Laws
                                            has materially and adversely affected and may materially and adversely affect our and the
                                            VIEs&#8217; business, financial condition, results of operations and prospect.&#8221;</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            are in the process of filing the relevant application pursuant to the national and local
                                            regulations. See <i>&#8220;Risk Factors&#8212;Risks relating to our business and industry&#8212;We
                                            and the VIEs are in the process of filing the relevant application pursuant to the national
                                            and local regulations (including Zhejiang Province and Lishui City, as well as Hebei Province)
                                            of classification registration of private schools. Loss of taxes and fees may incur in the
                                            process, which may have an adverse impact on Qingtian International School&#8217;s and Langfang
                                            School&#8217;s operations.&#8221;</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may not be able to successfully integrate businesses operated by Qingtian International School,
                                            Vocational Education Services Providers Chuangmei Weiye that we acquired. See <i>&#8220;Risk
                                            Factors&#8212;Risks relating to our business and industry&#8212;We may not be able to successfully
                                            integrate businesses operated by Qingtian International School, Vocational Education Services
                                            Providers and Chuangmei Weiye that we acquired, which may cause us to lose the anticipated
                                            benefits from such acquisitions and to incur significant additional expenses.&#8221;</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            ADSs may be prohibited from trading in the United States under the HFCAA in the future if
                                            the PCAOB is unable to inspect or investigate completely our auditor 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. As of the date of the annual report, our auditor,
                                            WWC, P.C., is not determined by the PCAOB that it is unable to inspect or investigate completely
                                            and our listing is not affected by the Holding Foreign Companies Accountable Act and related
                                            regulations. However, we cannot assure you whether Nasdaq or regulatory authorities would
                                            apply additional and more stringent criteria to us after considering the effectiveness of
                                            our auditor&#8217;s audit of our financial statements. See <i>&#8220;Risk Factors&#8212;Risks
                                            relating to our business and industry&#8212;Our ADSs may be prohibited from trading in the
                                            United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate
                                            completely our auditor 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;</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

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

</div><!-- Field: Page; Sequence: 21; 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 -->14<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
relating to our corporate structure </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may be subject to severe penalties if the PRC government finds that the agreements that establish
                                            the structure for operating our and the VIEs&#8217; business in China do not comply with
                                            applicable PRC laws and regulations. See <i>&#8220;Risk Factors&#8212;Risks relating to our
                                            corporate structure&#8212;Our and the VIEs&#8217; private education service business is subject
                                            to extensive regulation in China. We may be subject to severe penalties if the PRC government
                                            finds that the agreements that establish the structure for operating our and the VIEs&#8217;
                                            business in China do not comply with applicable PRC laws and regulations.&#8221;</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            contractual arrangements may not be as effective in providing control over the VIEs as equity
                                            ownership. See <i>&#8220;Risk Factors&#8212;Risks relating to our corporate structure&#8212;Our
                                            contractual arrangements may not be as effective in providing control over the VIEs as equity
                                            ownership&#8221;</i> and <i>&#8220;Risk Factors&#8212;Risks relating to our corporate structure&#8212;If
                                            the PRC government determines that the contractual arrangements constituting part of the
                                            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 our ADSs or ordinary shares may decline in value or become worthless.&#8221;</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            may have to incur additional costs and expend substantial resources to enforce our contractual
                                            arrangements. Our contractual arrangements are governed by PRC law and provide for the resolution
                                            of disputes through arbitration in China. In the event that we are unable to enforce these
                                            contractual arrangements, we may not be able to exert effective control over the VIEs for
                                            an extended period of time or we may be permanently unable to exert control over the VIEs.
                                            See <i>&#8220;Risk Factors&#8212;Risks relating to our corporate structure&#8212;We may have
                                            to incur additional costs and expend substantial resources to enforce our contractual arrangements,
                                            temporarily or permanently lose control over our primary operations or lose access to our
                                            primary sources of revenue, if the VIEs or their respective ultimate shareholders fail to
                                            perform their obligations under our contractual arrangements.&#8221;</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            rely on dividends and other payments from Liandu WFOE to pay dividends and other cash distributions
                                            to our shareholders. See <i>&#8220;Risk Factors&#8212;Risks relating to our corporate structure&#8212;We
                                            rely on dividends and other payments from Liandu WFOE to pay dividends and other cash distributions
                                            to our shareholders.&#8221;</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; text-align: justify"><td style="width: 0.25in"></td><td style="text-align: left; width: 0.25in"><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">Qingtian
                                            International School may be subject to limitations on their ability to operate private education
                                            or make payments to related parties. See <i>&#8220;Risk Factors&#8212;Risks relating to our
                                            corporate structure&#8212;Qingtian International School may be subject to limitations on
                                            their ability to operate private education or make payments to related parties.&#8221;</i></span></td>
</tr>
</table><div>




</div><!-- Field: Page; Sequence: 22; 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 -->15<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
relating to doing business in China </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            inherent uncertainties in the PRC legal system could materially and adversely affect us.
                                            The PRC legal system continues to evolve rapidly. The interpretations of such laws and regulations
                                            may not always be consistent, and enforcement of these laws and regulations involves significant
                                            uncertainties and can change quickly with little advance notice, any of which could limit
                                            the available legal protections. See &#8220;Risk Factors &#8212; Risks Relating to doing
                                            business in China &#8212; The inherent uncertainties in the PRC legal system could materially
                                            and adversely affect us.&#8221;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
                                            in the ADSs and the business of us and the VIEs face potential uncertainty from the PRC government&#8217;s
                                            policy. Adverse changes in the PRC economic, political and social conditions as well as laws
                                            and government policies, may materially and adversely affect our and the VIEs&#8217; business,
                                            financial condition, results of operations and growth prospects. See &#8220;Risk Factors&#8212;Risks
                                            relating to doing business in China&#8212;Adverse changes in the PRC economic, political
                                            and social conditions as well as laws and government policies, may materially and adversely
                                            affect our and the VIEs&#8217; business, financial condition, results of operations and growth
                                            prospects.&#8221;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 initial public offering to make loans
                                            or additional capital contributions to our PRC subsidiaries or VIEs. See <i>&#8220;Risk Factors&#8212;Risks
                                            relating to doing business in China&#8212;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 initial public offering to make loans or additional capital contributions to our PRC
                                            subsidiaries or VIEs, which could materially and adversely affect our liquidity and our ability
                                            to fund and expand our and the VIEs&#8217; business.&#8221;</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            actions by the Chinese government to exert more oversight and control over offerings that
                                            are conducted overseas and/or foreign investment in China-based issuers 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 be worthless. See <i>&#8220;Risk
                                            Factors&#8212;Risks relating to doing business in China&#8212;Any actions by the Chinese
                                            government, including any decision to intervene or influence the operations of our PRC subsidiaries
                                            or the VIE or to exert control over any offering of securities conducted overseas and/or
                                            foreign investment in China-based issuers, may cause us to make material changes to the operations
                                            of our PRC subsidiaries or the VIE, may limit or completely hinder our ability to offer or
                                            continue to offer securities to investors, and may cause the value of such securities to
                                            significantly decline or be worthless.</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                            is significant uncertainty about the application and interpretation of the Law on the Promotion
                                            of Private Education, the 2021 Implementation Rules and their detailed implementation rules
                                            and regulations. See <i>&#8220;Risk Factors&#8212;Risks relating to doing business in China&#8212;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 2021 Implementation
                                            Rules and their detailed implementation rules and regulations. We may be subject to 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.&#8221;</i></span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            the extent cash is generated in our PRC Subsidiaries or the VIEs, and may need to be used
                                            to fund operations outside of mainland China, such funds may not be available due to limitations
                                            placed by the PRC government. Furthermore, to the extent assets (other than cash) in our
                                            or the VIEs&#8217; business are located in the PRC or held by a PRC entity, the assets may
                                            not be available to fund operations or for other use outside of the PRC due to interventions
                                            in or the imposition of restrictions and limitations on the ability of us and our subsidiaries
                                            and the VIEs to transfer assets by the PRC government. If certain PRC laws and regulations,
                                            including existing laws and regulations and those enacted or promulgated in the future were
                                            to become applicable to our Hong Kong subsidiary in the future, and to the extent cash is
                                            generated in our Hong Kong subsidiary, and to the extent assets (other than cash) in our
                                            business are located in Hong Kong or held by a Hong Kong entity and may need to be used to
                                            fund operations outside of Hong Kong, such funds or assets may not be available due to interventions
                                            in or the imposition of restrictions and limitations on the ability of us and our subsidiaries
                                            and the VIEs to transfer funds or assets by the PRC government. Furthermore, there can be
                                            no assurance that the PRC government will not intervene or impose restrictions or limitations
                                            on our ability to transfer or distribute cash within its organization, which could result
                                            in an inability or prohibition on making transfers or distributions to entities outside of
                                            mainland China and Hong Kong and adversely affect its business. See &#8220;<i>Risk Factors&#8212;Risks
                                            Related to Doing Business in China&#8212; Restrictions on currency exchange under PRC laws
                                            may limit our ability to convert cash derived from our operating activities into foreign
                                            currencies and may materially and adversely affect the value of your investment</i>.&#8221;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

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

</div><!-- Field: Page; Sequence: 23; 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 -->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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
relating to our ADSs </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            trading price of our ADSs may be volatile and the voting rights of holders of our ADSs are
                                            limited by the terms of the deposit agreement. See <i>&#8220;Risk Factors&#8212;Risks relating
                                            to our ADSs&#8212;The trading price of our ADSs may be volatile, which could result in substantial
                                            losses to you,&#8221; &#8220;Risk Factors&#8212;Risks relating to our ADSs&#8212;The voting
                                            rights of holders of our ADSs are limited by the terms of the deposit agreement, and you
                                            may not be able to exercise your right to direct how the ordinary shares represented by your
                                            ADSs are voted,&#8221; </i>and <i>&#8220;Risk Factors&#8212;Risks relating to our ADSs&#8212;The
                                            depositary shall deem you to have instructed the depositary to give us a discretionary proxy
                                            to vote the ordinary shares underlying your ADSs if you do not give timely voting instructions
                                            to the depositary to direct how the ordinary shares underlying your ADSs are voted, except
                                            in limited circumstances, which could adversely affect your interests.&#8221;</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
Information Related to the VIEs </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the condensed consolidating schedule of financial position of our parent company, VIEs and their consolidated
subsidiaries, Liandu WFOE that is the primary beneficiary of the VIEs, and other subsidiaries as of the December&#160;31, 2021 and 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 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"></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">&#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 December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; border-bottom: Black 1.5pt solid; text-indent: -0.125in; font-weight: bold">Condensed Consolidating Schedule of Financial Position</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">Parent</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">VIEs and their consolidated subsidiaries</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">Liandu WFOE which is the primary beneficiary of the VIEs</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">Other subsidiaries</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">Elimination adjustment</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">Total</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">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="22" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold">Assets</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>&#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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 28%; text-align: left">Cash and cash equivalents</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">210,769,439</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">33,364,634</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">1,026,430</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">1,601,045</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">-</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">246,761,548</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Inter-group balance due from VIEs and subsidiaries of continuing operation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,686</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">57,331,944</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,855,664</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,350,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(124,545,294</td><td style="text-align: left">)</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 style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Prepayments and other current 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">79,871,947</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">27,594</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,298,263</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">81,197,804</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">Investment gain in subsidiaries and VIEs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">84,528,603</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(84,528,603</td><td style="text-align: left">)</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 style="padding-left: 0.125in; text-indent: -0.125in">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">-</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">438,108</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">1,156,628</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><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">1,594,736</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">Total 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">295,305,728</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">171,006,633</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">19,066,316</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">53,249,308</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">(209,073,897</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">329,554,088</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">&#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><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">Property and equipment, net</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">159,247,545</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">882,112</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">160,129,657</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">Land use right</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">35,820,632</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">35,820,632</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">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">70,369,837</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">70,369,837</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">Other non-current 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">9,931,493</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">318,656</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,802,091</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13,052,240</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">Investments in subsidiaries</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><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">4,044,636</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">898,684</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">(4,943,320</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">-</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">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">-</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">275,369,507</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">4,044,636</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">2,099,452</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">(2,141,229</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">279,372,366</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">Total 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">295,305,728</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">446,376,140</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">23,110,952</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">55,348,760</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">(211,215,126</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">608,926,454</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">&#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><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">Short-term borrowings</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">67,500,000</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">67,500,000</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">Inter-group balance due to VIEs and subsidiaries of continuing operation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42,307,875</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">35,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">34,000,406</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,687</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(111,315,968</td><td style="text-align: left">)</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 style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Accrued liabilities and other current liabilities</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">17,694,499</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">567,687</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">18,262,186</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">Other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">55,717</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,602,475</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,537,396</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,228,414</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">24,424,002</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">Amounts due to related party</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">323,400</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">323,400</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">Amounts due to Affected Entity, current</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">21,225,707</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">16,531</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">2,342,668</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">23,584,906</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">Total current 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">42,363,592</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">163,346,081</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">36,122,020</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">3,578,769</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">(111,315,968</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">134,094,494</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">&#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><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">Amounts due to Affected Entity, non-current</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">194,552,414</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">151,519</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,472,630</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">216,176,563</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">Other non-current 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">-</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">5,164,630</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><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">5,164,630</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">Total non-current 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">-</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">199,717,044</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">151,519</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">21,472,630</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">221,341,193</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">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">42,363,592</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">363,063,125</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">36,273,539</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">25,051,399</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">(111,315,968</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">355,435,687</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">&#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><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: 0.125in; text-indent: -0.125in; text-align: left">&#160;Non-controlling interests</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">548,631</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">548,631</td><td style="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">Total shareholders&#8217; equity (deficit)</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">252,942,136</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">83,313,015</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">(13,162,587</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">30,297,361</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">(99,899,158</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">253,490,767</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><div>


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

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

</div><!-- Field: Page; Sequence: 24; 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 -->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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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><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="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of December&#160;31, 2021</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="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Condensed
    Consolidating Schedule of Financial&#160;Position</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">Parent</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">VIEs
    and<br/> their<br/> consolidated<br/> subsidiaries</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">Liandu<br/>
    WFOE&#160;which&#160;<br/> is&#160;the primary<br/> beneficiary&#160;of<br/> &#160;the&#160;VIEs</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">Other<br/>
    subsidiaries</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">Elimination<br/>
    adjustments</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">Total</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><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="22" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Assets</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><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: 40%; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cash </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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">194,729,331</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,453,323</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,059,179</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,169,990</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">199,411,823</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Inter-group
    balance due from VIEs and subsidiaries of continuing operations</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">644,607</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">51,536,540</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">9,960,476</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">25,850,000</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">(87,991,623</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#8212;</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Prepayments
    and other current assets</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">&#8212;</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">100,990,604</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">265,219</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">212,101</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">&#8212;</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">101,467,924</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-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><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">&#8212;</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">&#8212;</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">227,600</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">&#8212;</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">&#8212;</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">227,600</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: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Total
    current assets</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">195,373,938</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">153,980,467</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">11,512,474</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">28,232,091</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">(87,991,623</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">301,107,347</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="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Property
    and equipment, net</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">&#8212;</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">164,037,622</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">&#8212;</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">1,021,241</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">&#8212;</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">165,058,863</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Land
    use right</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">&#8212;</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">36,767,329</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">&#8212;</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">&#8212;</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">&#8212;</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">36,767,329</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-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Goodwill</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">&#8212;</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">26,644,407</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">&#8212;</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">&#8212;</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">&#8212;</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">26,644,407</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Other
    non-current assets</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">&#8212;</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">6,667</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">&#8212;</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">339,059</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">2,802,091</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">3,147,817</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; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Investments
    in subsidiaries</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">&#8212;</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">&#8212;</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">4,373,753</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">1,501,165</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">(5,874,918</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">&#8212;</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: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Total
    non-current assets</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">&#8212;</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">227,456,025</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">4,373,753</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">2,861,465</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">(3,072,827</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">231,618,416</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; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Total
    assets</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">195,373,938</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">381,436,492</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">15,886,227</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">31,093,556</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">(91,064,450</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">532,725,763</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="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Short-term
    borrowings</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">&#8212;</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">77,000,000</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">&#8212;</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">&#8212;</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">&#8212;</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">77,000,000</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Inter-group
    balance due to VIEs and subsidiaries of continuing operations</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">40,296,870</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">16,754,595</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">28,805,002</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">644,607</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">(86,501,074</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#8212;</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Accrued
    liabilities and other current liabilities</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">&#160;</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">16,708,810</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">642,925</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">40,481</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">&#8212;</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">17,392,216</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Investment
    deficit in subsidiaries and VIEs</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">35,769,964</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">&#8212;</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">&#8212;</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">&#8212;</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">(35,769,964</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#8212;</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-indent: -9pt; padding-left: 9pt"><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">244,166</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">4,904,517</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">681,412</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">4,657,539</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">&#8212;</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">10,487,634</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; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Amounts
    due to Lianwai School, current</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">&#8212;</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">288,261,447</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">&#8212;</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">20,521,528</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">&#8212;</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">308,782,975</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: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Total
    current liabilities</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">76,311,000</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">403,629,369</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">30,129,339</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">25,864,155</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">(122,271,038</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">413,662,825</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; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Total
    liabilities</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">76,311,000</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">403,629,369</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">30,129,339</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">25,864,155</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">(122,271,038</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">413,662,825</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: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Total
    shareholders&#8217; equity/(deficit)</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">119,062,938</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">(22,192,877</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">(14,243,112</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">5,229,401</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">31,206,588</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">119,062,938</span></td><td style="padding-bottom: 1.5pt; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 25; 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 -->18<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the condensed consolidating schedule of results of operations and cash flows of our parent company, VIEs and
their consolidated subsidiaries, Liandu WFOE that is the primary beneficiary of the VIEs, and other subsidiaries for the years ended
December&#160;31, 2020, 2021 and 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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-indent: -0.125in; padding-left: 0.125in"><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="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December 31, 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-indent: -0.125in; padding-left: 0.125in; border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Condensed
    Consolidating Schedule of Results of Operations</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Parent</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="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif"><b>VIEs
                                            and<br/>
                                            their</b></span></p>consolidated subsidiaries</td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Liandu
    WFOE which is the primary beneficiary of the VIEs</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="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Other
    subsidiaries</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="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Elimination
    adjustments</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="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</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-indent: -0.125in; padding-left: 0.125in"><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="22" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Continuing
    operation</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><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="text-indent: -0.125in; padding-left: 0.125in; width: 28%"><span style="font-family: Times New Roman, Times, Serif">Revenue</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">45,924,957</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">3,257,199</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><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">49,182,156</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-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Cost of revenue</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">(39,868,888</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1,397,604</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(19,073</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(41,285,565</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</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">(2,360,615</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(27,112,349</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(553,351</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(467,924</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(30,494,239</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Sales
    and marketing expenses</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">(1,974,299</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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><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">(1,974,299</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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 style="border-bottom: Black 1.5pt solid">&#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="border-bottom: Black 1.5pt solid">&#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">(18,842,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid">&#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="border-bottom: Black 1.5pt solid">&#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="border-bottom: Black 1.5pt solid">&#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="border-bottom: Black 1.5pt solid">&#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">(18,842,000</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; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income
    from operations</span></td><td style="border-bottom: Black 1.5pt solid"><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">(2,360,615</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid"><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">(41,872,579</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid"><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">1,306,244</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="border-bottom: Black 1.5pt solid"><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">(486,997</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid"><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">-</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="border-bottom: Black 1.5pt solid"><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">(43,413,947</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; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    income, net</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">12,107</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">35,715,789</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">16,757</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">2,107</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">35,746,760</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-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Equity
    in loss of subsidiaries and VIEs, net</span></td><td style="border-bottom: Black 1.5pt solid"><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">(5,417,139</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid"><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">-</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="border-bottom: Black 1.5pt solid"><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">(470,467</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid"><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">(852,534</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid"><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">6,740,140</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="border-bottom: Black 1.5pt solid"><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">-</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="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income
    before income tax expenses</span></td><td style="border-bottom: Black 1.5pt solid"><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">(7,765,647</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid"><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">(6,156,790</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid"><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">852,534</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="border-bottom: Black 1.5pt solid"><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">(1,337,424</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid"><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">6,740,140</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="border-bottom: Black 1.5pt solid"><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">(7,667,187</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="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income
    tax expense</span></td><td style="border-bottom: Black 1.5pt solid"><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">-</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="border-bottom: Black 1.5pt solid"><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">(434,317</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid"><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">-</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="border-bottom: Black 1.5pt solid"><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">10,274</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="border-bottom: Black 1.5pt solid"><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">-</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="border-bottom: Black 1.5pt solid"><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">(424,043</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; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income
    from continuing operations, net of tax</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,765,647</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,591,107</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">852,534</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,327,150</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,740,140</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,091,230</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Net
    (loss)/income</span></td><td style="border-bottom: Black 4pt double"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,765,647</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 4pt double"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,591,107</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 4pt double"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">852,534</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,327,150</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="border-bottom: Black 4pt double"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,740,140</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,091,230</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Condensed
    Consolidating Schedule of Cash Flows</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash (used in)/provided by operating activities</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">(1,900,037</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">43,586,442</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">(32,749</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(685,955</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">40,967,701</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-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in investing activities</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">(456,381</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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><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">(456,381</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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"><span style="font-family: Times New Roman, Times, Serif">Net
    cash used in financing activities</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">(11,218,750</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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><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">(11,218,750</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Effect
    of exchange rate changes on cash </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">17,940,145</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><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">117,010</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">18,057,155</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-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    increase in cash</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">16,040,108</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">31,911,311</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">(32,749</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(568,945</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">47,349,725</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-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash at the beginning of year</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">194,729,331</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">1,453,323</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">1,059,179</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">2,169,990</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">199,411,823</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-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash at the end of year</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">210,769,439</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">33,364,634</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">1,026,430</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">1,601,045</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">246,761,548</span></td><td style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 26; 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 -->19<!-- 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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><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="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December&#160;31, 2021</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="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Condensed
    Consolidating Schedule of Results&#160;of<br/> Operations</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">Parent</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">VIEs
    and<br/> their<br/> consolidated<br/> subsidiaries</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">Liandu<br/>
    WFOE&#160;which<br/> is&#160;the&#160;primary<br/> beneficiary&#160;of <br/> the&#160;VIEs</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">Other<br/>
    subsidiaries</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">Elimination<br/>
    adjustments</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">Total</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><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="22" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Continuing operations</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><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: 40%; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Revenue</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">20,112,033</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,459,777</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,864,732</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">230</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">34,436,772</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-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cost of revenue</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">&#8212;</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">(10,419,986</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(2,210,487</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(4,725,977</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#8212;</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">(17,356,450</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</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">(1,059,294</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">(9,601,120</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">(6,327,602</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">(1,384,517</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">(230</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">(18,372,763</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="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">(Loss)/Income
    from operations</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">(1,059,294</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">90,927</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">(5,078,312</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">4,754,238</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">&#8212;</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">(1,292,441</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="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Other
    expense, net</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">&#8212;</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">(558,309</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(14,640</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(38,445</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">2,823,630</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">2,212,236</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; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Equity
    in (loss)/profit of subsidiaries and VIEs, net</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">(242,760,667</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">&#8212;</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">4,045,103</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">1,047,849</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">237,667,715</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">&#8212;</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="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">(Loss)/Income
    before income tax expenses</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">(243,819,961</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">(467,382</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">(1,047,849</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">5,763,642</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">240,491,345</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">919,795</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="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Income
    tax expense</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">&#8212;</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">&#8212;</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">&#8212;</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">(670,976</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">&#8212;</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">(670,976</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; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">(Loss)/Income
    from continuing operations, net of tax</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(243,819,961</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(467,382</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,047,849</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,092,666</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">240,491,345</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">248,819</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Loss
    from discontinued operation, net of tax</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">&#8212;</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">(244,068,780</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">&#8212;</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">&#8212;</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">&#160;</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">(244,068,780</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; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net
    (loss)/income</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(243,819,961</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(244,536,162</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,047,849</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,092,666</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">240,491,345</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(243,819,961</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Condensed
    Consolidating Schedule of Cash Flows</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net cash
    (used in)/provided by operating activities</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">(2,290,367</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">29,764,431</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">(1,397,532</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">3,040,518</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">1,490,550</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">30,607,600</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net cash
    used in investing activities</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">&#8212;</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">(153,593,942</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(423,550</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1,153,024</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">120,000</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">(155,050,516</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net cash
    provided by financing activities</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">&#8212;</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">115,671,061</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">&#8212;</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">120,000</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">(120,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">115,671,061</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Effect
    of exchange rate changes on cash and cash equivalents</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">(3,088,575</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#8212;</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">&#8212;</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">(6,903</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1,490,550</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(4,586,028</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net changes
    in cash and cash equivalents</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">(5,378,942</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(8,158,450</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1,821,082</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">2,000,591</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">&#8212;</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">(13,357,883</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at the beginning of year</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">200,108,273</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">9,611,773</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">2,880,261</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">169,399</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">&#8212;</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">212,769,706</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at the end of year</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">194,729,331</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">1,453,323</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">1,059,179</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">2,169,990</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">&#8212;</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">199,411,823</span></td><td style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 27; 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 -->20<!-- 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"><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"></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><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="22" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December&#160;31, 2020</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="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Condensed
    Consolidating Schedule of Results&#160;of<br/> Operations</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">Parent</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">VIEs
    and their<br/> consolidated<br/> subsidiaries</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">Liandu<br/>
    WFOE&#160;which<br/> is&#160;the&#160;primary<br/> beneficiary&#160;of<br/> the VIEs</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">Other<br/>
    subsidiaries</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">Elimination<br/>
    adjustment</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">Total</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><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="22" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Continuing operations</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><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: 40%; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Revenue</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,070,602</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,926,295</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,341,720</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,633,663</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,704,954</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-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cost of revenue</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">&#8212;</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">(4,839,390</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(2,115,841</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(3,796,721</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#8212;</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">(10,751,952</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</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">(3,666,937</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">(3,460,323</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">(2,855,352</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">(1,775,479</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">1,633,663</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">(10,124,428</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="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">(Loss)/Income
    from operations</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">(3,666,937</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">8,770,889</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">(44,898</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">(230,480</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">&#8212;</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">4,828,574</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="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Other
    expense, net</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">&#8212;</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">(876,596</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(4,331</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1,263</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#8212;</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">(882,190</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Equity
    in profit /(loss) of subsidiaries and VIEs, net</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">37,252,021</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">&#8212;</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">(141,350</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">(190,579</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">(36,920,092</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">&#8212;</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="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    before income tax expenses</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">33,585,084</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">7,894,293</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">(190,579</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">(422,322</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">(36,920,092</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">3,946,384</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="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Income
    tax expense</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    from continuing operations, net of tax</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,585,084</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,894,293</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(190,579</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(422,322</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36,920,092</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,946,384</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Income
    from discontinued operation, net of tax</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">&#8212;</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">29,638,700</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">&#8212;</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">&#8212;</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">&#8212;</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">29,638,700</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="text-indent: -9pt; padding-left: 9pt"><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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,585,084</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">37,532,993</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(190,579</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(422,322</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(36,920,092</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,585,084</span></td><td style="padding-bottom: 4pt; 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; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Condensed
    Consolidating Schedule of Cash Flows</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net cash
    provided by operating activities</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">&#8212;</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">47,477,961</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">1,198,900</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">779,125</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">&#8212;</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">49,455,986</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net cash
    (used in)/provided by investing activities</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">(653,250</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">19,424,757</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">936,529</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">(659,726</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">709,326</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">19,757,636</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net cash
    provided by/(used in) financing activities</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">208,718,163</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">(81,928,356</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">659,326</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">50,000</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">(709,326</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">126,789,807</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Effect
    of exchange rate changes on cash and cash equivalents</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">(7,956,640</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">&#8212;</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">&#8212;</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">&#8212;</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">&#8212;</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">(7,956,640</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Net changes
    in cash and cash equivalents</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">200,108,273</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">(15,025,638</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">2,794,755</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">169,399</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">&#8212;</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">188,046,789</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at the beginning of year</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">&#8212;</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">24,637,411</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">85,506</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">&#8212;</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">&#8212;</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">24,722,917</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; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents at the end of year</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">200,108,273</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">9,611,773</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">2,880,261</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">169,399</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">&#8212;</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">212,769,706</span></td><td style="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 28; 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 -->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; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
and Asset Flows through Our Organization </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may (i)&#160;transfer the net proceeds into Liandu WFOE to pay in their initially subscribed registered capital, and (ii)&#160;provide
loans to Liandu WFOE and the VIEs. The Company and Liandu WFOE may also establish and/or acquire new foreign-invested enterprises in
China in order to facilitate our business expansion and make additional investments by the way of paying in their registered capital
and providing loans to them. However, we cannot assure you that our intended investments in these entities will always succeed as we
planned, or at all. According to the dividend policy, our board of directors has discretion on whether to distribute dividends, subject
to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend
may exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under
Cayman Islands law, namely that our company may only pay dividends out of profits or share premium, and provided always that in no circumstances
may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.
Even if we decide 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 the board of directors may deem relevant. See
<i>&#8220;Item 8. Financial Information&#8212;Dividend Policy.&#8221;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent cash is generated in our PRC Subsidiaries, and may need to be used to fund operations outside of mainland China, such funds
may not be available due to limitations placed by the PRC government. Furthermore, to the extent assets (other than cash) in our business
are located in the PRC or held by a PRC entity, the assets may not be available to fund operations or for other use outside of the PRC
due to interventions in or the imposition of restrictions and limitations on the ability of us and our subsidiaries to transfer assets
by the PRC government. See <i>&#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating to Doing Business in China&#8212;
Restrictions on currency exchange under PRC laws may limit our ability to convert cash derived from our operating activities into foreign
currencies and may materially and adversely affect the value of your investment.&#8221;</i></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cash management policies are a part of the Company&#8217;s internal control procedures. The cash management policies enable the Company
to formalize the procedures on the handling, depositing, receiving, safeguarding and recording of cash transfers. The cash management
policies provide reasonable assurance for the consolidated financial statements, rather than imposing any restrictions or limitations
on the cash transferred among the Company, its subsidiaries, the consolidated VIEs and its shareholders, as the case may be. Each cash
transfer requires approval of the financial manager. Cash transfer in excess of RMB0.5 million (US$0.08 million) but less than RMB1 million
(US$0.16 million) shall be reviewed and approved by the Chief Financial Officer of the Company. Cash transfer in excess of RMB1 million
(US$0.16 million) shall be reviewed and approved by both Chief Financial Officer and Chief Executive Officer of the Company. For the
condensed consolidating schedule and the consolidated financial statement, see &#8220;<i>Item 3. Key Information&#8212;Financial Information
Related to the VIEs</i>.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may plan to utilize part of the proceeds from our initial public offering by way of paying in the initially subscribed registered
capital of Liandu WFOE. The amount of funds in the form of capital contribution into Liandu WFOE and other PRC subsidiaries the Company
or Liandu WFOE may establish in the future is subject to the amount of their initially subscribed registered capital. Currently, the
initially subscribed registered capital of Liandu WFOE is US$1&#160;million which will be fully paid before the deadline prescribed in
its articles of association. If the initially subscribed registered capital is not sufficient to allow our intended capital injection,
under the current PRC laws and regulation, Liandu WFOE may increase the registered capital and complete the relevant procedures which
include (i)&#160;altering our registration with local branch of the State Administration for Industry and Commerce of the PRC, or the
SAIC, and (ii)&#160;filing the alteration report to local counterparts of the Ministry of Commerce of the PRC, or the MOFCOM. In addition,
capital contribution to the schools must be approved by the Ministry of Civil Affairs of the PRC or the MCA or their respective local
counterparts.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may also plan to provide loans to Liandu WFOE and Lishui Mengxiang. According to the current PRC laws and regulations, the maximum
amount of the loans provided to a PRC enterprise is up to 2 times (or the prevailing statutory multiples) of the borrower&#8217;s net
assets set out in its latest audited financial statement. As a result, the loans that the Company may provide to Liandu WFOE and Lishui
Mengxiang are in an amount of up to 2 times (or the prevailing statutory multiples) of their respective net assets set out in their latest
audited financial statements. Liandu WFOE and Lishui Mengxiang are required to file the information of their cross-border financing arrangements
with local branch of the State Administration of Foreign Exchange of the PRC, or the SAFE, after the loan agreements are signed and before
three working days prior to the fund withdrawal. In addition, for loans carrying a term of more than one year, Liandu WFOE and Lishui
Mengxiang may be required to complete the relevant filing and registration formalities to the National Development and Reform Commission
of the PRC, or the NDRC. Currently, the Company&#8217;s business operation is conducted through Liandu WFOE&#8217;s contractual arrangements
with the VIEs and Liandu WFOE does not engage in its own business. As such, Liandu WFOE&#8217;s current net assets are in close approximation
to its paid-up registered capital. Pursuant to the relevant PRC laws and regulations, the estimated amount of loans the Company will
provide to Liandu WFOE will be approximately US$30&#160;million which is 2 times of its current enlarged registered capital, assuming
that Liandu WFOE&#8217;s net assets set out in its latest audited financial statements equals to its paid-up registered capital at the
time when the loans are made.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 29; 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 -->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; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December&#160;31, 2020, 2021 and 2022, the cash flows that have occurred between the Company, the VIEs and their consolidated
subsidiaries, Liandu WFOE which is the primary beneficiary of the VIEs, and other subsidiaries are summarized as the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></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><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">For
    the years ended December&#160;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><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">2020</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">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="2" 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><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: center"><span style="font-family: Times New Roman, Times, Serif">&#12288;</span></td><td><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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: center"><span style="font-family: Times New Roman, Times, Serif">&#12288;</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">Cash paid by Lianwai School to
    other subsidiaries for food procurement service</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">150,000</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">16,056,452</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">&#8212;</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">Cash transfer from Liandu WFOE to other subsidiaries</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">&#8212;</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">&#8212;</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">600,000</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">Cash transfer from Liandu WFOE to VIEs and
    their consolidated subsidiaries</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">7,000,000</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">46,860,000</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">17,350,000</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">Cash transfer from VIEs and their consolidated
    subsidiaries to Liandu WFOE</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">15,900,000</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">33,601,578</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">18,788,590</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">Cash transfer from other subsidiaries to Liandu
    WFOE</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">&#8212;</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">17,600,000</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">&#8212;</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">Cash transfer from other subsidiaries to VIEs
    and their consolidated subsidiaries</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">&#8212;</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">9,900,000</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">45,000,000</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">Cash transfer from VIEs and their consolidated
    subsidiaries to other subsidiaries</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">&#8212;</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">15,110,752</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">&#8212;</span></td><td style="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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><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"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">From
                                            January&#160;1, 2023 to the date of this annual report, cash is transferred among the Company,
                                            Liandu WFOE, the VIEs and their consolidated subsidiaries, in the following manners: (i)&#160;Liandu
                                            WFOE provided a total of RMB300,000 in cash to VIEs and their consolidated subsidiaries;
                                            (ii)&#160;VIEs and their consolidated subsidiaries provided a total of RMB100,000 in cash
                                            to Liandu WFOE; (iii)&#160;Other subsidiaries provided a total of RMB150,000 in cash to VIEs
                                            and their consolidated subsidiaries. The aforementioned cash transfers were generally for
                                            working capital purpose among the Liandu WFOE, VIEs and their consolidated subsidiaries,
                                            and other subsidiaries.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of the annual report, other than the cash transfer described hereto, there were no transfer of other assets between the Company,
Liandu WFOE, VIEs and their consolidated subsidiaries have never made any dividends or distributions to Lixiang. Similarly, the Company
has not declared or made any dividend or other distribution to its shareholders, including U.S. investors to date. Furthermore, the Company,
Liandu WFOE, the VIEs and their consolidated subsidiaries have not any plan to pay any dividends in cash in the foreseeable future. The
service fees and expenses owed under the VIEs agreements would be settled by VIEs to Liandu WFOE through negotiation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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




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

</div><!-- Field: Page; Sequence: 30; 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 -->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; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, Liandu WFOE, the VIEs and their consolidated subsidiaries maintained cash management policies that dictate the purpose, amount,
appropriate internal control procedures on the handling, depositing, receiving, transferring, safeguarding, and documentation and recording
of cash transfers. Subject to the amounts of cash transfer and the nature of the use of funds, requisite internal approval shall be obtained
prior to each cash transfer. Specifically, all transactions require the approval of the financial manager. As for the large quantity
transactions, the Chief Financial Officer and Chief Executive Officer are required to conduct regular review and approve.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
considering any distribution of the earnings of the subsidiaries to their respective holding companies, we must consider their respective
financial conditions before making a decision. There are no other significant restrictions and limitations on our ability to distribute
earnings from our businesses, including our subsidiaries and the VIEs, to the holding company and U.S. investors or our ability to settle
amounts owed. Except the aforementioned restrictions on our PRC Subsidiaries, there are no significant restrictions on foreign exchange
or our ability to transfer cash between entities within our group, across borders, or to U.S. investors.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restrictions
and Limitations on Transfer of Cash and dividend distribution </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency
out of China. The majority of our and the VIEs&#8217; income is received in Renminbi and shortages in foreign currencies may restrict
our ability to pay dividends or other payments, or otherwise satisfy our foreign currency denominated obligations, if any. Under existing
PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures
from trade-related&#160;transactions, can be made in foreign currencies without prior approval from SAFE as long as certain procedural
requirements are met. Approval from appropriate government authorities is required if Renminbi is converted into foreign currency and
remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may,
at its discretion, impose restrictions on access to foreign currencies for current account transactions and if this occurs in the future,
we may not be able to pay dividends in foreign currencies to our shareholders.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cash dividends, if any, will be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes, any dividends
we pay to our overseas shareholders may be regarded as China-sourced&#160;income and as a result may be subject to PRC withholding tax.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relevant
PRC laws and regulations permit the PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance
with PRC accounting standards and regulations. Additionally, the Company&#8217;s PRC subsidiaries and the VIEs can only distribute dividends
upon approval of the shareholders after they have met the PRC requirements for appropriation to the statutory reserves, subject to further
restrictions applicable to non-profit private schools. Under PRC laws, rules and regulations, each of our subsidiaries incorporated in
China is required to set aside at least 10% of its after-tax profits each year, after making up for previous years&#8217; accumulated
losses, if any, to fund certain statutory reserves, until the aggregate amount of such fund reaches 50% of its registered capital.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of these and other restrictions under the PRC laws and regulations, the PRC subsidiaries and the VIEs are restricted to transfer
a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company currently does
not require any such dividends, loans or advances from the PRC subsidiaries and the VIEs for working capital and other funding purposes,
the Company may in the future require additional cash resources from its PRC subsidiaries and the VIEs due to changes in business conditions,
to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company&#8217;s shareholders.
There are currently no restrictions on foreign exchange and our ability to transfer cash among our Company and our principal subsidiaries
and the consolidated VIEs, as applicable, or to investors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 31; 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 -->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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in recent years, the PRC government has adopted a number of policies to regulate the collection of education fees and related
party transactions by private education institutions. If, in the future, the relevant PRC government authorities tighten control on fee
collection and related party transactions or promulgate stricter laws and regulations governing private education, the VIEs&#8217; ability
to negotiate service prices and make payment of service fees to the Liandu WFOE may be affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b>&#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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selected
                                            Financial Data</b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary consolidated statements of comprehensive loss for the fiscal years ended December&#160;31, 2020, 2021 and 2022 and
summary consolidated balance sheets as of December&#160;31, 2021 and 2022 have been derived from our audited consolidated financial statements
included in this annual report on Form&#160;20-F beginning on page&#160;F-1. Our consolidated financial statements are prepared and presented
in accordance with the generally accepted accounting principles in the United States of America, or US&#160;GAAP. Our historical results
are not necessarily indicative of results expected for future periods. The selected consolidated financial data should be read in conjunction
with, and are qualified in their entirety by reference to, our audited consolidated financial statements and the related notes and &#8220;Item
5. Operating and Financial Review and Prospects&#8221; below.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents our summary consolidated statements of comprehensive loss for the fiscal years ended December&#160;31, 2020,
2021 and 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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="padding-left: 0.125in; text-indent: -0.125in"><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="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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="padding-left: 0.125in; text-indent: -0.125in"><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">2020</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">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="padding-left: 0.125in; text-indent: -0.125in"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Net
    revenues:</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><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="text-indent: -0.125in; padding-left: 0.25in; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from third parties</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">3,410,091</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">8,512,992</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">48,427,871</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">7,021,381</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-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from related party</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">1,668,572</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">906,667</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">754,285</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">109,361</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-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from Affected Entity</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">20,626,291</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">25,017,113</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">-</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">-</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    net revenue</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,704,954</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">34,436,772</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">49,182,156</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,130,742</span></td><td style="font-weight: bold; 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-indent: -0.125in; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cost
    of revenues</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">(10,751,952</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">(17,356,450</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">(41,285,565</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">(5,985,844</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Gross
    profit</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,953,002</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,080,322</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,896,591</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,144,898</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    expenses:</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</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">(10,124,428</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(18,372,763</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(30,494,239</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(4,421,249</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Sales
    and marketing expenses</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><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">(1,974,299</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(286,246</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
    loss on goodwill</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; font-size: 10pt">&#12288;</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; font-size: 10pt">&#12288;</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">(18,842,000</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">(2,731,833</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; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    operating expenses</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10,124,428</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(18,372,763</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(51,310,538</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,439,328</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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"><span style="font-family: Times New Roman, Times, Serif">Operating
    income/(loss)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">4,828,574</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,292,441</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(43,413,947</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,294,430</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest
    expense</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">(897,398</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(2,393,178</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(4,707,952</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(682,589</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest
    income</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">16,634</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">14,834</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">77,315</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">11,210</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-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Fair
    value change gain of contingent consideration</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><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">22,850,000</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">3,312,939</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-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    (loss)/income, net</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">(1,426</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">4,590,580</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">17,527,397</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">2,541,234</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    before income tax expense</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,946,384</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">919,795</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,667,187</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,111,636</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income
    tax expense</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">-</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">(670,976</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">(424,043</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">(61,480</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; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    from continuing operations, net of tax</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,946,384</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">248,819</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(8,091,230</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,173,116</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    from discontinued operation, net of tax</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">29,638,700</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(244,068,780</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss)</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">33,585,084</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">(243,819,961</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(8,091,230</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1,173,116</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss) attributable to the Company&#8217;s ordinary shareholders</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">33,585,084</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(243,819,961</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,789,861</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,129,424</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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"><span style="font-family: Times New Roman, Times, Serif">Net
    loss attributable to non-controlling interests</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(301,369</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(43,694</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    comprehensive (loss)/income:</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency translation adjustment, net of nil tax</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">(7,956,640</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">(4,586,027</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">18,057,155</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">2,618,041</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
    income/(loss)</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">25,628,444</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">(248,405,988</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">9,965,925</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">1,444,923</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>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    comprehensive loss attributable to non-controlling interests</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; 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">(301,369</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(43,694</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    comprehensive income/(loss) attributable to the Company&#8217;s ordinary shareholders</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">25,628,444</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">(248,405,988</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">10,267,294</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">1,488,617</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-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Earnings/(loss)
    per share from continuing operations</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8212;Basic
    and diluted</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">0.07</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">0.00</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">(0.12</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(0.02</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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"><span style="font-family: Times New Roman, Times, Serif">Earnings/(loss)
    per share from discontinued operation</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#8212;Basic
    and diluted</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">0.55</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">(3.66</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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; text-indent: -0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Weighted
    average number of ordinary shares used in per share calculation</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#8212;Basic
    and diluted</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">54,166,750</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">66,667,000</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">66,667,000</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">66,667,000</span></td><td style="padding-bottom: 4pt; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 32; 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 -->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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents our summary consolidated balance sheet data as of December&#160;31, 2021 and 2022.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></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>&#160;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December&#160;31,</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <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>2021</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <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>RMB</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>RMB</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>US$</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selected Consolidated Balance Sheet Data</b></span></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></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</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">199,411,823</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">246,761,548</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">35,777,061</span></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TOTAL&#160;ASSETS</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">532,725,763</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">608,926,454</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88,286,038</span></td>
    <td>&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TOTAL LIABILITIES</b></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-family: Times New Roman, Times, Serif; font-size: 10pt">413,662,825</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-family: Times New Roman, Times, Serif; font-size: 10pt">355,435,687 </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-family: Times New Roman, Times, Serif; font-size: 10pt">51,533,332 </span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares (US$0.0001 par value; 500,000,000 shares authorized, 66,667,000 and 66,667,000 shares issued and outstanding as of December&#160;31, 2021 and 2022, respectively)</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-family: Times New Roman, Times, Serif; font-size: 10pt">45,198</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-family: Times New Roman, Times, Serif; font-size: 10pt">45,198 </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-family: Times New Roman, Times, Serif; font-size: 10pt">6,553 </span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TOTAL SHAREHOLDERS&#8217; EQUITY</b></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-family: Times New Roman, Times, Serif; font-size: 10pt">119,062,938</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-family: Times New Roman, Times, Serif; font-size: 10pt">252,942,136 </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-family: Times New Roman, Times, Serif; font-size: 10pt">36,673,162 </span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization
                                            and Indebtedness</b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons
                                            for the Offer and Use of Proceeds</b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -24.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
                                            Factors</b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our ADSs involves a number of risks, including risks relating to our business and industry, risks relating to our corporate
structure, risks relating to doing business in China and risks relating to our ADSs. A description of factors that could materially affect
our and the VIEs&#8217; business, financial condition or operating results is provided below.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Our Business and Industry </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Significant
uncertainties exist in relation to the interpretation and implementation of, or proposed changes to, the PRC laws, regulations and policies
regarding the private education industry. In particular, our compliance with the 2021 Implementation Rules for Private Education Laws
has materially and adversely affected and may materially and adversely affect our and the VIEs&#8217; business, financial condition,
results of operations and prospect.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
private education industry in the PRC is subject to various laws and regulations including among others the amended Law for Promoting
Private Education of the PRC, or the Promotion Law, promulgated in December 2002, which are subject to changes to accommodate the development
of the education industry, in particular, the private education industry from time to time. On November&#160;7, 2016, the Decision of
the Standing Committee of the National People&#8217;s Congress on Amending the Private Education Promotion Law of the PRC, or the Decision,
amended the Promotion Law. On December&#160;29, 2018, the Promotion Law was further amended. Under the Decision and the current Promotion
Law, private schools may be established as&#160;non-profit&#160;or&#160;for-profit&#160;entities. The sponsor of a&#160;non-profit&#160;private
school shall not receive proceeds from the running of the school and the cash surplus of the school shall be retained for the running
of the school, while the sponsor of a&#160;for-profit&#160;private school may gain proceeds from the running of the school, and the cash
surplus of the school may be distributed in accordance with applicable PRC laws.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Opinions on Further Strengthening and Regulating the Administration of Education Fees, or the Opinions, which were issued on August&#160;17,
2020 by the relevant authorities, reiterate the provision from the Decision that the sponsors of non-profit privately-run schools shall
not gain proceeds from the running of schools. The Opinions further underline that the sponsors of non-profit privately-run schools and
non-profit privately-run sino-foreign cooperative educators shall be prohibited from obtaining proceeds from the running of schools such
as tuition income, distributing school balances (residual assets) or transferring proceeds from the running of schools through related-party
transactions or affiliated parties or other means.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May&#160;14, 2021, the State Council promulgated the 2021 Implementation Rules for Private Education Laws, which became effective on
September&#160;1, 2021. The 2021 Implementation Rules impose restrictions on the operation and management of private schools and the
capital operation of private education. Pursuant to the 2021 Implementation Rules, (i)&#160;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; (ii)&#160;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.; (iii) private schools providing compulsory education shall not conduct any transaction with any interested
related party; and (iv)&#160;for any change of school sponsor of a private school, an alteration agreement shall be entered into but
shall not involve the legal property of the school, nor shall it affect the development of the school, or damage the rights and interests
of teachers and students; the existing school sponsor may, in accordance with its lawful rights and interests, enter into agreements
with the successional school sponsor to stipulate the income from the alteration.</span></p><div>

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


</div><!-- Field: Page; Sequence: 33; 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 -->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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
2021 Implementation Rules have had significant impacts on our and the VIEs&#8217; business operations and our results of operations.
As a result of the effectiveness of the 2021 Implementation Rules, we have lost control over Lianwai School which primarily provides
primary and middle education to the students. We had ceased to recognize revenues for all activities related to Lianwai School and had
discontinued all business activities with Lianwai School by August&#160;31, 2021. We deconsolidated Lianwai School commencing from September&#160;1,
2021 and presented it as a discontinued operation in current and comparative period financial statements. To minimize disruptions to
existing students enrolled in Lianwai School, we and the VIEs continued to offer essential services to the students. As a result, our
and the VIEs&#8217; 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 and the VIEs&#8217;
business, prospects, results of operations and financial condition. In November 2021, Lishui Mengxiang completed the acquisition of 100%
of the sponsorship interest of Qingtian International School from Qingtian Zhongyi Education Investment Co., Ltd. (&#38738;&#30000;&#20247;&#20159;&#25945;&#32946;&#25237;&#36164;&#26377;&#38480;&#20844;&#21496;),
a company incorporated under the laws of the PRC, or Qingtian Zhongyi Education Investment. In January&#160;2022, Lishui Mengxiang formed
Beijing Xinxiang with Beijing R.R.Z. to provide vocational education in the health care industry. On January 1, 2022, Lishui Mengxiang
entered into definitive agreements to acquire 100% equity interests of Beijing P.X., a wholly-owned subsidiary of Beijing S.K., which
in turn holds 100% equity interests of Chuangmei Weiye and Hainan Jiangcai, and the sponsorship interests of Langfang School, to expand
our and the VIEs&#8217; business into vocational education. The acquisition was completed in May 2022. We expect that the acquisitions
and investment will strengthen our competitiveness in the private education and vocational education sector.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are substantial uncertainties regarding the interpretation and application of the Decision, the current Promotion Law, the Opinions and
the 2021 Implementation Rules, which affect or may affect our industry as a whole or the schools, including Lianwai School and its subsidiaries,
Qingtian International School, and Langfang School. Such uncertainties include, among others:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Uncertainties
                                            with respect to liquidation</i></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Decision, upon liquidation of&#160;for-profit&#160;private schools, school sponsors can obtain the schools&#8217; remaining assets
after the settlement of the schools&#8217; indebtedness. The Decision also states that, a private school established before the promulgation
of this Decision registered as&#160;non-profit,&#160;shall give appropriate compensation out of the remains to the sponsors after its
property is liquidated, at its termination, based on their applications and by taking into full account of the circumstances. After that,
the remaining assets shall be used for the operation of other non-profit private schools. The Decision is silent on how or by whom the
aforesaid rest of the remaining assets of a liquidated non-profit private school shall be dominated or disposed of. Accordingly, we may
not be able to transfer all or part of the remaining assets and residual interests of our school to Liandu WFOE upon their liquidation.
As a result, our and the VIEs&#8217; business, our financial position and the market price of our shares may be materially and adversely
affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Uncertainties
                                            with respect to school fees</i></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Decision, the fees charged by private schools shall be determined in accordance with costs and market demand. The level of fees
charged by&#160;for-profit&#160;private schools is determined by the schools at their discretion, while the level of fees charged by&#160;non-profit&#160;private
schools shall be regulated by the relevant local government authorities. The 2021 Implementation Rules state that the people&#8217;s
governments of provinces, autonomous regions and municipalities directly under the Central Government may set a ceiling for the fees
charged by non-profit private schools that the government-run schools participate in the establishment thereof, that use state-owned
assets, or that receive government subsidies per student. There is uncertainty as to whether there will be any material adverse impact
on the fees charged by&#160;non-profit&#160;private schools generally or our school. We and the VIEs may not be able to maintain our
current tuition and boarding fees, and may not be able to raise any of such fees at our desired rates, times and places or at all in
the future. As a result, our and the VIEs&#8217; business, our financial position and the market price of our shares may be materially
and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Uncertainties
                                            with respect to supporting measures</i></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Decision and the 2021 Implementation Rules, additional supportive measures will be provided for private schools.&#160;Non-profit&#160;private
schools will enjoy more supportive measures than&#160;for-profit&#160;private schools, such as government subsidies, fund awards and
incentive donations.&#160;Non-profit&#160;private schools will enjoy the same preferential tax policies as public schools, while&#160;for-profit&#160;private
schools will not be expected to enjoy the same preferential tax policies as public schools or non-profit&#160;private schools. The Decision
does not specify whether and how existing schools that choose to become&#160;for-profit&#160;private schools will be required to pay
additional taxes during the transition process. As the relevant PRC tax laws have not been amended to distinguish between&#160;non-profit&#160;and&#160;for-profit&#160;private
schools, there is currently uncertainty as to whether the tax treatments will change after the 2021 Implementation Rules became effective.
According to the Decision and the 2021 Implementation Rules,&#160;non-profit&#160;private schools will enjoy the same treatment as public
schools with respect to the supply of land, which will be supplied by the government through allocation or other means, and for-profit
private schools are not expected to enjoy the same treatment as public schools and&#160;non-profit private schools. There is uncertainty
as to whether and how our schools will be able to benefit from any of such additional supporting measures as contemplated or at all.
We cannot assure you that the tax and other treatments will not change or that they apply or continue to apply to our school after the
2021 Implementation Rules became effective.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 34; 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 -->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; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Uncertainties
                                            with respect to transactions with related parties</i></b></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in"><span style="font-family: Times New Roman, Times, Serif">According
to the 2021 Implementation Rules, private schools providing compulsory education shall not conduct any transaction with any interested
related party. Where any other private schools conducts any transaction with any interested related party, it shall follow the principles
of openness, fairness and impartiality, fix the price reasonably and regulate the decision-making, and shall not damage the state interests,
the interests of the school or the rights and interests of the teachers and students. Private schools shall establish an information
disclosure system for their transactions with interested related parties. The departments of education, human resources and social security,
finance and other relevant departments shall strengthen the supervision over the agreements entered into by and between non-profit private
schools and their interested related parties and review related-party transactions on an annual basis. The interested related parties
as mentioned in the preceding paragraph refer to the founder, actual controller, principal, members of the council, director, supervisor,
financial person-in-charge and other persons of a private school, and any organization or individual that has the relationship of mutual
control and influence with the above-mentioned organization or individual, which may lead to the transfer of the interests of the private
school.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Further,
the founder or actual controller, any member of the decision-making body or supervisory body of a private school conducting related-party
transactions with a private school providing compulsory education, or conducting related-party transactions with any other private school,
thus damaging the interests of the State, of the school or of the teachers and students, shall be ordered by the relevant authorities
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 offender shall not become the founder or actual controller, a member of the decision-making body or
supervisory body of another private school within one to five years; if the circumstances are especially serious with adverse social
impact, the offender shall not become the founder, actual controller or a member of the decision-making body or supervisory body of another
private school permanently.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">After
the 2021 Implementation Rules took effect, we have terminated the contractual arrangements with Lianwai School. To minimize disruptions
to existing students enrolled in Lianwai School, we and the VIEs continued to offer essential services to Lianwai School without recognizing
any revenue. Meanwhile, we deconsolidated Lianwai School commencing from September&#160;1, 2021 and presented it as a discontinued operation
in current and comparative period financial statements. We have not received income from such transactions since September&#160;1, 2021,
which had a material adverse impact on our income. In order to support the daily operation of Lianwai School, we and the VIEs continue
to provide Lianwai School with premises and other related facilities and services. The estimated annual expenses for providing these
premises, facilities and services are approximately RMB 30&#160;million. We have been unable to receive any revenue for providing these
premises, facilities and services since the 2021 Implementation Rules came into effect. Lishui Mengxiang is no longer defined as an affiliated
entity of Lianwai School.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
our contractual arrangements may be regarded as related party transactions of Qingtian International School and Langfang School, and
we may incur substantial compliance costs for establishing disclosure mechanisms and undergoing review by the relevant government authorities.
Such process may not be in our control and may be highly complicated and burdensome and may divert management attention. Government authorities
may, during their review process, compel us to make modifications to our contractual arrangements for whatever reason, which may in turn
adversely affect the operation of our contractual arrangements. Government authorities may find that one or more agreements underlying
our contractual arrangements do not comply with applicable PRC laws and regulations and may subject us to severe penalties, resulting
in material adverse impact on our operation and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Tuition
and boarding fees are a significant part of our schools&#8217; revenue whilst we rely on contractual arrangements to obtain further related
service revenue from the school. If any law and regulation that may be promulgated in the future further defines the contractual arrangements,
including ours, as related-party transactions transferring proceeds from the running of schools, we may not obtain the service revenue
under our contractual arrangements that is funded by proceeds from the running of schools. As of the date of the annual report, however,
we are not aware of any official administrative or judicial declaration on, or interpretation of, the Opinions, especially as applied
to contractual or other similar arrangements under which we operate. We are also not aware of when official administrative or judicial
declaration or interpretation on that matter will be released, if at all, and we cannot assure you that the Opinions will not be interpreted,
or further laws and regulations will not be promulgated, in a way that would affect or impair our ability to retain the tuition and boarding
fees under the contractual arrangements in the future. Our and the VIEs&#8217; business, financial condition and results of operations
would be materially and adversely affected if we are unable to obtain any or all of the tuition and boarding fees to be paid by our schools
under the contractual arrangements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
local governments and their education authorities will generally issue detailed rules, guidelines or opinions on the interpretation,
application and implementation of the upper-level laws after they come into effect, and the local government and education authorities
in Zhejiang Province (in the case of Qingtian International School) and Hebei Province (in the case of Langfang School) have not yet
issued such rules, guidelines or opinions on the interpretation, application and implementation of the 2021 Implementation Rules as of
the date of this annual report on Form 20-F. We&#8217;ve been closely monitoring the developments of the 2021 Implementation Rules and
are carefully evaluating the possible impact of the 2021 Implementation Rules on our and the VIEs&#8217; business development and financial
performance. There is no expected timeline for the local government and education authorities to release such rules, guidelines or opinions.
We are also proactively seeking guidance from and cooperating with the local governments and their education authorities in connection
with our efforts to comply with the 2021 Implementation Rules and any related rules and regulations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
cannot assure you that we will always be deemed to be in compliance with the new laws and regulations, interpretation of which may remain
uncertain and relevant PRC government authorities may take a different view or change their policy in the future, or that we will be
able to efficiently change our and the VIEs&#8217; business practice in line with the new regulatory environment. Any such failure could
materially and adversely affect our and the VIEs&#8217; business, financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 35; 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 -->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; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>We
and the VIEs are in the process of filing the relevant application pursuant to the national and local regulations (including Zhejiang
Province and Lishui City, as well as Hebei Province) of classification registration of private schools. Loss of taxes and fees may incur
in the process, which may have an adverse impact on Qingtian International School&#8217;s and Langfang School&#8217;s operations.</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Implementation Rules on Classification Registration of Private Schools (the &#8220;Classification Registration Rules&#8221;),
which was issued jointly by the MOE, the Ministry of Human Resources and Social Security of the People&#8217;s Republic of China or the
MOHRSS, the MCA, the State Commission Office of Public Sectors Reform and the SAMR, and became effective on December&#160;30, 2016, if
an existing private school chooses to register as a non-profit private school, it shall amend its articles of association in accordance
with laws, continue its school operation, and complete the new registration formalities. If an existing private school chooses to register
as a for-profit private school, it shall make financial settlement, clarify the ownership of the schools&#8217; land, buildings and accumulations
with the consent of the relevant departments of the people&#8217;s governments at or below the provincial level, pay relevant taxes and
fees, obtain new school permits, carry out their re-registration and continue their school operation. The provincial people&#8217;s government
is responsible for formulating the detailed measures on the alteration registration of the private schools in accordance with national
laws and the local situation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
April&#160;4, 2018, eight departments of Zhejiang Province including the Department of Education of Zhejiang Province promulgated the
Implementation Measures for Existing Private Schools to Change Registration Status, or the Zhejiang Implementation Measures, which took
effect on June&#160;1, 2018 and applies to all private schools established before November&#160;7, 2016. According to the Zhejiang Implementation
Measures, (i)&#160;any existing private school which chooses to register as a non-profit private school shall amend and file its articles
of association and complete the corresponding registration accordingly, and (ii)&#160;any existing private school that chooses to register
as a for-profit private school, shall obtain a new Permit for Operating a Private School and be re-registered so as to continue its operation
after completing its financial clearance and settlement, clarifying its ownership of assets, and paying relevant taxes and fees.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
June&#160;16, 2021, Lishui Municipal Education Bureau, Lishui Municipal Human Resources and Social Security Bureau, Office for Public
Sector Reform Commission of Lishui, Lishui Municipal Civil Affairs Bureau and Lishui Municipal Market Supervision Administration jointly
promulgated the Administrative Measures for Classification Registration of Private Schools in Lishui, which took effect on the same day.
According to the Administrative Measures, where an existing private school opts to be registered as a for-profit private school, it shall
make financial settlement, and the ownership of the land, school buildings, school-running accumulation and other property shall be clarified
by the relevant departments of the government of the jurisdiction and the relevant agencies according to law. The school shall pay the
relevant taxes and fees, go through the formalities for a new permit for the establishment of the school and make a new registration.
The school may continue running during the process of the liquidation, re-handling of the permit for the establishment of the school
and registration as a legal person.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
November&#160;22, 2021, Lishui Education Bureau promulgated the Work Plan for Classified Registration and Administration of Existing
Private Schools (Kindergartens) of Lishui City, which stipulates that they shall adhere to the principles of voluntary selection, smooth
classification, public welfare orientation, and compliance with laws and regulations, and strive to complete the classified registration
of existing private schools by December&#160;30, 2022. The Plan also provides a schedule for arranging the classified registration tasks,
from January to October in 2022, the classified registration of the existing private schools providing compulsory education, private
kindergartens and private schools providing senior high school education shall be completed.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 36; 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 -->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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
main registration procedures for non-profit private schools are selected as follows: (i)&#160;schools shall file an application for classified
registration; (ii)&#160;the approval authority shall conduct verification and replacement of the certificate; (iii)&#160;the articles
of association shall be ratified (filed for the record); and (iv)&#160;schools shall apply for registration as a legal person. In addition,
the main registration procedures for for-profit private schools are selected as follows: (i)&#160;sponsors make a pre-application for
classified registration; (ii)&#160;schools make financial settlement; (iii)&#160;sponsors apply for the pre-registration of corporate
names; (iv)&#160;sponsors make a formal application for classified registration; (v)&#160;certificates are replaced upon the approval
authorities; (vi)&#160;schools apply for the registration of legal persons; (vii)&#160;schools complete the amendment registration of
assets; (viii)&#160;private non-enterprise entities apply for deregistration with the original registration authorities. See &#8220;Item
4. Information on the Company&#8212;B. Business Overview&#8212;Regulation&#8212;Implementing Rules on Classification Registration of
Private Schools&#8221; for details.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">With
the approval of Education Bureau of Qingtian County, Qingtian International School is a non-state public institution providing non-profit
social welfare services for senior high school education with the status of an independent legal person, whose sponsor is Lishui Mengxiang
after the acquisition. In accordance with the Circular of the Lishui Municipal People&#8217;s Government on Carrying out Pilot Programs
for Unified Registration Administration of Various Public Institutions, except that funds are not guaranteed and personnel are not supported
by financial resources, Qingtian International School shall enjoy the same treatment as the public institutions of the same category,
and enjoy the supportive policies of the government for private social undertakings.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, we have not received any formal notice from the competent authorities of Qingtian County requesting
us to conduct the classified registration of private schools. However, given that Qingtian International School is a non-state public
institution legal person, it may be directly classified as a non-profit private school by the competent authorities of Qingtian County
and has no need to go through additional registration procedures.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
January 9, 2018, five departments of Hebei Province including the Department of Education of Hebei Province issued the Implementation
Measures for the Classification Registration of Private Schools in Hebei Province, which came into effect on the same day. The measures
provide that (i) private schools can choose to be registered as non-private schools or for-profit schools, and those engaging in compulsory
education shall not be registered as for-profit schools; (ii) if a private school has chosen to be classified and registered as a non-profit
private school, it shall no longer be converted to a for-profit private school; while if it has chosen to be classified and registered
as a for-profit private school, it may be converted to a non-profit private school by application by its sponsor(s) and changing the
registration of its legal entity; (iii) existing private schools shall complete the classification and registration within a five-year
transition period ending on September 1, 2022, and before the classification and registration, they shall be managed as their originally-registered
legal entity; (iv) if an existing private school chooses to be classified and registered as a non-profit private school, it shall amend
its constitution in accordance with the laws, continue its operation, and re-register with the appropriate authorities or civil affairs
department; and (v) if an existing private school chooses to be classified and registered as a for-profit private school, it shall conduct
financial liquidation, clarify the property rights for land(s), school building(s), school accumulation and pay relevant taxes and fees,
renew the Permit for Establishment of Privately-run Schools, re-register with the appropriate authorities, and continue its operation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, Langfang City has not released any detailed rules on classification registration of private schools
and we have not received any relevant notice from the competent authorities of Langfang City since January 1, 2022 when Beijing P.X.
began to hold the whole sponsorship interests of Langfang School.</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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs may be unable to maintain or raise the tuition, meal and accommodation service fees as planned. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
derive the majority of our revenue from tuition, meal and accommodation service fees. We determine the rates of the tuition or other
fees for our schools primarily based on limits, guidelines and requirements set by the authorities and commercial considerations such
as the demand for our and the VIEs&#8217; educational programs, cost of revenues, the tuition charged by our competitors, our pricing
strategy, the economic conditions of Lishui City, Zhejiang Province (in the case of Qingtian International School) and Langfang City,
Hebei Province (in the case of Langfang School), and the general economic conditions in China.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Any
increase in the tuition and accommodation service fees charged at our schools are subject to regulatory approval. Moreover, the Decision
sets out certain specific requirements with respect to the level of fees charged by&#160;non-profit&#160;private schools. Therefore,
we may face the risks that we can only maintain our current tuition and accommodation service fees, and may not be able to raise any
of such fees for our schools at our desired rates, times and places or at all in the future.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 37; 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 -->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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Even
if our intended rates of tuition and other fees are approved by the authority, we may fail to attract sufficient prospective students
to apply for our schools at those levels. As a result, our and the VIEs&#8217; business, financial condition and results of operations
may be materially and adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
and the VIEs&#8217; business depends on the market recognition of our brand and reputation that we and the VIEs may not be able to maintain.
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
success of our and the VIEs&#8217; business has depended and will continue to depend on our and the VIEs&#8217; brand and reputation.
Our and the VIEs&#8217; brand and reputation may be affected by a number of factors, including student and parent satisfaction rates,
teaching quality, our students&#8217; academic performances and test scores, campus accidents, scandals involving our schools, negative
publicity and failure to pass governmental inspections. Some of these factors are beyond our control. In addition, as we and the VIEs
continue to grow in size, expand our programs and extend our geographic reach, it may become difficult to maintain quality and consistency
in the services we and the VIEs offer, which may lead to diminishing confidence in our and the VIEs&#8217; brand name and negatively
affect our reputation. If our brand or reputation is damaged or negatively affected, students&#8217; and parents&#8217; interest in our
schools may decrease and our and the VIEs&#8217; business, financial condition and results of operations could be materially and adversely
affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have developed our student base primarily through&#160;word-of-mouth&#160;referrals. However, we cannot assure you that our marketing
efforts will be successful or sufficient in further promoting our brand and reputation to help us maintain or increase student enrollment.
Moreover, there can be no assurance that our brand and reputation will hold sufficient market recognition in the geographic areas where
we plan to acquire or establish schools. If we and the VIEs are unable to further enhance the market recognition of our brand and reputation,
or if we are required to incur excessive marketing expenses to promote our brand and reputation, our and the VIEs&#8217; business, financial
condition and results of operations may be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may fail to continue to recruit and retain students in our school. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
success of our and the VIEs&#8217; business depends on the number of students enrolled in our school and in any school we and the VIEs
may acquire or establish in the future. Our ability to attract and retain students depends on several factors, including the ability
to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">enhance
                                            existing programs to respond to market changes and the demands of students and parents;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">develop
                                            new programs or schools that appeal to students;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain
                                            and improve our reputation for providing high quality private education;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain
                                            and improve the academic and&#160;non-academic&#160;performance of our students;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recruit
                                            and retain qualified teachers;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manage
                                            our growth while maintaining the consistency of our teaching quality;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expand
                                            our student capacity;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">effectively
                                            market our schools and programs to prospective students; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">respond
                                            to the increasing competition in the market.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
August&#160;18, 2021, Lishui Mengxiang entered into a sponsorship interests transfer agreement with Qingtian Zhongyi Education Investment
in respect of the acquisition of 100% of the sponsorship interests of Qingtian International School, with a total consideration of RMB
23&#160;million. The alteration registration of Qingtian International School was completed on August&#160;24, 2021. Qingtian International
School is an educational institution specialized in providing high school education to returned overseas Chinese students, and the transaction
was closed in November 2021. Qingtian International School had 501 students enrolled and recorded a utilization rate of 61.4% as of September&#160;1,
2022. Langfang School is a provincial private vocational school approved by the Human Resources and Social Security Department of Hebei
Province, integrating academic education and vocational education. Langfang School was acquired by Lishui Mengxiang in January 2022.
Langfang School had 838 students enrolled and it recorded a utilization rate of approximately 98.4% as of September&#160;1, 2022. If
Qingtian International School and Langfang School are unable to attract and retain students to fully utilize the campuses, they may record
lower operation efficiency and we may be unable to benefit from the acquisitions. As a result, our and the VIEs&#8217; business, financial
condition and results of operations may be materially and adversely affected.</span></p><div>

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

</div><!-- Field: Page; Sequence: 38; 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 -->31<!-- 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="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
students&#8217; academic performance may fall and satisfaction with our and the VIEs&#8217; educational services may otherwise decline.
</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
students&#8217; academic performance may be affected by various factors, including teaching method and materials, personal efforts, learning
environment, pressure and family influence, some of which may be beyond our control. If their academic performance fall or do not improve
as expected, our students may be unable to achieve the test scores necessary for their desired progressions and satisfaction with our
and the VIEs&#8217; educational services may decline. Satisfaction with our and the VIEs&#8217; educational services may also decline
due to negative publicity on our schools, directors or management, lack of qualified teachers, unsatisfactory learning environment or
other factors, which may result in, among others, a decrease in&#160;word-of-mouth&#160;referrals and reputation, students&#8217; withdrawal
from our schools and decreased application for our schools. If our student retention rate decreases substantially or if we otherwise
fail to continue to attract and admit students due to decreased students&#8217; or parents&#8217; satisfaction with our and the VIEs&#8217;
educational services, our and the VIEs&#8217; business, financial condition and results of operations may be materially and adversely
affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs may fail to continue to attract and retain qualified and committed teachers and other school personnel. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs rely substantially on our teachers for the provision of educational services to our students. The teachers are critical
to maintaining the quality of our programs and upholding our brand and reputation. We must continue to attract qualified teachers who
are committed to teaching. We and the VIEs face competition from public schools, other private education providers and other institutions
for high quality candidates and may have to incur additional costs for our recruitment efforts. We and the VIEs may not be able to recruit
enough teachers to keep pace with the growth of our student enrollment while maintaining consistent teaching quality and the overall
quality of our and the VIEs&#8217; education programs. In addition, criteria such as dedication, capability and loyalty are difficult
to ascertain during the recruitment process and we and the VIEs may fail to identify and select the desired candidates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
we and the VIEs may be unable to retain high quality teachers or have to incur significant expenditures for our retention efforts. Teachers
may be dissatisfied with their workload, compensation, benefits, career path or working environment, which may disrupt our school operations
and teaching activities, adversely affect our reputation and damage our ability to attract and retain teachers and students. Similarly,
other school personnel such as administrators, counselors and financial staff also play an important role in the efficient and smooth
running of our schools. There is no guarantee that we and the VIEs can recruit and retain quality personnel to perform these functions
in the future without incurring significant costs or at all. If we and the VIEs are unable to attract and retain qualified and committed
teachers and other school personnel at reasonable costs or at all, or if there is a significant decrease in teaching quality or educational
experiences in our schools due to lack of qualified teachers or other school personnel, or if our teachers or other school personnel
take disruptive actions to express their dissatisfaction with our school or us, our and the VIEs&#8217; business, financial condition
and results of operations may be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs face intense competition in the education industry and we and the VIEs may fail to compete effectively. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
education sector in China is rapidly evolving, highly fragmented and competitive and we expect competition in this sector to persist
and intensify. In the geographic market in which we and the VIEs operate the schools, we and the VIEs compete with public schools and
other private schools that offer high school education and vocational eduction. We and the VIEs compete with these schools across a range
of factors, including program and curriculum offerings, tuition level, school location and premises, qualified teachers and other key
personnel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
competitors that are private schools may offer similar or superior educational programs, with different pricing and service packages
that are more appealing than those offered at our school. Some of our competitors that are private schools may have more resources than
us and may be able to devote greater resources than we and the VIEs can to the development and promotion of their schools and respond
more quickly than we and the VIEs can to changes in student demands, testing materials, admissions standards, market needs or new technology.
Our competitors that are public schools may have access to resources that may not be available to private schools and may be able to
offer quality educational programs at lower prices than Qingtian International School and Langfang School. According to the Frost&#160;&amp;
Sullivan report, tuition charged by public schools is generally lower than tuition charged by private schools, especially premium private
schools. In addition, the PRC public education system continues to improve in terms of resources, admission policies and teaching quality
and approaches. If public schools relax their admission limitations, offer more diversified curriculum, upgrade their campus facilities
or reforms the exam-oriented education approach, they may become more attractive to students, which may lead to increased competition
in the education industry.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
a result, we and the VIEs may be required to reduce tuition or increase spending in order to retain or attract students or pursue new
market opportunities. If we and the VIEs are unable to successfully retain and attract students, maintain or increase our tuition level,
recruit and retain qualified teachers or other key personnel, enhance the quality of our and the VIEs&#8217; educational services or
control competition costs, our and the VIEs&#8217; business, financial condition and results of operations may be materially and adversely
affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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"></p><div>

</div><!-- Field: Page; Sequence: 39; 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 -->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"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs may not be able to obtain all necessary approvals, licenses and permits and to make all necessary registrations and filings
for our and the VIEs&#8217; educational and other services in China. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
                                            order to conduct our and the VIEs&#8217; business and operate schools in China, we and the
                                            VIEs are required to obtain and maintain various approvals, licenses and permits and fulfill
                                            registration and filing requirements. For example, to establish and operate a high school
                                            or a vocational school in the PRC, we are required to obtain a private school operation permit
                                            from the local departments of education, human resources and social security, and register
                                            with competent administration authorities to obtain a business license or registration certificate.
                                            Such local regulatory authorities may also conduct annual inspection of the schools. After
                                            consulting with our PRC legal counsel, Beijing DeHeng Law offices, we are of the view that,
                                            as of the date of the annual report, except for the circumstances which would not in the
                                            aggregate have a material adverse effect on our financial conditions, Lixiang, our PRC subsidiaries
                                            and the VIEs have received from PRC authorities requisite licenses, permissions or approvals
                                            needed to engage in the businesses currently conducted in China.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
cannot assure you that Lixiang, our PRC subsidiaries and the VIEs are always able to successfully update or renew the licenses or permits
required for the relevant business in a timely manner or that these licenses or permits are sufficient to conduct all of our and the
VIEs&#8217; present or future business. As advised by our PRC legal counsel, Beijing DeHeng Law Offices, if Lixiang, our PRC subsidiaries
or the VIEs (i)&#160;do not receive or maintain required permissions or approvals, (ii)&#160;inadvertently conclude that such permissions
or approvals are not required, or (iii)&#160;applicable laws, regulations, or interpretations change and Lixiang, our PRC subsidiaries
or the VIEs are required to obtain such permissions or approvals in the future, we could be subject to fines or legal sanctions, which
may materially and adversely affect the business, financial condition and results of operations of us and the VIEs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
                                            of the date of the annual report on Form 20-F, the administrative procedures for changing
                                            the sponsor of Langfang School with the PRC governmental authorities, especially for renewing
                                            the Permit for Establishment of Privately-run Schools, have not been completed due to the
                                            internal procedures of the competent authorities. If the above administrative procedures
                                            cannot be completed, Langfang School might be determined as changing its sponsor without
                                            authorization according to the Promotion Law and the 2021 Implementation Rules by the competent
                                            authorities, and thus Langfang School, the sponsor and actual controller and members of decision-making
                                            institution or supervisory institution of Langfang School shall be subject to administrative
                                            punishment. For Langfang School, any unlawful earning shall be confiscated, and if the circumstances
                                            are serious, it shall be ordered to stop enrolling students and its business license shall
                                            be revoked. In addition, since the former sponsor is still a Langfang School&#8217;s registered
                                            sponsor with the relevant authorities, if it exercises the rights and interests of sponsor
                                            in accordance with relevant laws, regulations and the filed articles of association of Langfang
                                            School, the normal operation and management of Langfang School may be affected. The aforesaid
                                            rights and interests of the registered sponsor include knowing the operation and financial
                                            status of Langfang School, recommending council members and supervisors, and consulting the
                                            meeting minutes of the council and the financial/accounting statements of Langfang School.
                                            Although we believe that we can currently exert sufficient control over Langfang School,
                                            however, if the above situation occurs, we will have to spend additional time and cost to
                                            eliminate the relevant adverse effects.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 40; 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 -->33<!-- 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-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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of this annual report, the adjustment of the cooperation arrangement between Beijing P.X. and Hainan Technical School for
compliance purposes has not been completed. We and the VIEs cooperate with Hainan Technical School, a reputable vocational education
school in Haikou City, Hainan Province, through Hainan Jiangcai, a subsidiary of Beijing P.X., to jointly design and develop curriculum
programs based on the prevalent market trends and employer preferences. According to the cooperation arrangement made prior to the acquisition
of Beijing P.X., Hainan Jiangcai would designate their staffs to teach courses in Hainan Technical School, and the tuition, accommodation
and miscellaneous fees paid by the students would be charged by Beijing P.X. on behalf of Hainan Technical School and then transferred
back to Hainan Technical School after deducting the service fees payable to Beijing P.X. However, as stipulated in relevant regulations,
teachers shall be directly recruited by Hainan Technical School, and the tuition, accommodation and miscellaneous fees shall also be
directly charged by Hainan Technical School. To comply with the relevant regulations, Beijing P.X. has deliberated with Hainan Technical
School for the adjustment of the cooperation, while the parties have not yet agreed on any specific and detailed adjustment plans as
of the date of this annual report. Beijing P.X. and Hainan Technical School may be ordered to return the tuition, accommodation and miscellaneous
fees and be imposed fines, and the revenue from the cooperation may be adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs may not be able to successfully integrate businesses operated by Qingtian International School, Vocational Education Services
Providers and Chuangmei Weiye that we and the VIEs acquired, which may cause us to lose the anticipated benefits from such acquisitions
and to incur significant additional expenses. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs plan to expand the business and school network by entering into cooperation with third-party school sponsors to establish
new schools, in addition to establishing new schools ourselves or acquiring existing schools. We believe we will face challenges in integrating
business operations and management philosophies of the schools we and the VIEs may acquire. We consider the benefits of our prospective
acquisitions will mainly hinge on our ability to effectively and timely integrate the management, operations and personnel of these schools.
The integration of the schools we and the VIEs acquire may be a complex, time-consuming and costly process that without proper arrangement
and implementation, could seriously interfere with our and the VIEs&#8217; business operations and damage our reputation. Our Directors
consider the main challenges involved in integrating acquired entities to include the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">retaining
                                            qualified teaching staff of any acquired school;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consolidating
                                            the educational services offered by the acquired school;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">complying
                                            with the regulatory requirements;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            acquired schools having a culture that may be adverse to change and may not be receptive
                                            to our and the VIEs&#8217; educational values and methods;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrating
                                            educational and administrative systems;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">minimizing
                                            disruptions to existing students&#8217; curricula and ensuring their ability to progress
                                            through the applicable education programs is not hindered as a result of the acquisition;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ensuring
                                            and illustrating to our students and their parents that the new acquisitions will not result
                                            in any adverse changes to our established brand image, reputation, service quality or standards;
                                            and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">minimizing
                                            the diversion of our management&#8217;s attention from its on-going business concerns</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs may not be able to successfully integrate our operations and the operations of the schools such as Qingtian International
School, Vocational Education Services Providers and Chuangmei Weiye we and the VIEs acquire in a timely manner, or at all, and we may
not realize the expected benefits or synergies of the acquisitions to the extent, or in the timeframe we anticipated, which may have
a material adverse effect on our and the VIEs&#8217; business, financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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"></p><div>

</div><!-- Field: Page; Sequence: 41; 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 -->34<!-- 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"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
operation of Qingtian International School is subject to general conditions and the education industry of Qingtian County, Lishui City
and/or Zhejiang Province, while the operation of Langfang School is subject to general conditions and the education industry of Langfang
City and/or Hebei Province. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Qingtian
International School and its operations are currently located in Qingtian County, Lishui City, Zhejiang Province. According to the latest
census report of Zhejiang Province, the population of Lishui City and Zhejiang Province in 2022 was 2.5&#160;million and 65.8&#160;million,
respectively. If Lishui City or Zhejiang Province experiences an event that materially and adversely affects its education industry,
such as an economic downturn, a natural disaster or an outbreak of a contagious disease, or if any governmental authorities governing
Lishui City or Zhejiang Province adopt regulations that place additional restrictions or burdens on Qingtian International School or
on the education industry in general, our and the VIEs&#8217; business, financial condition and results of operations may be materially
and adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Langfang
School and its operations are currently located in Langfang City, Hebei Province. As of the date of the annual report, according to the
latest census report of Hebei Province, the population of Langfang City and Hebei Province in 2022 was 5.5&#160;million and 74.2&#160;million,
respectively. If Langfang City or Hebei Province experiences an event that materially and adversely affects its education industry, such
as an economic downturn, a natural disaster or an outbreak of a contagious disease, or if any governmental authorities governing Langfang
City or Hebei Province adopt regulations that place additional restrictions or burdens on Langfang School or on the education industry
in general, our and the VIEs&#8217; business, financial condition and results of operations may be materially and adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, given that we and the VIEs mainly offer the education services at Qingtian International school and Langfang School, any material
negative development with respect to Qingtian International school or Langfang School could have a material adverse effect on our and
the VIEs&#8217; business, financial condition and results of operations as a whole.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Misconduct
of students and employees and improper activities and any negative publicity concerning our schools, our Company, our Controlling Shareholder,
our directors or our employees may adversely affect us. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Misconduct
of students and employees and improper activities may adversely affect our brand image, business and results of operations. In addition,
any negative publicity concerning our school, our Company, our controlling shareholder, our directors, our employees or any of them,
even if untrue, may damage our brand image and reputation, deter prospective students and teachers and take up excessive time of our
management and other resources. As a result, our and the VIEs&#8217; business, financial condition and results of operations may be materially
and adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Qingtian
International School&#8217;s operation depends on its ability to promptly and adequately respond to changes in admission requirements
for higher-level education, testing materials and technologies. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
high school students in Qingtian International School are subject to the National Joint Entrance Examination for overseas Chinese students.
The admission scores for the various college schools in China usually change from year to year and so do the admission requirements for
overseas universities. Testing materials may also change in terms of focus areas, format and the manner in which such tests are administered.
The new examination syllabus implemented in 2021 has greatly reduced the difficulty of the examination. These changes require us to continually
update and enhance the courses we and the VIEs offer and to continually train our students to take standardized tests so as to maximize
their performance on these tests. In order to enable our students get admission to the prestigious colleges in China, Qingtian International
School is required to offer not only the ordinary PRC high school curriculum program but also the courses designed for the National Joint
Entrance Examination for overseas Chinese students. If Qingtian International School fails to adequately prepare its students for admission
tests in the everyday classroom teaching and any test preparation courses it offers, its students&#8217; admissions rates to PRC colleges
may decrease and its programs and services may become less attractive to students. Furthermore, if we and the VIEs fail to timely develop
and introduce new education services and programs in Qingtian International School based on the changing education and test standards
in China and abroad, our ability to attract and retain students may decrease. As a result, our reputation, business, financial condition
and results of operations may be materially and adversely affected.</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we are not able to continually tailor our vocational education programs to market demand and enhance our courses to adequately and promptly
respond to developments in the labor market, our courses may become less attractive to students.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">New
trends in the economy of China and rapid developments in the industries may change the type of skills required for vocational school
graduates in the labor market. This requires us to continually develop, update and enhance our vocational education programs and course
materials to adapt to the needs of the labor market in China. We may be unable to update our courses in a timely and cost-effective manner,
or at all, to keep pace with changes in market requirements. Any inability to track and respond to these changes in a cost-effective
and timely manner or to tailor our vocational education programs to the market demand in China would render our programs less attractive
to students, which may materially and adversely affect our reputation and ability to continue to attract students and cause us to lose
market share.</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"></p><div>

</div><!-- Field: Page; Sequence: 42; 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 -->35<!-- 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"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs may not be able to successfully implement our business strategies. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
business strategies include organic growth, strategic alliance with reputable education institutes, acquiring and establishing schools.
We may not succeed in implementing our business strategies due to a number of factors, including the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may lose government support in Zhejiang Province, Hebei Province, Hainan Province or other
                                            places to which we plan to expand our operation;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may not be able to admit all qualified students who would like to enroll in our schools due
                                            to the capacity constraints of our school facilities;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may fail to identify cities with sufficient growth potential in which to acquire or establish
                                            schools;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may have limited access to capital resources or may have to rely on the shareholders&#8217;
                                            guarantee in obtaining bank facilities;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may fail to acquire or lease suitable land sites in the cities to which we plan to expand
                                            our operations;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may fail to effectively market our schools or brand in new markets or promote ourselves in
                                            existing markets;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may not be able to replicate our successful growth model in new markets;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may not be able to effectively integrate any future acquisitions into our operations;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may fail to obtain the requisite licenses and permits from the authorities necessary to acquire
                                            or establish schools at our desired locations;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may not be able to continue to enhance our course materials or adapt our course materials
                                            to changing student needs and teaching methods;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may fail to follow the expected timetable with respect to the development of our schools;
                                            and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                            may fail to achieve the benefits we expect from our expansion.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
we fail to successfully execute our growth strategies, we may not be able to maintain our growth rate and our and the VIEs&#8217; business,
financial condition and results of operations may be materially and adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
recorded net current liabilities as of December&#160;31, 2021. </i></b></span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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">As of December&#160;31, 2021 and 2022, we had net current liabilities
of RMB113&#160;million and net current assets of RMB195&#160;million, respectively. The net current liabilities as of December 31, 2021
was primarily due to the amounts due to Lianwai School. &#160;In 2022, to both parties&#8217; consensus, the amounts due to Lianwai School
would not be settled within one year, and thus, it was classified as non-current liabilities. 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 continue to 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 and the VIEs&#8217; business. There can be no assurance 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 finance our capital commitments. If we fail to meet our financial obligations, our and the VIEs&#8217; business, liquidity, financial
position and prospects could be materially and adversely affected.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"></p><div>

</div><!-- Field: Page; Sequence: 43; 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 -->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"><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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
face risks related to health epidemics, natural disasters or terrorist attacks in China. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs offer accommodation service to our students of Qingtian International School and Langfang School. Qingtian International
School also provides&#160;on-campus&#160;or nearby&#160;off-site&#160;accommodation to our teachers and staff. The boarding and accommodation
arrangements make our students, teachers and staff vulnerable to outbreaks of health epidemics such as the COVID-19 virus, H1N1 flu virus,
avian influenza and severe acute respiratory syndrome, or SARS, and Influenza A virus, such as H5N1 subtype and H5N2 subtype flu viruses,
natural disasters, such as earthquakes, floods, landslides, as well as terrorist attacks, other acts of violence or war or social instability,
especially when such health epidemics, natural disasters or terrorist attacks take place in our schools or in or near the regions where
our schools are located. As a result, our and the VIEs&#8217; business, financial condition and results of operations may be materially
and adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Since
the worldwide outbreak of the COVID-19 pandemic in early 2020, all sectors have been severely affected with no exception to the education
industry. In early 2021, WHO announced the variants of the coronavirus causing COVID-19 were discovered in Denmark, the United Kingdom,
South Africa and Japan subsequently, which is considered highly contagious and may pose a serious public health threat. To respond to
the continuing impact and recurrence of COVID-19 pandemic, the PRC government has imposed various strict measures with the aim to contain
the virus and restore the business operation in an orderly manner including, but not limited to, mandatory vaccination requirements,
travel restrictions, mandatory quarantine requirements, and postponed resumption of business operations. However, the relaxation of the
restrictions on economic and social life may lead to development of new cases, which may result in the reimposition of further restrictions.
The Baiyun Campus, Yijing Campus&#8212;Featured Division resumed normal operation from April 2020. No students withdrew from our schools
due to the COVID-19 outbreak. We and the VIEs have taken a series of measures in response to the outbreak to protect our employees, students
and teachers in the reopened campuses after the closedown in early 2020, including, among others, checking the temperature of our students,
procurement and provision of hand sanitizers and other protective equipment for our employees. The campuses remained in normal operation
during 2021, and the students and teachers continued with their on-campus courses in 2021. In 2022, the pandemic situation and the COVID-19
policies in China was changing. In December 2022, the PRC government shifted its COVID-19 policies and eased the pandemic restrictions,
which was companioned with a large number of people getting infected of COVID in a short time. To cope with the policy shift and to protect
our students and teachers&#8217; health, Qingtian International School stopped on-campus teaching activities and provided off-campus
online courses for two weeks in December 2022. Besides, Langfang School provided online courses from March 7, 2022 to June 24, 2022 in
the spring semester, and continued the online courses from September 2, 2022 to December 23, 2022 in the fall semester. During the online
courses periods, the campus of Langfang School was insulated from the outside and adopted daily disinfection measures. The above online
courses are conducted through certain online courses platforms, and are the substitute for on-campus courses in the pandemic situation.
Thus, the online courses are distinguished from the online education service which shall be defined as a value-added telecom service,
and therefore do not need extra permissions for its operation. Nevertheless, as the students&#8217; enrollment is conducted and the tuition
is charged on a semester basis, the COVID-19 outbreak did not have a material long-term impact on our and the VIEs&#8217; financial condition
and operation. Any future outbreak of public health epidemics may restrict economic activities in affected regions, resulting in reduced
business volume, disrupt our and the VIEs&#8217; business operations and adversely affect our results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs are subject to extensive governmental approvals and compliance requirements for the construction and development of school
and in relation to the land and buildings that we and the VIEs own. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
campuses and school facilities constructed and developed for our school, we and the VIEs must obtain various permits, certificates and
other approvals from the relevant authorities at various stages of property development, including the land use right certificates, planning
permits, construction permits, certificates for passing environmental assessments, certificates for passing fire control assessments,
certificates for passing construction completion inspections and building ownership certificates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
the event that if we and the VIEs lose the rights to any of our land or buildings, uses of such land or buildings may be limited, or
we may be forced to relocate and incur additional costs, which may result in disruptions to the operations of our schools and materially
and adversely affect our and the VIEs&#8217; business, financial condition and results of operations. In addition, we and the VIEs may
in the future encounter problems in obtaining the relevant permits, certificates and approvals for the construction and development of
our schools, which may negatively affect our growth strategies. As a result, our and the VIEs&#8217; business, financial condition and
results of operations may be materially and adversely affected.</span></p><div>

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

</div><!-- Field: Page; Sequence: 44; 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 -->37<!-- 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"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Capacity
constraints of our school facilities could cause us to lose students to our competitors. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
educational facilities of our school are limited in space and size which is also subject to regulatory approval from the competent departments
in charge of urban and rural planning.&#160;We and the VIEs may not be able to admit all qualified students who would like to enroll
in our school due to the capacity constraints of our current school facilities. Qingtian International School&#8217;s capacity was 816
as of September&#160;1, 2022 and it recorded a utilization rate of approximately 61.4% as of September&#160;1, 2022. Langfang School&#8217;s
capacity was 852 as of September&#160;1, 2022 and it recorded a utilization rate of approximately 98.4% as of September&#160;1, 2022.
Hainan Technical School, which is the cooperator of Hainan Jiangcai, has a capacity for enrolling 300 students as of September&#160;1,
2022 and it recorded a utilization rate of approximately 80.3% as of September&#160;1, 2022. We and the VIEs may not be able to expand
our capacity at our current campus unless we and the VIEs relocate to other facilities in the local area with more space. If we and the
VIEs fail to expand our capacity as quickly as the demand for our services grows, or if we and the VIEs otherwise fail to grow by acquiring
or establishing schools and campuses, we and the VIEs could lose potential students to competitors, and our and the VIEs&#8217; business,
financial condition and results of operations may be materially and adversely affected.</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
historical financial and operating results may not be indicative of our future performance and our financial and operating results may
be difficult to forecast. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
financial and operating results may not meet the expectations of public market analysts or investors, which could cause the price of
our ADSs to decline. Our revenue, expenses and operating results may vary from year to year in response to a variety of factors beyond
our control, including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            ability to increase student enrollment in our schools and raise tuitions fees;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
                                            economic conditions and regulations or government actions pertaining to the provision of
                                            private educational services in China;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shifts
                                            in consumer attitude toward private secondary education and vocational education in China;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                            ability to control cost of revenues, in particular salary and welfare relating to teachers
                                            and other costs; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">non-recurring&#160;charges
                                            incurred in connection with acquisitions or other extraordinary transactions or unexpected
                                            circumstances.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Due
to these factors, we believe that&#160;year-to-year&#160;comparisons of our operating results may not be indicative of our future performance
and you should not rely on them to predict the future performance of our ADSs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Accidents
or injuries suffered by our students, employees or other people at our schools may adversely affect our reputation and subject us to
liability. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">There
are inherent risks of accidents or injuries in schools. We and the VIEs could be held liable in the event of personal injuries, disease,
fires or other accidents suffered by students, employees or other people that occur at our school. Although we and the VIEs designate
certain staff members in each of our and the VIEs&#8217; campuses to be in charge of student health and security, in the event of personal
injuries, disease, food poisoning, fires or other accidents suffered by our students, employees or other people on our campuses, we and
the VIEs may face claims for damages and our school may be perceived unsafe by prospective parents and students.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Claims
against us arising from injuries incurred or claimed to have incurred on our campuses may adversely affect our reputation, subject us
to significant amounts of damages, divert management&#8217;s attention and other resources or increase our insurance costs. As a result,
our and the VIEs&#8217; business, financial condition and results of operations may be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs may be involved in legal and other disputes and claims from time to time arising out of our operations. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs may, in the future, be involved in disputes with and subject to claims by parents and students, teachers and other school
personnel, our suppliers, construction companies, third-party&#160;sub-contractors&#160;and other parties involved in our and the VIEs&#8217;
business. Legal or other proceedings involving us may, among others, incur significant costs, divert management&#8217;s attention and
other resources, negatively affect our and the VIEs&#8217; business operations, cause negative publicity against us or damage our reputation.
As a result, our and the VIEs&#8217; business, financial condition and results of operations may be materially and adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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"></p><div>

</div><!-- Field: Page; Sequence: 45; 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 -->38<!-- 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"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs may lose the services of our executive directors, officers and other key personnel. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
future success depends heavily upon the continuing services of our executive directors and officers and in particular, Mr.&#160;Biao
Wei and Ms.&#160;Fen Ye, who have been our leaders since our inception. If one or more of our executive directors, officers or other
key personnel are unable or unwilling to continue in their present positions, we and the VIEs may not be able to replace them easily
or at all and our and the VIEs&#8217; business may be disrupted and our financial condition and results of operations may be materially
and adversely affected. Competition for experienced executive directors or management personnel in the private education sector is intense,
the pool of qualified candidates is very limited and we and the VIEs may not be able to retain the services of our executive directors
or officers or key personnel, or attract and retain high-quality executive directors or officers or key personnel in the future. In addition,
if any member of our executive directors or officers or any other key personnel joins a competitor or forms a competing company, we and
the VIEs may lose teachers, students and staff members. As a result, our and the VIEs&#8217; business, financial condition and results
of operations may be materially and adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Each
of our executive officers has entered into an employment contract and certain executive officers and/or key employees have entered into
confidentiality agreements with us. The employment contracts and confidentiality agreements are governed by PRC laws and any disputes
would be resolved in accordance with PRC legal procedures. The legal environment in the PRC is not as developed as in other jurisdictions
such as the United States and uncertainties in the PRC legal system could limit our ability to enforce these agreements. For example,
prior court decisions may be cited for reference but not necessary and have limited precedential value in the PRC and the PRC arbitration
tribunals and courts have significant discretion in interpreting, implementing or enforcing relevant PRC laws. It is thus difficult to
predict the outcome of any arbitration awards or court proceedings or gage the level of legal protection that such awards or proceedings
may provide. Accordingly, if any disputes arise between any of our senior executives or key personnel and us, it may be difficult to
enforce these agreements against these individuals. As a result, our and the VIEs&#8217; business, financial condition and results of
operations may be materially and adversely affected.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we and the VIEs fail to implement and maintain an effective system of internal controls, we may be unable to accurately report our results
of operations, meet our reporting obligations or prevent fraud, and investor confidence and the market price of the ADSs may be materially
and adversely affected.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
are subject to reporting obligations under the U.S. securities laws. Section&#160;404 of the Sarbanes-Oxley Act of 2002 requires that
we include a management report on such company&#8217;s internal control over financial reporting in our annual report on Form 20-F beginning
with our annual report for the fiscal year ended December&#160;31, 2021. Our management has concluded that the material weaknesses identified
during the fiscal years ended December&#160;31, 2019 and 2020 have been remediated, the internal control over financial reporting was
effective as of December&#160;31, 2021 and 2022. See &#8220;Item 15. Controls and Procedures.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
defined in the standards established by the PCAOB, a &#8220;material weakness&#8221; is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual
or interim financial statements will not be prevented or detected on a timely basis. The material weakness identified during the fiscal
years ended December&#160;31, 2019 and 2020 is our lack of sufficient financial reporting and accounting personnel with appropriate understanding
of accounting principles generally accepted in U.S. GAAP, to design and implement formal period-end financial reporting policies and
procedures, to address complex U.S. GAAP technical accounting issues and to prepare and review our consolidated financial statements
and related disclosures in accordance with U.S. GAAP and financial reporting requirements set forth by the SEC. We have implemented a
number of measures to address the material weakness. See &#8220;Item 15. Controls and Procedures&#8212;Internal Control over Financial
Reporting.&#8221; However, we cannot assure you that these measures may fully address the material weaknesses and deficiencies in our
internal control over financial reporting or that we may conclude that they have been fully remediated.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Neither
we nor our independent registered public accounting firm undertook a comprehensive assessment of our internal control for purposes of
identifying and reporting material weaknesses and other control deficiencies in our internal control over financial reporting. Had we
performed a formal assessment of our internal control over financial reporting or had our independent registered public accounting firm
performed an audit of our internal control over financial reporting, additional deficiencies may have been identified.</span></p><div>

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

</div><!-- Field: Page; Sequence: 46; 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 -->39<!-- 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="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">We
are now a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section&#160;404 of this Act requires that we
include a report of management on our internal control over financial reporting in our annual report on Form 20-F beginning with our
annual report for the fiscal year ending December&#160;31, 2021. In addition, once we cease to be an &#8220;emerging growth company,&#8221;
as such term is defined in the JOBS 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, after conducting its own independent testing, 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. In addition, being a public company, our reporting obligations may place a significant strain
on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our
evaluation testing and any required remediation.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">During
the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section&#160;404, we may
identify other weaknesses and deficiencies in our internal control over financial reporting. In addition, if we fail to maintain the
adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time,
we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with
Section&#160;404. 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 our 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
to develop appropriate internal control and management structures in line with our rapid growth could result in a material adverse effect
on our and the VIEs&#8217; business, prospects, financial condition and results of operations. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
and the VIEs&#8217; business and operations have been expanding rapidly. Significant management resources must be expanded to develop
and implement appropriate and effective internal control, risk monitoring and management systems which are in line with our growth. These
systems are critical to ensure our compliance with the relevant laws and regulations on an on-going basis, effective business operations
and our future development. Historically, our and the VIEs&#8217; business operations were subject to certain legal risks due to insufficient
internal control measures. These miscellaneous fees were mainly fees incurred from medical care and purchase of learning materials. The
teachers then immediately transferred all amounts collected to our schools&#8217; accounts. Since June 2020, we have ceased such payment
collection arrangement through teachers and no warnings or penalties were imposed upon us by the relevant authorities. However, if we
fail to effectively implement our internal control measures and if we fail to allocate appropriate management resources, we may not be
able to identify compliance issues, administrative oversight, unfavorable business trends or other risks that could materially and adversely
affect our and the VIEs&#8217; business, prospects, financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></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"></p><div>

</div><!-- Field: Page; Sequence: 47; 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 -->40<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate
completely our auditor 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.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been
subject to inspections by the PCAOB for two consecutive&#160;years, the SEC will prohibit our shares or ADSs from being traded on a national
securities exchange or in the over-the-counter trading market in the United States.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">On
December&#160;16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate
completely registered public accounting firms headquartered in mainland China and Hong Kong (the &#8220;2021 Determination&#8221;).</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">In
March 2022, the SEC issued its first &#8220;Conclusive list of issuers identified under the HFCAA&#8221;. The identified issuers in the
list are subject to the delisting provisions if they remain on the list for two consecutive years.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">On
December&#160;15, 2022, the PCAOB removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or
investigate completely registered public accounting firms.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">Even
so, the SEC still included the issuers to the &#8220;Conclusive list of issuers identified under the HFCAA&#8221; if the issuers filed
an annual report with an audit report issued by a registered public accounting firm headquartered in mainland China and Hong Kong prior
to the PCAOB&#8217;s decision to vacate its 2021 Determination. Additionally, each identified issuer that is on the conclusive list must
comply with the HFCAA&#8217;s submission and disclosure requirements for the year that it is identified. As of the date of this prospectus,
more than 170 public companies have been listed in as issuers identified under the HFCAA.</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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. Any lack of
access to the PCAOB inspection in China may prevent the PCAOB from fully evaluating audits and quality control procedures of the auditors
based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspection.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
auditor, WWC P.C., the independent registered public accounting firm that issues the audit report included elsewhere in this form, is
headquartered in San Mateo, California and registered with the PCAOB. Our auditor is subject to laws in the United States pursuant to
which the PCAOB conducts regular inspections to assess our auditor&#8217;s compliance with the applicable professional standards. As
such, as of the date of the annual report, our auditor is not subject to the 2021 Determinations announced by the PCAOB and our listing
is not affected by the HFCAA and related regulations. While our auditor is based in the U.S. and is registered with PCAOB and subject
to PCAOB inspection as of the date of this annual report, if, in the future, we have been identified by the SEC for two consecutive years
as a commission-identified issuer whose registered public accounting firm is determined by the PCAOB that it is unable to inspect or
investigate completely because of a position taken by one or more authorities in China, the SEC may prohibit our shares or ADSs from
being traded on a national securities exchange or in the over the counter trading market in the United States, and this ultimately could
result in our ADSs being delisted.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

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

</div><!-- Field: Page; Sequence: 48; 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 -->41<!-- 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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
and the VIEs&#8217; business, financial performance and results of operations could be adversely affected by the deterioration of the
relation between China and the United States. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
relation between China and the United States is constantly changing. There was a &#8220;trade war&#8221; between the two countries in
during 2020, 2021 and 2022, the United States imposed additional import tariffs on specified products imported from China. As a result,
China has responded by imposing retaliatory tariffs on goods exported from the United States.&#160;Tensions exist in other areas such
as political, social and health issues, including the disagreements in relation to the COVID-19 pandemic. In light of the ongoing tensions
between China and the United States, there is a risk that our and the VIEs&#8217; business and our listing status may be adversely affected
by trade restrictions, sanctions and other policies that may be implemented. As we and the VIEs operate in China, any deterioration in
political or trade relations might cause a public perception in the United States or elsewhere that might cause our and the VIEs&#8217;
education services to become less attractive. The United States lawmakers have introduced several bills intended to protect American
investments in Chinese companies. The PWG criticized China&#8217;s failure to uphold international commitment to transparency and called
for recommendations to protect U.S. investors from China&#8217;s failure to allow audits of U.S.-listed Chinese companies. The PWG may
impact U.S.-listed Chinese companies if strict compliance with audit requirements and U.S. law or new listing rules or governance standards
were imposed. 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, the resulting legislation
may have a material and adverse impact on the performance of the stocks of the China-based issuers listed in the United States.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, political tensions between the United States and China have escalated due to, among other things, trade disputes, the&#160;COVID-19
outbreak, tensions over Taiwan, legislation passed by the U.S. Senate banning all imports from Xinjiang, sanctions imposed by the U.S.
Department of Treasury on certain officials of Xinjiang&#8217;s regional government, the Hong Kong Special Administrative Region and
the central government of the PRC and the new executive orders issued by U.S. President Joe Biden in June 2021 that barring American
investment into Chinese firms with purported ties to defense or surveillance technology sectors, which was expanded on an earlier investment
blacklist issued by former U.S. President Donald J. Trump. Under President Joe Biden&#8217;s administration, causes of US-China friction
remains. Ongoing 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 and the VIEs&#8217; business, prospects, financial
condition and results of operations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Changes
in political conditions and changes in the state of China-U.S. relations are difficult to predict and could adversely affect our and
the VIEs&#8217; business, operating results and financial condition. We cannot predict what effect any changes in China-U.S. relations
may have on our ability to access capital or effectively operate our and the VIEs&#8217; business in China. Moreover, any political or
trade controversies between the United States and China, whether or not directly related to our and the VIEs&#8217; business, could cause
investors to be unwilling to hold or buy our ADSs and consequently cause the trading price of our ADSs to decline.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
enforcement of the PRC Labor Contract Law and other labor-related regulations in the PRC may adversely affect our and the VIEs&#8217;
business and results of operations.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Standing Committee of the National People&#8217;s Congress enacted the Labor Contract Law in 2008, and amended it on December&#160;28,
2012. The Labor Contract Law introduced specific provisions related to fixed-term employment contracts, part-time employment, probationary
periods, consultation with labor unions and employee assemblies, employment without a written contract, dismissal of employees, severance,
and collective bargaining to enhance previous PRC labor laws. Under the Labor Contract Law, except where an employee under a fixed-term
labor contract, an employer is obligated to sign a permanent labor contract with any employee who has worked for the employer for more
than ten consecutive years. Further, if an employee requests or agrees to renew a fixed-term labor contract that has already been entered
into twice consecutively, the resulting contract, with certain exceptions, must have an unlimited term, subject to certain exceptions.
In addition, the PRC governmental authorities have continued to introduce various new labor-related regulations since the effectiveness
of the Labor Contract Law.</span></p><div>

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

</div><!-- Field: Page; Sequence: 49; 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 -->42<!-- 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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the PRC Social Insurance Law and the Administrative Measures on Housing Fund, employees are required to participate in pension insurance,
work-related injury insurance, medical insurance, unemployment insurance, maternity insurance, and housing funds and employers are required,
together with their employees or separately, to pay the social insurance premiums and housing funds for their employees. As of December&#160;31,
2022, we and the VIEs had made social insurance contribution for the PRC-based employees based on the relevant PRC laws and regulations
and practical measures. If we and the VIEs fail to, or are deemed to have failed to, make adequate social insurance and housing fund
contributions in the future, we and the VIEs may be required to make supplemental contributions and/or subject to overdue fees and/or
fines and our and the VIEs&#8217; business, financial condition and results of operations may be adversely affected. See &#8220;Item
4. Information on the Company&#8212;B. Business Overview&#8212;Regulation&#8212;PRC Laws and Regulations Relating to Labor Protection.&#8221;</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">These
laws designed to enhance labor protection tend to increase our labor costs. In addition, as the interpretation and implementation of
these regulations are still evolving, our and the VIEs&#8217; employment practices may not be at all times be deemed in compliance with
the regulations. As a result, we and the VIEs could be subject to penalties or incur significant liabilities in connection with labor
disputes or investigations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
increases in labor costs in the PRC may adversely affect our and the VIEs&#8217; business and results of operations and we may face labor
and employment related disputes and regulatory penalties. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">China&#8217;s
economy has experienced increases in labor costs in recent years and the overall economy and the average wages in China are expected
to continue to grow. The average wage level for our employees has also increased in recent years. We expect that our employee costs,
including salaries and welfare, will continue to increase.&#160;Unless we are able to pass on these increased labor costs to our students
and their parents by increasing tuition, meal and accommodation service fees, our profitability and results of operations may be materially
and adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, we have been subject to stricter regulatory requirements in terms of entering into labor contracts with our employees and paying
various statutory employee benefits to designated government agencies for the benefit of our employees. Compared with its predecessors,
the current Labor Contract Law of the PRC imposes stricter requirements on employers in terms of signing labor contracts, minimum wages,
paying remuneration, determining the term of employees&#8217; probation and unilaterally terminating labor contracts, further increasing
our labor-related costs such as limiting our ability to terminate employment of some of our employees or otherwise change our employment
or labor practices in a cost-effective manner. In addition, as the interpretation and implementation of labor-related laws and regulations
are still developing, we cannot assure you that our employment practices have been or will at all times be deemed in compliance with
the labor-related laws and regulations in China. If we are subject to severe penalties in connection with labor disputes or government
investigations, our and the VIEs&#8217; business, financial condition and results of operations will be adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Seasonal
and other fluctuations in our results of operations could adversely affect the trading price of the ADSs. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
net revenue and results of operations normally fluctuate from quarter to quarter as a result of seasonal variations in our and the VIEs&#8217;
business. Our students 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 the semester. The fluctuations may result in volatility
or have an adverse effect on the market price of the ADSs. In addition, comparisons of our operating results between different periods
within a single financial year, or between the same periods in different financial years, may not be meaningful and should not be relied
upon as good indicators of our performance.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
have limited insurance coverage. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
maintain various insurance policies to safeguard against certain risks and unexpected events, such as school liability insurance, student
personal accident insurance and property insurance for vehicles. However, our insurance may not be sufficient in terms of amounts and
scope. If we were held liable for amounts and claims exceeding the scope or amounts covered by our insurance policies, or suffered losses
from incidents for which we do not currently maintain any insurance, we may be required to pay significant damages or suffer significant
loss without being able to recover all or part of the amounts from insurance companies, and our and the VIEs&#8217; business, results
of operations and financial condition may be materially and adversely affected. In addition, we do not have any business disruption insurances
to cover losses caused by natural disasters or catastrophic events, which may significantly disrupt our and the VIEs&#8217; business
operations and incur substantial costs on us, and may materially and adversely affect our and the VIEs&#8217; business, financial condition
and results of operations.</span></p><div>

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

</div><!-- Field: Page; Sequence: 50; 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 -->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; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs may not be able to adequately protect our intellectual property rights. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of December&#160;31, 2022, we had 46 and two registered trademarks in the PRC and Hong Kong, respectively. As of December&#160;31, 2022,
we and the VIEs had no trademarks pending registration in the PRC or Hong Kong. We and the VIEs obtained five computer software copyrights
through the acquisition of Hangzhou Youxi by Liandu WFOE in February 2021. We believe our and the VIEs&#8217; trademarks and other intellectual
properties are competitive advantages and are important to our success to date and our future prospects. We have been investing resources
to develop our own intellectual properties and we take prudent steps to protect our intellectual properties and know-how. However, the
steps we have taken to protect our intellectual property rights may not prevent the misappropriation of our proprietary information or
deter independent development of similar technologies by others and halt any copycat attempts.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, the legal regime governing intellectual property in China is still evolving and the level of protection of intellectual property
rights and know-how in China may differ from those in other more developed jurisdictions. Accordingly, protection of intellectual property
rights in China might not be as effective as in the United States or other western countries. Furthermore, policing unauthorized use
of proprietary technology is difficult and expensive, and we might need to resort to litigation to enforce or defend our intellectual
property rights or to determine the enforceability, scope and validity of our proprietary rights or those of others. Such litigation
and an adverse determination in any such litigation, if any, could result in substantial costs and the diversion of resources and management&#8217;s
attention.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the VIEs may be subject to intellectual property infringement claims and our brand and reputation may be negatively affected. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">From
time to time, we and the VIEs could face allegations of trademark, copyright, patent and other intellectual property rights infringement
of third parties. Such allegations of intellectual property right infringements could come from our competitors and third parties which
operate in other industries. In the event that we or the VIEs are sued by the intellectual property owners or licensees, or we or the
VIEs receive a cease and desist letter or a court order regarding alleged infringements, we and the VIEs may have to discontinue to use
the brand name and may be subject to claims or other financial losses. In the event that any lawsuit is filed against us and the VIEs
and such claims were to prevail, it could have an adverse effect on our and the VIEs&#8217; business, financial conditions and results
of operations. In addition, we and the VIEs will have to invest in additional resources in establishing new brand names, which may take
time and cause us significant costs and efforts, which in turn affects our ability to develop and grow.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Capacity
constraints or system disruptions to our computers or network, any cybersecurity incidents, or any unauthorized disclosure or manipulation
of sensitive information relating to our students and teachers may expose us to litigation and damages or may adversely affect the reputation
of our schools.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs possess sensitive and private information about our students and teachers, such as names, addresses, contact numbers, ID
numbers and exam scores of our students. We and the VIEs store these sensitive data primarily in computers located in our school offices.
If any sensitive and private data about our students and teachers was lost, damaged or leaked due to capacity constraints or system disruptions
to our computers or network, was obtained, disclosed or manipulated by unauthorized third parties through cybersecurity breaches to the
computers or network of our schools or our providers, or was negligently misappropriated or disclosed by our staff, we and the VIEs may
be sued and held liable for damages, which may incur significant costs, negatively affect our reputation and divert management attention
and other resources. As a result, our and the VIEs&#8217; business, financial condition and results of operations may be materially and
adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 51; 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 -->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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></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>Risks
Relating to Our Corporate Structure</b></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>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
and the VIEs&#8217; private education service business is subject to extensive regulation in China. We and the VIEs may be subject to
severe penalties if the PRC government finds that the agreements that establish the structure for operating our and the VIEs&#8217; business
in China do not comply with applicable PRC laws and regulations. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
and the VIEs&#8217; private education service business is subject to extensive regulations in China. The PRC government regulates various
aspects of our and the VIEs&#8217; 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 changes, and new laws and regulations may be adopted, some of which may have a negative effect on our and the VIEs&#8217;
business, either retrospectively or prospectively.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
are a Cayman Islands company and thus, we are classified as a foreign enterprise under the PRC laws. Foreign investment in the education
industry in China is extensively regulated and subject to various restrictions. Under the Special Administrative Measures for Foreign
Investment Access (Negative List) (2021), or the 2021 Special Administrative Measures, high school is restricted industries for foreign
investors, and foreign investors are only allowed to invest in such industries in cooperative ways with domestic investors, provided
that domestic investors play a dominant role in such cooperation. Furthermore, under the Implementation Opinions of the MOE on Encouraging
and Guiding the Entry of Private Capital in the Field of Education and Promoting the Healthy Development of Private Education, which
was issued by the MOE on June&#160;18, 2012, the foreign portion of the total investment in a Sino-foreign joint venture high school
should be below 50%. According to Regulations of the People&#8217;s Republic of China on Establishment and Operation of Sino-Foreign
Cooperative Educational Institutions issued by the State Council on March&#160;2, 2019, the foreign investor that participates in the
establishment of a Sino-foreign cooperative educational institution shall be a foreign educational institution that possesses the relevant
credentials and teaching quality. In addition, pursuant to the Sino-foreign Vocational Skills Training Measures, the foreign investor
in a Sino-foreign technical school must be a foreign education institution or a foreign vocational skills training institution with relevant
qualifications on education services and operating high-quality education. See &#8220;Item 4. Information on the Company&#8212;B. Business
Overview&#8212;Regulation&#8212;Regulations on Sino-Foreign Cooperation in operating school&#8221; for details.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Although
foreign investment in high schools and vocational schools is not prohibited, based on the operation experience, our subsidiary Liandu
WFOE in China is still ineligible to independently or jointly invest and operate high schools and vocational schools, including Qingtian
International School and Langfang School.To comply with PRC laws and regulations, our wholly-owned subsidiary, Liandu WFOE, has entered
into a series of contractual arrangements with the VIEs, pursuant to which we are regarded as the primary beneficiary of the VIEs in
accordance with U.S. GAAP. For a description of these contractual arrangements, see &#8220;Item 4. Information on the Company&#8212;C.
Organizational Structure&#8212;Contractual Arrangements&#8221;. If the contractual arrangements that establish the structure for operating
our and the VIEs&#8217; business in China are found to violate any PRC laws or regulations in the future or fail to obtain or maintain
any of the required permits or approvals, the relevant PRC regulatory authorities, including the Ministry of Education of People&#8217;s
Republic of China, or the MOE, which regulates the education industry, the Ministry of Commerce, or MOFCOM, which regulates the foreign
investment in China, and the Civil Affairs Bureau, which regulates the registration of schools in China, would have broad discretion
in dealing with such violations, including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoking
                                            the business and operating licenses of our PRC subsidiaries or VIEs;</span></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">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discontinuing
                                            or restricting the operations of any related-party transactions among Liandu WFOE or VIEs;</span></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">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposing
                                            fines or other requirements with which we or Liandu WFOE or 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"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring
                                            us to restructure our operations in such a way as to compel us to establish new entities,&#160;re-apply&#160;for
                                            the necessary licenses or relocate our and the VIEs&#8217; businesses, staff and assets;</span></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">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposing
                                            additional conditions or requirements with which we may not be able to comply; or</span></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">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricting
                                            the use of proceeds from our additional public offering or financing to finance our and the
                                            VIEs&#8217; business and operations in China.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, 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 and the VIEs&#8217; 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 52; 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 -->45<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Uncertainties
exist with respect to the interpretation and implementation of the newly enacted Foreign Investment Law of the People&#8217;s Republic
of China and how it may affect the viability of our current corporate structure, corporate governance, business, financial condition
and results of operations.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
March&#160;15, 2019, the National People&#8217;s Congress promulgated the Foreign Investment Law of PRC or the Foreign Investment Law,
which came into effect on January&#160;1, 2020 and replaced the Law of the PRC on Chinese-Foreign Equity Joint Ventures, the Law of the
PRC on Chinese-Foreign Contractual Joint Ventures, and the Wholly Foreign-invested Enterprise Law. The Foreign Investment Law embodies
an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice
and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. For instance, the Foreign
Investment Law does not explicitly classify contractual arrangements as a form of foreign investment.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Conducting
operations through contractual arrangements has been adopted by many&#160;PRC-based&#160;companies, and has been adopted by our Company
to establish control of the VIEs. Since the Foreign Investment Law is relatively new, uncertainties still exist in relation to its interpretation
and implementation, and failure to take timely and appropriate measures to cope with the regulatory-compliance challenges could result
in material and adverse effect on us. For instance, although the Foreign Investment Law does not explicitly classify contractual arrangement
as a form of foreign investment, it still leaves a leeway for future laws and if future laws, administrative regulations or provisions
stipulates contractual arrangements as a way of foreign investment, then whether our contractual arrangements will be recognized as foreign
investment, whether our contractual arrangements will be deemed to be in violation of the foreign investment access requirements and
how our contractual arrangements will be handled are uncertain. In the extreme case-scenario, we may be required to unwind the contractual
arrangements and/or dispose relevant business operations, which could have a material and adverse effect on our and the VIEs&#8217; business,
financial condition and result of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
contractual arrangements may not be as effective in providing control over the VIEs as equity ownership</i></b></span></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"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have relied and expect to continue to rely on our contractual arrangements to operate private education businesses in China. These contractual
arrangements may not be as effective in providing us with control over the VIEs as equity ownership. If we had equity ownership of the
VIEs, we would be able to exercise our rights as a direct or indirect shareholder to effect changes in the board of directors of the
VIEs, which in turn could effect changes, subject to any applicable fiduciary obligations, at the management level. However, as these
contractual arrangements stand now, if the VIEs or their shareholders fail to perform their respective obligations under these contractual
arrangements, we cannot exercise shareholders&#8217; rights to direct corporate actions as direct ownership would otherwise entail. If
the parties under such contractual arrangements refuse to carry out our directions in relation to everyday business operations, we will
be unable to maintain effective control over the operations of our schools in China. If we were to lose effective control over the VIEs,
certain negative consequences would result, including our being unable to consolidate the financial results of the VIEs with our financial
results. Given that we derived substantially all of our revenue from the VIEs for 2020, 2021 and 2022 and substantially all of our assets
are held by the VIEs (including our permits and licenses, real estate leases, buildings and other educational facilities related to our
schools), our financial position would be materially and adversely affected if we were to lose effective control over the VIEs or if
our contractual arrangements are invalidated or nullified. In addition, losing effective control over the VIEs may negatively affect
our operational efficiency and brand image. Further, losing effective control over the VIEs may impair our access to their cash flow
from operations, which may reduce our liquidity.</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, if the legal structure and the contractual arrangements were found to be in violation of any existing or future PRC laws and
regulations, we may be subject to fines or other legal or administrative sanctions. If government actions cause us to lose our right
to direct the activities of our affiliated entities or our right to receive substantially all the economic benefits and residual returns
from our affiliated entities 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 our affiliated entities.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
we are a holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct
a substantial majority of our operations through our subsidiaries established in China, the VIEs, and its subsidiaries in China. We entered
into certain contractual arrangements with the VIEs through Liandu WFOE, pursuant to which we are regarded as the primary beneficiary
of the VIEs in accordance with U.S. GAAP. Our ADSs listed on Nasdaq Global Market represents shares of our offshore holding company instead
of shares of the VIEs or its subsidiaries in China. We may not be able to continue to satisfy the applicable requirements and rules with
respect to such structure. If we are unable to satisfy the Nasdaq Capital Market criteria for maintaining our listing, our securities
could be subject to delisting.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 53; 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 -->46<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
the PRC government determines that the contractual arrangements constituting part of the 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 our ADSs or ordinary shares may decline in value or become worthless.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 all 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>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 the 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
our ADSs or ordinary shares may decline in value or become worthless.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Prior
to August&#160;31, 2021, we and the VIEs primarily operated primary and secondary school in Baiyun campus and Yijing campus&#8212;Featured
Division of Lianwai School through a series of contractual arrangements with the VIEs. Under the 2021 Implementation Rules which took
effect on September&#160;1, 2021, social organizations and individuals are prohibited from controlling a private school that provides
compulsory 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 among Liandu WFOE
and Lianwai School providing compulsory education. Therefore, we re-assessed our control over Lianwai School. Based on the relevant accounting
standard in accordance with U.S. GAAP, we have concluded that we have lost control of Lianwai School since August&#160;31, 2021, in view
of the significant uncertainties and restrictions the 2021 Implementation Rules impose on our ability to direct the range of ongoing
activities that would most significantly impact the returns of Lianwai School. In light of such regulatory developments, on April&#160;20,
2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai School and respective directors, to confirm
all the terms of rights and obligations relating to Lianwai School and the directors appointed by the sponsor under the contractual arrangements
among them, and agree among the parties that such arrangements shall have been terminated on August&#160;31, 2021. To minimize disruptions
to existing students enrolled in Lianwai School, we and the VIEs continued to offer essential services to the students. We deconsolidated
Lianwai School commencing from September&#160;1, 2021 and presented it as a discontinued operation in current and comparative period
financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Meanwhile,
we and the VIEs have entered into a series of contractual arrangements with Qingtian International School and Langfang School. The contractual
arrangements enable us to: (i)&#160;exercise effective control over the VIEs; (ii)&#160;receive substantially all of the economic benefits
of the VIEs in consideration for the services provided by us; and (iii)&#160;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 in accordance with U.S. GAAP. However, as there are substantial uncertainties regarding the interpretation
and application of PRC laws and regulations, 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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
such regulations change or are interpreted differently, it may result in our inability to assert contractual control over the assets
of our PRC subsidiaries or the VIEs that conduct all or substantially all of our operations. In the event we are unable to enforce the
Contractual Arrangements or we experience significant delays or other obstacles in the process of enforcing these Contractual Arrangements,
we may not be able to exert control over the VIEs and may lose control over the assets owned by the VIEs.</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"></p><div>

</div><!-- Field: Page; Sequence: 54; 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 -->47<!-- 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
owners of the VIEs may have conflicts of interest with us, which may materially and adversely affect our and the VIEs&#8217; business,
financial condition and results of operations. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
control over the VIEs is based upon the contractual arrangements with the VIEs. The beneficial owners of the VIEs and the registered
shareholders are also our controlling shareholders. Any of them may potentially have conflicts of interest with us and breach any of
their contracts or undertakings with us if it would further any of their own interests or if any of them otherwise acts in bad faith.
We cannot assure you that when conflicts of interest arise between our Company and the beneficial owners of the VIEs, any of them will
act completely in our interest or that the conflicts of interest will be resolved in our favor. In the event that such conflict of interest
cannot be resolved in our favor, we may have to rely on legal proceedings which may disrupt our and the VIEs&#8217; business operations
and subject us to uncertainties as to the outcome of such legal proceedings. As a result, our and the VIEs&#8217; business, financial
condition and results of operations may be materially and adversely affected.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may have to incur additional costs and expend substantial resources to enforce our contractual arrangements, temporarily or permanently
lose control over our primary operations or lose access to our primary sources of revenue, if the VIEs or their respective ultimate shareholders
fail to perform their obligations under our contractual arrangements.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the current contractual arrangements, if any of the VIEs or their ultimate shareholders fails to perform its or her respective obligations
under these contractual arrangements, we may incur substantial costs and resources to enforce such arrangements and relying on legal
remedies under PRC laws, including seeking specific performance or injunctive relief and claiming damages.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Since
our contractual arrangements are governed by PRC law and provide for the resolution of disputes through arbitration in China, these contracts
would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. Under PRC
laws, rulings by arbitration tribunals are final and the parties to a dispute cannot appeal the arbitration award in any court based
on the substance of the case. The prevailing party may enforce the arbitration award by instituting arbitration award recognition proceedings
with the competent PRC court. In addition, uncertainties in the PRC legal system could limit our ability to enforce these contractual
arrangements. In the event that we are unable to enforce these contractual arrangements, we may not be able to exert effective control
over the VIEs for an extended period of time or we may be permanently unable to exert control over the VIEs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition to the enforcement costs outlined above, during the course of disputes regarding such enforcement action, we may temporarily
lose effective control over our schools in China, which may lead to loss of revenue or potentially lead to our having to incur additional
costs and expend substantial resources to operate our and the VIEs&#8217; business in the absence of effective enforcement of these contractual
arrangements. If this were to occur, our and the VIEs&#8217; business, financial condition and results of operations may be materially
and adversely affected and the value of our Shareholders&#8217; investments in our Company may therefore decrease.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Certain
terms of our contractual arrangements may not be enforceable under PRC laws.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
contractual arrangements provide for the resolution of disputes through arbitration in accordance with the arbitration rules of the China
International Economic and Trade Arbitration Commission in Beijing. Our contractual arrangements contain provisions to the effect that
the arbitral body may award remedies over the shares and/or assets of the VIEs, injunctive relief and/or winding up of the VIEs. In addition,
our contractual arrangements contain provisions to the effect that courts in the Cayman Islands are empowered to grant interim remedies
in support of the arbitration pending the formation of an arbitral tribunal. Under PRC laws, an arbitral body granting any injunctive
relief or provisional or final liquidation order to preserve the assets of or any equity interest in Chinese legal entities in case of
disputes must submit the application to the court in China. Therefore, such remedies may not be available to us, notwithstanding the
relevant contractual provisions contained in our contractual arrangements. PRC laws allow an arbitral body to award the transfer of assets
of or an equity interest in China in favor of an aggrieved party. In the event of&#160;non-compliance&#160;with such award, enforcement
measures may be sought from the court. However, the court may or may not support the award of an arbitral body when deciding whether
to take enforcement measures. Under PRC laws, courts of judicial authorities in the PRC generally would not grant injunctive relief or&#160;the&#160;winding-up&#160;order
against an entity as interim remedies to preserve the assets or shares in favor of any aggrieved party. As a result, in the event that
the VIEs or any of the registered shareholders breaches any of the contractual arrangements, we may not be able to obtain sufficient
remedies in a timely manner, and our ability to exert effective control over the VIEs and conduct the education business could be materially
and adversely affected.</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"></p><div>

</div><!-- Field: Page; Sequence: 55; 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 -->48<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
exercise of the option to acquire school sponsor&#8217;s interests in Qingtian International School and Langfang School may be subject
to certain limitations and we may incur substantial costs and spend significant resources to enforce the option under the contractual
arrangements.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
may incur substantial costs on our part to exercise the option to acquire the school sponsor&#8217;s interests in Qingtian International
School and Langfang School. Pursuant to the Exclusive Call Option Agreements, if and when the PRC laws and regulations permit foreign
investors to directly hold part or all of the equity interests of the VIEs and to engage in the restricted and prohibited business, Liandu
WFOE or its designated purchaser may, at its discretion, purchase all or part of the direct and/or indirect equity interests (including
the interests in Qingtian International School) held by Lishui Mengxiang&#8217;s shareholders, or purchase all or part of the direct
and/or indirect equity interests (including the interests in Langfang School) held by Beijing P.X.&#8217;s shareholders at the minimum
price permitted by PRC laws and regulations, and the percentage of equity interests to be purchased by Liandu WFOE or its designated
purchaser shall be no less than the maximum limit permitted by the PRC laws and regulations in relation to the equity held by foreign
investors. Such equity transfer price is not expressly provided for in the current PRC laws and regulations and it is uncertain whether
it may be further regulated by future PRC laws and regulations. As a result, the estimated costs associated with the purchase of the
equity interests in the VIEs cannot be ascertained as of the date of the annual report.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Exclusive Call Option Agreement with respect to Qingtian International School, Lishui Mengxiang&#8217;s shareholders have irrevocably
undertaken that if the purchase price is determined at an amount exceeding RMB0, the difference shall be compensated fully by Lishui
Mengxiang&#8217;s shareholders to Liandu WFOE or its designated entity. In the event that Liandu WFOE or its designated party acquires
the equity interests of Lishui Mengxiang or Qingtian International School and the relevant PRC authorities determine that the purchase
price for acquiring such interests in Qingtian International School is below market value, the respective equity holder(s), Lishui Mengxiang&#8217;s
shareholders or Lishui Mengxiang, may be required to pay taxes with reference to the market value such that the amount of tax may be
substantial. However, pursuant to the Exclusive Call Option Agreement, all taxes and fees associated with the equity transfer shall be
paid by Lishui Mengxiang&#8217;s shareholders and/or the direct equity holders of the VIEs upon the transfer. We will determine the purchase
target after due consideration of the said tax duties and fees before exercising the call option. In the event that Lishui Mengxiang
is deemed as the direct interest holder, it may be subject to such tax. Furthermore, the PRC tax authorities may impose late payment
penalties on Lishui Mengxiang for the adjusted but unpaid taxes according to the applicable regulations. Our financial position could
be materially and adversely affected if Lishui Mengxiang&#8217;s tax liabilities increase or if it is required to pay late payment fees
and other penalties.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Exclusive Call Option Agreement with respect to Langfang School, Beijing P.X.&#8217;s shareholders have irrevocably undertaken
that if the purchase price is determined at an amount exceeding RMB0, the difference shall be compensated fully by Beijing P.X.&#8217;s
shareholders to Liandu WFOE or its designated entity. In the event that Liandu WFOE or its designated party acquires the equity interests
of Beijing P.X. or Langfang School and the relevant PRC authorities determine that the purchase price for acquiring such interests in
Langfang School is below market value, the respective equity holder(s), Beijing P.X.&#8217;s shareholders or Beijing P.X., may be required
to pay taxes with reference to the market value such that the amount of tax may be substantial. However, pursuant to the Exclusive Call
Option Agreement, all taxes and fees associated with the equity transfer shall be paid by Beijing P.X.&#8217;s shareholders and/or the
direct equity holders of Beijing P.X. and Langfang School upon the transfer. We will determine the purchase target after due consideration
of the said tax duties and fees before exercising the call option. In the event that Beijing P.X. is deemed as the direct interest holder,
it may be subject to such tax. Furthermore, the PRC tax authorities may impose late payment penalties on Beijing P.X. for the adjusted
but unpaid taxes according to the applicable regulations. Our financial position could be materially and adversely affected if Beijing
P.X.&#8217;s tax liabilities increase or if it is required to pay late payment fees and other penalties.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
contractual arrangements may be subject to scrutiny by the PRC tax authorities, which may impose late payment fees and other penalties
on us.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by the PRC tax authorities.
We and the VIEs could face material and adverse tax consequences if the PRC tax authorities determine that the Business Cooperation Agreement
and Exclusive Technical Service and Business Consulting Agreement entered into, among others, the VIEs and Liandu WFOE does not represent
an&#160;arm&#8217;s-length&#160;price and adjust any of those entities&#8217; income in the form of a transfer pricing adjustment. A
transfer pricing adjustment could increase our tax liabilities. In addition, PRC tax authorities may form the view that our subsidiaries
or the VIEs have improperly minimized their tax obligations and we and the VIEs may not be able to rectify any such incident within the
limited timeline required by PRC tax authorities. As a result, PRC tax authorities may impose late payment fees and other penalties on
us for under-paid taxes, which may materially and adversely affect our and the VIEs&#8217; business, financial condition and results
of operations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 56; 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 -->49<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Certain
lease agreements of our leased properties have not been registered with the relevant PRC government authorities as required by PRC law,
which may expose us to potential fines.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the applicable PRC laws, parties to a lease agreement are required to file the lease agreements for registration and obtain property
leasing filing certificates for their leases. As of the date of the annual report, we and the VIEs have entered into seven lease agreements
with third-party landlords for using the school buildings, facilities and dormitories and failed to register seven lease agreements under
which we and the VIEs are tenant. The failure to register the lease agreements will not affect the validity of such agreements. However,
we and the VIEs may be required by relevant government authorities to file the lease agreements to complete the registration formalities
and may be subject to a fine for non-registration within the prescribed time limit, which may range from RMB1,000 to RMB10,000 per lease
agreement. The imposition of the above fines could require us to make additional efforts and/or incur additional expenses, any of which
could adversely affect our and the VIEs&#8217; business, financial condition and results of operations. The registration of these lease
agreements to which we and the VIEs are a party requires additional steps to be taken by the respective other parties to the lease agreement
which are beyond our control. We and the VIEs cannot assure you that the other parties to our lease agreements will be cooperative or
that we and the VIEs can complete the registration of these lease agreements and any other lease agreements that we and the VIEs may
enter into in the future.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
rely on dividends and other payments from Liandu WFOE to pay dividends and other cash distributions to our shareholders</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
Company is a holding company and our ability to pay dividends and other cash distributions to our Shareholders, service any debt we may
incur and meet our other cash requirements depends significantly on our ability to receive dividends and other distributions from Liandu
WFOE. The amount of dividends paid to us by Liandu WFOE depends solely on the service fees paid to Liandu WFOE from the VIEs. However,
there are restrictions under PRC laws for the payment of dividends to us by Liandu WFOE. For example, relevant PRC laws and regulations
permit payments of dividends by Liandu WFOE only out of its retained earnings, if any, as determined in accordance with PRC accounting
standards and regulations. Under PRC laws and regulations, Liandu WFOE is required to set aside at least 10% of its&#160;after-tax&#160;profits
based on the PRC accounting standards each year to fund a statutory reserve, until the accumulated amount of such reserve has exceeded
50% of its registered capital. Consequently, Liandu WFOE is restricted in its ability to transfer a portion of its net assets to us or
any of our other subsidiaries in the form of dividends, loans or advances. The foregoing restrictions on the ability of Liandu WFOE to
pay dividends to us and the limitations on the ability of VIEs to pay service fees to Liandu WFOE could materially and adversely limit
our ability to borrow money outside of China or pay dividends to holders of our shares.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Qingtian
International School and Langfang School may be subject to limitations on their ability to operate private education or make payments
to related parties. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Before
the promulgation of the Decision in 2016, the principal regulations governing private education in China are the Promotion Law and the
Regulations on the Implementation of the Non-State Education Promotion Law of the PRC. Under these regulations, a private school may
elect to be a school that does not require reasonable returns or a school that requires reasonable returns. A private school that does
not require reasonable returns cannot distribute dividends to its school sponsors. A private school whose school sponsor requires reasonable
returns must consider factors such as items and criteria for the school&#8217;s fees, the ratio of the funds used for education-related
activities to the total fees collected, the school&#8217;s operational level and educational quality when determining the percentage
of the school&#8217;s net income that would be distributed as reasonable returns. However, the Promotion Law in force at the time did
not provide a formula or guidelines for determining what constitutes a &#8220;reasonable return&#8221;. PRC laws and regulations require
a private school the school sponsor of which requires reasonable returns to make an annual appropriation of 25% of its after-tax income
to its development fund prior to payments of reasonable returns, while in the case of a private school that does not require reasonable
returns, this amount is at least 25% of the annual increase in the net assets of the school, if any. Such appropriations are required
to be used for the construction or maintenance of the school or for the procurement or upgrading of educational equipment. Furthermore,
none of the current PRC laws and regulations set forth any requirements or restrictions on a private school&#8217;s ability to operate
its education business that differ based on whether such school&#8217;s sponsor requires reasonable returns.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
September&#160;1, 2017, the Decision became effective. According to the Decision, private schools can be established as non-profit or
for-profit entities, with the exception of schools providing compulsory education, which can only be established as non-profit entities.
According to the Decision, it will no longer make a distinction between schools the school sponsors of which require reasonable returns
and schools the school sponsors of which do not require reasonable returns. The sponsor of a non-profit private-run school shall not
gain proceeds from school running, and the cash surplus of the school shall be used for school running. There are uncertainties involved
in interpreting and implementing the Decision with respect to various aspects of the operations of a private school. Therefore, we cannot
assure that the detailed rules and regulations to be promulgated by local governmental authorities would not impose restrictions on the
VIEs&#8217; ability to operate private schools or to make payments to Liandu WFOE under the contractual arrangements, which may have
a material adverse impact on our and the VIEs&#8217; business operations and prospects.</span></p><div>

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

</div><!-- Field: Page; Sequence: 57; 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 -->50<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
may lose the ability to use and enjoy certain important assets, which could reduce the size of our operations, impair our ability to
generate revenue and materially affect the market price of our shares, if any of the VIEs becomes the subject of a bankruptcy or liquidation
proceeding.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs currently operate in China through the contractual arrangements. As part of these arrangements, the VIEs hold a majority
of the assets that are important to the operation of our and the VIEs&#8217; business, including operating permits and licenses and other
educational facilities related to our schools. Under the contractual arrangements, Ms.&#160;Fen Ye and Ms.&#160;Hong Ye may not unilaterally,
without our consent, decide to voluntarily liquidate the VIEs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 and
the VIEs may be unable to continue some or all of the business activities, which could materially and adversely affect our and the VIEs&#8217;
business, financial condition, results of operations and price of our shares. If any of the VIEs undergoes a voluntary or involuntary
liquidation proceeding, its shareholders or unrelated third-party creditors may claim rights to some or all of these assets, thereby
hindering our ability to operate our and the VIEs&#8217; business.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Adverse
changes in the PRC economic, political and social conditions as well as laws and government policies, may materially and adversely affect
our and the VIEs&#8217; business, financial condition, results of operations and growth prospects. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">COVID-19
pandemic had a severe and negative impact on the Chinese and the global economy in 2022. Whether this will lead to a prolonged downturn
in the economy is still unknown. Even before the outbreak of the COVID-19, the global macroeconomic environment was facing numerous challenges.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
economic, political and social conditions in the PRC differ from those in more developed countries in many respects, including structure,
government involvement, level of development, growth rate, control of foreign exchange, capital reinvestment, allocation of resources,
rate of inflation and trade balance position. Before the adoption of its reform and opening up policies in 1978, the PRC was primarily
a planned economy. In recent years, the PRC government has been reforming the PRC economic system and government structure. For example,
the PRC government has implemented economic reform and measures emphasizing the utilization of market forces in the development of the
PRC economy in the past four decades. These reforms have resulted in significant economic growth and social prospects. Economic reform
measures, however, may be adjusted, modified or applied inconsistently from industry to industry or across different regions of the country.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
cannot predict whether the resulting changes will have any adverse effect on our current or future business, financial condition or results
of operations and the VIEs&#8217;. Despite these economic reforms and measures, the PRC government continues to play a significant role
in regulating industrial development, allocation of natural and other resources, production, pricing and management of currency, and
there can be no assurance that the PRC government will continue to pursue a policy of economic reform or that the direction of reform
will continue to be market friendly.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
ability to successfully expand our and the VIEs&#8217; business operations in the PRC depends on a number of factors, including macro-economic
and other market conditions, and credit availability from lending institutions. Stricter credit or lending policies in the PRC may affect
our customers&#8217; consumer credit or consumer banking business, and may also affect our ability to obtain external financing, which
may reduce our ability to implement our expansion strategies. We cannot assure you that the PRC government will not implement any additional
measures to tighten credit or lending standards, or that, if any such measure is implemented, it will not adversely affect our future
results of operations or profitability.</span></p><div>

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

</div><!-- Field: Page; Sequence: 58; 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 -->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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Demand
for our and the VIEs&#8217; services and our business, financial condition and results of operations may be materially and adversely
affected by the following factors:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">political
                                            instability or changes in social conditions of the PRC;</span></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">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in laws, regulations, and administrative directives or the interpretation thereof;</span></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">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">measures
                                            which may be introduced to control inflation or deflation; and</span></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">&#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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in the rate or method of taxation.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">These
factors are affected by a number of variables which are beyond our control.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
inherent uncertainties in the PRC legal system could materially and adversely affect us. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 interest relating to foreign investments in China. However, since these laws and regulations are relatively
new and the PRC legal system continues to evolve rapidly, the interpretations of such laws and regulations may not always be consistent,
and enforcement of these laws and regulations involves significant uncertainties and can change quickly with little advance notice, any
of which could limit the available legal protections.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, the PRC administrative and judicial authorities have significant discretion in interpreting, implementing or enforcing statutory
rules and contractual terms, and it may be more difficult to predict the outcome of administrative and judicial proceedings and the level
of legal protection we and the VIEs may enjoy 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
in an attempt to extract payments or benefits from us. Such uncertainties may therefore increase our operating expenses and costs, and
materially and adversely affect our and the VIEs&#8217; business and results of operations.</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
particular, PRC laws and regulations regarding the private fundamental education industry have been rapidly evolving in recent years.
The relevant PRC government authorities may promulgate new laws and regulations or materialize draft laws and regulations or consultation
papers regulating the private fundamental education industry in the future which may impose limitations and restrictions on our and the
VIEs&#8217; business operation. Moreover, developments in the private fundamental education industry may lead to changes in PRC laws,
regulations and policies or in the interpretation and application of existing laws, regulations and policies that may impose limitations
and restrictions on the private fundamental education market players, including us, which could materially and adversely affect our and
the VIEs&#8217; business and operations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>You
may face difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our
management named in this annual report on Form 20-F based on foreign laws.</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
are an exempted company incorporated under the laws of the Cayman Islands. We and the VIEs conduct business in China, and our assets
are located in China. In addition, most of our senior executive officers are PRC nationals and they have lived in China for a significant
portion of time. As a result, it may be difficult or impossible for you to bring an action against us or against our management named
in this annual report on Form 20-F 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 as it may be difficult for our shareholders to effect service of process upon us or those persons
inside China. Furthermore, China does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts
with the Cayman Islands and many other countries and regions. Therefore, recognition and enforcement in China of judgments of a court
in any of these&#160;non-PRC&#160;jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult
or&#160;impossible. Even if you are successful in bringing an action of this kind, the laws of China may render you unable to enforce
a judgment against our assets or the assets of our directors and officers.</span></p><div>

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

</div><!-- Field: Page; Sequence: 59; 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 -->52<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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), a judgment&#160;obtained
in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without any&#160;re-examination&#160;of
the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided
such judgment (a)&#160;is given by a foreign court of competent jurisdiction, (b)&#160;imposes on the judgment debtor a liability to
pay a liquidated sum for which judgment has been given, (c)&#160;is final, (d)&#160;is not in respect of taxes, a fine or a penalty,
(e)&#160;was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy
of the Cayman Islands. However, there is uncertainty with regard to Cayman Islands law on whether judgments of courts of the United States
predicated upon the civil liability provisions of the securities laws of the United States or any State will be determined by the courts
of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of the Cayman Islands will not recognize
or enforce the judgment against a Cayman Islands company, such as our company. Because such a determination in relation to judgments
obtained from U.S. courts under civil liability provisions of U.S. securities laws has not yet been made by a court of the Cayman Islands,
it is uncertain whether such judgments would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings
if concurrent proceedings are being brought elsewhere.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce
foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the
country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other form
of reciprocity with the United States or the Cayman Islands that provide for the reciprocal recognition and enforcement of foreign judgments.
In addition, according to the PRC Civil Procedures Law, courts in the PRC will not ratify and enforce a foreign judgment or ruling against
us or our directors and officers if they deemed that the basic principle of the laws of the PRC or the sovereignty, security or public
interest of the State is violated. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered
by a court in the United States or the Cayman Islands.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
as a matter of law or practicality, it is generally difficult to pursue shareholder claims including securities law class actions and
fraud claims in China, which are contrarily common in the United States. For example, you may experience significant legal and practical
obstacles to obtaining necessary information for shareholder investigations or litigations outside China or with respect to foreign entities.
Although the local 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, so far no such cooperation has been established with
the United States securities regulatory authorities. In addition, Article 177 of the PRC Securities Law which became effective in March
2020 promulgated that no overseas securities regulator is allowed to conduct investigation or evidence collection activities directly
in the PRC. Therefore, without approval from the competent PRC securities regulators and relevant authorities, no organization or individual
may provide documents and materials relating to the securities activities to overseas entities. While detailed interpretation of or implementation
rules under Article 177 has yet to be promulgated, the inability for an overseas securities regulator to directly conduct investigation
or evidence collection activities within China may further increase the difficulties you face in protecting your interests.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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"></p><div>

</div><!-- Field: Page; Sequence: 60; 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 -->53<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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 initial public offering to make loans or additional capital contributions to our PRC subsidiaries or VIEs, which could materially
and adversely affect our liquidity and our ability to fund and expand our and the VIEs&#8217; business. &#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
may (i)&#160;transfer the net proceeds into Liandu WFOE to pay in their initially subscribed registered capital, and (ii)&#160;provide
loans to Liandu WFOE and the VIEs. We may also establish and/or acquire new foreign-invested enterprises in China, pay in their registered
capital and provide loans to them.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
plan to utilize part of the proceeds from our initial public offering by way of paying in the initially subscribed registered capital
of Liandu WFOE. The amount of funds in the form of capital contribution into Liandu WFOE and other PRC subsidiaries we establish in the
future is subject to the amount of their initially subscribed registered capital. Currently, the initially subscribed registered capital
of Liandu WFOE is US$1&#160;million which will be fully paid before the deadline prescribed in its articles of association. If the initially
subscribed registered capital is not sufficient to allow our intended capital injection, under the current PRC laws and regulation, we
may increase the registered capital and complete the relevant procedures which include (i)&#160;altering our registration with local
SAIC, and (ii)&#160;filing the alteration report to local counterparts of the Ministry of Commerce of the PRC, or the MOFCOM. In addition,
capital contribution to our schools must be approved by the Ministry of Civil Affairs of the PRC or the MCA or their respective local
counterparts. As of the date of the annual report, we have not increased, and plan to increase, the registered capital of Liandu WFOE
to approximately US$15&#160;million.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
also plan to provide loans to Liandu WFOE and Lishui Mengxiang. According to the current PRC laws and regulations, the maximum amount
of the loans provided to a PRC enterprise is up to 2 times (or the prevailing statutory multiples) of the borrower&#8217;s net assets
set out in its latest audited financial statement. As a result, the loans we may provide to Liandu WFOE and Lishui Mengxiang are in an
amount of up to 2 times (or the prevailing statutory multiples) of their respective net assets set out in their latest audited financial
statements. Liandu WFOE and Lishui Mengxiang are required to file the information of their cross-border financing arrangements with local
SAFE after the loan agreements are signed and before three working days prior to the fund withdrawal. In addition, for loans carrying
a term of more than one year, Liandu WFOE and Lishui Mengxiang may be required to complete the relevant filing and registration formalities
to the NDRC. Currently, the Company&#8217;s business operation is conducted through Liandu WFOE&#8217;s contractual arrangements with
the VIEs and Liandu WFOE does not engage in its own business. As such, Liandu WFOE&#8217;s current net assets are in close approximation
to its paid-up registered capital. Pursuant to the relevant PRC laws and regulations, the estimated amount of loans we will provide to
Liandu WFOE will be approximately US$30&#160;million which is 2 times of its current enlarged registered capital, assuming that Liandu
WFOE&#8217;s net assets set out in its latest audited financial statements equals to its paid-up registered capital at the time when
the loans are made.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Moreover,
we intend to establish new foreign-invested enterprises in order to facilitate our and the VIEs&#8217; business expansion and make additional
investments in the manners described above. However, we cannot assure you that our intended investments to these entities will always
succeed as we planned, or at all.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
March&#160;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. Circular 19 stipulates that the use of capital by foreign-invested enterprises
shall follow the principles of authenticity and self-use within the business scope of enterprises. According to the Notice of the State
Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment, or Circular 28, promulgated
on October&#160;23, 2019 by SAFE, restrictions on the domestic equity investment by non-investment foreign-funded enterprises with their
capital funds have been canceled. Non-investment foreign-funded enterprises are allowed to make domestic equity investment with their
capital funds in accordance with the law on the premise that the existing Negative List for foreign investment access are not violated
and the projects invested thereby in China are true and compliant. However, SAFE and competent banks may have different interpretations
of SAFE Circular 28, resulting in uncertainties in practice.</span></p><div>

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

</div><!-- Field: Page; Sequence: 61; 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 -->54<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
aforementioned existing restrictions and future restrictions may significantly limit our ability to transfer the net proceeds from our
initial public offering or any other offering of additional equity securities to Liandu WFOE or the VIEs or invest in or acquire any
other companies in the PRC.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Restrictions
on currency exchange under PRC laws may limit our ability to convert cash derived from our operating activities into foreign currencies
and may materially and adversely affect the value of your investment. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency
out of China. We and the VIEs receive our revenue in Renminbi. Under our current corporate structure, our income is primarily derived
from dividend payments from Liandu WFOE. Shortages in the availability of foreign currency may restrict the ability of Liandu WFOE to
remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations,
if any. Under existing PRC foreign exchange regulations, conversion of Renminbi is permitted, without prior approval from the SAFE, for
current account transactions, including profit distributions, interest payments and expenditures from trade-related transactions, as
long as certain procedural requirements are complied with. However, any existing and future restrictions on currency exchange in China
may limit our ability to convert cash derived from our operating activities into foreign currencies to fund expenditures denominated
in foreign currencies. If the foreign exchange restrictions in China prevent us from obtaining U.S. dollars or other foreign currencies
as required, we may not be able to pay dividends in U.S. dollars or other foreign currencies to our Shareholders.</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">To
the extent cash is generated in our PRC Subsidiaries or the VIEs, and may need to be used to fund operations outside of mainland China,
such funds may not be available due to limitations placed by the PRC government. Furthermore, to the extent assets (other than cash)
in our or the VIEs&#8217; business are located in the PRC or held by a PRC entity, the assets may not be available to fund operations
or for other use outside of the PRC due to interventions in or the imposition of restrictions and limitations on the ability of us and
our subsidiaries and the VIEs to transfer assets by the PRC government. If certain PRC laws and regulations, including existing laws
and regulations and those enacted or promulgated in the future were to become applicable to our Hong Kong Subsidiary in the future, and
to the extent cash is generated in our Hong Kong Subsidiary, and to the extent assets (other than cash) in our business are located in
Hong Kong or held by a Hong Kong entity and may need to be used to fund operations outside of Hong Kong, such funds or assets may not
be available due to interventions in or the imposition of restrictions and limitations on the ability of us and our subsidiaries and
the VIEs to transfer funds or assets by the PRC government. Furthermore, there can be no assurance that the PRC government will not intervene
or impose restrictions or limitations on our ability to transfer or distribute cash within its organization, which could result in an
inability or prohibition on making transfers or distributions to entities outside of mainland China and Hong Kong and adversely affect
its business. Saved as the foregoing limitations imposed by the PRC government as described hereto, there are currently no limitations
on our or our subsidiaries&#8217; ability to transfer cash to investors.</span></p><div>

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

</div><!-- Field: Page; Sequence: 62; 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 -->55<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we are classified as a PRC resident enterprise for PRC income tax purpose, holders of our shares may be subject to a PRC withholding
tax upon the dividends payable by us and upon gain from the sale of our shares. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the PRC Enterprise Income Tax Law and its implementing regulations, an enterprise established outside China with its &#8220;de facto
management body&#8221; within China is considered a &#8220;resident enterprise&#8221; in China and will be subject to the PRC enterprise
income tax at the rate of 25% on its worldwide income. The tax authority will normally review factors such as the routine operation of
the organizational body that effectively manages the enterprise&#8217;s production and business operations, locations of personnel holding
decision-making power, location of finance and accounting functions and properties of the enterprise. The Enterprise Income Tax Law&#8217;s
implementation regulations define the term &#8220;de facto management bodies&#8221; as &#8220;establishments that carry out substantial
and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc. of an enterprise.&#8221;
The State Administration of Taxation issued the Notice of the State Administration of Taxation on Issues about the Determination of Chinese-Controlled
Enterprises Registered Abroad as Resident Enterprises on the Basis of Their Body of Actual Management, or the SAT Circular 82, on April&#160;22,
2009. SAT 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 inside China, stating that only a company meeting all the criteria would be deemed having
its de factor management body inside China.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">One
of the criteria is that a company&#8217;s major assets, accounting books and minutes and files of its board and shareholders&#8217; meetings
are located or kept in the PRC. In addition, the SAT issued a bulletin on July&#160;27, 2011, effective on September&#160;1, 2011, providing
more guidance on the implementation of SAT Circular 82. This bulletin clarifies matters including residence status determination, post
determination administration and competent tax authorities. Although both SAT Circular 82 and the bulletin only apply to offshore enterprises
controlled by PRC enterprises and there are currently no further detailed rules or precedents applicable to us governing the procedures
and specific criteria for determining &#8220;de facto management body&#8221; for companies like ours, the determination criteria set
forth in SAT Circular 82 and the bulletin may reflect the SAT&#8217;s general position on how the &#8220;de facto management body&#8221;
test should be applied in determining the tax residency status of offshore enterprises and how the administration measures should be
implemented with respect to such enterprises, regardless of whether they are controlled by PRC enterprises or PRC individuals.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
all of our management members are based in China, it remains unclear how the tax residency rule will apply to our case. We do not believe
that our Company, or any of our offshore subsidiaries, should be qualified as a &#8220;resident enterprise&#8221; as each of our offshore
holding entities is a company incorporated outside the PRC and we are not an offshore enterprise controlled by PRC domestic enterprises.
As holding companies, each of these entities&#8217; corporate documents, minutes and files of the board and shareholders&#8217; meetings
are located and kept outside of the PRC. Therefore, we believe that none of our offshore holding entities should be treated as a &#8220;resident
enterprise&#8221; with its &#8220;de facto management bodies&#8221; located within China as defined by the relevant regulations for PRC
EIT purposes. However, as the tax resident status of an enterprise is subject to determination by the PRC tax authorities, there are
uncertainties and risks associated with this issue.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the Enterprise Income Tax Law and the Regulation on the Implementation of the Enterprise Income Tax Law, the&#160;non-resident&#160;enterprise
as the shareholder of the PRC resident enterprise will be subject to a 10% (or 20% for an individual shareholder pursuant to the Individual
Income Tax Law) withholding tax upon dividends received from the PRC resident enterprise and on gain recognized with respect to the sale
of shares of the resident enterprise. Accordingly, if we are treated as a PRC resident enterprise, our shareholders that are non-resident
enterprises, including the holders of the ADSs, may be subject to a 10% withholding tax upon dividends received from us and on gain recognized
with respect to the sale of our shares, unless such withholding tax is reduced by an applicable income tax treaty between China and the
jurisdiction of the shareholder. Any such tax may reduce the returns on your investment in our shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 63; 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 -->56<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.
</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
February&#160;3, 2015, the SAT issued the Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties
by Non-Tax Resident Enterprises, or SAT Bulletin 7. SAT Bulletin 7 extends its tax jurisdiction to transactions involving the transfer
of PRC taxable assets through offshore transfer of a foreign intermediate holding company. In addition, SAT Bulletin 7 has introduced
safe harbors for internal group restructurings and the purchase and sale of equity through a public securities market. SAT Bulletin 7
also brings challenges to both foreign transferor and transferee, or other person who is obligated to pay for the transfer, of taxable
assets. On October&#160;17, 2017, the SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding
at Source of Income Tax of Non-resident Enterprise, or SAT Bulletin 37, which came into effect on December&#160;1, 2017. The SAT Bulletin
37 further clarifies the practice and procedure of the withholding of non-resident enterprise income tax. Where a non-resident enterprise
transfers its taxable assets indirectly by disposing of the equity interests of an overseas holding company, which is an Indirect Transfer,
the non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may report such
Indirect Transfer to the relevant tax authority. Using a &#8220;substance over form&#8221; principle, the PRC tax authority may disregard
the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and
the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes which is not related
to a PRC establishment or place of business of a non-resident enterprise, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee
fails to withhold the taxes and the transferor fails to pay the taxes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs face uncertainties as to the reporting and other implications of certain future transactions where PRC taxable assets are
involved, such as offshore restructuring, sale of the shares in our offshore subsidiaries and investments. Our company may be subject
to filing obligations or taxed if our company is transferor in such transactions, and may be subject to withholding obligations if our
company is transferee in such transactions, under SAT Bulletin 7 and/or SAT Bulletin 37. For transfer of shares in our company by investors
who are non-PRC resident enterprises, our PRC subsidiaries may be requested to assist in the filing under SAT Bulletin 7 and/or SAT Bulletin
37. As a result, we and the VIEs may be required to expend valuable resources to comply with SAT Bulletin 7 and/or SAT Bulletin 37 or
to request the relevant transferors from whom we and the VIEs purchase taxable assets to comply with these circulars, or to establish
that our company should not be taxed under these circulars, which may have a material adverse effect on our financial condition and results
of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Fluctuations
in exchange rates may result in foreign currency exchange losses and may have a material adverse effect on your investment. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 China&#8217;s foreign exchange policies, among other things. In 2005, the PRC government changed its&#160;decades-old&#160;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 halted and the exchange rate between Renminbi and the U.S.
dollar remained within a narrow band. Since June 2010, Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably.
With the development of the foreign exchange market and progress towards interest rate liberalization and Renminbi internationalization,
the PRC government may in the future announce further changes to the exchange rate system and we cannot assure you that Renminbi will
not appreciate or depreciate significantly in value against the U.S. dollar in the future. It is difficult to predict how market forces
or PRC or U.S. government policy may affect the exchange rate between 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Significant
revaluation of the Renminbi may have a material and adverse effect on your investment. For example, 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 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 the 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-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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Very
limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into
any material 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-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"></p><div>

</div><!-- Field: Page; Sequence: 64; 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 -->57<!-- 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
preferential tax and other treatments contemplated by us may change or may become unavailable. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
2021 Implementation Rules state that private schools enjoy preferential taxation policies, in particular, non-profit private schools
enjoy the same preferential taxation policies with those for government-run schools. However, Qingtian International School and Langfang
School no longer enjoy the previous preferential policies on enterprise income tax since 2022, and the other preferential taxation policies
shall remain unchanged for the time being. We cannot assure you that the preferential tax and other treatments contemplated by us will
not change or that they will apply or continue to apply to Qingtian International School and Langfang School. The uncertainty in securing
such preferential tax treatments could affect our results of operations. See &#8220;Item 10. Additional Information&#8212;E. Taxation&#8212;People&#8217;s
Republic of China Taxation.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>PRC
regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial
owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries, limit our PRC
subsidiaries&#8217; ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
SAFE promulgated the Circular on the Management of Offshore Investment and Financing and Round Trip Investment By Domestic Residents
through Special Purpose Vehicles, or SAFE Circular 37, in July 2014 that requires PRC residents or entities to register with SAFE or
its local branch prior to making capital contribution in a special purpose vehicle in connection with their establishment or control
of an offshore entity established for the purpose of overseas investment or financing with such PRC residents or entities&#8217; legally
owned assets or equity interests in domestic enterprises or offshore assets or interests. On February&#160;13, 2015, SAFE issued 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 took effect on June&#160;1, 2015, pursuant to which, the power to accept SAFE registration was delegated
from local SAFE to local qualified banks where the assets or interest in the domestic entity was located. In addition, such PRC residents
or entities must update such registrations when the offshore special purpose vehicle undergoes material events relating to any change
of basic information (including change of such PRC citizens or residents, name and operation term), increases or decreases in investment
amount, transfers or exchanges of shares, or mergers or divisions. Chinese residents may undertake subsequent operations (including repatriation
of profits and dividends) upon completion of such registration change formalities.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Ms.
Fen Ye, Ms. Hong Ye and Ms. Fang Ye who are known to us as being PRC residents have completed the initial foreign exchange registrations
as required by SAFE Circular 37 and Circular 13. The formalities for updating the registration to reflect the share transfer from Ms.
Fang Ye to Ms. Fen Ye has been submitted to the qualified bank, but the amendment registration has not been completed as of the date
of this annual report. However, we cannot assure you that all existing and future shareholders or beneficial owners of ours who are PRC
residents or entities will be able to update and/or obtain any applicable registrations or approvals required by SAFE regulations. Failure
by such shareholders or beneficial owners to comply with SAFE regulations, or failure by us to amend the foreign exchange registrations
of Liandu WFOE, could subject us to fines or legal sanctions, restrict our overseas or cross-border investment activities, limit Liandu
WFOE&#8217;s ability to make distributions or pay dividends to us or affect our ownership structure, which could adversely affect our
and the VIEs&#8217; business and prospects.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
there are any failures in complying with PRC regulations with respect to the registration requirements for employee stock incentive plans,
the PRC plan participants or we may be subject to fines and other legal or administrative sanctions. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We,
the VIEs and our and the VIEs&#8217; directors, senior management and other employees who are PRC residents that have been granted options
will be subject to the Notice on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock
Incentive Plan of Overseas Publicly Listed Company, or SAFE Circular 7, issued by SAFE in February&#160;2012, according to which, employees,
directors, supervisors and other management members participating in any stock incentive plan of an overseas publicly listed company
who are PRC residents are required to register with SAFE through a domestic qualified agent, which could be a PRC subsidiary of such
overseas listed company, and complete certain other procedures. See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulation&#8212;PRC
Laws and Regulations Relating to Foreign Investment in Education&#8212;Regulations on Stock Incentive Plans.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
will try our best efforts to comply with these requirements upon the granting of the options under our 2020 Equity Incentive Plan. However,
we cannot assure you that they can successfully register with SAFE in full compliance with the rules. If the participants or we fail
to complete the SAFE registrations, the participants or we may be subject to fines and legal sanctions. It will adversely affect our
ability to pay under the share incentive plans or receive dividends or sales proceeds related thereto, or our ability to contribute additional
capital into our wholly-foreign owned enterprises in China and limit our wholly-foreign owned enterprises&#8217; ability to distribute
dividends to us. Uncertainties also exist in our ability to adopt additional share incentive plans for our directors and employees under
PRC&#160;law because of the regulatory restrictions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 65; 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 -->58<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Any
actions by the Chinese government, including any decision to intervene or influence the operations of our PRC subsidiaries or the VIE
or to exert control over any offering of securities conducted overseas and/or foreign investment in China-based issuers, may cause us
to make material changes to the operations of our PRC subsidiaries or the VIE, may limit or completely hinder our ability to offer or
continue to offer securities to investors, and may cause the value of such securities to significantly decline or be worthless. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Chinese 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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
central or local governments of China may impose new, stricter regulations or interpretations of existing regulations that would require
additional expenditures and efforts on our part to ensure that our PRC subsidiaries and the VIEs comply with such regulations or interpretations.
As such, our PRC subsidiaries and the VIEs may be subject to various government actions and regulatory interference in the provinces
in which they operate. They could be subject to regulation by various political and regulatory entities, including various local and
municipal agencies and government sub-divisions. They may incur increased costs necessary to comply with existing and newly adopted laws
and regulations or penalties for any failure to comply.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
February 17, 2023, the CSRC issued the Trial Measures, which became effective on March 31, 2023. On the same date, the CSRC circulated
the Guidance Rules and Notice. These new regulations propose to establish a new filing-based regime to regulate overseas offerings and
listings by Chinese domestic companies.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the Trial Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities,
either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures
within three working days following its submission of initial public offerings or listing application. Since the date of effectiveness
of the Trial Measures, the domestic enterprises falling within the scope of filing that have been listed overseas or met the following
circumstances are existing enterprises: before the effectiveness of the Trial Measures, the application for indirect overseas issuance
and listing has been agreed by the overseas regulators or overseas stock exchanges (such as having passed the hearing on the Hong Kong
market or registration become effective as agreed on the U.S. market, etc.), and it is not required to perform issuance and listing supervision
procedures of the overseas regulators or overseas stock exchanges (such as rehearing on the Hong Kong market, etc.), and the overseas
issuance and listing will be completed by September 30, 2023. Existing enterprises are not required to file immediately, and filing should
be made as required if they involve refinancing and other filing matters. In such cases, where an existing enterprise issues securities
in the same overseas market after its initial public offering and listing overseas, it shall file with the CSRC within three working
days of completion of issuance; where an existing enterprise issues securities in other overseas markets after its initial public offering
and listing overseas, it shall file with the CSRC within three working days of submission of application documents for initial public
offering and listing overseas.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
advised by our PRC legal counsel, Beijing DeHeng Law Offices, since we are existing enterprises and have not been involved refinancing
or other filing matters, we are not required to fulfill the filing procedures.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
the CSRC or any other PRC regulatory body subsequently implements rules that would require us to file with or obtain approvals of the
CSRC or other governmental bodies for our initial public offering in 2020, we may face adverse actions or sanctions by the CSRC or other
PRC regulatory agencies, which may include fines and penalties on our operations in China, limitations on our operating privileges in
China, delays in or restrictions on the repatriation of the proceeds from any such offering into the PRC, restrictions on or prohibition
of the payments or remittance of dividends by our subsidiaries in China, or other actions that could have a material and adverse effect
on our and the VIEs&#8217; business, reputation, financial condition, results of operations, prospects, as well as the trading price
of the ADSs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 66; 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 -->59<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Accordingly,
government actions in the future, including any decision to intervene or influence the operations of our PRC subsidiaries or the VIEs
at any time, or to exert control over an offering of securities conducted overseas and/or foreign investment in China-based issuers,
may cause us to make material changes to the operations of our PRC subsidiaries or the VIEs, may limit or completely hinder our ability
to offer or continue to offer securities to investors, and/or may cause the value of such securities to significantly decline or be worthless.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Implementation
of the Law of the PRC on Safeguarding National Security in Hong Kong involves uncertainty, and the recent policy pronouncements by the
PRC government regarding business activities of U.S.-listed PRC businesses may negatively impact Lixiang&#8217;s existing and future
operations in Hong Kong. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
June&#160;30, 2020, the Standing Committee of the NPC promulgated the Law of the PRC on Safeguarding National Security in Hong Kong.
The interpretation of the Law of the PRC on Safeguarding National Security in Hong Kong involves a degree of uncertainty. Recently, the
PRC government announced that it would step up supervision of overseas listed PRC businesses. Under the new measures, the PRC government
will enhance regulation of cross-border data flows and security, crack down on illegal activity in the securities market and punish fraudulent
securities issuance, market manipulation and insider trading. The PRC government will also check sources of funding for securities investment
and control leverage ratios. The PRC government has also opened a probe into several U.S.-listed technology companies focusing on anti-monopoly,
financial technology regulation and more recently, with the passage of the PRC Data Security Law, how companies collect, store, process
and transfer personal data. Currently these laws (other than the Law of the PRC on Safeguarding National Security in Hong Kong) are expected
to apply to China domestic businesses, rather than businesses in Hong Kong which operate under a different set of laws from China. However,
there can be no assurance that the government of Hong Kong will not enact similar laws and regulations applicable to companies operating
in Hong Kong.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs conduct business operations in the PRC although we have established a subsidiary in Hong Kong, Hong Kong Mengxiang Education
Development Group Limited, as a holding company to facilitate overseas securities offering. Although none of our or the VIEs&#8217; business
activities appears to be within the current targeted areas of concern mentioned above by the PRC government as our Hong Kong subsidiary
is a holding company with no business operations as of the date of the annual report, given the PRC government&#8217;s significant oversight
over the conduct of business operations in China and in Hong Kong, and in light of the PRC government&#8217;s recent extension of authority
not only in China but into Hong Kong, there are risks and uncertainties which we cannot foresee for the time being, and rules and regulations
in the PRC can change quickly with little or no advance notice. For example, the PRC government may pressure the government of Hong Kong
to enact similar laws and regulations to those in the PRC, which may seek to exert control over offerings conducted overseas by Hong
Kong companies. If any or all of the foregoing were to occur, and if our Hong Kong subsidiary elects to carry out substantive business
activities in the future, it could lead to a material adverse change in Lixiang&#8217;s operations and limit or hinder our ability to
offer securities to overseas investors or remain listed in the U.S., which could cause the value of our ADSs to significantly decline
or become worthless.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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 2021 Implementation Rules and their detailed implementation rules and regulations. We and the VIEs may be subject
to 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></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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. 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
a holding company, our ability to generate profits, pay dividends and other cash distributions to our shareholders under the Law on the
Promotion of Private Education, the 2021 Implementation Rules and other relevant laws and regulations are affected by many factors, including
whether our schools are characterized as for-profit or non-profit schools, the profitability of our schools, and our ability to receive
dividends and other distributions from our PRC subsidiary, Liandu WFOE, which in turn depends on the service fees paid to Liandu WFOE
from the VIEs. Liandu WFOE has respectively entered into exclusive management services and business cooperation agreements with each
of the VIEs, Ms.&#160;Fen Ye and Ms.&#160;Hong Ye, as the shareholders of the VIEs, pursuant to which Liandu WFOE has the exclusive right
to provide comprehensive technical and business support services to the VIEs. As of August 2021, our right to receive the service fees
from Lianwai School and other affiliated entities did not, to our knowledge, contravene any PRC laws and 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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 67; 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 -->60<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">However,
according to the 2021 Implementation Rules, private schools providing compulsory education shall not conduct any transaction with any
related party. As a result, the clauses or provisions of the exclusive management services and business cooperation agreements, in relation
to related party transactions between Lianwai School and Liandu WFOE, are not legally enforceable since September&#160;1, 2021. Therefore,
we executed an acknowledgment agreement on April&#160;20, 2022 to confirm all the terms of rights and obligations relating to Lianwai
School and the directors appointed by the sponsor under the contractual arrangements in relation to Lianwai School, which shall be terminated
on August&#160;31, 2021. Since September&#160;1, 2021, we have stopped transacting with Lianwai School. However, to keep Lianwai School
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 it. As of the date of the annual report, schools providing compulsory education to which we continue to provide services have not
received any further rectification requirements or penalty notices from the relevant competent authorities, and 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 and
the VIEs&#8217; business and making necessary measures and efforts to comply with the requirements under these regulations and implementations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
we and the VIEs entered into a series of contractual arrangements with respect to the operation of Qingtian International School and
Langfang School. The contractual arrangements enable us to receive substantially all of the economic benefits of the VIEs in consideration
for the services provided by us. However, 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 and the VIEs&#8217;
business expansion and may further adversely affect our and the VIEs&#8217; business operations and results of operations. See &#8220;&#8212;Risks
Related to Our Corporate Structure&#8212;Our and the VIEs&#8217; private education service business is subject to extensive regulation
in China. We and the VIEs may be subject to severe penalties if the PRC government finds that the agreements that establish the structure
for operating our and the VIEs&#8217; business in China do not comply with applicable PRC laws and regulations.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
subsidiaries and affiliated entities in China are subject to restrictions on making dividends and other payments to us. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
are a holding company and rely principally 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 and the VIEs may incur and paying
our operating expenses. The income for our PRC subsidiaries, especially Liandu WFOE, 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 and all revenue must be used for the operation of the schools. According to 2021 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 specific Implementation
Rules of the Law on the Promotion of Private Education being promulgated by the State Council and other relevant regulations promulgated
by other local and regional governments, at the end of each fiscal year, each of our schools that are 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 schools that require reasonable returns must allocate no less than 25.0% of their annual net
income, and our schools that do not require reasonable returns must allocate no less than 25.0% of their annual increase in the net assets
of the school for such purposes. However, the relevant authorities have yet to promulgate any detailed implementation rules and regulations
under the 2021 Implementation Rules. We remain uncertain as to the timing and substance of the rules under the Law on the Promotion of
Private Education and the 2021 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 and the VIEs&#8217; business,
financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 68; 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 -->61<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
to comply with governmental regulations and other legal obligations concerning data protection and cybersecurity may materially and adversely
affect our and the VIEs&#8217; business, as we and the VIEs routinely collect, store and use data during the conduct of the business.
</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs routinely collect, store and use data during our operations. We and the VIEs 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
PRC Cybersecurity Law which promulgated in November&#160;7, 2016 and became effective in June&#160;1, 2017 provides that personal information
and important data collected and generated by operators of critical information infrastructure in the course of their operations in the
PRC should be stored in the PRC, and the law imposes heightened regulation and additional security obligations on operators of critical
information infrastructure.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
June&#160;10, 2021, the Standing Committee of the National People&#8217;s Congress of China promulgated the Data Security Law which took
effect in September&#160;1, 2021. The Data Security Law provides for data security and privacy obligations of entities and individuals
carrying out data activities, prohibits entities and individuals in China from providing any foreign judicial or law enforcement authority
with any data stored in China without approval from competent PRC authority, and sets forth the legal liabilities of entities and individuals
found to be in violation of their data protection obligations, including rectification order, warning, fines of up to RMB10&#160;million,
suspension of relevant business, and revocation of business permits or licenses.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
August&#160;20, 2021, the Standing Committee of the National People&#8217;s Congress adopted the Personal Information Protection Law,
which came into force as of November&#160;1, 2021. The Personal Information Protection Law includes the basic rules for personal information
processing, the rules for cross-border provision of personal information, the rights of individuals in personal information processing
activities, the obligations of personal information processors, and the legal responsibilities for illegal collection, processing, and
use of personal information.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
December&#160;28, 2021, thirteen PRC governmental and regulatory agencies, including the CAC published the Measures for Cyber Security
Review which further restates and expands the applicable scope of the cybersecurity review. Pursuant to the Measures for Cyber Security
Review, network platform operators grasping the personal information of more than 1&#160;million users must apply with the Cybersecurity
Review Office of CAC for a cybersecurity review in order to pursue a foreign listing, and operators of critical information infrastructure
purchasing network products and services and online platform operators engaging in data processing activities which affect or may affect
national security of the PRC are also obligated to apply for a cybersecurity review. Although the Measures for Cyber Security Review
provides no further explanation on the extent of &#8220;network platform operator&#8221;, &#8220;affect or may affect national security&#8221;
or &#8220;foreign&#8221; listing, as advised by our PRC legal counsel, Beijing DeHeng Law Offices, as of the date of this annual report,
we do not need to apply for a cybersecurity review pursuant to the above regulation to maintain the listing status of our ADSs on the
Nasdaq, given that (i)&#160;we are not in possession of personal information of over one million users and it is also very unlikely that
it will reach such threshold in the near future; and (ii)&#160;as of the date of the annual report, we have not received any notice or
determination from applicable PRC governmental authorities identifying us as a critical information infrastructure operator or an online
platform operator engaging in relevant data processing activities which affect or may affect national security of the PRC. However, we
cannot guarantee that we will not be subject to cybersecurity review in the future. During such review, we and the VIEs may be required
to suspend our operation experience other disruptions to our operations. Cybersecurity review could also result in negative publicity
with respect to our company and diversion of our managerial and financial resources.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs currently have less than 100 subscribers on our digital platform such as WeChat public account. We and the VIEs have no
registered users on our website. We and the VIEs only require and obtain user information after users register with us. Although we believe
we and the VIEs currently are not required to obtain clearance from the CAC for our offering under the Measures for Cyber Security Review
or the Opinions on Strictly Cracking Down on Illegal Securities Activities, we and the VIEs face uncertainties as to the interpretation
or implementation of such regulations or rules, and if required, whether such clearance can be timely obtained, or at all.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 69; 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 -->62<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
opinions recently issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the
State Council may subject us to additional compliance requirement in the future. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the
&#8220;Opinions on Severely Cracking Down on Illegal Securities Activities According to Law,&#8221; or the &#8220;Opinions,&#8221; which
were made available to the public on July&#160;6, 2021. The Opinions emphasized the need to strengthen the administration over illegal
securities activities and the supervision on overseas listings by China-based companies. These Opinions proposed to take effective measures,
such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed
companies and the demand for cybersecurity and data privacy protection. The aforementioned policies and any related implementation rules
to be enacted may subject us to additional compliance requirement in the future. As the Opinions were recently issued, official guidance
to act upon, and interpretation of the Opinions, remain unclear in several respects at this time. Therefore, we cannot assure you that
we and the VIEs will remain fully compliant with all new regulatory requirements of the Opinions or any future implementation rules on
a timely basis, or at all.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
trading price of our ADSs may be volatile, which could result in substantial losses to you. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
trading prices of our ADSs has ranged from US$1.82 to US$9.95 in 2022. The trading prices of our ADSs are likely to be volatile and could
fluctuate widely due to factors beyond our control. This may happen due to broad market and industry factors, such as performance and
fluctuation in the market prices or under performance or deteriorating financial results of other listed companies based in China. The
securities of some of these companies have experienced significant volatility since their initial public offerings, including, in some
cases, substantial price declines in the trading prices of their securities. The trading performances of other Chinese companies&#8217;
securities may affect the attitudes of investors towards China-based and U.S.-listed companies, which consequently may affect the trading
performance of our 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 matters of other Chinese companies may also negatively
affect the attitudes of investors towards Chinese companies in general, including us, regardless of whether we and the VIEs have conducted
any inappropriate activities. Furthermore, securities markets may from time to time experience significant price and volume fluctuations
that are not related to our operating performance, which may have a material and adverse effect on the trading price of our ADSs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition to the above factors, the price and trading volume of our ADSs may be highly volatile due to multiple factors, including the
following:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; 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 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">variations in our revenue,
    profit, and cash flow;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in the economic
    performance or market valuations of other education service providers;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated fluctuations
    in our quarterly results of operations 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 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in financial estimates
    by securities research analysts;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">detrimental negative publicity
    about us, our services, our officers, directors, Controlling Shareholder, or our industry;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements by us or
    our competitors of new service offerings, acquisitions, strategic relationships, joint ventures, capital raisings or capital commitments;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions to or departures
    of our senior management;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential litigation or
    regulatory proceedings involving us, our officers, directors, or controlling shareholder;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; 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; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">negative publicity on our
    direct and indirect shareholders;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">release or expiry of&#160;lock-up&#160;or
    other transfer restrictions on our outstanding shares or our ADSs; and</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales or perceived potential
    sales of additional ordinary shares or ADSs.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Any
of these factors may result in large and sudden changes in the volume and price at which our ADSs will trade.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 70; 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 -->63<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
the past, shareholders of public companies have often brought securities class action suits against those companies following periods
of instability in the market price of their securities. If we and the VIEs were involved in a class action suit, it could divert a significant
amount of our management&#8217;s attention and other resources from our and the VIEs&#8217; business and operations and require us to
incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not
successful, 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 and the VIEs may be required to pay significant damages, which could have a material adverse effect on our financial
condition and results of operations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
securities or industry analysts do not publish or publish inaccurate or unfavorable research about our and the VIEs&#8217; business,
or if they adversely change their recommendations regarding our ADSs, the market price for our ADSs and trading volume could decline.
</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
trading market for our ADSs will depend in part on the research and reports that securities or industry analysts publish about us or
our and the VIEs&#8217; business. If research analysts do not establish and maintain adequate research coverage or if one or more of
the analysts who covers us downgrades our ADSs or publishes inaccurate or unfavorable research about our and the VIEs&#8217; business,
the market price for our ADSs would likely decline. If one or more of these analysts cease coverage of our company or fail to publish
reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume
for our ADSs to decline.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
sale or availability for sale of substantial amounts of our ADSs in the public market could adversely affect their market price. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Sales
of substantial amounts of our ADSs in the public market, or the perception that these sales could occur, could adversely affect the market
price of our ADSs and could materially impair our ability to raise capital through equity offerings in the future. We cannot predict
what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of
these securities for future sale will have on the market price of our ADSs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Because
the amount, timing, and whether or not we distribute dividends at all is entirely at the discretion of our board of directors, you must
rely on price appreciation of our ADSs for return on your investment. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Although
we currently intend to distribute dividends in the future, the amount, timing, and whether or not we actually distribute dividends at
all is entirely at the discretion of our board of directors. Our board of directors has complete discretion as to whether to distribute
dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended
by our board of directors. In either case, all dividends are subject to certain restrictions under the Cayman Islands law, namely that
our company may only pay dividends out of profits or share premium account, and provided always that in no circumstances may a dividend
be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. 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 our ADSs will likely depend entirely upon any future price appreciation
of our ADSs. We cannot assure you that our 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 our ADSs and you may even lose your entire investment in our ADSs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 71; 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 -->64<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
voting rights of holders of our ADSs are limited by the terms of the deposit agreement, and you may not be able to exercise your right
to direct how the ordinary shares represented by your ADSs are voted. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Holders
of our ADSs do not have the same rights as our registered shareholders. As a holder of ADSs, you will not have any direct right to attend
general meetings of our shareholders or to cast any votes at such meetings. You will only be able to exercise the voting rights that
are carried by the underlying ordinary shares represented by your ADSs indirectly by giving voting instructions to the depositary in
accordance with the provisions of the deposit agreement. If we instruct the depositary to ask for your instructions, then upon timely
receipt of your voting instructions, the depositary will try, as far as practicable, to vote the underlying ordinary shares represented
by your ADSs in accordance with your instructions. If we do not instruct the depositary to ask for your instructions, the depositary
may still vote in accordance with instructions you give, but it is not required to do so. You will not be able to directly exercise your
right to vote with respect to the underlying ordinary shares represented by your ADSs unless you withdraw the shares and become the registered
holder of such shares prior to the record date for the general meeting. Under our memorandum and articles of association, the minimum
notice period required to be given by our company to our registered shareholders for convening a general meeting is 10 calendar days.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">When
a general meeting is convened, you may not receive sufficient advance notice of the meeting to withdraw the ordinary shares underlying
your ADSs and become the registered holder of such shares to allow you to vote directly with respect to any specific matter or resolution
to be considered and voted upon at the general meeting. In addition, under our memorandum and articles of association, for the purposes
of determining those shareholders who are entitled to attend and vote at any general meeting, our directors may close our register of
members and fix in advance a record date for such meeting, and such closure of our register of members or the setting of such a record
date may prevent you from withdrawing the ordinary shares underlying your ADSs and becoming the registered holder of such shares prior
to the record date, so that you would not be able to attend the general meeting or to vote directly. 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 have agreed to give the
depositary at least thirty (30)&#160;days&#8217; prior notice of shareholder meetings. Nevertheless, we cannot assure you that you will
receive the voting materials in time to ensure that you can instruct the depositary to vote the underlying ordinary shares represented
by your ADSs. 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 direct how the ordinary
shares underlying your ADSs are voted and you may have no legal remedy if the ordinary shares underlying your ADSs are not voted as you
requested.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
depositary shall deem you to have instructed the depositary to give us a discretionary proxy to vote the ordinary shares underlying your
ADSs if you do not give timely voting instructions to the depositary to direct how the ordinary shares underlying your ADSs are voted,
except in limited circumstances, which could adversely affect your interests. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the deposit agreement for the ADSs, if you do not give timely voting instructions to the depositary to direct how the ordinary shares
underlying your ADSs are voted, the depositary shall deem you to have instructed the depositary to give us a discretionary proxy to vote
the ordinary shares underlying your ADSs at shareholders&#8217; meetings unless:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we have informed the depositary
    that there is substantial opposition as to a matter to be voted on at the meeting;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a matter to be voted on
    at the meeting would have a material adverse impact on shareholders; or</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the voting at the meeting
    is to be made on a show of hands.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
effect of this discretionary proxy is that if you do not give timely voting instructions to the depositary to direct how the ordinary
shares underlying your ADSs are voted, you cannot prevent the ordinary shares underlying your ADSs from being voted, except under 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Your
right to participate in any future rights offerings may be limited, which may cause dilution to your holdings. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
may from time to time distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make rights
available to you in the United States unless we register both the rights and the securities to which the rights relate under the Securities
Act or an exemption from the registration requirement is available. Under the deposit agreement, the depositary will not make rights
available to you unless both the rights and the underlying securities to be distributed to ADS holders are either registered under the
Securities Act or exempt from the registration requirement under the Securities Act. We are under no obligation to file a registration
statement with respect to any such rights or securities or to endeavor to cause such a registration statement to be declared effective
and we may not be able to establish a necessary exemption from registration under the Securities Act. Accordingly, you may be unable
to participate in our rights offerings in the future and may experience dilution in your holdings.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 72; 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 -->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>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Techniques
employed by short sellers may drive down the market price of the ADSs. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Short
selling is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention
of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Public
companies that have substantially all 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. As a result, many of these companies are now conducting internal and external investigations into the allegations and, in the
interim, are subject to shareholder lawsuits and/or SEC enforcement actions.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">It
is not clear what effect such negative publicity could have on us. If we were to become the subject of any unfavorable allegations, whether
such allegations are proven to be true or untrue, we could have to expend a significant amount of resources 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 against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial
confidentiality. Such a situation could be costly and time-consuming, and could distract our management from growing our and the VIEs&#8217;
business. Even if such allegations are ultimately proven to be groundless, allegations against us could severely impact our and the VIEs&#8217;
business operations, and any investment in the ADSs could be greatly reduced or even rendered worthless.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>You
may not receive cash dividends if the depositary decides it is impractical to make them available to you. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
depositary will pay cash distributions on the ADSs only to the extent that we decide to distribute dividends on our ordinary shares or
other deposited securities. To the extent that there is a distribution, the depositary has agreed to pay you the cash dividends or other
distributions it or the custodian receives on our ordinary shares or other deposited securities after deducting its fees and expenses.
You will receive these distributions in proportion to the number of ordinary shares your ADSs represent. However, the depositary may,
at its discretion, decide that it is inequitable or impractical to make a distribution available to any holders of ADSs. For example,
the depositary may determine that it is not practicable to distribute certain property through the mail, or that the value of certain
distributions may be less than the cost of mailing them. In these cases, the depositary may decide not to distribute such property to
you.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
and the depository are entitled to amend the deposit agreement and to change the rights of ADS holders under the terms of such agreement,
and we may terminate the deposit agreement, without the prior consent of the ADS holders. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the depository are entitled to amend the deposit agreement and to change the rights of the ADS holders under the terms of such agreement,
without the prior consent of the ADS holders. We and the depositary may agree to amend the deposit agreement in any way we decide is
necessary or advantageous to us. Amendments may reflect, among other things, operational changes in the ADS program, legal developments
affecting ADSs or changes in the terms of our business relationship with the depositary. In the event that the terms of an amendment
are disadvantageous to ADS holders, ADS holders will only receive days&#8217; advance notice of the amendment, and no prior consent of
the ADS holders is required under the deposit agreement. Furthermore, we may decide to terminate the ADS facility at any time for any
reason. For example, terminations may occur when we decide to list our shares on a&#160;non-U.S.&#160;securities exchange and determine
not to continue to sponsor an ADS facility or when we become the subject of a takeover or a going-private transaction. If the ADS facility
will terminate, ADS holders will receive at least thirty (30)&#160;days&#8217; prior notice, but no prior consent is required from them.
Under the circumstances that we decide to make an amendment to the deposit agreement that is disadvantageous to ADS holders or terminate
the deposit agreement, the ADS holders may choose to sell their ADSs or surrender their ADSs and become direct holders of the underlying
shares, but will have no right to any compensation whatsoever.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 73; 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 -->66<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>ADS
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
outcomes to the plaintiff(s) in any such action. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
deposit agreement governing the ADSs representing our ordinary shares provides that, to the fullest extent permitted by applicable law,
holders and beneficial owners of ADSs irrevocably waive the right to a jury trial of any claim that they may have against us or the depositary
arising from or relating to our ordinary shares, our ADSs or the deposit agreement, including any claim under the U.S. federal securities
laws. The waiver continues to apply to claims that arise during the period when a holder holds the ADSs, even if the ADS holder subsequently
withdraws the underlying ordinary shares. However, you will not be deemed, by agreeing to the terms of the deposit agreement, to have
waived our or the depositary&#8217;s compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder.
In fact, you cannot waive our or the depositary&#8217;s compliance with U.S. federal securities laws and the rules and regulations promulgated
thereunder.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
we or the depositary opposed a demand for jury trial relying on above-mentioned jury trial waiver, it is up to the court to determine
whether such waiver was enforceable considering the facts and circumstances of that case in accordance with the applicable state and
federal law.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
this jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit
agreement with a jury trial.&#160;To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not
been finally adjudicated by a federal court or by the United States Supreme Court. Nonetheless, we believe that a jury trial waiver provision
is generally enforceable under the laws of the State of New&#160;York, which govern the deposit agreement, by a federal or state court
in the City of New York. In determining whether to enforce a jury trial waiver provision, New York courts will consider whether the visibility
of the jury trial waiver provision within the agreement is sufficiently prominent such that a party has knowingly waived any right to
trial by jury. We believe that this is the case with respect to the deposit agreement and the ADSs. In addition, New York courts will
not enforce a jury trial waiver provision in order to bar a viable setoff or counterclaim sounding in fraud or one which is based upon
a creditor&#8217;s negligence in failing to liquidate collateral upon a guarantor&#8217;s demand, or in the case of an intentional tort
claim, none of which we believe are applicable in the case of the deposit agreement or the ADSs. If you or any other holders or beneficial
owners of ADSs bring a claim against us or the depositary relating to the matters arising under the deposit agreement or our ADSs, including
claims under federal securities laws, you or such other holder or beneficial owner may not have the right to a jury trial regarding such
claims, which may limit and discourage lawsuits against us or the depositary. If a lawsuit is brought against us or the depositary according
to the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according
to different civil procedures and may have different outcomes compared to that of a jury trial, including results that could be less
favorable to the plaintiff(s) in any such action.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Moreover,
as the jury trial waiver relates to claims arising out of or relating to the ADSs or the deposit agreement, we believe that, as a matter
of construction of the clause, the waiver would likely continue to apply to ADS holders who withdraw the ordinary shares from the ADS
facility with respect to claims arising before the cancelation of the ADSs and the withdrawal of the ordinary shares, and the waiver
would most likely not apply to ADS holders who subsequently withdraw the ordinary shares represented by ADSs from the ADS facility with
respect to claims arising after the withdrawal. However, to our knowledge, there has been no case law on the applicability of the jury
trial waiver to ADS holders who withdraw the ordinary shares represented by the ADSs from the ADS facility.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>ADS
holders have limited choice of forum, which could limit your ability to obtain a favorable judicial forum for complaints against us,
the depositary or our or the depositary&#8217;s respective directors, officers or employees. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
deposit agreement governing our ADSs provides that, (i)&#160;the deposit agreement and the ADSs will be interpreted in accordance with
the laws of the State of New York, and (ii)&#160;as an owner of ADSs, you irrevocably agree that any legal action arising out of the
deposit agreement and the ADSs involving us or the depositary may only be instituted in a state or federal court in the city of New York.
Any person or entity purchasing or otherwise acquiring any our ADSs, whether by transfer, sale, operation of law or otherwise, shall
be deemed to have notice of and have irrevocably agreed and consented to these provisions. This choice of forum provision may increase
your cost and limit your ability to bring a claim in a judicial forum that you find favorable for disputes with us, the depositary or
our and the depositary&#8217;s respective directors, officers or employees, which may discourage such lawsuits against us, the depositary
and our and the depositary&#8217;s respective directors, officers or employees.&#160;However, it is possible that a court could find
such choice of forum provisions to be inapplicable or unenforceable. The enforceability of similar choice of forum provisions has been
challenged in legal proceedings. It is possible that a court could find this type of provisions to be inapplicable or unenforceable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 74; 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 -->67<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">To
the extent that any such claims may be based upon federal law claims, Section&#160;27 of the Exchange Act creates exclusive federal jurisdiction
over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. Furthermore,
Section&#160;22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce
any duty or liability created by the Securities Act or the rules and regulations thereunder.&#160;Accordingly, actions by our ADS holders
to enforce any duty or liability created by the Exchange Act, the Securities Act or the respective rules and regulations thereunder must
also be brought in federal court. Our ADS holders will not be deemed to have waived our compliance with the federal securities laws and
the regulations promulgated thereunder.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>You
may be subject to limitations on transfer of your ADSs. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 it expedient in connection with the performance of 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 rights offering, during which time 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 our 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>You
may experience difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited
as we are incorporated under the Cayman Islands law. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
an exempted company incorporated under the laws of the Cayman Islands, our corporate affairs are governed by our memorandum and articles
of association, together with the Companies Act (As Revised) of the Cayman Islands and the common law of the Cayman Islands. The rights
of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary duties of our directors
to us under the Cayman Islands law are largely governed by the common law of the Cayman Islands. The common law of the Cayman Islands
is derived partly from the comparatively limited judicial precedent in the Cayman Islands and also the common law of England and Wales,
whose precedents are only of persuasive but not binding authority on a court in the Cayman Islands. The rights of our shareholders and
the fiduciary duties of our directors under the Cayman Islands law are not as clearly established as they would be under statutes or
judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities
laws compared to that of 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. Moreover, a company incorporated in the Cayman Islands may not have standing to initiate
a shareholder derivative action in a federal court of the United States. In addition, controlling shareholders owe a fiduciary duty to
the companies they control and the minority shareholders under Delaware laws, while our Controlling Shareholder do not owe any such fiduciary
duties to our company or to our minority shareholders under the Cayman Island laws. As a result, our Controlling Shareholder may exercise
their powers, including the voting rights in respect of their shares, as shareholders in a manner as they think fit.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Shareholders
of Cayman Islands companies like us have no general rights under the Cayman Islands law to inspect corporate records, other than the
memorandum and articles of association and any special resolutions passed by such companies, and the registers of mortgages and charges
of such companies. Our directors have discretion under our memorandum and 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Certain
corporate governance practices in our home country, the Cayman Islands are significantly different from the requirements for companies
incorporated in other jurisdictions such as the United States. Currently, we will rely on home country practice with respect to our corporate
governance subject to the applicable Nasdaq listing standards and the U.S. securities law, our shareholders may be afforded less protection
than they otherwise would under rules and regulations applicable to the domestic issuers in the United States.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 75; 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 -->68<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
light of the above, public shareholders may experience more difficulties in protecting their interests in the face of actions taken by
our management, members of our board of directors, or our Controlling Shareholder than they would as public shareholders of a company
incorporated in the United States. For a discussion of the significant differences between the provisions applicable to companies incorporated
in the Cayman Islands and their shareholders, and the Companies and the relevant provision in laws of the United States, see also &#8220;Item
10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Differences in Corporate Law.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
memorandum and articles of association provides that the courts of the Cayman Islands will be the sole and exclusive forum for a claim
arising under the internal affairs doctrine, and that the U.S. federal district courts will be the exclusive forum within the United
States of America for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended,
which could limit investors&#8217; ability to obtain a favorable judicial forum for disputes with us. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have adopted a forum selection provision under our memorandum and articles of association that provides that, unless we consent in writing
to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum within
the United States of America for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933,
as amended. This forum selection clause does not apply to claims under the Securities Exchange Act of 1934, which are subject to the
exclusive jurisdiction of U.S. federal district courts, and it does not require investors to waive the requirements of the U.S. federal
securities laws.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, the forum selection provision in our memorandum and articles of association provides that the courts of the Cayman Islands
shall be the sole and exclusive forum for (i)&#160;any derivative action or proceeding brought on behalf of the Company, (ii)&#160;any
action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company
or its members, (iii)&#160;any action asserting a claim arising pursuant to any provision of the Companies Act (As Revised) of the Cayman
Islands or the memorandum and articles of association including but not limited to any purchase or acquisition of Shares, security or
guarantee provided in consideration thereof, or (iv)&#160;any action asserting a claim against the Company which if brought in the United
States of America would be a claim arising under the internal affairs doctrine (as such concept is recognized under the laws of the United
States of America from time to time).</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">This
forum selection provision may limit a shareholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or our directors, officers or other employees, which may discourage such lawsuits. Our forum selection provision seeks to reduce
litigation costs and increase outcome predictability. While forum selection provisions in corporate charters and by-laws are becoming
more commonplace for public companies in the United States and have been upheld by courts in certain states, it is possible that in connection
with any action a court could find the forum selection provision contained in our memorandum and articles of association to be inapplicable
or unenforceable in such action. If a court were to find our forum selection by-law inapplicable to, or unenforceable in respect of,
one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in
other jurisdictions and we may not obtain the benefits of limiting jurisdiction to the courts selected. If a court were to find the forum
selection provision to be inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings,
the Company may incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our
and the VIEs&#8217; business, financial condition and results of operations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 76; 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 -->69<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
memorandum and articles of association contain anti-takeover provisions that could discourage a third party from acquiring us, which
could limit our shareholders&#8217; opportunity to sell their ordinary shares, including ordinary shares represented by the ADSs, at
a premium. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
memorandum and articles of association contain provisions to limit the ability of others to acquire control of our company or cause us
to engage in&#160;change-of-control&#160;transactions. These provisions could have the effect of depriving our shareholders of an 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, without further action by our shareholders,
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 ordinary
shares, in the form of ADSs or otherwise. Preferred shares could be issued quickly with terms calculated to delay or prevent a change
in control of our company or make removal of management more difficult. If our board of directors decides to issue preferred shares,
the price of our ADSs may fall and the voting and other rights of the holders of our ordinary shares and our ADSs may be materially and
adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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 U.S. domestic public companies. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Because
we qualify as 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:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the rules under the Exchange
    Act requiring the filing with the SEC of quarterly reports on Form&#160;10-Q&#160;or current reports on Form&#160;8-K;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the selective disclosure
    rules by issuers of material nonpublic information under Regulation FD.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
will be required to file an annual report on Form&#160;20-F&#160;within four months of the end of each fiscal year. In addition, we intend
to publish our results on a half-year basis as press releases, distributed pursuant to the rules and regulations of the Nasdaq Global
Market. Press releases relating to financial results and material events will also be furnished to the SEC on Form&#160;6-K.&#160;However,
the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to
be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be
made available to you were you investing in a U.S. domestic issuer.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
are a &#8220;controlled company&#8221; within the meaning of the Nasdaq Stock Market Rules and as a result, we are entitled to, and do,
rely on the exemption from certain corporate governance requirement that provide protection to shareholders of other companies. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the Nasdaq Stock Market Rules, 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 &#8220;controlled company&#8221; and is permitted to phase in its compliance with the corporate governance
requirements. Following our initial public offering, Ms.&#160;Fen Ye, our chairlady and director and Mr.&#160;Wei, our director and the
spouse of Ms.&#160;Fen Ye, together beneficially own 45,000,000 ordinary shares issued, representing more than 50% of our aggregate voting
power and have the power to appoint a majority of the board of directors. As a result, we will be a &#8220;controlled company&#8221;
under the Nasdaq Stock Market Rules and entitled to elect not to comply with certain corporate governance requirements of the Nasdaq
Global Market, including the requirement that a majority of our directors to be independent. A majority of the members of our board of
directors will not be independent directors as we choose to rely on the &#8220;controlled companies&#8221; exemption and do not intend
to meet that requirement voluntarily.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 77; 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 -->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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Ms.
Fen Ye and Mr.&#160;Wei will have the power to control the Company in all material aspects, in consideration of the following:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our memorandum and articles
    of association authorizes the board of directors to issue additional ordinary shares from time to time as the board of directors
    shall determine, to the extent of available authorized but unissued shares. Our memorandum and articles also authorizes the board
    of directors, subject to certain conditions, to establish from time to time one or more series of preferred shares and to determine,
    with respect to any series of preferred shares, the terms and rights of that series. The board of directors may issue preferred shares
    without action by our shareholders to the extent authorized but unissued;</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our memorandum and articles
    of association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable;
    and</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the board of directors
    has all the powers necessary for managing, and for directing and supervising, our and the VIEs&#8217; business affairs, including
    among others (i)&#160;declaring dividends and distributions; (ii)&#160;exercising our borrowing powers and our mortgaging the property;
    and (iii)&#160;approving the transfer of shares in the Company, including the registration of such shares in our register of members.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;C. Board Practices&#8212;Duties of Directors&#8221; and &#8220;Item 10.
Additional Information&#8212;B. Memorandum and Articles of Association.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Accordingly,
during the period we remain a controlled company relying on the exemption and during any transition period following a time when we are
no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all
of the corporate governance requirements.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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 the Nasdaq Global Market listing standards; these practices may afford less protection to shareholders
than they would enjoy if we complied fully with the Nasdaq Global Market listing standards. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
a Cayman Islands company listed on the Nasdaq Global Market, we are subject to the Nasdaq Global Market listing standards. However, the
Nasdaq Global Market 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 the Nasdaq Global
Market listing standards. We have relied on and intend to continue to rely on some of these exemptions. For instance, upon our listing
in October 2020, we will not:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have a majority of the
    board be independent (although all of the members of the audit committee must be independent under the Exchange Act within one year
    of the initial public offering);</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have a compensation committee
    or a nominating and corporate governance committee consisting entirely of independent directors; or</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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: top">
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have regularly scheduled
    executive sessions with only independent directors each year.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
a result, you may not be provided with the benefits of certain corporate governance requirements of the Nasdaq Global Market.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>There
can be no assurance that we will not be a passive foreign investment company, or PFIC, for United States federal income tax purposes
for any taxable year, which could subject United States investors in the ADSs or ordinary shares to significant adverse United States
federal income tax consequences. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
will be classified as a passive foreign investment company, or PFIC, for any taxable year if either (i) 75% or more of our gross income
for such year consists of certain types of &#8220;passive&#8221; income, or (ii) 50% or more of the value of our assets (determined on
the basis of a quarterly average) during such year produce or are held for the production of passive income, or the asset test. Although
the law in this regard is not entirely clear, we treat the consolidated VIEs as being owned by us for U.S. federal income tax purposes
because we control their management decisions and are entitled to substantially all of the economic benefits associated with them. As
a result, we consolidate their results of operations in our consolidated U.S. GAAP financial statements. If it were determined, however,
that we are not the owner of the consolidated VIEs for U.S. federal income tax purposes, we may be treated as a PFIC for the current
taxable year and any subsequent taxable year.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Assuming
that we are the owner of the consolidated VIEs for U.S. federal income tax purposes, and based upon our current and expected income and
assets, including goodwill, we do not presently expect to be classified as a PFIC for the current taxable year and/or the foreseeable
future.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 78; 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">While
we do not expect to be a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market
price of our ADSs, fluctuations in the market price of our ADSs may cause us to become a PFIC for the current or subsequent taxable years.
The determination of whether we will be or become a PFIC will also depend, in part, on the composition and classification of our income.
Because there are uncertainties in the application of the relevant rules, it is possible that the IRS may challenge our classification
of certain income and assets as&#160;non-passive&#160;which may result in our being or becoming a PFIC in the current or subsequent years.
In addition, the composition of our income and assets will also be affected by how, and how quickly, we use our liquid assets and the
cash in our initial public offering. If we determine not to deploy significant amounts of cash for active purposes, our risk of being
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, there can be no assurance that we will not be a PFIC for the current
taxable year or any future taxable year.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
we are 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 Taxation&#8221;) may incur significantly increased United States income tax on gain recognized on the sale or other
disposition of our ADSs or ordinary shares and on the receipt of distributions on our 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 holder
may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. Holder holds our ADSs
or our ordinary shares, we will generally continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds
our ADSs or our ordinary shares. For more information, see &#8220;Item 10. Additional Information&#8212;E. Taxation&#8212;United States
Federal Income Taxation&#8212;Passive Foreign Investment Company Rules.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
are an &#8220;emerging growth company&#8221;, as defined in the JOBS Act, and we may take advantage of certain exemptions from requirements
applicable to other public companies that are not emerging growth companies including, most significantly, not being required to comply
with the auditor attestation requirements of Section&#160;404 of the Sarbanes-Oxley Act for so long as we remain an emerging growth company.
As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information
they may deem important.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
JOBS Act also provides that for so long as a registrant qualifies as an emerging growth company it does not need to comply with any new
or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised
accounting standards. Pursuant to the JOBS Act, we have elected to take advantage of the benefits of this extended transition period
for complying with new or revised accounting standards as required when they are adopted for public companies. As a result, our operating
results and financial statements may not be comparable to the operating results and financial statements of other companies who have
adopted the new or revised accounting standards.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
incur increased costs because of being a public company, particularly after we cease to qualify as an emerging growth company. </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
are a public company and we incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley
Act of 2002 and the rules subsequently implemented by the SEC and the Nasdaq Global Market detailed requirements concerning corporate
governance practices of public companies. As a company with less than US$1.07&#160;billion in net revenues for our last fiscal year,
we qualify as an &#8220;emerging growth company&#8221; pursuant to the JOBS Act. An emerging growth company may take advantage of specified
reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption
from the auditor attestation requirement under Section&#160;404 of the Sarbanes-Oxley Act of 2012 relating to internal controls over
financial reporting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming
and costly. After we are no longer an &#8220;emerging growth company,&#8221; we expect to incur significant expenses and devote substantial
management effort toward ensuring compliance with the requirements of Section&#160;404 of the Sarbanes-Oxley Act of 2002 and the other
rules and regulations of the SEC. Our management will be required to devote substantial time and attention to our public company reporting
obligations and other compliance matters. For example, as a result of becoming a public company, we need to increase the number of independent
directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public
company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required
to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition,
we incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified
persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect
to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may
incur or the timing of such costs.</span></p><div>

</div><p style="text-align: justify; 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; text-align: justify; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 79; 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 -->72<!-- 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"><b>&#160;</b></span></p><div>

</div><div><a id="b_008"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;4.
INFORMATION ON THE COMPANY </b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>A.
History and Development of the Company </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Lixiang
Education Holding Co., Ltd. was incorporated as an exempted company under the laws of the Cayman Islands with limited liability in September
2018, to be our holding company. We conduct business through our PRC subsidiaries and the VIEs with which we have a series of contractual
arrangements. On October&#160;1, 2020, our ADSs commenced trading on the NASDAQ Global Market under the symbol &#8220;LXEH.&#8221; We
raised from our initial public offering approximately US$26.2&#160;million in net proceeds after deducting underwriting commission and
related costs and expenses.&#160;</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Prior
to August&#160;31, 2021, we and the VIEs primarily operated primary and secondary school in Baiyun campus and Yijing campus&#8212;Featured
Division of Lianwai School through a series of contractual arrangements between us and the VIEs. Under the 2021 Implementation Rules
which took effect on September&#160;1, 2021, social organizations and individuals are prohibited from controlling a private school that
provides compulsory 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 among
Liandu WFOE and Lianwai School providing compulsory education. Therefore, we re-assessed our control over Lianwai School. Based on the
relevant accounting standard in accordance with U.S. GAAP, we have concluded that we have lost control of Lianwai School since August&#160;31,
2021, in view of the significant uncertainties and restrictions the 2021 Implementation Rules impose on our ability to direct the range
of ongoing activities that would most significantly impact the returns of Lianwai School. In light of such regulatory developments, on
April&#160;20, 2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai School and respective directors,
to confirm all the terms of rights and obligations relating to Lianwai School and the directors appointed by the sponsor under the contractual
arrangements in relation to Lianwai School, and agree among the parties that such arrangements shall have been terminated on August&#160;31,
2021. To minimize disruptions to existing students enrolled in Lianwai School, we and the VIEs continued to offer essential services
to the students. We deconsolidated Lianwai School commencing from September&#160;1, 2021 and presented it as a discontinued operation
in current and comparative period financial statements.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
August&#160;18, 2021, Lishui Mengxiang entered into a sponsorship interests transfer agreement with Qingtian Zhongyi Education Investment
in respect of the acquisition of 100% of the sponsorship interests of Qingtian International School, Lishui City, Zhejiang Province,
with a total consideration of RMB23&#160;million, and closed the transaction in November 2021. The alteration registration of the sponsorship
of Qingtian International School was completed on August&#160;24, 2021. Qingtian International School is an educational institution specialized
in providing high school education to returned overseas Chinese students. We believe there is significant market potential for the growth
of private higher education in the PRC. As a private provider of higher education, we are well-positioned to capture on the growth opportunities
in the PRC higher education sector.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have explored and considered business opportunities beyond high school education. We took steps to expand into online education and vocational
education.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
February 2021, Liandu WFOE completed the acquisition of 100% equity stake in Hangzhou Youxi, developer of five software with computer
software copyright, including among others live streaming supervision system, Android live streaming system, and Apple live streaming
system, etc., for the layout of online education. The total consideration of the acquisition was RMB300,000 in cash.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
January 2022, we formed Beijing Xinxiang with Beijing R.R.Z. to provide vocational education in the healthcare industry. Lishui Mengxiang
will make an equity capital contribution of RMB4,300,000 to Beijing Xinxiang in exchange for 43% equity interests in Beijing Xinxiang.
Given that the board of directors of Beijing Xinxiang consists of five members, three of which shall be appointed by Lishui Mengxiang,
we are regarded as the primary beneficiary of Beijing Xinxiang through Lishui Mengxiang under U.S. GAAP as Lishui Mengxiang holds more
than half of the voting power in the board of directors of Beijing Xinxiang. Therefore, the financial statements of Beijing Xinxiang
is consolidated in our annual report for the year ending December&#160;31, 2022. We plan to provide high-quality vocational education
in the health care industry to help students achieve success in the fields of nursing, emergency rescue and rehabilitation care.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
January 1, 2022, Lishui Mengxiang entered into definitive agreements to acquire 100% equity interests of Beijing P.X., a wholly-owned
subsidiary of Beijing S.K., which in turn holds 100% equity interests of Chuangmei Weiye and Hainan Jiangcai, and the sponsorship interests
of Langfang School, to expand our and the VIEs&#8217; business into vocational education. The acquisition was completed in May 2022.
As of the date of the annual report on Form 20-F, the administrative procedures with the PRC governmental authorities to amend the registration
reflecting the result of the acquisition of Langfang School have not been completed due to the internal procedures of the competent authorities.</span></p><div>

</div><!-- Field: Page; Sequence: 80; 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"><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>B. Business
Overview </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
and the VIEs&#8217; private education services used to primarily include primary and middle school education, while now turn to high
school education and vocational education. We and the VIEs have established an education services network consisting of one high school,
three vocational education services providers and one comprehensive human resources services provider, covering Zhejiang Province, Hebei
Province, and Hainan Province in mainland China. The entities engaging in our main business include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44.05pt; text-align: justify"><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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Qingtian
                                            International School, an educational institution specialized in providing high school education
                                            to students from overseas Chinese families returning to China who are commonly known as the
                                            overseas Chinese returnees;</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Beijing
                                            Xinxiang, Langfang School and Hainan Jiangcai, vocational education services providers offering
                                            a variety of vocational education programs with the aim to help students to equip with practical
                                            vocational skill sets; and</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Chuangmei
                                            Weiye, a professional comprehensive human resources service provider connecting enterprises
                                            and vocational school students, providing talents to enterprises and assisting vocational
                                            schools to provide internship opportunities to their students.</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Deconsolidated
Primary and Middle School</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2003, Lianwai School was launched in Lishui City, Zhejiang Province with two campuses offering primary and middle school private education:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">Baiyun
                                            Campus offering standard PRC curriculum programs; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">Yijing
                                            Campus&#8212;Featured Division offering featured PRC curriculum programs.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the 2021 Implementation Rules which took effect on September&#160;1, 2021, social organizations and individuals are prohibited from controlling
a private school that provides compulsory 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 among Liandu WFOE and Lianwai School providing compulsory education. Therefore, we re-assessed our control over
Lianwai School. Based on the relevant accounting standard in accordance with U.S. GAAP, we have concluded that we have lost control of
Lianwai School since August&#160;31, 2021, in view of the significant uncertainties and restrictions the 2021 Implementation Rules impose
on our ability to direct the range of ongoing activities that would most significantly impact the returns of Lianwai School. In light
of such regulatory developments, on April&#160;20, 2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai
School and respective directors, to confirm all the terms of rights and obligations relating to Lianwai School and the directors appointed
by the sponsor under the contractual arrangements in relation to Lianwai School, and agree among the parties that such arrangements shall
have been terminated on August&#160;31, 2021. To minimize disruptions to existing students enrolled in Lianwai School, we and the VIEs
continued to offer essential services to Lianwai School without recognizing any revenue. Meanwhile, we deconsolidated Lianwai School
commencing from September&#160;1, 2021 and presented it as a discontinued operation in current and comparative period financial statements.
See &#8220;Item 5. Operating and financial Review and Prospects&#8212;A. Operating Results.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Qingtian
International School </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
high school curriculum programs offered at Qingtian International School are designed for students from overseas Chinese families returning
to China who are commonly known as the overseas Chinese returnees.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></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 -->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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
increasing population of overseas Chinese returnees and their immediate relatives in Zhejiang Province provide a growing opportunity
in the private education industry. According to the Frost&#160;&amp; Sullivan report, the population of overseas Chinese returnees (including
Chinese returnees from Hong Kong and Macau) and their relatives residing in Zhejiang Province has increased from 1.2&#160;million in
2014 to 1.5&#160;million in 2019, representing a CAGR of 4.5%. It is expected that this number would continue to grow steadily at a CAGR
of 4.0% from 2019 to 2024. Compared with local students, overseas Chinese returnees are afforded the opportunity to attend the PRC Joint
Recruitment Examination for overseas Chinese returnees and students in Hong Kong, Macau and Taiwan as a parallel track. As a result,
we believe our graduates who are overseas Chinese returnees have a better opportunity to attend China&#8217;s top universities, which
in turn enhances our and the VIEs&#8217; schools&#8217; reputation in the industry and improves our prospects.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
a boarding school specialized in providing high school education to overseas Chinese returnees, Qingtian International School provides
high school education by small-class teaching method and semi-military management, enabling its students to gain admission to the most
prestigious colleges and universities. Qingtian International School offers ordinary PRC high school curriculum program combined with
the courses designed for the PRC Joint Recruitment Examination for overseas Chinese returnees.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of September 1, 2022, there were 501 students in 15 classes enrolled in Qingtian International School with approximately 77% of the students
living on-campus. The school recorded a utilization rate of 61.4% with the capacity of 816 as of September 1, 2022. The school has&#160;on-campus&#160;canteen
and provide dormitories for boarding students who live&#160;on-campus&#160;Sunday through Friday during school terms. The student dormitories
implement comprehensive boarding rules and are under the dual supervision of teachers and counselors. The school also cooperated with
Qingtian High School of Zhejiang Province (&#8220;Qingtian High School&#8221;) by allowing the&#160;medical staff and mental-health counselors
of Qingtian High School to handle routine medical treatments and psychological counseling for its students, and the&#160;medical staff
and mental-health counselors will promptly send the students to hospitals when necessary. Students usually wear school uniforms during
school year. The school arranges third-party suppliers to provide school uniform purchasing service for the convenience of parents.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Major
decisions and policies concerning our school, such as principal nomination and budget planning (including tuition levels, construction
of material new facilities and use of significant funds), are determined by our directors. At the same time, our finance team monitors
the financial activities of our school through periodic audits from time to time. The school principal reports to our directors on school
developments and major issues at least annually.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">To
facilitate parent-school communication and to timely obtain feedback from the students&#8217; parents, Qingtian International School
sets up parents committee comprising parent-representatives from each class; and maintain active social media groups on a class-wide,
grade-wide and school-wide basis. The parents committees and social media groups act as a liaison between the management of the school
and parents, and encourage parents to voice their opinions about the school. The school also organizes a variety of events and activities
for the students&#8217; parents. We believe these events and activities strengthened the relationship between the school and the students&#8217;
parents and contributed to creating a harmonious learning environment. The school also from time to time conducts parent satisfaction
survey to obtain feedback on our teaching quality.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
believe teachers are the key to the education programs and the reputation of the school. Qingtian International School employs a team
of professional teachers, which enables the school to offer a variety of mandatory and elective courses and provide moral guidance to
students. As of September 1, 2022, Qingtian International School had 76 teachers, with a teacher-student ratio of 1.5:10.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
teachers are employed through different channels and methods, including campus recruitment, general public recruitment, candidate self-nominations
and the use of online recruiting websites. The school determines the recruitment demands before advertising for recruitment. The school
screens resumes received and select appropriate candidates. The hiring decision is made based on the candidates&#8217; professional qualifications,
moral qualities, professional skills, performance during trial lectures. The deliberation process involves our principals, teachers and
administrative staff.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 82; 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
school typically enters into&#160;one-year&#160;contracts with the newly hired teachers and will renew their contracts with longer terms
only if they deliver satisfactory performance on a selective basis based on the evaluation. To uphold the school&#8217;s reputation for
providing high-quality education and maintain the consistency of the teaching standards, Qingtian International School monitors teaching
quality through a comprehensive evaluation system. The school performs the teacher evaluations annually. The evaluations assess attendance,
classroom preparation, classroom performance, teaching quality, continuing education coursework, publications and honors and awards.
The school also regularly engages external consultants specializing in education to evaluate the in-class performance of the teachers
as well as the curriculum taught at school. We believe the external consultants are able to provide the teachers with meaningful feedback
that enable them to improve their teaching quality.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of this annual report, some teachers in Qingtian International School have not obtained the teacher&#8217;s qualification
license in accordance with relevant regulations. We have not received any notice of warning or been subject to any penalties or disciplinary
action from the government authorities due to the lack of the teacher&#8217;s qualification license. All teachers without the teacher&#8217;s
qualification license are required to obtain the license within certain limited time, otherwise they will be advised to transfer to other
non-teaching positions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Vocational
Education Services Providers </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs offer vocational education services at the Vocational Education Services Providers, namely Beijing Xinxiang, Langfang School
and Hainan Jiangcai. Beijing Xinxiang was formed in January 2022 by Lishui Mengxiang and Beijing R.R.Z. Langfang School. Hainan Jiangcai
and Chuangmei Weiye were acquired by Lishui Mengxiang in January 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs take advantage of the school-operating experience and high-quality resources that the Vocational Education Services Providers
accumulated in the vocational education industry in the past to teach students career-focused skill sets. We and the VIEs are moving
towards the goal of becoming a leading vocational training leader and offer high-quality vocational courses to enhance students&#8217;
professional skills and improve their abilities to use their knowledge in practice.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Beijing
Xinxiang</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Beijing
                                            Xinxiang is a vocational education service provider in the healthcare industry, formed in
                                            January 2022 by Lishui Mengxiang and Beijing R.R.Z. The healthcare industry in China has
                                            significant unmet demand for vocational training education to bridge the supply and demand
                                            gap between employers and students. Beijing Xinxiang intends to cooperate with two vocational
                                            schools in Henan Province and Shandong Province, with a goal to enroll 1,000 students in
                                            2023.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Langfang
School</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Langfang
                                            School is a provincial private vocational school approved by the Human Resources and Social
                                            Security Department of Hebei Province, integrating academic education and vocational education.
                                            Langfang School was acquired by Lishui Mengxiang in January 2022. As of the date of the annual
                                            report, the administrative procedures with the PRC governmental authorities to amend the
                                            registration reflecting the result of the acquisition of Langfang School have not been completed
                                            due to the internal procedures of the competent authorities.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></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 -->76<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Langfang
                                            School provides two parallel options for students to achieve their vocational goals or progression
                                            goals. Students can either choose the employment-oriented track to study in one of the vocational
                                            education programs and land on a job recommended by the school, or choose the progression-oriented
                                            track to study in the progression classes of the vocational education programs and attend
                                            the vocational college entrance exam.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; "><span style="font-family: Times New Roman, Times, Serif">The
following table sets out the vocational education programs and the corresponding numbers of the enrolled students in Langfang School
as of September 1, 2022:&#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">&#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="white-space: nowrap; text-align: left; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Vocational
    Education Programs in Langfang School</span></td><td style="white-space: nowrap; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: center"><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"><b>Number
                                            of<br/>
                                            Student<br/>
                                            Enrolled<br/> </b></span></p> <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"><b>as
                                            of<br/>
                                            September 1, <br/>
                                            2022</b></span></p></td><td style="white-space: nowrap; text-align: center; padding-bottom: 1.5pt"><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: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">3D Printing Technology Operation</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">257</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">Urban Rail Transportation Management</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">139</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><span style="font-family: Times New Roman, Times, Serif">Nursing</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">25</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">Computer Operation, Maintenance and Repairment</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">591</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">Cross-border E-commerce</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">17</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">Graphic Design</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">103</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">Automobile Maintenance and Repairment</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">124</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">Railway Attendant Training</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">619</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">Unmanned Aerial Vehicle Operation</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">92</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">Preschool Teacher Training</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">275</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"><span style="font-family: Times New Roman, Times, Serif">Total</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">2242</span></td><td style="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-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: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Langfang
School hires a number of qualified and dedicated teachers. As of September 1, 2022, Langfang School had 122 teachers, with a teacher-student
ratio of 1:18.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of this annual report, some of the teachers in Langfang School have not obtained the teacher&#8217;s qualification license
(&#25945;&#24072;&#36164;&#26684;&#35777;) issued by the local administrative department of education, or the vocational school teacher&#8217;s
license (&#25945;&#24072;&#19978;&#23703;&#35777;) issued by the local administrative department of human resources and social security.
As far as we know, the competent authorities no longer compulsorily require vocational school teachers to hold the vocational school
teacher&#8217;s license. We have not received any notice of warning or been subject to any penalties or disciplinary action from government
authorities due to the lack of the teacher&#8217;s qualification license or the vocational school teacher&#8217;s license.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, 222 students registered to sit for the vocational college entrance exam held in April 2023. Langfang School provides
intensive training for these students to help them prepare for the exam. In 2022, 220 students have graduated from Langfang School, with
148 graduates employed and 55 students pursuing college education.</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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Hainan
Jiangcai</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs cooperate with Hainan Technical School, a reputable vocational education school in Haikou City, Hainan Province, through
Hainan Jiangcai, a subsidiary of Beijing P.X., to jointly design and develop curriculum programs based on the prevalent market trends
and employer preferences.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
                                            following table sets out the programs and the corresponding numbers of the students enrolled
                                            in the programs of Hainan Jiangcai as of September 1, 2022:</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: left; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Vocational
    Education Programs of Hainan Jiangcai</span></td><td style="white-space: nowrap; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: center"><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"><b>Number
                                            of<br/>
                                            Student<br/>
                                            Enrolled<br/>
                                            as of<br/>
                                            September 1, <br/>
                                            2022</b></span></p></td><td style="white-space: nowrap; text-align: center; padding-bottom: 1.5pt"><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: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Transportation Attendant Training</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">456</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Unmanned Aerial Vehicle
    (Computer Operation)</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">67</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"><span style="font-family: Times New Roman, Times, Serif">Total</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">523</span></td><td style="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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Hainan
                                            Jiangcai hires a number of qualified and dedicated teachers. As of September 1, 2022, Hainan
                                            Jiangcai had 16 teachers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the cooperative vocational education programs of Hainan Jiangcai have no graduates because Hainan Jiangcai just
launched the programs and accepted students enrollment starting from 2021.</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"></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 -->77<!-- 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Comprehensive
Human Resources Services Provider</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Chuangmei
Weiye</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Chuangmei
                                            Weiye is a professional comprehensive education and human resources service provider, covering
                                            human resources (including labor dispatch, human education, agency recruitment), outsourcing
                                            vocational services, recruitment process outsourcing service, comprehensive services for
                                            flexible employment (including the services for the part-time employment, retirement re-employment,
                                            internships, and other short-term or temporary employment methods) and vocational education.
                                            Through Chuangmei Weiye, we aim to assist talents with practical skills in obtaining internship
                                            opportunities and positions in well-known companies so as to bridge the supply and demand
                                            gap between the employers and talents.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Chuangmei
Weiye has 5 branches in Henan Province, Guangdong Province, Hainan Province, Gansu Province and Xinjiang Province, and reached strategic
cooperation with many reputable companies in the industries, and has a talent pool consisting of the graduates from its cooperative vocational
schools. For the fiscal year of 2022, Chuangmei Weiye has provided human resources services to over 30 companies and over 10 schools,
and assisted the vocational schools in providing internship and employment opportunities for over 1,000 students.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Intellectual
Property </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of December&#160;31, 2022, we and the VIEs had 46 and two registered trademarks in the PRC and Hong Kong, respectively. As of December&#160;31,
2022, we and the VIEs had no trademarks pending registration in the PRC. We obtained five computer software copyrights through the acquisition
of Hangzhou Youxi by Liandu WFOE in February 2021. As our brand name is of material importance to our and the VIEs&#8217; business, we
and the VIEs are working to increase, maintain and enforce our rights in our intellectual property portfolio.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Seasonality
</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
financial performance is subject to seasonality as each of the school years includes a winter holiday between December and January and
a summer holiday between July and August. Our net income and results of operations normally fluctuate from quarter to quarter as a result
of seasonal variations in our and the VIEs&#8217; education operations. See &#8220;Item 5. Operating and financial Review and Prospects&#8212;A.
Operating Results&#8212;Seasonality.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Marketing
</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs rely primarily on our reputation as one of the leading providers of education services in Lishui City to attract high-quality
students to apply for Qingtian International School and do not engage in marketing and recruitment methods that require additional cost.
We and the VIEs also take advantage of the school-operating experience and high-quality resources of the newly-acquired Vocational Education
Services Providers in the vocational education industry to attract students. In addition, we and the VIEs enhance the public awareness
of our brand name and education service offerings through&#160;word-of-mouth&#160;advertising, award and campus tours which are useful
channels for prospective students and their family to learn more about our and the VIEs&#8217; capabilities and education service offerings.
We and the VIEs also from time to time formulate and implement our marketing and student recruiting plans suitable for the market to
promote our school, programs and us.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Competition
</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
education sector in China is growing, rapidly evolving, highly fragmented and competitive. We and the VIEs face competition for students
in the geographic market in which we operate.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></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 -->78<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Frost&#160;&amp; Sullivan report, Lianwai School was one of the top ten providers of private primary and secondary school education
in Zhejiang Province and the largest private primary and middle school education in Lishui City as measured by students enrolled on a
monthly average basis for the 2019/2020 school year. As of the date of the annual report, we and the VIEs are still one of the pioneers
in the industry to provide education services in Zhejiang Province. With a successful track record of operation, Qingtian International
School has gained a strong reputation in Zhejiang Province, especially in Lishui City, which in turn attracts more high-quality students
and teachers and helps forming a virtuous cycle. Besides, with the acquisition of the Vocational Education Services Providers and Chuangmwei
Weiye, we extended out business layout to the vocational education services in Hebei province and Hainan province and also to the comprehensive
human resources services. We could take advantage of the school-operating experience and high-quality resources that the Vocational Education
Services Providers and Chuangmei Weiye accumulated in the vocational education industry and human resources services industry to attract
students and help them achieve their progression and career goals.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
believe that the principal competitive factors in our relevant markets include academic performance of students, student placement and
employer satisfaction with our graduates, brand and reputation, quality of educational programs, operating experience, types of educational
programs, tuition, students and parent satisfaction rate, student progression rate and employment rate, and ability to attract and retain
high quality teachers and staff. <i>See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating to Our Business and
Industry&#8212; We face intense competition in the education industry and we may fail to compete effectively.&#8221;</i></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Regulation
</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">This
section sets forth a summary of the most significant rules&#160;and regulations that affect our and the VIEs&#8217; business activities
in&#160;China.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>PRC
Laws and Regulations Relating to Foreign Investment in Education </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on Stock Incentive Plans </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Notice on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan
of an Overseas Publicly Listed Company, or SAFE Circular 7, issued by SAFE in February 2012, directors, supervisors, senior managers
and other employees participating in any stock incentive plan of an overseas listed company who are PRC citizens or who are non-PRC citizens
residing in China for a continuous period of not less than one year, subject to a few exceptions, are required to register with SAFE
through a domestic qualified agent, which could be a PRC subsidiary of such overseas listed company, and complete certain other procedures.
If we fail to complete the SAFE registrations, such failure may subject us to fines and legal sanctions and may also limit our ability
to contribute additional capital into our wholly foreign-owned subsidiary in China and limit such subsidiary&#8217;s ability to distribute
dividends to us.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, the State Administration for Taxation has issued certain circulars concerning employee share options or restricted shares.
Under these circulars, the employees working in the PRC who exercise share options or are granted restricted shares will be subject to
PRC individual income tax. The PRC subsidiaries of such overseas listed company have obligations to file documents related to employee
share options or restricted shares with relevant tax authorities and to withhold individual income taxes of those employees who exercise
their share options. If the employees fail to pay or the PRC subsidiaries fail to withhold their income taxes according to relevant laws
and regulations, the PRC subsidiaries may face sanctions imposed by the competent PRC government authorities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
Negative List and the Encouraging Catalogue</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
June&#160;23, 2020, the NDRC and the MOFCOM jointly issued the Special Administrative Measures for the Access of Foreign Investment (Negative
List) (the &#8220;2020 Negative List&#8221;) with effect from July&#160;23, 2020. Pursuant to the 2020 Negative List, ordinary high school
education are restricted industries for foreign investors, and foreign investments are only allowed to invest in ordinary high school
education in cooperative ways and the domestic party shall play a dominant role in the cooperation, which means the principal or other
chief executive officer of the schools shall be a PRC national and the representative of the domestic party shall account for no less
than half of the total members of the board of directors, the executive council or the joint administration committee of the Sino-foreign
cooperative educational institution. In addition, foreign investors are prohibited from investing in compulsory education, namely primary
school to middle school. Industries not listed in these two categories are generally deemed &#8220;permitted&#8221; for foreign investment
unless specifically restricted by other PRC laws.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 86; 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 -->79<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
On December&#160;27, 2021, the NDRC and the MOFCOM jointly issued the Special Administrative Measures for the Access of Foreign Investment
(Negative List) (the &#8220;2021 Negative List&#8221;) with effect from January&#160;1, 2022 and replaced the 2020 Negative List. The
Negative List sets out the areas where foreign investment is prohibited, and the areas where foreign investment is restricted. Prior
to investing in the restricted fields in the Negative List, foreign investor shall obtain foreign investment access permit. Unless otherwise
provided in other laws, a foreign investment in areas not listed on the Negative List is unconditionally permitted and shall be treated
in the same manner as domestic investment. 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
June 30, 2019, MOFCOM and NDRC jointly issued the Catalogue of Industries for Encouraging Foreign Investment (Edition 2019), or the Encouraging
Catalogue (Edition 2019). On December 27, 2020, MOFCOM and NDRC jointly promulgated the Catalogue of Industries for Encouraging Foreign
Investment (Edition 2020), or the Encouraging Catalogue (Edition 2020), which replaced the Encouraging Catalogue (Edition 2019). The
latest version of the Encouraging Catalogue (Edition 2022) was issued on October 26, 2022, which took effect on January 1, 2023 and superseded
the previous lists. Pursuant to the Encouraging Catalogue (Edition 2022), vocational school (including technical training schools) are
encouraged industries for foreign investors.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on Foreign Investment </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
March&#160;15, 2019, the Foreign Investment Law of the People&#8217;s Republic of China, or the Foreign Investment Law, was formally
passed by the 13th NPC and took effect as on January&#160;1, 2020. The Foreign Investment Law has replaced the Chinese-Foreign Equity
Joint Ventures Law, the Chinese-Foreign Contractual Joint Ventures Law and the Wholly Foreign-owned Enterprise Law to become the legal
foundation for foreign investment in the PRC. To implement the Foreign Investment Law, the State Council promulgated the Implementing
Regulations of the Foreign Investment Law, and Ministry of Commerce of the PRC, or the MOFCOM, and the State Administration for Market
Regulation, or the SAMR further promulgated the Measures for Reporting of Information on Foreign Investment.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Foreign Investment Law establishes the administration systems for foreign investment, which mainly consists of&#160;pre-establishment&#160;national
treatment plus negative list, foreign investment information report system and security review system. The aforesaid systems, together
with other administrative measures stipulated under the Foreign Investment Law, constitute the frame of foreign investment administration.
The pre-establishment national treatment refers to granting to foreign investors and their investments, in the stage of investment access,
the treatment no less favorable than that granted to domestic investors and their investments. The negative list refers to special administrative
measures for access of foreign investment in specific fields as stipulated by the State and the State will give national treatment to
foreign investments outside the negative list. The Foreign Investment Law further provides that foreign-invested enterprises established
before the Foreign Investment Law coming into effect may retain their original form of organizations within five years after the Foreign
Investment Law comes into effect.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Foreign Investment Law of the PRC which took effect as on January&#160;1, 2020, foreign investors&#8217; capital contribution,
profits, capital gains, assets disposal income, intellectual property license fees, legally obtained damages or compensation, liquidation
proceeds, etc., may be freely remitted into or out of China in RMB or foreign exchange according to PRC laws. Accordingly, the Company
has the ability to repatriate revenues generated by the VIE businesses. However, there are restrictions under PRC laws for the payment
of dividends to us by Liandu WFOE. See &#8220;&#8212;Regulation&#8212;Regulations on Taxation in the PRC&#8212;Income Tax in relation
to Dividend Distribution&#8221; and &#8220;&#8212;Regulation&#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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, our and the VIEs&#8217; high school education services fall within restricted industries for foreign
investors, and the VIEs&#8217; vocational school education services fall within encouraged industries for foreign investors. Although
foreign investment in high schools and vocational school is not prohibited, we or Liandu WFOE is not a foreign education institution
or a foreign vocational skills training institution with relevant qualifications on education services and operating high-quality education.
Therefore, we conduct business operations through the Variable Interest Entities. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks
Relating to Our Corporate Structure&#8221; and &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating to Doing Business
in China&#8221; for details.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 87; 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-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 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on Sino-Foreign Cooperation in operating school </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the 2021 Negative List, ordinary high school education are restricted industries for foreign investors, and foreign investments are
only allowed to invest in ordinary high school education in cooperative ways and the domestic party shall play a dominant role in the
cooperation, which means the principal or other chief executive officer of the schools shall be a PRC national and the representative
of the domestic party shall account for no less than half of the total members of the board of directors, the executive council or the
joint administration committee of the Sino-foreign cooperative educational institution.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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&#160;1, 2003, took effect from September&#160;1, 2003 and recently amended on March&#160;2, 2019, and the
Implementing Rules for the Regulations on Operating Sino-foreign Schools of the PRC, or the Implementing Rules, which were issued by
the Ministry of Education of the PRC, or the MOE on June&#160;2, 2004 and became effective on July&#160;1, 2004.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Regulation on Operating Sino-foreign Schools of the PRC and the Implementing Rules apply to the activities of educational institutes
established in the PRC jointly by foreign educational institutes and Chinese educational institutes, the students of which are to be
recruited primarily from PRC citizens and encourage substantial cooperation between overseas educational organizations with relevant
qualifications and experience in providing high-quality education, and PRC educational organizations to jointly operate various types
of schools in the PRC, with such cooperation in the areas of higher education and occupational education being encouraged. The overseas
educational organization must be a foreign educational institution with relevant qualification and experience at the same level and in
the same category of education. It is uncertain as to what type of information (including the length and type of experience) a foreign
investor must provide to the competent PRC government authority to demonstrate that it meets the qualification requirement. Sino-foreign
cooperative schools are not permitted, however, to engage in compulsory education and military, police, political or other kinds of education
that are of a special nature in the PRC. Any Sino-foreign cooperative school and cooperation program shall be approved by the relevant
education authorities of provinces, autonomous regions or municipalities directly under PRC central governmental where the institute
locates and obtain an Operation Permit for Sino-foreign Cooperation School, and a Sino-foreign cooperation school established without
the above approval or permit may be prohibited by the relevant authorities, be ordered to refund the fees collected from its students
and be subject to a fine of no more than RMB100,000, while a Sino-foreign cooperation program established without such approval or permit
may also be banned and be ordered to refund the fees collected from its students.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Administrative Measures for the Sino-foreign Cooperative Education on Vocational Skills Training was promulgated by the Ministry of Labor
and Social Security (currently known as the MHRSS) on July 26, 2006 and came into effect on October 1, 2006 and then was amended on April
30, 2015 by the MHRSS. The Sino-foreign Vocational Skills Training Measures shall apply to the establishment, activities and management
of vocational skills training institutions and educational projects initiated by Chinese educational institutions and foreign educational
institutions (including vocational skills training institutions) by cooperation. Foreign educational institutions, other organizations
or individuals may not independently establish the vocational skills training institutions with Chinese citizens as the main enrollment
targets in the PRC, and can only establish the vocational skills training institutions in cooperation with Chinese cooperators in the
form of Sino-foreign cooperation, and the cooperators of the Sino-foreign vocational skills training institutions shall meet the requirements
and conditions stipulated in the Sino-Foreign Cooperation Regulation. The establishment of a Sino-foreign vocational skills training
institution shall be examined and approved by the local MHRSS of the people&#8217;s government of the province, autonomous region or
municipality directly under the Central Government where the proposed institution is located.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
June&#160;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 Sino-foreign education institute shall
be less than 50%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
                                            of the date of the annual report, no implementation measures or specific guidelines are promulgated
                                            in accordance with the Regulation on Operating Sino-foreign Schools of the PRC and Implementing
                                            Rules. Further, as far as we know, relevant authorities in Zhejiang Province or Hebei Province
                                            have not approved any establishment of Sino-foreign cooperative high school or vocational
                                            school in at least past five years. Therefore, we can only consolidate Qingtian International
                                            School and Langfang School through the contractual arrangements in accordance with U.S. GAAP.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></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"><b>&#160;</b></span></p><div>

</div><!-- Field: Page; Sequence: 88; 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 0pt 0.25in"><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 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Private Education in the PRC </b></span></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"><b><i>&#160;</i></b></span></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"><b><i>Education
Law of the PRC </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
March&#160;18, 1995, the National People&#8217;s Congress of PRC, or the NPC enacted the Education Law of the PRC, or the Education Law,
which was amended on August&#160;27, 2009, December&#160;27, 2015 and April&#160;29, 2021, respectively. The Education Law sets forth
provisions relating to the fundamental education systems of the PRC, including a school education system comprising&#160;pre-school&#160;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 educational institution. Furthermore, it provides that in principle, enterprises,
social organizations and individuals are encouraged to establish and operate schools and other types of educational institutes in accordance
with PRC laws and regulations. Meanwhile, schools and other educational institutes sponsored by all or part of government financial funds
and donated assets are forbidden to be established as&#160;for-profit&#160;organizations.</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
Law for Promoting Private Education and the Implementation Rules for the Law for Promoting Private Education </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Law for Promoting Private Education of the PRC became effective on September&#160;1, 2003 and was amended on November&#160;7, 2016 by
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 Decision and amended on June 29, 2013 and December&#160;29, 2018. The Implementation Rules for the Law for Promoting
Private Education of the PRC, or the 2004 Implementation Rules became effective on April&#160;1, 2004 and recently amended on April 7,
2021. The Law for Promoting Private Education of the PRC shall be applicable to activities conducted by public organizations or individuals,
other than the organs of the state, to establish and operate schools and other institutions of education with&#160;non-governmental&#160;financial
funds, which are geared to the need of society. The establishment of a private school shall meet the local need for educational development
and the requirements of the Education Law and the relevant laws and regulations. A duly approved private school will be granted a Permit
for Operating a Private School, after which the private school can apply for registration as a legal person and the registration authority
shall handle the matter in accordance with relevant laws and regulations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Law for Promoting Private Education of the PRC mainly stipulates as follows:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sponsors of privately-run
    schools may establish non-profit or for-profit privately-run schools at their own discretion. However, they shall not establish for-profit
    privately-run schools providing compulsory education.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sponsor of a non-profit
    privately-run school shall not gain proceeds from school running, and the cash surplus of the school shall be used for school running,
    while the sponsor of a for-profit privately-run school may gain proceeds from school running, and the cash surplus of the school
    shall be disposed of in accordance with relevant PRC laws and regulations.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The measures for the collection
    of fees by non-profit privately-run schools shall be formulated by the people&#8217;s governments of various provinces, autonomous
    regions and centrally-administered municipalities.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">However,
the charging criteria of&#160;for-profit&#160;privately-run&#160;schools are subject to market regulation and shall be determined by
the schools themselves.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Privately-run schools may
    enjoy the preferential taxation policies, and non-profit privately-run schools may enjoy the same preferential taxation policies
    with that for publicly-run schools.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional supportive measures
    are provided for private schools. Non-profit private schools will enjoy additional supportive measures, such as government subsidies,
    fund awards and donations.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
if a private school established before the promulgation of this Decision chooses to be registered as a&#160;non-profit&#160;privately-run&#160;school
and when the&#160;privately-run&#160;school is terminated, if there are remains after its property is liquidated, appropriate compensation
or rewards shall be given to capital contributors based on their applications and by taking into full account the factors such as the
capital contributed before the implementation of this Decision, reasonable return gained and benefits from school running, and the other
property may continue to be used for the running of other non-profit schools.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 89; 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>
    </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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
2021 Implementation Rules was promulgated by the State Council on May&#160;14, 2021, and came into effect on September&#160;1, 2021.
The 2021 Implementation Rules contain stricter provisions than the Draft Revision of the Regulations on the Implementation of the Law
for Promoting Private Education of the PRC (the Draft for Comments) issued by the Ministry of Education of the PRC in April 2018 and
the Draft Revision of the Regulations on the Implementation of the Law for Promoting Private Education of the PRC (the Draft for Examination
and Approval) issued by the Ministry of Justice of the PRC on August&#160;10, 2018. The 2021 Implementation Rules address the operation
and management of private schools, especially non-profit private primary and middle schools, including: (i)&#160;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, (ii)&#160;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 (iii)&#160;private schools providing compulsory education shall not conduct any transaction with
any interested related party.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
disclosed in our prospectus dated September&#160;30, 2020, our wholly-owned PRC subsidiary, Liandu WFOE, entered into a series of contractual
arrangements for our operation in the PRC, pursuant to which we had the power to control the management and the financial and operating
policies of Lishui Mengxiang and Lianwai School, the right to recognize and receive substantially all the economic benefits of Lishui
Mengxiang and Lianwai School, and an exclusive option to purchase all or part of the equity interests and all or a portion of the assets
in Lishui Mengxiang and Lianwai School at the minimum price possible to the extent permitted by the PRC laws. Accordingly, we were regarded
as the primary beneficiary of Lishui Mengxiang and Lianwai School in accordance with U.S. GAAP. We understand that the 2021 Implementation
Rules may have a retrospective effect, such that the aforesaid contractual arrangements may be deemed to violate the 2021 Implementation
Rules or any related rules or regulations, which may lead to certain adverse outcomes, including, among others, the loss of the Company&#8217;s
rights to direct the activities of Lianwai School and to receive economic benefits from it and therefore the inability to consolidate
the financial results of Lianwai School into the Company&#8217;s consolidated financial statements in accordance with U.S. GAAP. As a
result, we concluded that we lost the ability to control Lianwai School at the end of&#160;August 31, 2021, and immediately before September&#160;1,
2021, when the 2021 Implementation Rules became effective and the financial results and the net assets of Lianwai School would no longer
be consolidated into the Company&#8217;s consolidated financial statements.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Nevertheless,
the local governments and their education authorities will generally issue detailed rules, guidelines or opinions on the interpretation,
application and implementation of the upper-level laws after they come into effect, and the local government and education authorities
in Zhejiang Province have not yet issued such rules, guidelines or opinions on the interpretation, application and implementation of
the Implementation Rules as of the date hereof. We and the VIEs are closely monitoring the developments of the Implementation Rules and
is carefully evaluating the possible impact of the 2021 Implementation Rules on its business development and financial performance. We
and the VIEs are also proactively seeking guidance from and cooperating with government authorities in connection with its efforts to
comply with the 2021 Implementation Rules and any related rules and regulations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
                                            addition, the 2021 Implementation Rules also stipulate the change of school&#8217;s sponsor.
                                            Where the sponsor of a privately-run school is altered, an agreement for alteration shall
                                            be concluded, but the agreement may not involve the property of the legal person of the school,
                                            affect the development of the school or damage the rights and interests of the teachers and
                                            students. The sponsor shall, according to the lawful rights and interests enjoyed by the
                                            sponsor according to law, conclude an agreement with the successor sponsor to agree on the
                                            benefits from the alteration. The alteration of the sponsor shall be subject to the consent
                                            of two-thirds or more of the members of the executive council, the board of directors or
                                            a decision-making institution of other forms for the privately-run school. Where the sponsor
                                            and actual controller of a privately-run school or any of the members of the decision-making
                                            institution or supervision institution alters the sponsor without authorization, they shall
                                            be subject to administrative punishment by the administrative department of education, the
                                            administrative department of human resources and social security or other relevant departments
                                            of the people&#8217;s government at or above the county level. For a privately-run school,
                                            any unlawful earning shall be confiscated, and if the circumstances are serious, it shall
                                            be ordered to stop enrolling students and its business license shall be revoked.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
December 29, 2016, the State Council issued the Several Rules of the State Council on Encouraging the Operation of Education by Social
Forces and Promoting the Healthy Development of Private Education, which aims to ease the access to the operation of private schools
and encourages social forces to enter the education industry. The rules also provide that each level of the PRC government shall increase
their support for the private schools in terms of financial investment, financial support, funding policy, preferential tax treatments,
land policies, fee policies, autonomy operation, protection of the rights of teachers and students, etc.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></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 -->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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
August&#160;17, 2020, MOE, NDRC, the Ministry of Finance, and the State Administration for Industry and Commerce or the SAMR, and the
General Administration of Press and Publication jointly released the Opinions on Further Strengthening and Regulating the Administration
of Education Fees, or the Opinions, effective as of the same date. The Opinions mainly stipulate the basic principles of education fee
charging, modification of the policies and the management systems of education fee charging, including the legal consequences of charging
in violation of the provisions. In particular, the part of provisions on improving the governance mechanism for education fee charges
stipulate that &#8220;efforts shall be made to explore the establishment of a special audit system for school fees, with the focus on
the audit of non-profit privately-run schools, and the sponsors of non-profit privately-run schools and non-profit privately-run sino-foreign
cooperative educators shall be prohibited from obtaining proceeds from school-running such as tuition income, distributing school balances
(residual assets) or transferring proceeds from school running through related-party transactions or affiliated parties or other means.&#8221;
The Opinions have not specified whether the contractual arrangements fall within the activities of transferring the school-running proceeds
through related-party transactions and affiliated parties, and the Opinions have not specified the relevant legal consequences of such
activities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
a detailed discussion on how the above laws and regulations will affect our school, see &#8220;Item 3. Key Information&#8212;D. Risk
Factors.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Implementing
Rules on Classification Registration of Private Schools </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Implementation Rules on Classification Registration of Private Schools (the &#8220;Classification Registration Rules&#8221;),
which was issued jointly by the MOE, the Ministry of Human Resources and Social Security of the People&#8217;s Republic of China or the
MOHRSS, the MCA, the State Commission Office of Public Sectors Reform and the SAMR, and became effective on December&#160;30, 2016, if
an existing private school chooses to register as a&#160;non-profit&#160;private school, it shall amend its articles of association in
accordance with laws, continue its school operation, and complete the new registration formalities. If an existing private school chooses
to register as a&#160;for-profit&#160;private school, it shall make financial settlement, clarify the ownership of the schools&#8217;
lands, buildings and accumulations with the consent of the relevant departments of the people&#8217;s governments at or below the provincial
level, pay relevant taxes and fees, obtain new school permits, carry out their&#160;re-registration&#160;and continue their school operation.
The provincial people&#8217;s government is responsible for formulating the detailed measures on the alteration registration of the private
schools in accordance with national laws and the local situation.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
December&#160;26, 2017, the People&#8217;s Government of Zhejiang Province promulgated the Implementation Opinions of the People&#8217;s
Government of Zhejiang Province on Encouraging Individual Persons or Entities to Conduct Education and Promote the Healthy Development
of Private Education, or the Zhejiang Implementation Opinions, to establish a classification management system on private school. According
to Zhejiang Implementation Opinions, existing private schools, which were established before November&#160;7, 2016, shall finish the
registration as&#160;non-profit&#160;or&#160;for-profit&#160;private schools by the end of 2022.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
April&#160;4, 2018, eight departments of Zhejiang Province including the Department of Education of Zhejiang Province promulgated the
Implementation Measures for Existing Private Schools to Change Registration Status, or the Zhejiang Implementation Measures, which took
effect on June&#160;1, 2018 and applies to all private schools established before November&#160;7, 2016. According to the Zhejiang Implementation
Measures, (i)&#160;any existing private school which chooses to register as a&#160;non-profit&#160;private school shall amend and file
its articles of association and complete the corresponding registration accordingly, and (ii)&#160;any existing private school that chooses
to register as a&#160;for-profit&#160;private school, shall obtain a new Permit for Operating a Private School and be&#160;re-registered&#160;so
as to continue its operation after completing its financial clearance and settlement, clarifying its ownership of assets, and paying
relevant taxes and fees.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
June&#160;16, 2021, Lishui Municipal Education Bureau, Lishui Municipal Human Resources and Social Security Bureau, Office for Public
Sector Reform Commission of Lishui, Lishui Municipal Civil Affairs Bureau and Lishui Municipal Market Supervision Administration jointly
promulgated the Administrative Measures for Classification Registration of Private Schools in Lishui, which came effect on the same day.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></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 -->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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Administrative Measures, (i)&#160;the existing private schools shall continue running according to the status quo before completing
the classified registration, and shall complete the classified registration according to laws and regulations by the end of 2022. Private
schools providing non-diploma education and training, private schools providing pre-school education and diploma education for full-time
primary and secondary schools and secondary vocational education shall, in principle, submit a written application for selection of the
legal person nature of schools to the approval authority by September&#160;31, 2021. After the approval authority receives the written
application of the school, the private school that meets the statutory conditions and relevant provisions shall complete the classified
registration within one year; (ii)&#160;Where an existing private school opts to be registered as a non-profit private school, its articles
of association shall be amended in accordance with the law, the school may continue its running, obtain a new license for establishment
of the school and complete new registration formalities; (iii)&#160;An existing private school at the non-compulsory education stage
and a training institution may opt to be registered as a for-profit private school. Where a school running under the consistent system
on the same campus applies for registration as a for-profit private school in the non-compulsory education stage, the school assets shall
be divided for registration and the corresponding conditions for independent school running shall be met. Otherwise, the school shall
be registered as a non-profit private school; (iv)&#160;Where an existing private school opts to be registered as a for-profit private
school, it shall make financial settlement, and the ownership of the land, school buildings, school-running accumulation and other property
shall be clarified by the relevant departments of the government of the jurisdiction and the relevant agencies according to law. The
school shall pay the relevant taxes and fees, go through the formalities for a new permit for the establishment of the school and make
a new registration. The school may continue running during the process of the liquidation, re-handling of the permit for the establishment
of the school and registration as a legal person; and (v)&#160;When an existing private school is terminated, if there is surplus property
after repayment in accordance with the Law of the People&#8217;s Republic of China on the Promotion of Private Schools, the Implementation
Measures for Existing Private Schools to Change Registration Status, the Measures for the Financial Settlement of Private Schools in
Zhejiang Province and other regulations, certain compensation or reward (the proportion and standard shall be determined by local authorities
according to relevant laws and regulations and in combination with local actual conditions) shall be given to the capital contributors
according to the application of the capital contributors and in comprehensive consideration of factors such as the capital contribution
made before August&#160;31, 2017, reasonable returns obtained and school-running benefits; the remaining property shall continue to be
used for running other non-profit schools.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
November&#160;22, 2021, Lishui Education Bureau has promulgated the Work Plan for Classified Registration and Administration of Existing
Private Schools (Kindergartens) of Lishui City, which stipulates that they shall adhere to the principles of voluntary selection, smooth
classification, public welfare orientation, and compliance with laws and regulations, and strive to complete the classified registration
of existing private schools by December&#160;30, 2022. The Plan also provides a schedule for arranging the classified registration tasks,
from January to October in 2022, the classified registration of the existing private schools providing compulsory education, private
kindergartens and private schools providing senior high school education shall be completed. The main registration procedures for non-profit
private schools are selected as follows: (i)&#160;schools shall file an application for classified registration; (ii)&#160;the approval
authority shall conduct verification and replacement of the certificate; (iii)&#160;the articles of association shall be ratified (filed
for the record); and (iv)&#160;schools shall apply for registration as a legal person. In addition, the main registration procedures
for for-profit private schools are selected as follows: (i)&#160;sponsors make a pre-application for classified registration; (ii)&#160;schools
make financial settlement; (iii)&#160;sponsors apply for the pre-registration of corporate names; (iv)&#160;sponsors make a formal application
for classified registration; (v)&#160;certificates are replaced upon the approval authorities; (vi)&#160;schools apply for the registration
of legal persons; (vii)&#160;schools complete the amendment registration of assets; (viii)&#160;private non-enterprise entities apply
for deregistration with the original registration authorities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
                                            of the date of the annual report, we have not received any formal notice from the competent
                                            authorities of Qingtian County requesting us to conduct the classified registration of private
                                            schools. However, given that Qingtian International School is a non-state public institution
                                            legal person, it may be directly classified as a non-profit private school by the competent
                                            authorities of Qingtian County and has no need to go through additional registration procedures.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
January 9, 2018, five departments of Hebei Province including the Department of Education of Hebei Province issued the Implementation
Measures for the Classification Registration of Private Schools in Hebei Province, which came into effect on the same day. The measures
provide that (i) private schools can choose to be registered as non-private schools or for-profit schools, and those engaging in compulsory
education shall not be registered as for-profit schools; (ii) if a private school has chosen to be classified and registered as a non-profit
private school, it shall no longer be converted to a for-profit private school; while if it has chosen to be classified and registered
as a for-profit private school, it may be converted to a non-profit private school by application by its sponsor(s) and changing the
registration of its legal entity; (iii) existing private schools shall complete the classification and registration within a five-year
transition period ending on September 1, 2022, and before the classification and registration, they shall be managed as their originally-registered
legal entity; (iv) if an existing private school chooses to be classified and registered as a non-profit private school, it shall amend
its constitution in accordance with the laws, continue its operation, and re-register with the appropriate authorities or civil affairs
department; and (v) if an existing private school chooses to be classified and registered as a for-profit private school, it shall conduct
financial liquidation, clarify the property rights for land(s), school building(s), school accumulation and pay relevant taxes and fees,
renew the Permit for Establishment of Privately-run Schools, re-register with the appropriate authorities, and continue its operation..</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, Langfang City has not released any detailed rules on classification registration of private schools
and we have not received any relevant notice from the competent authorities of Langfang City since January 1, 2022 when Beijing P.X.
began to hold the whole sponsorship interests of Langfang School.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></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 -->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>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Guidelines
for Further Easing the Burden of Excessive Homework and Off-campus Tutoring for Students at the Stage of Compulsory Education. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
July&#160;24, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council
jointly released the Guidelines for Further Easing the Burden of Excessive Homework and Off-campus Tutoring for Students at the Stage
of Compulsory Education. The guidelines stipulate a series of measures on education sector reforms designed to improve education quality,
ease homework burdens for students, and restrict private investment in the industry. According to the guidelines, the reforms aim to
promote the healthy development of students, improve education quality, alleviate financial burdens on parents, and institute law-based
governance of the education sector. They concentrate on education in core subjects, or compulsory education, which refers to grades K-9,
covering the ages of approximately 6-15 years.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the guidelines, regional governments are no longer permitted to approve new off-campus tutoring centers providing core or compulsory
education. Existing off-campus tutoring centers must be registered as non-profit institutions. Local governments must distinguish between
training centers in sports, culture and art, and science and technology, and consult relevant departments to set standards for each category.
The guidelines specifically ban foreign investment in such firms via mergers and acquisitions, franchise development, and variable interest
entities, which are investment vehicles frequently used by foreign investors to bypass restrictions in China&#8217;s education sector.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Additionally,
the guidelines prohibit tutoring on weekends, public holidays, and winter and summer vacations, which are popular times for off-campus
education. Tutoring centers in core education cannot go public or be listed for financing. The guidelines call for the excessive capital
in training centers to be controlled, and to ensure that financing is primarily used for operational costs. The hiring of foreign teachers
and other staff must be according to relevant regulations, and firms cannot hire staff based outside of the country to carry out tutoring
activities.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Given
that the guidelines aim at the education service providers for students at the stage of compulsory education, Qingtian International
School and Vocational Education Services Providers are not involved.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on Non-state Public Institution </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
accordance with the provisions of the Tentative Regulations for the Registration of Public Institutions as revised by the State Council
on June&#160;27, 2004, for the purposes of these Regulations, &#8220;public institutions&#8221; refer to national social service organizations
established by state organs or other organizations using state-owned assets for social welfare purposes, and engaged in education, science
and technology, culture, health and other activities.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Notice on Carrying out the Pilot Program for Unified Registration and Administration of Various Public Institutions issued by
the Lishui People&#8217;s Government on December&#160;31, 2015, (i) all non-profit public welfare institutions with state-owned assets
that comply with the provisions of the Interim Regulations on the Administration of the Registration of Public Institutions, which are
established with social forces and engaged in education, culture, sports, medical treatment, elderly care (health preservation) and other
activities are allowed to be registered as public institutions and shall be collectively referred to as non-state public institutions,
and the registration and administration of non-state public institutions shall be temporarily conducted in education and medical services;
(ii)&#160;the registered non-state public institutions shall enjoy the same treatment as the public institutions of the same category
except for those in which the funds are not guaranteed and the staff are not supported by the financial resources; and (iii)&#160;the
founders of the non-state public institutions shall have the property ownership of the actual capital contributions (including the amount
of capital added during the existence) and assume the corresponding liability for debts; during the existence of the non-state public
institutions, the assets invested in them shall not be transferred by any means; the surplus income of the non-state public institutions
shall not be distributed, but the corresponding investment incentive system may be established and the specific incentive standards shall
be formulated by the competent departments of the industry.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></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 -->86<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
                                            accordance with the Interim Rules of Lishui Municipality on the Administration of Registration
                                            of Public Institutions by Non-Profit Schools Run by Social Capital issued by Lishui Municipal
                                            Education Bureau, Lishui Municipal Human Resources and Social Security Bureau and Office
                                            for Public Sector Reform Commission of Lishui on December&#160;29, 2015, (i) a private school
                                            that is registered as a public institution shall establish a sound and effective financial
                                            supervision system and maintain normal teaching order; (ii)&#160;a public institution risk
                                            fund system shall be established for private schools, which is earmarked for the relevant
                                            expenses for returning fees, refunding fees and compensation at the time of termination (closure)
                                            of the private school; (iii)&#160;after the school reserves development fund and withdraws
                                            other relevant expenses, the school may, on the premise that there is balance of non-fiscal
                                            funds in school running, withdraw a certain proportion of funds from the balance of non-fiscal
                                            funds to reward the contributors upon research and decision made by the decision-making body
                                            of the school and approval by the administrative department of education or the administrative
                                            department of human resources and social security. The amount of annual reward shall be calculated
                                            at a rate of not more than three times of the benchmark one-year loan interest rate of banks
                                            with the accumulative capital contributions of the contributors as the base. The assessment
                                            of the accumulative capital contributions of the contributors shall be based on the capital
                                            verification certificate issued by a statutory capital verification institution.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on Vocational Education </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Vocational Education Law of the PRC, which was promulgated by the SCNPC on May&#160;15, 1996 and came into effect on September&#160;1,
1996, the state encourages institutional organizations, social organizations and other social groups and individuals to operate vocational
schools and vocational training institutions according to relevant provisions of the state.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Vocational
school education includes primary, secondary and higher vocational school education. Primary and secondary vocational school education
shall be conducted respectively by primary and secondary vocational schools. Higher vocational school education shall be conducted by
higher vocational schools or by common institutions of higher learning in accordance with the actual needs and conditions. Other schools
may implement vocational school education at corresponding levels in accordance with the overall planning by the education administrative
department. Vocational training includes pre-employment training, training to facilitate change of occupations, apprenticeship training,
on-the-job training, job-transfer training and other vocational training. All these categories of training may, in light of actual conditions,
be divided into three levels: primary, secondary and higher vocational training. Vocational training is carried out by the corresponding
vocational training institutions and/or vocational schools. Other schools or educational institutions may, depending on their own capabilities,
carry out various forms of vocational training to meet social needs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
MOE issued the Rules on Management of Secondary Vocational Schools on May&#160;13, 2010, according to which, the establishment of secondary
vocational schools shall be based on the standards issued by the national and provincial education administrative departments and its
establishment, change and termination shall be approved by or filled with the provincial education authorities. Secondary vocational
schools provide a combination of academic education and vocational training, and offer full time and part time programs. The education
administrative department, the labor administrative department and other relevant departments of the State Council shall each be responsible
for the work relating to vocational education within the scope of their functions and duties as specified by the State Council.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">At
a national conference on vocational education held in April 2021, important instructions were delivered by Xi Jinping, general secretary
of the Communist Party of China (CPC) Central Committee, Chinese President and chairman of the Central Military Commission, on the development
of vocational education that vocational education has a promising future and great potential as China journeys toward socialist modernization.
It was emphasized that more efforts will be made to optimize the positioning of vocational education, to promote integration between
industry and education and cooperation between schools and enterprises, to reform training and schooling modes as well as management
and support mechanisms, to promote bachelor-level vocational education and bring about a number of quality vocational education institutions
and programs, to promote the integration of vocational education and regular education, to improve the adaptability of vocational education
and speed up the development of the modern vocational education system so as to cultivate more high-quality technical professionals.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
May 2021, the State Council promulgated 2021 Implementation Rules, pursuant to which, various policies have been introduced to encourage
the development vocational education, such as &#8220;public schools implementing vocational education can attract the capital, technology,
management and other elements of enterprises to establish or participate in the establishment of for-profit private schools that implement
vocational education&#8221; and &#8220;enterprises are encouraged to establish or participate in the establishment of private schools
that implement vocational education in various forms, such as sole proprietorship, joint venture and cooperation&#8221;.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></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 -->87<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
October 2021, the General Office of the Central Committee of CPC and the General Office of the State Council issued the Opinions (the
&#8220;Opinions&#8221;) on Promoting the High-Quality Development of Modern Vocational Education. The Opinions has put forward that vocational
education, an important part of the national education system and human resource development, shoulders the important responsibility
of training diversified talents, inheriting technical skills, and promoting employment and entrepreneurship. The Opinions urged that
a batch of excellent secondary vocational schools and high-quality majors shall be established by greatly improving the quality of secondary
vocational education, carrying out the projects of reaching the standards for secondary vocational schools, and taking such measures
as consolidation, cooperation, trusteeship and group school-running. The Opinions also encouraged various enterprises to participate
in the vocational education in line with law, vocational schools to cooperate with social capitals in jointly constructing vocational
education infrastructures and practical training bases, as well as jointly constructing and sharing public practical training bases.
Vocational schools shall actively attract industrial leading enterprises to be deeply involved in the specialty planning, curriculum
provision, teaching material development, teaching design and teaching implementation of vocational education, to cooperate in jointly
constructing new majors, developing new courses and carrying out order-to-order training.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
April&#160;20, 2022, the SCNPC issued the revised Vocational Education Law of the PRC, which came into effect on May&#160;1, 2022 and
further encourages the development of vocational education from four aspects. Firstly, it clarifies for the first time that vocational
education is of equal importance as general education; secondly, it focuses on improving the recognition of vocational education, including
enhancing the social status and treatment of talents in technology and skills, and organizing vocational skills competitions and other
activities; thirdly, it deepens industry-education integration and school-enterprise cooperation, including that the State encourages
the development of vocational education at all levels and in all forms, promotes the diversified schooling and supports the extensive
and equal participation of social forces in the vocational education, the State promotes enterprises&#8217; vital role in running vocational
education, advances the in-depth participation of enterprises in vocational education, encourages enterprises to run high-quality vocational
education, the implementation of enterprises&#8217; vocational education shall be included in the corporate social responsibility report,
an enterprise may, by making use of its capital, technology, knowledge, facilities, equipment, place, management and other factors, sponsor
or jointly sponsor vocational schools or vocational training agencies, the State encourages, guides and supports enterprises and other
non-governmental sectors to sponsor vocational schools and vocational training agencies in accordance with law; and fourthly, it improves
the vocational education guarantee system and measures, including that the State takes measures according to the industrial layout and
the requirements of industry development, vigorously develops emerging majors required by industries such as advanced manufacturing,
supports the construction of high-level vocational schools and majors, optimizes the structure of educational expenditures, adapts the
vocational education expenditures to the requirements of vocational education development, and encourages fund-raising through various
channels for the development of vocational education in accordance with the law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Notices
on Management of the Charge of Schools </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Notice regarding Cancelation of the Fee Charge Permit System and Strengthening the Supervision in process and afterwards, which
was issued jointly by the NDRC and the Ministry of Finance on January&#160;9, 2015, the fee charge permit system shall be canceled nationwide
from January&#160;1, 2016. Furthermore, Zhejiang Provincial Price Bureau and Zhejiang Provincial Department of Finance issued Circular
on Strengthen Supervision Cancelation of the Fee Charge Permit System in Process and afterwards on February&#160;26, 2015, which provided
more detailed supervision rules in accordance with Notice regarding Cancelation of the Fee Charge Permit System and Strengthening the
Supervision in process and afterwards.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Notice on Regulations Applicable to Service Charges and Fees&#160;Collected-on-behalf&#160;in the Primary and Middle Schools jointly
promulgated by the NDRC and the MOE on July&#160;23, 2010, services charges and fees&#160;collected-on-behalf&#160;should be publicly
disclosed and paid on a voluntary and&#160;non-profit&#160;basis.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
January&#160;21, 2020, the Zhejiang Provincial Development and Reform Commission, Zhejiang Provincial Department of Education, Zhejiang
Provincial Department of Human Resources and Social Security and Zhejiang Provincial Market Supervision Administration promulgated the
Administrative Measures for Private Education Fees, which applies to non-profit private schools for academic education in Zhejiang province.
The Administrative Measures for Private Education Fees stipulate, among other provisions, that: (1)&#160;the fee policy for private primary
and secondary schools is determined by governments in accordance with the direction of marketization; (2)&#160;for the convenience of
students&#8217; study and life and under the precondition of students&#8217; willingness, private schools can provide services and charge
service fees, or collect and pay related services fees for the third service provider, who provide services. In addition, the service
fee must be charged according to the fact, be settled timely and be published regularly.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></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 -->88<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
August&#160;17, 2020, the MOE and other four ministries and commissions promulgated the Opinions on Further Standardization of Education
Fee, which stipulate, among other provisions, that:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(i)
The measures for the collection of fees by non-profit private schools shall be formulated by the people&#8217;s governments of various
provinces, autonomous regions and centrally-administered municipalities; the charging criteria of for-profit private schools are subject
to market regulation and shall be determined by the schools themselves. The private schools established before November&#160;7, 2016
which have not complete their registration procedures of their for-profit or non-profit statuses must be managed according to the non-profit
private schools&#8217; charging policy;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(ii)
In addition to completing education and teaching tasks, private schools can provide related convenient services for students, and organize
research trips, after-school services, social practice and other activities, but the parts of service fees borne by the students or parents
must be charged based on voluntary and non-profit principles. If related services are provided by the third party outside the school,
the school may collect and pay related services fees for the third service provider;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(iii)
Private schools must publicize the charging items and standards in a prominent location in the school and indicate the charging items
and standards in the admissions brochure and admission notice. If fees that should be publicized were actually not publicized, or the
contents of the publicity are not in compliance with the related policies, students are entitled to refuse the payment of the fees;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(iv)
Strengthen the audit for non-profit private schools, and strictly prohibit the sponsor of a non-profit private school from gaining proceeds
from school running in any way.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
2021 Implementation Rules for Private Education Laws, stipulates that a private school or the founder thereof shall not, under sponsor
fee or any other item, collect or collect in disguised form any fees related to the enrollment from students or their parents. Private
schools shall establish a cost accounting system for running schools, and reasonably determine the charging items and standards on the
basis of the school operational costs, market demands and other factors, in compliance with the principles of fairness, lawfulness and
good faith and in consideration of the economic benefits and social benefits. The people&#8217;s governments of provinces, autonomous
regions and municipalities directly under the Central Government may set a ceiling for the fees charged by non-profit private schools
that the government-run schools participate in the establishment thereof, that use state-owned assets, or that receive government subsidies
per student. Non-profit private schools shall use the account filed with the relevant competent authorities for the record when collecting
fees or carrying out activities. The relevant competent authorities shall supervise the account. All the income of for-profit private
schools shall be incorporated into the bank settlement account opened by the schools, and the distribution of school operating balance
shall be made after the annual financial settlement. Moreover, it stipulates that a private school providing compulsory education shall
not conduct any transaction with any related party. Where any other private school conducts any transaction with any related party, it
shall follow the principles of openness, fairness and impartiality, fix the price reasonably and regulate the decision-making, and shall
not damage the state interests, the interests of the school or the rights and interests of the teachers and students. Private school
shall establish an information disclosure system for their transactions with interested related parties.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
December 5, 2022, the Development and Reform Commission of Hebei Province, the Department of Education of Hebei Province, the Department
of Human Resources and Social Security of Hebei Province and the Market Supervision Administration of Hebei Province promulgated the
Administrative Measures for Non-profit Private School Fees. The Measures further clarifies the service charges and in lieu of fees, standardizes
the independent pricing behavior of schools, improves the refund policy of schools, and formulates fee supervision measures.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
such, these rules and regulations will impact our operation and business model from the perspective of tuition and other education-related
fees.</span></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"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 96; 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>
    </div><!-- Field: /Page --><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"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on Safety and Health Protection of Schools </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Food Safety Law of the PRC, which was amended on April&#160;29, 2021, collective canteens of schools shall obtain licenses in
accordance with the laws and strictly abide by the laws, regulations and food safety standards. Schools should only order meals from&#160;off-site&#160;providers
that have obtained the relevant food production licenses and should conduct regular inspections on the meal provided.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to Administrative Measures for Food Operation Licensing promulgated on August&#160;31, 2015 and amended on November&#160;17, 2017 with
effect from the same day, a food operation license shall be obtained in accordance with the law to engage in food selling and catering
services within the territory of the PRC. The principle of one license for one site shall apply to the licensing for food operation,
and classified licensing for food operation according to food operators&#8217; types of operation and the degree of risk of their operation
projects is implemented.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
accordance with the Provisions on Food Safety and Nutrition and Health Management in Schools, which was promulgated on February&#160;20,
2019 and became effective on April&#160;1, 2019, schools shall, in accordance with the provisions of food safety laws and regulations
and the requirements of the healthy China strategy, establish and improve relevant systems, implement the campus food safety responsibility,
and carry out publicity and education on food safety, nutrition and health. The principal (director) responsibility system shall be practiced
in the work of school food safety.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Circular on Strengthening Hygiene and Epidemic Prevention and Food Hygiene and Safety of Private Schools, which was promulgated
on April&#160;29, 2006, private schools should pay high attention to and strengthen the school hygiene and epidemic prevention and the
food hygiene and safety.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Administrative Measures of Safety of Kindergartens, Primary and Middle School, which was promulgated on June&#160;30, 2006 and
became effective on September&#160;1, 2006, in order to ensure the hygiene and safety of food and drink of teachers and students, schools
should (i)&#160;establish a system of procurement of canteen supplies from designated suppliers, (ii)&#160;establish a system of demanding
for certificate and keeping record during procurement, (iii)&#160;establish a system of retention of food for checkup and record, and
(iv)&#160;examine the situation of hygiene and safety of drinking water.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Circular on Further Strengthening Food Safety of School Canteens issued on August&#160;11, 2011, school canteens are comprehensively
required to carry out food safety self-inspection. Local food and drug administration at all levels are required to comprehensively strengthen
supervision and inspection on food safety of school canteens before commencement of each term, and, before the commencement of every
spring term and every autumn term, should consider school canteens as key point of supervision and strengthen the supervision and inspection.
School food safety responsibility system should be comprehensively carried out.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Law on the Protection of Minors of the PRC, which was amended on October&#160;17, 2020 and became effective on June&#160;1, 2021,
schools shall establish safety system, improve safety education among the minors and adopt measures to guarantee their personal safety.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
accordance with the Regulation on Safety Management of Middle, Primary Schools and Kindergartens, which was promulgated on June&#160;30,
2006 and became effective on September&#160;1, 2006, schools shall be responsible for safety management and education, establish and
improve internal safety management system and safety emergency response mechanism, incorporate safety education into its teaching content
and carry out safety education among students.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Regulation on Sanitary Work of Schools, which was promulgated on June&#160;4, 1990 and became effective on the same day, schools
shall carry out sanitary work. The main tasks of the sanitary work include monitoring health conditions of students, carrying out health
education among students, helping students develop good health habits, improving health environment and health conditions for teachers
and enhancing prevention and treatment of infectious disease and common diseases among students.</span></p><div>

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


</div><!-- Field: Page; Sequence: 97; 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 -->90<!-- 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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
January&#160;8, 2012, the Department of Education of Zhejiang Province promulgated Opinions on Further Strengthening the Management of
Primary, Middle and High School Canteens (the &#8220;Opinion&#8221;). In accordance with the Opinion, all primary schools, middle schools
and high schools shall regulate the school canteens management and guarantee the food quality, health and safety of school canteens.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to Regulations on Administration of Security Services, which issued by State Council on October&#160;13, 2009 and became effective on
January&#160;1, 2010, which was amended on November&#160;29, 2020 and March 29, 2022, enterprises hiring security personnel shall file
with the local public security administration.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, the schools&#8217; canteens have acquired the applicable food operation licenses. In addition, we and
the VIEs have submitted the recruitment of security personnel with competent authority for record.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on the Operation of High Schools </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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&#160;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&#160;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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 educational 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 educational authorities, the high schools may adopt their own unique curriculum system.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
MOE issued the Regulations on Disciplinary Measures for Primary and Secondary School Education (Trial) on December&#160;23, 2020 and
the regulations came into effect on March&#160;1, 2021. It stipulates the attributes, the scope of educational disciplinary measures,
and corresponding rules, and requires schools and teachers to follow the legality and appropriateness when implementing educational disciplinary
measures.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Human Resources Services</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
June 29, 2018, the State Council promulgated the Interim Regulation on Human Resources Market, which became effective on October 1, 2018.
The Interim Regulation on Human Resources Market applies to job seeking, recruitment and provision of human resources services through
the human resources market in the PRC, which provides that human resources service include public human resources service institutions
established by the governments and for-profit human resources service institutions engaging in business activities of human resources
services. A for-profit human resources service organisation engaging in employment agency activities shall apply to the human resources
and social security administrative authorities for administrative licensing pursuant to the law, and obtain a Human Resources Service
License. For-profit human resources service institutions engaging in collection and dissemination of human resources supply and demand
information, employment and entrepreneurship guidance, human resources management consulting, human resources evaluation, human resources
training, undertaking outsourcing contracts of human resources services etc. shall complete filing formalities with the human resources
and social security administrative authorities within 15 days from commencement of business. Where a profit-making human resource service
institution establishes a branch, it shall, within 15 days from the date of completion of the industrial and commercial registration,
report in writing to the administrative department of human resources and social security where the branch office locates. For-profit
human resources service institutions engaging in labor dispatch business shall comply with the relevant labor dispatch provisions of
the State.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 98; 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 -->91<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Labor Dispatch Services</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Measures for the Implementation of Administrative License for Labor Dispatch promulgated by the MHRSS on June 20, 2013 and became effective
on July 1, 2013. Under the Measures for the Implementation of Administrative License for Labor Dispatch, the labor dispatch service provider
shall apply to the human resources and social security administrative department at its domicile (hereinafter referred to as the licensing
authority) for an administrative license according to law. Where a labor dispatch service provider establishes a subsidiary to operate
the labor dispatch services, the subsidiary shall apply to the local licensing authority for an administrative license; if the labor
dispatch service provider establishes a branch to operate the labor dispatch services, it shall report the licensing authority in writing,
and the branch shall file with the local human resources and social security administrative department.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Interim Provisions on Labor Dispatch promulgated by the MHRSS on January 24, 2014 and took effect on March 1, 2014. Under the Interim
Provisions on Labor Dispatch, the labor dispatch service provider shall:(i) truthfully inform the dispatched laborer of the provisions
of Article 8 of the Labor Contract Law, the rules and regulations to be observed, and the contents of the labor dispatch agreement; (ii)
establish a training system to conduct onboarding knowledge and safety education training for dispatched workers; (iii) pay the labor
remuneration and conduct the related treatment of the dispatched laborers in accordance with the state regulations and the labor dispatch
agreement; (iv) in accordance with the provisions of the State and the labor dispatch agreement, pay social insurance premiums for the
dispatched workers in accordance with the law, and handle the relevant procedures for social insurance; (v) urge the institutions that
accept employment in the form of labor dispatch to provide labor protection and labor safety and sanitation conditions for the dispatched
workers according to law; (vi) issue the relevant proof regarding dissolving or terminating the labor contract according to law; (vii)
assist in handling disputes between dispatched laborers and the institutions that accept employment in the form of labor dispatch; (viii)
conduct other matters as stipulated by laws, regulations and rules.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>PRC
Laws and Regulations Relating to Property in the PRC </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Property Law of the PRC, or the Property Law, which was promulgated on March&#160;16, 2007 and became effective on October&#160;1,
2007, educational, medical and health and other public welfare facilities and other properties of institutions and social groups with
the aim of benefiting the public such as schools and hospitals are not allowed to be mortgaged.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
May&#160;28, 2020, the PRC Civil Code was approved by the NPC and became effective on January&#160;1, 2021. Upon the effective date,
it abolished, among other laws, the Property Law, but the PRC Civil Code follows the current regulatory principles of the Property Law
of the PRC in material respects. The Civil Code provides that non-profit legal persons established for public welfare such as schools,
kindergartens and medical institutions shall not mortgage their educational facilities, health care facilities and other public welfare
facilities.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Civil Code, transferable fund units and equity, property right in intellectual property rights of transferable exclusive trademark
rights, patent rights, copyrights, etc., existing and future accounts receivable and other property rights that can be pledged as stipulated
by any law or administrative regulation may be pledged.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, we and the VIEs have the&#160;land-use&#160;rights of eight (8)&#160;pieces of land and the property
ownership of twenty-five (25)&#160;buildings legally.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Lease of Property </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Administrative Measures for Commodity Housing Leasing promulgated on December&#160;1, 2010 and effective as of February&#160;1,
2011, the parties to a real estate lease shall apply for lease registration with the competent construction (real estate) departments
of the municipalities directly under the Central Government, cities and counties where the housing is located within 30 days after the
lease contract is signed. There will be a fine below RMB1,000 on individuals who fail to make corrections within the specified time limit,
and a fine between RMB1,000 and RMB10,000 on enterprises when fail to make corrections within the specified time limit.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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 -->92<!-- 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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Laws
and regulations related to the protection of cyber security, data and privacy </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Cyber Security Law of the PRC, which was promulgated on November&#160;7, 2016 and came into effect on June&#160;1, 2017, requires that
when constructing and operating a network, or providing services through a network, technical measures and other necessary measures shall
be taken in accordance with laws, administrative regulations and the compulsory requirements set forth in national standards to ensure
the secure and stable operation of the network, to effectively cope with cyber security events, to prevent criminal activities committed
on the network, and to protect the integrity, confidentiality and availability of network data. The Cyber Security Law emphasizes that
any individuals and organizations that use networks must not endanger network security or use networks to engage in unlawful activities
such as those endangering national security, economic order and social order or infringing the reputation, privacy, intellectual property
rights and other lawful rights and interests of others. The Cyber Security Law has also reaffirmed certain basic principles and requirements
on personal information protection previously specified in other existing laws and regulations. Any violation of the provisions and requirements
under the Cyber Security Law may subject an internet service provider to rectifications, warnings, fines, confiscation of illegal gains,
revocation of licenses, cancellation of qualifications, closedown of websites or even criminal liabilities.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Data Security Law of the PRC was passed by the Standing Committee of the 13th NPC at the 29<sup>th</sup> Session on June&#160;10, 2021
and came into effect on September&#160;1, 2021. The Data Security Law requires the data processor to establish and improve a whole-process
data security management system, organize data security education and training, and take corresponding technical measures and other necessary
measures to safeguard data security. In conducting data processing activities by using the Internet or any other information network,
the data processor shall perform the above data security protection obligations on the basis of the hierarchical cybersecurity protection
system. Any violation of the provisions and requirements under the Data Security Law may subject a data processor to rectifications,
warnings, fines, suspension of the related business, revocation of licenses or even criminal liabilities.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Personal Information Protection Law of the PRC was passed by the Standing Committee of the 13th NPC at the 30th Session on August&#160;20,
2021 and has come into effect on November&#160;1, 2021. The Personal Information Protection Law reiterates the circumstances under which
a personal information processor could process personal information and the requirements for such circumstances, such as when (i)&#160;the
individual&#8217;s consent has been obtained; (ii)&#160;the processing is necessary for the conclusion or performance of a contract to
which the individual is a party; (iii)&#160;the processing is necessary to fulfill statutory duties and statutory obligations; (iv)&#160;the
processing is necessary to respond to public health emergencies or protect natural persons&#8217; life, health and property safety under
emergency circumstances; (v)&#160;the personal information that has been made public is processed within a reasonable scope in accordance
with this Law; (vi)&#160;personal information is processed within a reasonable scope to conduct news reporting, public opinion-based
supervision, and other activities in the public interest; or (vii)&#160;under any other circumstance as provided by any law or regulation.
It also stipulates the obligations of a personal information processor. Any violation of the provisions and requirements under the Personal
Information Protection Law may subject a personal information processor to rectifications, warnings, fines, suspension of the related
business, revocation of licenses, being entered into the relevant credit record or even criminal liabilities.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
December&#160;28, 2021, thirteen PRC governmental and regulatory agencies, including the CAC, promulgated the Measures for Cyber Security
Review, which came into effect on February&#160;15, 2022. The Measures for Cyber Security Review specifies that the procurement of network
products and services by operator of critical information infrastructure and the activities of data process carried out by Internet platform
operator that raise or may raise &#8220;national security&#8221; concerns are subject to strict cyber security review by Cybersecurity
Review Office of CAC. Before critical information infrastructure operator purchases internet products and services, it should assess
the potential risk of national security that may be caused by the use of such products and services. If such use of products and services
may give raise to national security concerns, it should apply for a cyber security review by the Cyber Security Review Office and a report
of analysis of the potential effect on national security shall be submitted when the application is made. In addition, Internet platform
operators that possess the personal data of over one million users must apply for a review by the Cyber Security Review Office, if they
plan listing of companies in foreign countries. The CAC may voluntarily conduct cyber security review if any network products and services
and activities of data process affects or may affect national security. The cyber security review focuses on the assessment of risk factors
include (i)&#160;the risk of critical information infrastructure being illegally controlled, interfered or destroyed as a result of the
use of the products or services; (ii)&#160;the continuous harm to the business of critical information infrastructure by the interruption
of provision of products or services; (iii)&#160;the security, openness, transparency, diversity of sources, reliability of supply and
potential supply interruptions of products and services due to political, diplomatic or international trade issues; (iv)&#160;whether
the products and services provider comply with PRC laws and regulations; (v)&#160;the risk of core data, important data or a large amount
of personal information being stolen, leaked, destroyed, illegally utilized or exited the country; (vi)&#160;regarding to listing, there
are risks of critical information infrastructure, core data, important data or a large amount of personal information being influenced,
controlled or maliciously used by foreign governments, as well as network information security risks; and (vii)&#160;other factors that
may endanger the security of critical information infrastructure, cyber security and data security. It may take approximately 70 business
days in maximum for the general cybersecurity review upon the delivery of their applications, which may be subject to extensions for
a special review.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 100; 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 -->93<!-- 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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Legal
Regulations over Intellectual Property in the PRC </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Copyright
</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Copyright Law of the PRC, or the Copyright Law which last amended on November&#160;11, 2020 with the effective date of June&#160;1,
2021. Copyrights include personal rights such as the right of publication and that of attribution as well as property rights such as
the right of production and that of distribution. Reproducing, distributing, performing, projecting, broadcasting or compiling a work
or communicating the same to the public via an information network without permission from the owner of the copyright therein, unless
otherwise provided in the Copyright Law, shall constitute infringements of copyrights. The infringer shall, according to the circumstances
of the case, undertake to cease the infringement, take remedial action, and offer an apology, pay damages, etc.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
the Implementation Regulations for the Copyright Law, which was latest amended on January&#160;30, 2013 by State Council, provides more
detailed implementation guidance for copyright legal regime.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, we have five software with computer software copyright which are relevant to our future business through
the ownership of Hangzhou Youxi by our wholly-owned subsidiary Liandu WFOE, including among others live streaming supervision system,
Android live streaming system, and Apple live streaming system, etc.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Trademark
</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Trademark Law of the PRC, or the Trademark Law, which was revised on April&#160;23, 2019 and with effect from November&#160;1,
2019, the right to exclusive use of a registered trademark shall be limited to trademarks which have been approved for registration and
to goods for which the use of trademark has been approved. The period of validity of a registered trademark shall be ten years, counted
from the day the registration is approved. According to the Trademark Law, usage of a trademark that is identical with or similar to
a registered trademark in connection with the same or similar goods without authorization of the owner of the registered trademark constitutes
an infringement of the exclusive right to use a registered trademark. The infringer shall, in accordance with the regulations, undertake
to cease the infringement, take remedial action, and pay damages, etc.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
August&#160;3, 2002, the State Council promulgated the Implementation Regulations for the Trademark Law of the PRC, which was lately
amended on April&#160;29, 2014 and was issued to providing practical implementation rules of trademarks.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, we and the VIEs lawfully hold 46 registered trademarks in the PRC.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Patent
</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Patent Law of the PRC, or the Patent Law, which was last revised on October&#160;17, 2020 with the effective date of June&#160;1,
2021, after the grant of the patent right for an invention or utility model, except where otherwise provided for in the Patent Law, no
entity or individual may, without the authorization of the patent owner, exploit the patent, that is, make, use, offer to sell, sell
or import the patented product, or use the patented process, or use, offer to sell, sell or import any product which is a direct result
of the use of the patented process, for production or business purposes. And after a patent right is granted for a design, no entity
or individual shall, without the permission of the patent owner, exploit the patent, that is, for production or business purposes, manufacture,
offer to sell, sell, or import any product containing the patented design. Where the infringement of patent is decided, the infringer
shall, in accordance with the regulations, undertake to cease the infringement, take remedial action, and pay damages, etc.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Domain
Name </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Administrative Measures for Internet Domain Names, which was promulgated by the Ministry of Industry and Information Technology
of the PRC on August&#160;24, 2017 and with effect from November&#160;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 registrations are handled through domain name service agencies established under the relevant regulations, and the applicants
become domain name holders upon successful registration.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>PRC
Laws and Regulations Relating to Labor Protection </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Employment
</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Labor Law of the PRC, or the Labor Law, which was promulgated by the Standing Committee of the NPC on July&#160;5, 1994 and became
effective on January&#160;1, 1995 and was amended on December&#160;29, 2018, an employer shall establish a comprehensive management system
to safeguard the rights of its employees, including developing and improving its labor safety and health system, stringently implementing
national protocols and standards on labor safety and health, conducting labor safety and health education for workers, guarding against
labor accidents and reducing occupational hazards.</span></p><div>

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


</div><!-- Field: Page; Sequence: 101; 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 -->94<!-- 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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Labor Contract Law, which was promulgated by the Standing Committee of the NPC on June&#160;29, 2007 and became effective on January&#160;1,
2008, and was amended on December&#160;28, 2012, and the Implementation Regulations on Labor Contract Law, which was promulgated and
became effective on September&#160;18, 2008, regulate employer and employee relations and contain specific provisions on the terms of
the labor contract. Labor contracts must be made in writing. An employer and an employee may enter into a fixed-term labor contract,
an&#160;un-fixed&#160;term labor contract, or a labor contract that concludes upon the completion of certain work assignments, after
reaching due negotiations. An employer may legally terminate a labor contract and dismiss its employees after reaching agreement upon
due negotiations with the employee or by fulfilling the statutory conditions. Labor contracts concluded prior to the enactment of the
Labor Law and subsisting within the validity period thereof shall continue to be honored.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, we and the VIEs have executed labor contracts with all of our employees in accordance with applicable
PRC laws.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Social
Insurance </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Social Insurance Law, which was promulgated on October&#160;28, 2010 and became effective on July&#160;1, 2011, and was amended on December&#160;29,
2018, has included pertinent provisions for basic pension insurance, unemployment insurance, maternity insurance, work injury insurance
and basic medical insurance, and has elaborated in detail the legal obligations and liabilities of employers who do not comply with the
relevant laws and regulations on social insurance.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Interim Measures for Participation in the Social Insurance System by Foreigners Working within the Territory of China, which was
promulgated by the MOHRSS on September&#160;6, 2011 and became effective on October&#160;15, 2011, employers who employ foreigners shall
participate in the basic pension insurance, unemployment insurance, basic medical insurance, occupational injury insurance, and maternity
leave insurance in accordance with the law, with the social insurance premiums to be contributed respectively by the employers and foreigner
employees as required. In accordance with such Interim Measures, the social insurance administrative agencies shall supervise and examine
the legal compliance of foreign employees and employers and the employers who do not pay social insurance premium in conformity with
the laws shall be subject to the administrative provisions provided in the Social Insurance Law and the relevant regulations and rules
mentioned above. On July&#160;20, 2018, the General Offices of the CPC Central Committee and the General Office of the State Council
issued the Plan for Reforming the State and Local Tax Collection and Administration Systems, which stipulated that the State Administration
of Taxation of the PRC, or the SAT will become solely responsible for collecting social insurance premiums.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
accordance with the Interim Measures for Participation in the Social Insurance System by Foreigners Working within the Territory of China,
employers who employ foreigners shall participate in the basic pension insurance, unemployment insurance, basic medical insurance, occupational
injury insurance, and maternity leave insurance in accordance with the law, with the social insurance premiums to be contributed respectively
by the employers and foreigner employees as required. The employers who do not pay social insurance premium in conformity with the laws
shall be subject to the administrative provisions provided in the Social Insurance Law and the relevant regulations and rules mentioned
above.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of December&#160;31, 2022, we and the VIEs had made social insurance contribution for the PRC-based employees based on the relevant PRC
laws and regulations and practical measures.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Housing
Fund </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Regulations on the Administration of Housing Provident Fund, which was promulgated and became effective on April&#160;3, 1999,
and was amended on March&#160;24, 2019, employers are required to contribute, on behalf of their employees, to housing provident funds.
The employer shall process housing provident fund payment and deposit registrations with the housing provident fund administration center.
The employer shall timely pay up and deposit housing provident fund contributions in full amount, any employer who violates the above
regulations shall be fined and ordered to make good the deficit within a designed period. Those who fail to process their registrations
within the designated period shall be subject to a fine ranging from RMB10,000 to RMB50,000. When companies breach these regulations
and fail to pay up housing provident fund contributions in full amount as due, the housing provident fund administration center shall
order such companies to pay up within a designated period, and may further apply to the People&#8217;s Court for mandatory enforcement
against those who still fail to comply with such order after the expiry of such period.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of December&#160;31, 2022, we and the VIEs had made housing fund contribution for the PRC-based employees based on the relevant PRC laws
and regulations and practical measures.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 102; 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 -->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>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Regulations
on Taxation in the PRC </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Income
Tax </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
accordance with the PRC Enterprise Income Tax Law, or the EIT Law, which was promulgated on March&#160;16, 2007 and amended and became
effective on December&#160;29, 2018, and the Regulation on the Implementation of Enterprise Income Tax Law of the PRC, which was promulgated
on December&#160;6, 2007 and last amended on April&#160;23, 2019 by the State Council of PRC, enterprises are classified as either &#8220;resident
enterprises&#8221; or&#160;&#8220;non-resident&#160;enterprises&#8221;. A resident enterprise shall pay enterprise income tax on its
income deriving from both inside and outside China at the rate of enterprise income tax of 25%. A&#160;non-resident&#160;enterprise that
has an establishment or place of business in the PRC shall pay enterprise income tax on its income deriving from inside China and obtained
by such establishment or place of business, and on its income which derives from outside China but has actual relationship with such
establishment or place of business, at the rate of enterprise income tax of 25%. A&#160;non-resident&#160;enterprise that does not have
an establishment or place of business in China, or has an establishment or place of business in China but the income has no actual relationship
with such establishment or place of business, shall pay enterprise income tax on its income deriving from inside China at the reduced
rate of enterprise income tax of 10%.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to Notice of the Ministry of Finance and the State Administration of Taxation on Tax Policies Relating to Education, or the Circular
39, promulgated in February 2004, and Notice of the Ministry of Finance and the State Administration of Taxation on Issues Concerning
Strengthening the Administration over the Collection of Business Tax on Educational Services, or the Circular 3, issued in January 2006,
schools shall be exempt from enterprise income tax on fees they have collected upon approval and have incorporated under the fiscal budget
management or the special account management of the funds outside the fiscal budget. Schools shall be exempt from enterprise income tax
on the financial allocations they have received and special subsidies they have obtained from their administrative departments or institutions
at higher levels.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Law for Promoting Private Education and the 2021 Implementation Rules, private schools enjoy the state preferential tax policies,
while&#160;non-profit&#160;private schools enjoy the same preferential tax treatment as public schools. In February 2015, the SAT issued
the Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by&#160;Non-PRC&#160;Resident Enterprises, or the SAT
Bulletin 7 as amended in 2017. Pursuant to this bulletin, an &#8220;indirect transfer&#8221; of assets, including equity interests in
a PRC resident enterprise, by&#160;non-PRC&#160;resident enterprises may be re-characterized and treated as a direct transfer of PRC
taxable assets, if such 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 the SAT Bulletin 7, &#8220;PRC taxable assets&#8221; include assets attributed to an establishment in China, immovable properties
located in China, and equity investments in PRC resident enterprises, in respect of which gains from their transfer by a direct holder,
being a&#160;non-PRC&#160;resident enterprise, would be subject to PRC enterprise income taxes.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Income
Tax in relation to Dividend Distribution </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
PRC and the government of Hong Kong entered into the Arrangement between the Mainland of the PRC and Hong Kong for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, or the Double Tax Avoidance Arrangement on August&#160;21,
2006. According to the Double Tax Avoidance Arrangement, if the beneficiary of the dividends is a Hong Kong resident enterprise, which
directly holds no less than 25% equity interests in the aforesaid enterprise, the tax levied shall be 5% of the distributed dividends.
The 10% withholding tax rate applies to dividends paid by a PRC company to a Hong Kong resident if such Hong Kong resident holds less
than 25% of the equity interests in such PRC company. Pursuant to the Circular of the State Administration of Taxation on Relevant Issues
relating to the Implementation of Dividend Clauses in Tax Agreements promulgated by the SAT and became effective on February&#160;20,
2009, recipients of dividends paid by PRC resident enterprises must satisfy certain requirements in order to obtain a preferential income
tax rate pursuant to a tax treaty. One such requirement is that the taxpayer must be the &#8220;beneficiary owner&#8221; of relevant
dividends. In order for a corporate recipient of dividends paid by a PRC enterprise to enjoy preferential tax treatment pursuant to a
tax treaty, such recipient must be the direct owner of a certain proportion of the share capital of the PRC enterprise at all times during
the 12 months preceding its receipt of the dividends. Pursuant to the Announcement of State Taxation Administration on Promulgation of
the Administrative Measures on&#160;Non-resident&#160;Taxpayers Enjoying Treaty Benefits, which was promulgated on October&#160;14, 2019
and became effective on January&#160;1, 2020,&#160;non-resident&#160;taxpayers making their own declaration shall self-assess whether
they are entitled to treaty benefits and need to claim such benefits, and shall submit an &#8220;Information Report on&#160;Non-resident&#160;Taxpayers
Claiming Treaty Benefits&#8221; at the time of declaration, gather and retain the relevant materials pursuant to the provisions of Article
7 of these Measures for future inspection. Furthermore, all levels of tax authorities shall, through strengthening&#160;follow-up&#160;administration
for&#160;non-resident&#160;taxpayers enjoying treaty benefits, implement treaties accurately, and prevent abuse of tax treaties and tax
avoidance risks.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Value-added
Tax, or the VAT </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Temporary Regulations on Value-added Tax, which was amended on November&#160;10, 2008, February&#160;6, 2016 and November&#160;19,
2017 and the Detailed Implementing Rules of the Temporary Regulations on Value-added Tax, which was amended on October&#160;28, 2011
and became effective on November&#160;11, 2011, or collectively, the VAT Law, all taxpayers selling goods or labor services of processing,
repairing and replacement, selling services, intangible assets, immovable and importation of goods within the PRC shall pay value-added
tax. For general VAT taxpayer selling or importing goods other than those specifically listed in the VAT Law, the value-added tax rate
is 17%. On April&#160;4, 2018, the MOF and the SAT promulgated the Notice on Adjusting Value-added Tax Rates, which reduced the tax rates
for sale, import, and export of goods.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 103; 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 -->96<!-- 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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
according to the Trial Scheme for the Conversion of Business Tax to Value-added Tax, which was promulgated by the MOF and the SAT, the
State began to launch taxation reforms in a gradual manner with effect from January&#160;1, 2012, whereby the collection of VAT in lieu
of business tax items was implemented on a trial basis in regions showing significant radiating effects in economic development and providing
outstanding reform examples, beginning with production service industries such as transportation and certain modern service industries.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
accordance with Circular on Comprehensively Promoting the Pilot Program of the Collection of Value-added Tax in Lieu of Business Tax,
which was promulgated on March&#160;23, 2016 and came into effect on May&#160;1, 2016 and amended on March&#160;20, 2019, upon approval
of the State Council, the pilot program of the collection of VAT in lieu of business tax shall be promoted nationwide in a comprehensive
manner starting from May&#160;1, 2016, and all business tax payers engaged in the building industry, the real estate industry, the financial
industry and the life service industry shall be included in the scope of the pilot program with regard to payment of value added tax
instead of business tax. For general service income, the applicable VAT rate is 6%. Schools engaged in academic education are exempted
from VAT on their education service.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Other
Tax Exemptions </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to Circular 39 and Circular 3, the real properties and land used by schools established by enterprises shall be exempt from house property
tax and urban land use tax. Schools which expropriate arable land upon approval shall be exempt from arable land use tax.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>PRC
Laws and Regulations Relating to Companies </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
establishment, operation and management of corporate entities in the PRC are governed by the Company Law of the PRC, or the Company Law,
which was promulgated on December&#160;29, 1993 and amended on December&#160;25, 1999, August&#160;28, 2004, October&#160;27, 2005, December&#160;28,
2013, and October&#160;26, 2018, respectively. Under the Company Law, companies are generally classified into two categories: limited
liability companies and limited companies by shares. The Company Law also applies to foreign-invested limited liability companies but
where other relevant laws regarding foreign investment have provided otherwise, such other laws shall prevail. There is no longer a prescribed
timeframe for the shareholders to make full capital contribution to a company, except otherwise provided in other relevant laws, administrative
regulations and State Council decisions. However, shareholders are only required to state the capital amount that they commit to subscribe
in the articles of association of the company. Furthermore, the initial payment of a company&#8217;s registered capital is no longer
subject to a minimum amount requirement and the business license of a company will not show its&#160;paid-up&#160;capital. In addition,
shareholders&#8217; contribution of the registered capital is no longer required to be verified by capital verification agencies.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>PRC
Laws and Regulations Relating to Securities </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
revised Securities Law of the PRC, or the Securities law was passed by the 13th NPC on December&#160;28, 2019 and took effect from March&#160;1,
2020. The Securities Law further improves the investor protection and the information disclosure measures. According to the Securities
law, the securities regulatory authority of the State Council, namely the China Securities Regulatory Commission, or the CSRC, may establish
a regulatory cooperation mechanism with the securities regulatory authorities of another country or region, to implement cross-border
supervision and administration. Moreover, the Securities law also provides that the offering and trading of securities outside the People&#8217;s
Republic of China which disrupt the domestic market order of the People&#8217;s Republic of China and harm the legitimate rights and
interests of domestic investors shall be dealt with pursuant to the relevant provisions of this Law, and legal liability shall be pursued.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>PRC
Laws and Regulations Relating to Foreign Exchange </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
principal regulation governing foreign currency exchange in China is the Foreign Exchange Administration Rules of the PRC, or the Foreign
Exchange Administration Rules. The Foreign Exchange Administration Rules were promulgated by the State Council of the PRC on January&#160;29,
1996 and with effect from April&#160;1, 1996 and were amended on January&#160;14, 1997 and August&#160;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 State Administration of Foreign Exchange of the PRC, or the SAFE or its local counterparts
is obtained.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 104; 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>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the Foreign Exchange Administration Rules, foreign-invested enterprises in the PRC may, without the approval of the SAFE, make a payment
from their foreign exchange accounts at designated foreign exchange banks for paying dividends with certain evidencing documents (board
resolutions, tax certificates, etc.), 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 the 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 the SAFE or its local counterparts and approval form or filling with the
relevant PRC government authorities (if necessary).</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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&#160;4, 2014 and with effect from the same day, the domestic resident
shall be required to register with the local branch of the 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, i.e. 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 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;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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&#160;13, 2015, implemented on June&#160;1, 2015 and
amended on December&#160;30, 2019, 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 Circular 13 also simplifies some
procedures relating to foreign exchange for direct investments.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
March&#160;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&#160;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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
SAFE issued the Circular on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or
Circular 16 on June&#160;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 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 nonaffiliated entities.
As the SAFE has not provided detailed guidelines with respect to its interpretation or implementations, it is uncertain how these rules
will be interpreted and implemented.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, Ms. Fen Ye, Ms. Hong Ye and Ms. Fang Ye have completed the initial foreign exchange registrations as
required by SAFE Circular 37 and Circular 13. The formalities for updating the registration to reflect the share transfer from Ms. Fang
Ye to Ms. Fen Ye has been submitted to the qualified bank, but the amendment registration has not been completed as of the date of this
annual report.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 105; 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 -->98<!-- 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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulations
on Loans to and Direct Investment in the PRC Entities by Offshore Holding Companies </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Implementation Rules for the Provisional Regulations on Statistics and Supervision of Foreign Debt promulgated by the SAFE on
September&#160;24, 1997 and the Interim Provisions on the Management of Foreign Debts promulgated by the SAFE, the NDRC and the MOF which
became effective from March 1, 2003 and was amended on July 26, 2022, 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
January&#160;11, 2017, the PBOC issued and implemented Notice of People&#8217;s Bank of China on Matters Concerning Macro-Prudential
Management on All-round Cross-border Financing, or the Circular 9. A one-year transitional period was set for foreign-invested enterprises
and foreign financial institutions from the date of issuance, within which the foreign-invested enterprises may choose a mode between
the existing cross-border financing management mode and that prescribed in the Circular 9, and no specific new notification or rules
has been issued yet regarding the selection of the two modes. According to Circular 9, the calculation of the upper limit of the risk-weighted
balance for cross-border financing =the capital or the net assets &#215; the leverage rate of cross-border financing &#215; the macro-prudential
adjustment parameters, among which, enterprises are calculated at their net assets based on the latest audited financial statements,
the leverage rate for cross-border financing for enterprises is 2, and the macro-prudential adjustment parameter is 1.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to Notice of the People&#8217;s Bank of China and the State Administration of Foreign Exchange on Adjustments to Macro-prudential Regulation
Parameters for Full-covered Cross-border Financing issued and implemented on March&#160;11, 2020, the PBOC and the SAFE decided to adjust
the macro-prudential adjustment parameter specified in the Circular 9 to 1.25 from 1 in light of the current macroeconomic and international
balance of payment.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
January&#160;7, 2021, the PBOC and the SAFE issued Notice of People&#8217;s Bank of China and State Administration of Foreign Exchange
on the Adjustment of Macro-Prudential Adjustment Parameters for Cross-border Financing of Enterprises, and decided to lower the macro-prudential
adjustment parameter for cross-border financing of enterprises from 1.25 to 1. As for Liandu WFOE and Lishui Mengxiang, the upper limit
of the risk-weighted balance for cross-border financing = the net assets based on the latest audited financial statements &#215;2&#215;1.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to Circular 9, an enterprise shall file the information of its cross-border financing in the capital project information system with
the SAFE after signing the contract and no later than three working days before the withdrawal. The enterprise, after conducting the
contract filing for the cross-border financing, and the financial institution, after conducting information reporting for the cross-border
financing, may carry out relevant capital settlement for the borrowers according to the withdrawal and repayment arrangement, report
the relevant clearing information to the relevant systems of the PBOC and the SAFE, and complete the cross-border financing information
updating. The enterprise shall also update cross-border financing and equity-related information.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;Pursuant
to the Administrative Measures for the Examination and Registration of Medium and Long-term Foreign Debts of Enterprises promulgated
by the NDRC on January 5, 2023, which came into effect on February 10, 2023, an enterprise shall, before borrowing a foreign debt, obtain
the Certificate of Examination and Registration of Foreign Debts Borrowed by Enterprises and complete examination and registration formalities.
Without examination and registration, no foreign debt may be borrowed. Medium and long-term foreign debts of enterprises referred to
in this measures shall mean debt instruments with a maturity of more than one year that are borrowed from overseas by enterprises within
the territory of the People&#8217;s Republic of China and by overseas enterprises or branches controlled by them, denominated in local
or foreign currency, and of which principal is repaid with payment of interest as agreed.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">According
to the Notice of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment
promulgated on October&#160;23, 2019 by the SAFE, or Circular&#160;28, non-investment foreign-funded enterprises are allowed to make
domestic equity investments with their capital funds in accordance with the law on the premise that the existing special administrative
measures (negative list) for foreign investment access are not violated and the projects invested thereby in China are true and compliant.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Measures on Reporting of Foreign Investment Information issued by the MOFCOM and SAIC (the renamed SAMR) on December&#160;30,
2019, which became effective on January&#160;1, 2020, where there is a change in information in the initial report which involves enterprise
change registration or filing, the foreign investment enterprise shall submit a change report through the Enterprise Registration System
at the time of completion of enterprise change registration.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 106; 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>
    </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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Provisions
on the Merger and Acquisition of Domestic Enterprises by Foreign Investors (Revised in 2009) </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors (Revised in 2009), or the M&amp;A Rules, a
foreign investor is required to obtain necessary approvals when (i)&#160;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 (ii)&#160;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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Measures on Reporting of Foreign Investment Information, or the Measures on Reporting came into effect from January&#160;1, 2020,
for the investment activities directly or indirectly conducted by foreign investors within the territory of China, the foreign investors
or foreign-invested enterprises shall submit the investment information to the competent commercial department. Foreign investors or
foreign-invested enterprises shall submit the investment information by presenting the initial report, the change report, the cancelation
report and the annual report in accordance with the Measures on Reporting. Where a foreign investor establishes a foreign-invested enterprise
within the territory of China, it shall submit an initial report through the enterprise registration system while applying for business
establishment registration. If a foreign investor merges and acquires a domestic&#160;non-foreign-invested&#160;enterprise through the
acquisition of equity in the domestic&#160;non-foreign-invested&#160;enterprise, it shall submit the initial report through the enterprise
registration system while applying for change of registration of the merged enterprise.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Regulatory
Approval from the China Securities Regulatory Commission</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises,
or the Trial Measures, which became effective on March 31, 2023. On the same date, the CSRC circulated No.1 to No.5 Supporting Guidance
Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises
and the relevant CSRC Answers to Reporter Questions on the official website of CSRC, or collectively, the Guidance Rules and Notice.
These new regulations propose to establish a new filing-based regime to regulate overseas offerings and listings by Chinese domestic
companies.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the Trial Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities,
either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures
within three working days following its submission of initial public offerings or listing application. Since the date of effectiveness
of the Trial Measures, the domestic enterprises falling within the scope of filing that have been listed overseas or met the following
circumstances are existing enterprises: before the effectiveness of the Trial Measures, the application for indirect overseas issuance
and listing has been agreed by the overseas regulators or overseas stock exchanges (such as having passed the hearing on the Hong Kong
market or registration become effective as agreed on the U.S. market, etc.), and it is not required to perform issuance and listing supervision
procedures of the overseas regulators or overseas stock exchanges (such as rehearing on the Hong Kong market, etc.), and the overseas
issuance and listing will be completed by September 30, 2023. Existing enterprises are not required to file immediately, and filing should
be made as required if they involve refinancing and other filing matters. In such cases, where a existing enterprise issues securities
in the same overseas market after its initial public offering and listing overseas, it shall file with the CSRC within three working
days of completion of issuance; where a existing enterprise issues securities in other overseas markets after its initial public offering
and listing overseas, it shall file with the CSRC within three working days of submission of application documents for initial public
offering and listing overseas.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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 -->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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>C.
Organizational Structure</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following diagram illustrates our corporate structure, including our subsidiaries and consolidated affiliated entities as of the date
of the annual report:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="image_001.jpg"/></span></p><div>

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

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


</div><!-- Field: Page; Sequence: 108; 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 -->101<!-- 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="text-align: justify; 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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>Notes:</i></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><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="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">The
    sponsorship registration of Qingtian International School was changed to Lishui Mengxiang in August 2021. As of the date of the annual
    report, we have not received any formal notice from the competent authorities of Qingtian County requesting us to conduct the classified
    registration of private schools. However, given that Qingtian International School is a non-state public institution legal person,
    it may be directly classified as a non-profit private school by the competent authorities of Qingtian County and has no need to go
    through additional registration procedures. On April 20, 2022, Liandu WFOE entered into a series of contractual arrangements with
    respect to the operation of Qingtian International School. On January 31, 2023, due to the change of shareholders of Lishui Mengxiang,
    Liandu WFOE entered into an updated series of contractual arrangements with respect to the operation of Qingtian International School.
    The updated series of contractual arrangements replaced the series entered in April 2022 and took effect on December 16, 2022, the
    same date when the shareholders of Lishui Mengxiang signed an equity transfer agreement.</span></p>
    <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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;</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; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
    P.X. holds the whole sponsorship interests of Langfang School. Liandu WFOE entered into a series of contractual arrangements with
    respect to the operation of Langfang School on March 28, 2023. The contractual arrangements took effect on January 1, 2022. As of
    the date of the annual report, Langfang City has not released any detailed rules on classification registration of private schools
    and we have not received any relevant notice from the competent authorities of Langfang City since January 1, 2022 when Beijing P.X.
    began to hold the whole sponsorship interests of Langfang School. </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"><i>&#160;</i></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="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lishui Mengxiang holds
    43% equity interests of Beijing Xinxiang. Beijing R.R.Z. holds 42% equity interests of Beijing Xinxiang. The management team of Beijing
    Xinxiang formed Beijing Chuang&#8217;ao Technology Center (L.P.) (&#8220;Beijing C.A.&#8221;), holding 15% equity interests of Beijing
    Xinxiang. Given that the board of directors of Beijing Xinxiang consists of five members, three of which shall be appointed by Lishui
    Mengxiang, we are regarded as the primary beneficiary of Beijing Xinxiang through Lishui Mengxiang under U.S. GAAP as Lishui Mengxiang
    holds more than half of the voting power in the board of directors of Beijing Xinxiang. Therefore, the financial statements of Beijing
    Xinxiang is consolidated in our annual report on Form 20-F for the year ending December&#160;31, 2022.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; 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; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">According
    to PRC laws and regulations, entities and individuals who establish private schools are commonly referred to as &#8220;sponsors&#8221;
    instead of &#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 ownership with regard to legal, regulatory and tax matters. However, the differences
    between sponsorship and equity ownership can be found in the specific provisions of the laws and regulations applicable to sponsors
    and owners, such as provisions regarding the right to receive returns on investment and the right to the distribution of residual
    properties upon termination and liquidation.</span></p></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Investors
are purchasing equity interests in Lixiang, the Cayman Islands holding company, and are not purchasing, and may never directly hold,
equity interests in the VIEs. We do not have any equity interests in the VIEs. However, because of the contractual arrangements, we control
the VIEs through our PRC subsidiary, Liandu WFOE, and are regarded as the primary beneficiary of the VIEs for accounting purposes under
U.S. GAAP. We have consolidated the results of the VIEs in our consolidated financial statements included elsewhere in this annual report
on Form 20-F in accordance with U.S. GAAP. For a more detailed discussion of the basis of presentation of our consolidated financial
statements, see &#8220;Item 5. Operating and financial Review and Prospects&#8212;A. Operating Results&#8212;Critical Accounting Policies.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">These
contractual arrangements may not be as effective in providing us with control over the VIEs as equity ownership. If we had equity ownership
of the VIEs, we would be able to exercise our rights as a direct or indirect shareholder to effect changes in the board of directors
of the VIEs, which in turn could effect changes, subject to any applicable fiduciary obligations, at the management level. However, as
these contractual arrangements stand now, if the VIEs or their shareholders fail to perform their respective obligations under these
contractual arrangements, we cannot exercise shareholders&#8217; rights to direct corporate actions as direct ownership would otherwise
entail. If the parties under such contractual arrangements refuse to carry out our directions in relation to everyday business operations,
we will be unable to maintain effective control over the operations of the VIEs in China under U.S. GAAP. Losing effective control over
the VIEs may impair our access to their cash flow from operations, which may reduce our liquidity. If the VIEs or their respective ultimate
shareholders fail to perform their obligations under our contractual arrangements, we may have to incur additional costs and expend substantial
resources to enforce our contractual arrangements, temporarily or permanently lose control over our primary operations or lose access
to our primary sources of revenue.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">There
are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating
to the contractual arrangements and the VIE structure. If the PRC government finds these contractual arrangements or the VIE structure
non-compliant with the restrictions on direct foreign investment in the relevant industries, or if the relevant PRC laws, regulations,
and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our
interests in the VIEs or forfeit our rights under the contractual arrangements. Lixiang and investors in the ADSs face uncertainty about
potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements, consequently,
significantly affect the financial condition and results of operations. If we are unable to claim our right to control the assets of
the VIEs, the ADSs may decline in value or become worthless. The PRC government could even disallow the VIE structure completely, which
would likely result in a material adverse change in our operations and the ADSs may significantly decline in value or become worthless.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></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 -->102<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Foreign
ownership in the educational industry is subject to significant regulations in China, including strict licensing requirements. Specifically,
foreign ownership is prohibited in compulsory education at the primary and middle school levels, and is restricted at the high school
level . As we are a company incorporated in the Cayman Islands, our wholly-owned subsidiary in the PRC, Liandu WFOE, is viewed as a foreign-owned
enterprise thus is ineligible to apply for and hold licenses to operate, or otherwise own equity interests in, primary and middle school
campuses and to independently or jointly invest and operate high school and vocational school pursuant to the relevant laws and regulations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Prior
to August&#160;31, 2021, we and the VIEs primarily operated primary and secondary school in Baiyun campus and Yijing campus&#8212;Featured
Division of Lianwai School through a series of contractual arrangements with Lishui Mengxiang, which enabled us to (i)&#160;exercise
the power over our Lishui Mengxiang and Lianwai School, (ii)&#160;have the exposure or rights to variable returns from our involvement
with Lishui Mengxiang and Lianwai School, and (iii)&#160;exercise the ability to affect those returns through use of its power over Lishui
Mengxiang and Lianwai School.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the 2021 Implementation Rules which took effect on September&#160;1, 2021, social organizations and individuals are prohibited from controlling
a private school that provides compulsory 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 among Liandu WFOE and Lianwai School providing compulsory education. Therefore, we re-assessed our control over
Lianwai School. Based on the relevant accounting standard in accordance with U.S. GAAP, we have concluded that we have lost control of
Lianwai School since August&#160;31, 2021, in view of the significant uncertainties and restrictions the 2021 Implementation Rules impose
on our ability to direct the range of ongoing activities that would most significantly impact the returns of Lianwai School. In light
of such regulatory developments, on April&#160;20, 2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai
School and respective directors, to confirm all the terms of rights and obligations relating to Lianwai School and the directors appointed
by the sponsor under the contractual arrangements among them, and agree among the parties that such arrangements shall have been terminated
on August&#160;31, 2021. To minimize disruptions to existing students enrolled in Lianwai School, we continued to offer essential services
to the students. We deconsolidated Lianwai School commencing from September&#160;1, 2021 and presented it as a discontinued operation
in current and comparative period financial statements. See &#8220;Item 5. Operating and financial Review and Prospects&#8212;A. Operating
Results.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
April&#160;20, 2022, Liandu WFOE entered into a series of contractual arrangements, or the VIE structure, with Lishui Mengxiang, Qingtian
International School, shareholders of Lishui Mengxiang and the Council Members of Qingtian International School. On January 31, 2023,
due to the change of shareholders of Lishui Mengxiang, Liandu WFOE entered into an updated series of contractual arrangements with respect
to the operation of Qingtian International School. The updated series of contractual arrangements replaced the previous ones and took
effect on December 16, 2022, the same date when the shareholders of Lishui Mengxiang signed an equity transfer agreement. On March 28,
2023, Liandu WFOE entered into a series of contractual arrangements, or the VIE structure, with Beijing P.X. and Langfang School, shareholders
of Beijing P.X. and the Council Members of Langfang School. The series of contractual arrangements became effective on January 1, 2022.
These contractual arrangements enables us to (i)&#160;exercise the power over our Lishui Mengxiang, Qingtian International School and
Langfang School, (ii)&#160;have the exposure or rights to variable returns from our involvement with the VIEs, and (iii)&#160;exercise
the ability to affect those returns through use of its power over the VIEs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
do not have any equity interest in the VIEs. However, because of these contractual arrangements, we control the VIEs through our PRC
subsidiary, Liandu WFOE. We have consolidated the results of the VIEs in our consolidated financial statements included elsewhere in
this annual report on Form 20-F in accordance with U.S. GAAP. For a more detailed discussion of the basis of presentation of our consolidated
financial statements, see &#8220;Item 5. Operating and financial Review and Prospects&#8212;A. Operating Results&#8212;Critical Accounting
Policies.&#8221; For a detailed description of the risks associated with our corporate structure, see &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8212;Risks Relating to Our Corporate Structure&#8221; and &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks
Relating to Doing Business in China.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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 -->103<!-- 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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Below
is a summary of the material provisions of these contractual arrangements with Liandu WFOE and the shareholders of Lishui Mengxiang.
For more complete information you should read these agreements in their entirety.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Exclusive
Call Option Agreement.</i></b>&#160;Under the Exclusive Call Option Agreement dated January 31, 2023, Ms.&#160;Fen Ye and Ms.&#160;Hong
Ye, or the shareholders of Lishui Mengxiang have irrevocably granted Liandu WFOE or its designated purchaser the exclusive right to purchase
all or part of the direct and/or indirect equity interests of Lishui Mengxiang, or the Equity Call Option. The purchase price payable
by Liandu WFOE or its designated purchaser in respect of the transfer of Lishui Mengxiang&#8217;s direct and/or indirect equity interest
or equity interests shall be at the lowest price permitted under the PRC laws and regulations. Liandu WFOE or its designated purchaser
shall have the right to purchase such proportion of Lishui Mengxiang&#8217;s interest in Qingtian International School and/or other equity
interest of Lishui Mengxiang as it decides at any time. Qingtian International School provides high school education services, in which
case the foreign investors are restricted to hold equity interests of Lishui Mengxiang, Qingtian International School&#8217;s sponsor,
in accordance with the current PRC laws and regulations. If and when the PRC laws and regulations allow Liandu WFOE or us to directly
hold all or part of the school sponsor interests in Qingtian International School and/or all or part of other equity interests of Lishui
Mengxiang and operate competent education business in the PRC, Liandu WFOE shall issue the notice of exercise of such equity call option
as soon as practicable, and the percentage of interests to be purchased upon exercise of such Equity Call Option shall be no less than
the maximum percentage allowed to be held by Liandu WFOE or its designated purchaser under the PRC laws and regulations. Such equity
transfer price is not expressly provided for in the current PRC laws and regulations and it is uncertain whether it may be further regulated
by future PRC laws and regulations. Pursuant to the Exclusive Call Option Agreement, all taxes and fees associated with the equity transfer
shall be paid by Lishui Mengxiang&#8217;s shareholders and/or the direct equity holders of the VIEs upon the transfer. In the absence
of written consent from Liandu WFOE, except as otherwise described in the Exclusive Call Option Agreement, Lishui Mengxiang and its shareholders
shall not sell, transfer, assign or otherwise dispose of or create any encumbrance on any of Lishui Mengxiang&#8217;s assets, businesses
or equity interests or procure separation or merge with any other entities. Furthermore, without written consent from Liandu WFOE, Lishui
Mengxiang may not terminate any material contracts or enter into any other contracts which may contradict such material contracts, incur
any indebtedness or provide any loan or guarantee to a third party, except as disclosed to Liandu WFOE, or alter the nature or scope
of its business. The Exclusive Call Option Agreement will remain in force during the operation term of VIEs and any periods that are
renewable pursuant to the PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercised
their options to purchase all the equities of VIEs in accordance with this agreement. In addition, unless otherwise stipulated by laws,
this agreement may not be terminated by Lishui Mengxiang or its shareholders unilaterally, but may only be terminated by Liandu WFOE
after notice in advance.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Proxy
Agreement for School&#8217;s Sponsors and Council Members.</i></b>&#160;Pursuant to the Proxy Agreement for School&#8217;s Sponsors and
Council Members dated January 31, 2023, Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights
as school sponsor of Qingtian International School to the extent permitted by the PRC laws. These rights include, but are not limited
to: (a)&#160;the right to appoint and/or elect of council members of Qingtian International School; (b)&#160;the right to appoint and/or
elect the supervisors of Qingtian International School; the right to put forward the School&#8217;s mission and scope of operation;(c)the
right to examine or approve the Articles of Association of Qingtian International School, development planning, major projects and budget
for revenues and expenditures;(d) the right to supervise the performance of Qingtian International School and the achievement of the
objectives set out in the bylaw;(e) the right to establish the executive school council in accordance with the authority and procedures
prescribed in the bylaw of Qingtian International School and to participate in the running and management of the School;(f) the right
to access the information about the operation conditions and financial conditions of Qingtian International School;(g) the right to consult
the resolutions, records, financial and accounting statements and reports of the school council meetings in accordance with the PRC laws;(h)
the right to obtain reasonable returns from Qingtian International School&#8217;s Sponsor in accordance with the PRC laws;(i) the right
to obtain the remaining property of Qingtian International School after the liquidation in accordance with the PRC laws;(j) the right
to transfer the interests of Qingtian International School&#8217;s Sponsor in accordance with the PRC laws;(k) the right to select the
profitability and non-profitability of the characteristic of Qingtian International School in accordance with the PRC laws, regulations
or regulatory documents; and(l) any other rights of Qingtian International School&#8217;s Sponsor provided by other applicable laws and
regulations of the PRC and the articles of association of Qingtian International School (as amended from time to time).</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
appointed Council Members of Qingtian International School from Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE
to exercise all its rights as school sponsor of Qingtian International School to the extent permitted by the PRC laws. These rights include,
but are not limited to: (a)&#160;acting as the agent of Qingtian International School&#8217;s Sponsor to attend the council meeting of
Qingtian International; enjoying the right to speak, propose, vote, elect and stand for election, and the right to know, propose and
supervise council meeting and business activities carried out by Qingtian International School; (b)&#160;exercising the voting rights
on behalf of Qingtian International School&#8217;s Sponsor for all matters requiring discussion and resolution of the council; (c)&#160;proposing
to convene a council meeting of Qingtian International School; (d)&#160;signing the council meeting minutes, council meeting resolutions
or other legal documents that the Appointed Council Members has the right to sign as the council member of Qingtian International School;
(e)&#160;instructing the legal representative, the financial, business and administrative chiefs, etc. of Qingtian International School
to act in accordance with the Trustee&#8217;s intention; (f)&#160;exercising other rights of the council member and council members&#8217;
voting rights under the articles of association (including any other council members&#8217; voting rights as stipulated in the amended
articles of association) of Qingtian International School; (g)&#160;handling legal procedures containing registration, examination and
approval and license of schools at the competent departments of government; and (h)&#160;any other rights of the Council Member as pursuant
to the applicable PRC laws, regulations and the articles of association (as amended from time to time) of Qingtian International School.
In addition, each of Lishui Mengxiang and the Council Members of Qingtian International School have irrevocably agreed that (i)&#160;Liandu
WFOE may delegate its rights under the Proxy Agreement for School&#8217;s Sponsors and Council Members to the directors of Liandu WFOE
or its designated person, without prior notice to or approval by Lishui Mengxiang and the Council Members of Qingtian International School;
and (ii)&#160;any person as successor of civil rights of Liandu WFOE or liquidator by reason of subdivision, merger, liquidation of Liandu
WFOE or other circumstances shall have authority to replace Liandu WFOE to exercise all rights under the Proxy Agreement for School&#8217;s
Sponsors and Council Members.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>


</div><!-- Field: Page; Sequence: 111; 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 -->104<!-- 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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Proxy
Agreement for Shareholders.</i></b>&#160;Pursuant to the Proxy Agreement for Shareholders dated January 31, 2023, each shareholder of
Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as the shareholder to the extent permitted
by the PRC laws. These rights include, but are not limited to: (a)&#160;the right to attend the shareholders&#8217; meeting of our school
acting as WFOE&#8217;s nominee; (b)&#160;the right to vote on behalf of the sponsors for all matters requiring discussion and resolution
of the shareholders&#8217; meeting; (c)&#160;the right to sign the shareholders&#8217; minutes, resolutions or other legal documents;
(d)&#160;the right to indicate the directors, the legal representative, etc. to act in accordance with WFOE&#8217;s intention; (e)&#160;the
right to handle legal procedures containing registration, examination and approval and license of schools at the competent departments
of governments; (f)&#160;the right to decide to transfer or otherwise dispose of the equity of our school; (g)&#160;any other shareholder
rights as pursuant to the applicable PRC laws, regulations and our school&#8217;s articles of association as amended from time to time.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Business
Cooperation Agreement</i>.</b>&#160;Pursuant to the Business Cooperation Agreement dated January 31, 2023, Liandu WFOE shall provide
technical services, management support and consulting services necessary for the private education business, and in return, the VIEs
shall make payments accordingly. In particular, such services include but not limited to developing curriculum, conducting market research
and offering management and marketing advice, providing technology services, providing public relations services, providing support for
teacher hiring and training and providing other services that the VIEs&#160;may need from time to time. Without the prior consent of
Liandu WFOE, none of the VIEs may accept such services provided by any third party. As part of the business cooperative agreement, VIEs
and the shareholders of Lishui Mengxiang agree that they will not take any actions except as otherwise described in the Business Cooperation
Agreement, such as incurring indebtedness, disposing of material assets, materially changing the scope or nature of the business of the
VIEs, disposing of their equity interests in the VIEs, or paying dividends or other similar payments to the sponsors or the shareholders
VIEs in the absence of written consent from Liandu WFOE. The aforementioned agreements will terminate automatically when Liandu WFOE
and/or its designated entities fully exercised their options to purchase all the equities held by Nominee Shareholders in accordance
with the Exclusive Call Option Agreement. In addition, unless otherwise stipulated by laws, this agreement may not be terminated by VIEs
or the shareholders, but may only be terminated by Liandu WFOE after notice in advance.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Exclusive
Technical Service and Business Consulting Agreement.</i></b>&#160;Pursuant to the Exclusive Technical Service and Business Consulting
Agreement dated January 31, 2023, Liandu WFOE agreed to provide exclusive technical services to Qingtian International School and Qingtian
International School&#8217;s sponsor, Lishui Mengxiang. Furthermore, Liandu WFOE agreed to provide exclusive business consultancy services
to Qingtian International School and Qingtian International School&#8217;s sponsor. In consideration of the technical and business consultancy
services provided by Liandu WFOE, Qingtian International School and Qingtian International School&#8217;s sponsor agreed to pay Liandu
WFOE a service fee withdrawn from their respective amount of surplus from operations after deducting all costs, expenses, taxes, losses
(if required by the law) and the legally development fund of the respective school (if required by the law) and other costs and funds
that shall be retained at Qingtian International School in accordance with applicable PRC laws. Liandu WFOE has the right (but not the
obligation) to adjust the amount of such service fee by reference to the actual services provided and the actual business operations
and needs of Qingtian International School and Qingtian International School&#8217;s sponsor, provided that any adjusted amount shall
not exceed the amount mentioned above. Qingtian International School and Qingtian International School&#8217;s sponsor do not have any
right to make any such adjustment. Unless otherwise prescribed under the PRC laws and regulations, Liandu WFOE shall have exclusive proprietary
rights to any technology and intellectual property developed and materials prepared in the course of the provision of research and development,
technical support and services by Liandu WFOE to Qingtian International School and Qingtian International School&#8217;s sponsor, and
any intellectual property in the products developed, including any other rights derived thereunder, in the course of performance of obligations
under the Exclusive Technical Service and Business Consulting Agreement and/or any other agreements entered into between Liandu WFOE
and the VIEs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Equity
Pledge Agreement</i></b>. Pursuant to the Equity Pledge Agreement dated January 31, 2023, the shareholders unconditionally and irrevocably
pledged all of their equity interests in Lishui Mengxiang to Liandu WFOE to guarantee performance of the obligations of the VIEs under
the Exclusive Call Option Agreement, Business Cooperation Agreement, Exclusive Technical Service and Business Consulting Agreement, Proxy
Agreement for Shareholders, Proxy Agreement for School&#8217;s Sponsors and Council Members and Loan Agreement, each as described above
the shareholders of Lishui Mengxiang agreed that without prior written consent of the PRC WFOE, they shall not transfer or dispose of
the pledged equity interests, or create or allow any encumbrance on the pledged equity interests. Unless otherwise stipulated by laws,
this agreement may not be terminated by Lishui Mengxiang or the shareholders of Lishui Mengxiang unilaterally, but may only be terminated
by the Liandu WFOE after notice in advance. The equity pledge agreement remains in full force and effect until all of the obligations
under the contractual arrangements&#160;have been duly performed or the guaranteed debts are duly paid. The pledge of equity interests
in Lishui Mengxiang has been duly registered with the local branch of SAIC and is effective upon such registration.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Below
is a summary of the material provisions of these contractual arrangements with Liandu WFOE and the shareholders of Beijing P.X.. For
more complete information you should read these agreements in their entirety.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 112; 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 -->105<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Exclusive
Call Option Agreement.</i></b>&#160;Under the Exclusive Call Option Agreement dated March 28, 2023, Ms.&#160;Fen Ye, Ms.&#160;Hong Ye,
and Lishui Mengxiang, or the shareholders of Beijing P.X. have irrevocably granted Liandu WFOE or its designated purchaser the exclusive
right to purchase all or part of the direct and/or indirect equity interests of Beijing P.X. and Langfang School, or the Equity Call
Option. The purchase price payable by Liandu WFOE or its designated purchaser in respect of the transfer of above equity interests shall
be at the lowest price permitted under the PRC laws and regulations. Liandu WFOE or its designated purchaser shall have the right to
purchase such proportion of Beijing P.X.&#8217;s interest in Langfang School and/or other equity interest of Beijing P.X. as it decides
at any time. Langfang School provides vacational school education services, in which case the foreign investors shall be a foreign education
institution or a foreign vocational skills training institution with relevant qualifications on education services and operating high-quality
educations in accordance with the current PRC laws and regulations. If and when the PRC laws and regulations allow Liandu WFOE or us
to directly hold all or part of the school sponsor interests in Langfang School and/or all or part of other equity interests of Beijing
P.X. and operate competent education business in the PRC, Liandu WFOE shall issue the notice of exercise of such equity call option as
soon as practicable, and the percentage of interests to be purchased upon exercise of such Equity Call Option shall be no less than the
maximum percentage allowed to be held by Liandu WFOE or its designated purchaser under the PRC laws and regulations. Such equity transfer
price is not expressly provided for in the current PRC laws and regulations and it is uncertain whether it may be further regulated by
future PRC laws and regulations. Pursuant to the Exclusive Call Option Agreement, all taxes and fees associated with the equity transfer
shall be paid by Beijing P.X.&#8217;s shareholders upon the transfer. In the absence of written consent from Liandu WFOE, except as otherwise
described in the Exclusive Call Option Agreement, Beijing P.X. and its shareholders shall not sell, transfer, assign or otherwise dispose
of or create any encumbrance on any of Langfang School&#8217;s assets, businesses or equity interests or procure separation or merge
with any other entities. Furthermore, without written consent from Liandu WFOE, Langfang School may not terminate any material contracts
or enter into any other contracts which may contradict such material contracts, incur any indebtedness or provide any loan or guarantee
to a third party, except as disclosed to Liandu WFOE, or alter the nature or scope of its business. The Exclusive Call Option Agreement
will remain in force during the operation term of Beijing P.X. and Langfang School and any periods that are renewable pursuant to the
PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercised their options to purchase
all the equities of Beijing P.X. and Langfang School in accordance with this agreement. In addition, unless otherwise stipulated by laws,
this agreement may not be terminated by Langfang School, Beijing P.X. or its shareholders unilaterally, but may only be terminated by
Liandu WFOE after notice in advance.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Proxy
Agreement for School&#8217;s Sponsors and Council Members.</i></b>&#160;Pursuant to the Proxy Agreement for School&#8217;s Sponsors and
Council Members dated March 28, 2023, Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as
school sponsor of Langfang School to the extent permitted by the PRC laws. These rights include, but are not limited to: (a)&#160;the
right to appoint and/or elect of council members of Langfang School; (b)&#160;the right to appoint and/or elect the supervisors of Langfang
School; the right to put forward the School&#8217;s mission and scope of operation;(c)the right to examine or approve the Articles of
Association of Langfang School, development planning, major projects and budget for revenues and expenditures;(d) the right to supervise
the performance of Langfang School and the achievement of the objectives set out in the bylaw;(e) the right to establish the executive
school council in accordance with the authority and procedures prescribed in the bylaw of Langfang School and to participate in the running
and management of the School;(f) the right to access the information about the operation conditions and financial conditions of Langfang
School;(g) the right to consult the resolutions, records, financial and accounting statements and reports of the school council meetings
in accordance with the PRC laws;(h) the right to obtain reasonable returns from Langfang School&#8217;s Sponsor in accordance with the
PRC laws;(i) the right to obtain the remaining property of Langfang School after the liquidation in accordance with the PRC laws;(j)
the right to transfer the interests of Langfang School&#8217;s Sponsor in accordance with the PRC laws;(k) the right to select the profitability
and non-profitability of the characteristic of Langfang School in accordance with the PRC laws, regulations or regulatory documents;
and(l) any other rights of Langfang School&#8217;s Sponsor provided by other applicable laws and regulations of the PRC and the articles
of association of Langfang School (as amended from time to time).</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
appointed Council Members of Langfang School from Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its
rights as school sponsor of Langfang School to the extent permitted by the PRC laws. These rights include, but are not limited to: (a)&#160;acting
as the agent of Langfang School&#8217;s Sponsor to attend the council meeting of Langfang School; enjoying the right to speak, propose,
vote, elect and stand for election, and the right to know, propose and supervise council meeting and business activities carried out
by Langfang School; (b)&#160;exercising the voting rights on behalf of Langfang School&#8217;s Sponsor for all matters requiring discussion
and resolution of the council; (c)&#160;proposing to convene a council meeting of Langfang School; (d)&#160;signing the council meeting
minutes, council meeting resolutions or other legal documents that the Appointed Council Members has the right to sign as the council
member of Langfang School; (e)&#160;exercising other rights of the council member and council members&#8217; voting rights under the
articles of association (including any other council members&#8217; voting rights as stipulated in the amended articles of association)
of Langfang School; (f)&#160;handling legal procedures containing registration, examination and approval and license of school at the
competent departments of government; and (g)&#160;any other rights of the Council Member as pursuant to the applicable PRC laws, regulations
and the articles of association (as amended from time to time) of Langfang School. In addition, each of Beijing P.X. and the Council
Members of Langfang School have irrevocably agreed that (i)&#160;Liandu WFOE may delegate its rights under the Proxy Agreement for School&#8217;s
Sponsors and Council Members to the directors of Liandu WFOE or its designated person, without prior notice to or approval by Beijing
P.X. and the Council Members of Langfang School; and (ii)&#160;any person as successor of civil rights of Liandu WFOE or liquidator by
reason of subdivision, merger, liquidation of Liandu WFOE or other circumstances shall have authority to replace Liandu WFOE to exercise
all rights under the Proxy Agreement for School&#8217;s Sponsors and Council Members.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 113; 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 -->106<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Proxy
Agreement for Shareholders.</i></b>&#160;Pursuant to the Proxy Agreement for Shareholders dated March 28, 2023, Lishui Mengxiang, the
shareholder of Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as the shareholder to the
extent permitted by the PRC laws. These rights include, but are not limited to: (a)&#160;the right to attend the shareholders&#8217;
meeting of Beijing P.X. acting as WFOE&#8217;s nominee; (b)&#160;the right to vote on behalf of Lishui Mengxiang for all matters requiring
discussion and resolution of the shareholders&#8217; meeting; (c)&#160;the right to sign the shareholders&#8217; minutes, resolutions
or other legal documents; (d)&#160;the right to indicate the directors, the legal representative, etc. to act in accordance with WFOE&#8217;s
intention; (e)&#160;the right to handle legal procedures containing registration, examination and approval and license of Beijing P.X.
at the competent departments of governments; (f)&#160;the right to decide to transfer or otherwise dispose of the equity of Beijing P.X.;
(g)&#160;any other shareholder&#8217;s rights as pursuant to the applicable PRC laws, regulations and articles of association of Beijing
P.X. as amended from time to time.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Business
Cooperation Agreement</i>.</b>&#160;Pursuant to the Business Cooperation Agreement dated March 28, 2023, Liandu WFOE shall provide technical
services, management support and consulting services necessary for the private education business, and in return, Beijing P.X. and Langfang
School shall make payments accordingly. In particular, such services include but not limited to developing curriculum, conducting market
research and offering management and marketing advice, providing technology services, providing public relations services, providing
support for teacher hiring and training and providing other services that Beijing P.X. and Langfang School&#160;may need from time to
time. Without the prior consent of Liandu WFOE, none of Beijing P.X. and Langfang School may accept such services provided by any third
party. As part of the business cooperative agreement, Beijing P.X., Langfang School and the shareholders of Beijing P.X. agree that they
will not take any actions except as otherwise described in the Business Cooperation Agreement, such as incurring indebtedness, disposing
of material assets, materially changing the scope or nature of the business of Langfang School, disposing of their equity interests in
the Langfang School, or paying dividends or other similar payments to Beijing P.X. or the shareholders of Beijing P.X. in the absence
of written consent from Liandu WFOE. The aforementioned agreements will terminate automatically when Liandu WFOE and/or its designated
entities fully exercised their options to purchase all the equities held by Nominee Shareholders in accordance with the Exclusive Call
Option Agreement. In addition, unless otherwise stipulated by laws, this agreement may not be terminated by Beijing P.X., Langfang School
or the shareholders of Beijing P.X., but may only be terminated by Liandu WFOE after notice in advance.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Exclusive
Technical Service and Business Consulting Agreement.</i></b>&#160;Pursuant to the Exclusive Technical Service and Business Consulting
Agreement dated March 28, 2023, Liandu WFOE agreed to provide exclusive technical services to Langfang School and Beijing P.X.. Furthermore,
Liandu WFOE agreed to provide exclusive business consultancy services to Langfang School and Beijing P.X.. In consideration of the technical
and business consultancy services provided by Liandu WFOE, Langfang School and Beijing P.X. agreed to pay Liandu WFOE a service fee withdrawn
from their respective amount of surplus from operations after deducting all costs, expenses, taxes, losses (if required by the law) and
the legally development fund (if required by the law) and other costs and funds that shall be retained at Langfang School in accordance
with applicable PRC laws. Liandu WFOE has the right (but not the obligation) to adjust the amount of such service fee by reference to
the actual services provided and the actual business operations and needs of Langfang School and Beijing P.X., provided that any adjusted
amount shall not exceed the amount mentioned above. Langfang School and Beijing P.X. do not have any right to make any such adjustment.
Unless otherwise prescribed under the PRC laws and regulations, Liandu WFOE shall have exclusive proprietary rights to any technology
and intellectual property developed and materials prepared in the course of the provision of research and development, technical support
and services by Liandu WFOE to Langfang School and Beijing P.X., and any intellectual property in the products developed, including any
other rights derived thereunder, in the course of performance of obligations under the Exclusive Technical Service and Business Consulting
Agreement and/or any other agreements entered into between Liandu WFOE, Langfang School and Beijing P.X..</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Equity
Pledge Agreement</i></b>. Pursuant to the Equity Pledge Agreement dated March 28, 2023, the shareholders unconditionally and irrevocably
pledged all of their equity interests in Beijing P.X. to Liandu WFOE to guarantee performance of the obligations of Langfang School and
Beijing P.X. under the Exclusive Call Option Agreement, Business Cooperation Agreement, Exclusive Technical Service and Business Consulting
Agreement, Proxy Agreement for Shareholders, Proxy Agreement for School&#8217;s Sponsors and Council Members and Loan Agreement, each
as described above the shareholders of Beijing P.X. agreed that without prior written consent of the WFOE, they shall not transfer or
dispose of the pledged equity interests, or create or allow any encumbrance on the pledged equity interests. Unless otherwise stipulated
by laws, this agreement may not be terminated by Beijing P.X. or the shareholders of Beijing P.X. unilaterally, but may only be terminated
by the Liandu WFOE after notice in advance. The equity pledge agreement remains in full force and effect until all of the obligations
under the contractual arrangements&#160;have been duly performed or the guaranteed debts are duly paid. The pledge of equity interests
in Beijing P.X. has been duly registered with the local branch of SAMR and is effective upon such registration.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 114; 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 -->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="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">After
consulting with our PRC legal counsel Beijing DeHeng Law offices, we are of the view that:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            ownership structures of Liandu WFOE and the VIEs currently will not violate any applicable
                                            PRC law, regulation, or rule currently in effect; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            contractual arrangements (a) among Liandu WFOE, Lishui Mengxiang, Qingtian International
                                            School, shareholders of Lishui Mengxiang and the Council Members of Qingtian International
                                            School and (b) among Liandu WFOE, Beijing P.X., Langfang School, shareholders of Beijing
                                            P.X. and the Council Members of Langfang School, governed by PRC laws are valid, binding
                                            and enforceable in accordance with their terms and applicable PRC laws, rules, and regulations
                                            currently in effect.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">However,
there are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules.
Accordingly, the PRC regulatory authorities may take a view that is contrary to us. It is uncertain whether any new PRC laws or regulations
relating to variable interest entity structures will be adopted or if adopted, what they would provide. If we or the VIE is found to
be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals,
the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See &#8220;Item
3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating to Our Corporate Structure.&#8221;</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>D.
Property, Plants and Equipment </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
headquarters are located in Lishui City, Zhejiang Province, the People&#8217;s Republic of China. As of December&#160;31, 2022, we and
the VIEs owned the land use rights for eight parcels of land in the PRC with a total site area of approximately 104,739 sq.m. We and
the VIEs also owned 25 buildings with a total gross floor area of approximately 86,518 sq.m. On December 29, 2021, Lishui Mengxiang as
the landlord entered into a lease agreement with Lianwai School. The lease covers 3 parcels of land in Liandu District and the term of
this lease is for three years from January 1, 2022 to December 31, 2024. The lease agreement is a part of the essential services we continued
to provide to Lianwai School in order to keep Lianwai School in operation and minimize the disruptions to its existing students. We have
not recognized any revenue from this lease pursuant to the 2021 Complementation Rules.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
January&#160;29, 2019, Qingtian Zhongyi Education Investment as the tenant entered into a lease agreement with Qingtian High School as
the landlord. The term of this lease is for three years from August&#160;1, 2019 to July 31, 2022 and the rental fees was RMB 600,000
(including tax) each year. On July 31, 2022, the lease was extended for three years until July 31, 2025 on the same standard of rental
fees with Qingtian International School as the tenant. The lease covers the facilities and properties with a total aggregate area of
approximately 9,012 sq.m. Currently, the lease properties serve as the educational buildings, premises and campus for Qingtian International
School. The termination of this lease agreement during the lease period will be subject to further negotiation between the parties and
the approval of the local Education Bureau.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
June&#160;9, 2021, Qingtian International School as the tenant entered into two lease agreements with the third parties as the landlords.
The leases cover the properties with a total aggregate area of approximately 840 sq.m, and the leases for this space will expire in August
2024. Such leased properties serve as the teacher dormitories for Qingtian International School. We believe that there is sufficient
supply of properties in China, and thus we do not rely on existing leases for our and the VIEs&#8217; business operations. The term of
each of these leases is for three years from 26&#160;August, 2021 and the rental fees was RMB336,000 in total for three years.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 115; 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 -->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: 0.25in"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
September 1, 2019, Langfang School as the tenant entered into a lease agreement with a third party. The agreement covers the campus facilities
and properties located at No.2 Yongxing road, Anci District in Langfang City, Hubei Province, which is provided to Langfang School for
its daily operation. The term of this agreement is for five years from September 1, 2019 to August 31, 2024. Langfang School agreed to
pay RMB330,000 (including tax) each month for using the campus facilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
December 13, 2022, Langfang School as the tenant entered into a cooperation agreement about the facilities use with a third party. The
agreement covers the facilities located at No.63 Aiminxi road, Anci District in Langfang City, Hubei Province, and its term is from December
2022 to December 2024. Langfang School agreed to pay the rent based on the numbers of apartments used in the school years, and the annual
rent for an apartment accommodating 4 students ranges from RMB30,600 to RMB31,800.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
December 10, 2021, Chuangmei Weiye as the tenant entered into two lease agreements with Beijing S.K. The agreements covers the facilities
and properties located at Room 403 and Room 405 of Gong Shang Lian Mansion, Bai Qiao Da Street, Dongcheng District, Beijing. The term
of the agreements is for one year from January 10, 2022 to January 9, 2023. Chuangmei Weiye paid RMB1,442,336.88 in total for using the
facilities and properties under the two agreements in this period. On March 15, 2023, the agreements were extended for one year from
January 1, 2023 to December 31, 2023 with Beijing P.X. as the tenant and the total rental fees are RMB704,944.56.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the applicable PRC laws and regulations, parties to a lease agreement are required to file the lease agreements for registration and
obtain property leasing filing certificates for their leases. As of the date of the annual report, we and the VIEs had not completed
lease registration of the properties we and the VIEs leased in China. Although failure to register or file a lease does not in itself
invalidate the leases, we and the VIEs may be required by relevant government authorities to file the lease agreements to complete the
registration formalities and may be subject to a fine for non-registration within the prescribed time limit, which may range from RMB1,000
to RMB10,000 per lease agreement. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212; Risks Relating to Our Business and
Industry.&#8221;</span></p><div>

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

</div><div><a id="b_009"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;4A.
UNRESOLVED STAFF COMMENTS </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">None.</span></p><div>

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

</div><div><a id="b_010"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>You
should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial
statements and the notes to those statements included elsewhere in this annual report on Form 20-F. The discussion in this annual report
on Form 20-F contains forward-looking statements based upon current expectations that involve risks and uncertainties, such as statements
of our plans, objectives, expectations and intentions. The cautionary statements made in this annual report on Form 20-F should be read
as applying to all related forward-looking statements wherever they appear in this annual report on Form 20-F. Our actual results could
differ materially from those discussed here. Factors that could cause or contribute to these differences include those discussed in &#8220;Risk
Factors,&#8221; as well as those discussed elsewhere. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; or in other parts
of this annual report on Form 20-F.</i></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>


</div><!-- Field: Page; Sequence: 116; 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 -->109<!-- 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="text-align: justify; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Operating Results</b></span></p><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
and the VIEs&#8217; private education services used to primarily include primary and middle school education, while now turn to high
school education and vocational education. We and the VIEs have established an education services network consisting of one high school,
three vocational education services providers and one comprehensive human resources services provider, covering Zhejiang Province, Hebei
Province, and Hainan Province in mainland China. The entities engaging in our main business include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44.05pt; text-align: justify"><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">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Qingtian
                                            International School, an educational institution specialized in providing high school education
                                            to students from overseas Chinese families returning to China who are commonly known as the
                                            overseas Chinese returnees;</span></td>
</tr><tr style="vertical-align: top; text-align: justify">
<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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
     </table><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">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Beijing
                                            Xinxiang, Langfang School and Hainan Jiangcai, vocational education services providers offering
                                            a variety of vocational education programs with the aim to help students to equip with practical
                                            vocational skill sets; and</span></td>
</tr><tr style="vertical-align: top; text-align: justify">
<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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
     </table><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">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Chuangmei
                                            Weiye, a professional comprehensive human resources service provider connecting enterprises
                                            and vocational school students, providing talents to enterprises and assisting vocational
                                            schools to provide internship opportunities to their students.</span></td>
</tr></table><div>

</div><p style="text-align: justify; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Lishui
Mengxiang completed the required registration to hold 100% sponsorship interests of Qingtian International School in August 2021, and
the acquisition was closed in November 2021. The high school curriculum programs offered at Qingtian International School are designed
for students of overseas Chinese returnees. The increasing population of overseas Chinese returnees and their immediate relatives in
Zhejiang Province provide a growing opportunity in the private education industry. Compared with local students, overseas Chinese returnees
are afforded the opportunity to attend the PRC Joint Recruitment Examination for overseas Chinese returnees and students in Hong Kong,
Macau and Taiwan as a parallel track. Qingtian International School provides PRC high school curriculum program combined with the courses
designed for the PRC Joint Recruitment Examination, using small-class teaching method and semi-military management, which enable its
students to gain admission to the most prestigious colleges and universities. As a result, we believe our outstanding admission performance
will enhance our and the VIEs&#8217; schools&#8217; reputation in the industry and improve our prospects.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs offer vocational education services at the Vocational Education Services Providers, namely Beijing Xinxiang, Langfang School
and Hainan Jiangcai. Beijing Xinxiang was formed in January 2022 by Lishui Mengxiang and Beijing R.R.Z. Langfang School. Hainan Jiangcai
and Chuangmei Weiye were acquired by Lishui Mengxiang in January 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Beijing
Xinxiang is a vocational education service provider in the healthcare industry, formed in January 2022 by Lishui Mengxiang and Beijing
R.R.Z. The healthcare industry in China has significant unmet demand for vocational training education to bridge the supply and demand
gap between employers and students. Beijing Xinxiang intends to cooperate with two vocational schools in Henan Province and Shandong
Province, with a goal to enroll 1,000 students in 2023.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Langfang
School is a provincial private vocational school approved by the Human Resources and Social Security Department of Hebei Province, integrating
academic education and vocational education. Langfang School was acquired by Lishui Mengxiang in January 2022. As of the date of the
annual report, the administrative procedures with the PRC governmental authorities to amend the registration reflecting the result of
the acquisition of Langfang School have not been completed due to the internal procedures of the competent authorities.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 117; 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 -->110<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs cooperate with Hainan Technical School, a reputable vocational education school in Haikou City, Hainan Province, through
Hainan Jiangcai, a subsidiary of Beijing P.X., to jointly design and develop curriculum programs based on the prevalent market trends
and employer preferences.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Chuangmei
Weiye is a professional comprehensive education and human resources service provider. Through Chuangmei Weiye, we aim to assist talents
with practical skills in obtaining internship opportunities and positions in well-known companies so as to bridge the supply and demand
gap between the employers and talents.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the impact of the 2021 Implementation Rules, we deconsolidated Lianwai School commencing from September&#160;1, 2021 and presented
it as a discontinued operation in current and comparative period financial statements.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
net revenues for continuing operation were RMB25.7&#160;million, RMB34.4 million and RMB49.2&#160;million (US$7.1 million) in 2020, 2021
and 2022, respectively. We had net income RMB33.6&#160;million in 2020 and we had net loss RMB243.8&#160;million and RMB8.1 million (US$1.2
million) in 2021 and 2022, respectively.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Major
Factors Affecting Our Results of Operations</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
believe that our results of operations are affected by the following factors:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Demand
for private education and vocational education in China</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
and the VIEs&#8217; operations are driven by the growth of demand for private education and vocational education in China. Such demand
is primarily driven by the increasing number of Chinese students who seek quality education and aspire to gain solid practical skills,
which is in turn driven by an increasing number of affluent families in China, the rising recognition of the quality of higher education,
and various economic factors. The demand of private education and vocational education are affected by a number of factors, including
general economic conditions, diversified course offerings, quality of education, expected compensation levels, social acceptance towards
vocational graduates, and government support. Material changes to these factors will affect our operation results.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Level
of our and the VIEs&#8217; student enrollment</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
net revenues and profitability are dependent on the level of student enrollment at our schools. The numbers of students enrolled in Qingtian
International School, Langfang School and Hainan Jiangcai were 501, 838, and 241 as of September 1, 2022, respectively.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Attracting
students and subsequent student admission largely depends on our reputation which is mainly driven by the quality of education we and
the VIEs provide. Through the years of operations, we and the VIEs have accumulated experience in developing and customizing our and
the VIEs&#8217; educational programs to continue to attract students and teachers to our schools. We believe that highly qualified and
dedicated teachers are critical to ensure our quality education and the quality of the teachers will continue to play an important role
in the success of our schools. Accordingly, we and the VIEs provide various training opportunities to the teachers, such as education
expert seminars and continuous studies. The teachers&#8217; assessments are performance-based, and we provide incentives based on the
quality of teaching. We believe that our emphasis on high quality teachers will transform into high quality education for our students
in and outside the classroom.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
student enrollment level is also affected by the capacity of the schools. Qingtian International School recorded a utilization rate of
77.0% as of September&#160;1, 2021. Qingtian International School, Langfang School and Hainan Jiangcai recorded a utilization rate of
61.4%, 98.4% and 80.3% as of September&#160;1, 2022, respectively. Subject to the capacity of the schools, we expect that the number
of students will increase steadily by school year as the schools continue to recruit more students than graduates/withdrawals from the
schools.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 118; 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>
    </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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Tuition,
meal and accommodation services fees</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
net revenues from schools primarily consist of tuition, meal and accommodation fees. The tuition and accommodation service fees we and
the VIEs charge are subject to approval by the competent government pricing authorities. The pricing standards on tuition and accommodation
fees for diploma education applied to privately-run schools shall be determined by the competent authorities with reference to the operating
costs of the schools. The base price for each privately-run school shall be approved by the competent governmental departments for both
price and education. The school may determine specific charging rates within applicable floating range on its own, and implement such
rates after reporting to those governmental departments and making announcements to the public.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Qingtian
International School&#8217;s approved base prices are RMB16,500 per semester for tuition and RMB770 per semester for accommodation fees
for each student. We charge tuition and fees based on the type of major that the student is enrolled at Langfang School. Langfang School&#8217;s
approved average base prices are RMB8,000 per semester for tuition and RMB3,200 per semester for accommodation fees for each student.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
tuition and accommodation fees are within the applicable floating range based on the approved base prices. In the event that we consider
it necessary to increase the base prices based on the costs, we will initiate communications with the competent price authority which
will issue a written notice instructing us the required application materials to be submitted. The new charging rates will be determined
and issued after on-site examination and review of the materials by the competent price authority. The processing time of this procedure
is approximately one to two months. The tuition rates we and the VIEs charge are typically based on the demand for our and the VIEs&#8217;
educational programs, the cost of operations, the tuition rates charged by our competitors, our pricing strategy to gain market share
and general economic conditions in China and the areas in which our campuses are located. We believe high-quality educational resources
and school infrastructure will allow us and the VIEs to raise our tuition rates to the extent permitted by the government. We believe
that we and the VIEs remain competitive leveraging on our reputation and our ability to attract and retain students even if we and the
VIEs raise the tuition rates.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
ability to control operating costs and expenses</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
cost of revenues primarily consists of salaries and welfare for the teachers, cost for food, books and uniform, depreciation and amortization,
rental fees, utilities, tax surcharges and maintenance and repairs. Our general and administrative expenses primarily consist of salaries
and welfare for our administrative staff and office expenses. Our profitability depends, in part, on our ability to control our operating
costs and expenses. We and the VIEs highly value the teachers and invest in the teachers heavily, through extensive training opportunities
and competitive compensation levels. The number of teachers employed by Qingtian International School, Langfang School and Hainan Jiangcai
were 76, 122, and 16 as of September 1, 2022, respectively. Our strategy is to maintain and attract more high-quality teachers, by continuing
to increase teachers&#8217; salaries and other benefits from time to time to maintain our competitiveness in the market. As we and the
VIEs continue to increase our student base and expand our operations, our cost of revenues and general and administrative expenses may
increase accordingly. Our capability to effectively control operating costs and expenses will continue to affect our results of operations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Seasonality</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
financial performance is subject to seasonality as each of the school years includes a winter holiday between December and January and
a summer holiday between July and August. Our net income and results of operations normally fluctuate from quarter to quarter as a result
of seasonal variations in our education operations. The students and their parents typically pay the tuition and other fees prior to
the commencement of a semester, and we recognize revenue generated from tuition and other fees on a straight-line basis over the semester.
We and the VIEs typically incur higher upfront operating expenses in the third fiscal quarter at the start of each school year. As a
result of the combination of the forgoing, we have historically recorded significantly lower net income in the first and third fiscal
quarters, primarily due to our school being closed due to the winter and summer holidays, when no revenue from our school operations
is recognized.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 119; 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 -->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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;<span style="clear: both; display: block;"><br/></span>
</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Key
Components of Results of Operations</b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Net
revenues</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth the contribution of revenue of continuing operations.</span></p><div>

</div><p style="text-align: justify; 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="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: 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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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="padding-left: 0.125in; text-indent: -0.125in; 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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from third parties:</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: justify"><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: justify"><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: justify"><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: 0.25in; text-indent: -0.125in; width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Tuition
    fees</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">4,146,247</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">23,702,135</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: 0.25in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
    human resource services</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><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">7,840,844</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: 0.25in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Accommodation</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">228,526</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">5,920,364</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: 0.25in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Uniforms,
    learning materials and other campus necessities</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">2,632,611</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">1,986,186</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">3,992,076</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: 0.25in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Course
    design, development and training</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><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">3,675,953</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: 0.25in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Meals</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">660,020</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">2,014,151</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">2,544,884</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: 0.25in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Rental
    revenue</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">104,761</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">76,191</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: 0.25in; text-indent: -0.125in; text-align: justify; 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">12,699</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">61,691</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">751,615</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="padding-left: 0.25in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Subtotal</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">3,410,091</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">8,512,992</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">48,427,871</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-indent: -0.125in; text-align: justify"><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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from related party:</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">&#160;</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">&#160;</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">&#160;</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: 0.25in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Rental
    revenue</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">1,668,572</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">906,667</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">754,285</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-indent: -0.125in; text-align: justify"><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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from Affected Entity:</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">&#160;</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">&#160;</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">&#160;</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: 0.25in; text-indent: -0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Rental
    revenue</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">15,284,572</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">14,152,381</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: 0.25in; text-indent: -0.125in; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Food
    procurement services</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">5,341,719</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">10,864,732</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">-</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="padding-left: 0.25in; text-indent: -0.125in; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Subtotal</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">20,626,291</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">25,017,113</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">-</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="padding-left: 0.25in; text-indent: -0.125in; font-weight: bold; text-align: justify; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    revenue</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">25,704,954</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">34,436,772</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">49,182,156</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="text-align: justify; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
continuing operations, our total net revenues were RMB25.7&#160;million, RMB34.4&#160;million and RMB49.2 million in 2020, 2021 and 2022,
respectively.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Revenue
from third parties</i></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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
August, 2021, Lishui Mengxiang acquired 100% of the sponsorship interests of Qingtian International School. Qingtian International School
offered high school education services and our high school curriculum programs were designed for students from overseas Chinese returnees.
Qingtian International School offers high school curriculum programs and accommodation service to the students, and generally charges
the students tuition and accommodation fees prior to the beginning of each semester. During the stay in school, students are offered
meals, and meal fees are collected each time students had meal.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.25pt; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
January 1, 2022, Lishui Mengxiang entered into definitive agreements to acquire 100% equity interests of Beijing P.X., a wholly-owned
subsidiary of Beijing S.K., which in turn holds 100% equity interests of Chuangmei Weiye and Hainan Jiangcai, and the sponsorship interests
of Langfang School, to expand our and the VIEs&#8217; business into vocational education. The acquisition was completed in May 2022.
Langfang School offers vocational education programs and accommodation service to the students, and charges tuition, learning materials
fees and accommodation fees from the students prior to the beginning of each semester.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 120; 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 -->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; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth the number of students enrolled at Qingtian International School, Langfang School and Hainan Jiangcai as of
the dates of the beginning of school year indicated.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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="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="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of September&#160;1,</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="6" 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">Number</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">%</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">Number</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">%</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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Enrollment</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: justify"><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: justify"><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: justify"><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: justify"><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: 52%; text-align: left; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Qingtian International
    School</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">524</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">100.0</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">501</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">31.7</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Langfang School</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><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">838</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">53.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Hainan
    Jiangcai</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">-</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">-</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">241</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">15.3</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; padding-left: 9pt"><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">524</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">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">1,580</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">100.0</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, we and the VIEs sell school uniform, learning materials and other campus necessities to students. For the years ended December
31, 2022, Qingtian International School, Langfang School, and Hainan Jiangcai generated total revenue of RMB11.9 million, RMB21.8 million
and RMB3.7 million, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Chuangmei
Weiye mainly provides comprehensive service for flexible employment, which primarily focuses on recommending interns from schools to
various enterprises with human resources demand. For the year ended December 31, 2022, Chuangmei Weiye generated revenue of RMB7.8 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
third parties rented our school&#160;non-education&#160;space for grocery stores, selling stationeries or snacks etc. to students which
were operated directly by the lessee. The total rental revenue for third parties rental was RMB104.8 thousands, RMB76.2 thousands and
nil for the years ended December&#160;31, 2020, 2021 and 2022, respectively.</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>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Revenue
from related parties</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Revenue
from related parties refers to the rental income generated from premises we and the VIEs own and lease to Lishui Yuanmeng Training Company
Limited as a training venue and to Liandu Foreign Language School Kindergarten as its kindergarten facilities. We ceased to lease our
non-education space to Lishui Yuanmeng Training Company Limited after February&#160;28, 2021, and continued to lease to Liandu Foreign
Language School Kindergarten after January 9, 2022. According to the lease agreement entered into with Lianwai Foreign Language School
Kindergarten, the term of lease is three years commencing from January 2022 to December 2024. For the years ended December&#160;31, 2020,
2021 and 2022, revenue from related parties were RMB1.7&#160;million, RMB0.9&#160;million and RMB0.8&#160;million, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Revenue
from Lianwai School</i></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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Lianwai
School was deconsolidated from September 1, 2021 due to the impact of 2021 Implementation Rules, which was disclosed as a discontinued
operation in the reporting period. In addition, a private school providing compulsory education is prohibited from conducting transactions
with its related party under the 2021 Implementation Rules. To minimize disruptions to existing students enrolled in Lianwai School,
we continued to offer essential services to the students without recognizing any revenues relating to Lianwai School from September&#160;1,
2021.</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cost
of revenues</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
continuing operation, our cost of revenues primarily consists of salaries, welfare costs, cost for food, books and uniform, depreciation
and amortization, rental fees, utilities, tax surcharges and maintenance and repairs. Our cost of revenues was RMB10.8&#160;million,
RMB17.4 million and RMB41.3 million (US$6.0million) in 2020, 2021 and 2022, accounting for 41.8%, 50.4% and 83.9% of our net revenues
for the same periods, respectively.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Gross
profit</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
gross profit was RMB15.0&#160;million, RMB17.1&#160;million and RMB7.9&#160;million (US$1.1&#160;million) in 2020, 2021 and 2022, respectively.
Our gross profit margin was 58.2%, 49.6% and 16.1% in 2020, 2021 and 2022, respectively. The decrease in gross profit margin was primarily
due to the newly acquired Langfang School and Hainan Jiangcai, which required more labor costs, rental fees for school operation in 2022
compared to the essential services provided for Lianwai School in 2020 and 2021.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>General
and administrative expenses</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
general and administrative expenses primarily consist of salaries and welfare for our&#160;non-teaching&#160;staff, office expenses,
professional service fees, business entertainment fees, traveling and courier service expenses and others. Our general and administrative
expenses were RMB10.1&#160;million, RMB18.4&#160;million and RMB30.5&#160;million (US$4.4 million) in 2020, 2021 and 2022, respectively,
accounting for 39.4%, 53.4% and 62.0% of our net revenues for the same periods, respectively.</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>&#160;</i></b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Selling
expenses </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
selling expenses primarily consist of advertising expenses, channel expenses including student referral and customer referral expenses,
and other miscellaneous expenses. Our selling expenses were nil, nil and RMB2.0&#160;million (US$0.3 million) in 2020, 2021 and 2022,
respectively, accounting for nil, nil and 4.0% of our net revenues for the same periods, respectively.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.2pt"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Impairment
loss on goodwill</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
impairment loss on goodwill resulted from the impairment of goodwill from acquisition of Beijing P.X.. Beijing P.X. has failed to meet
the performance requirement and we performed the quantitative impairment test for goodwill. Fair value of Beijing P.X. reporting unit
was less than its carrying amount. Our impairment loss on goodwill was nil, nil and RMB18.8&#160;million (US$2.7 million) in 2020, 2021
and 2022, respectively, accounting for nil, nil and 38.3% of our net revenues for the same periods, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Interest
expense and interest income</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
general and administrative expenses primarily consist of salaries and welfare for our&#160;non-teaching&#160;staff,bank borrowings. Our
interest expense was RMB0.9&#160;million, RMB2.4&#160;million and RMB4.7&#160;million (US$0.7 million) in 2020, 2021 and 2022, accounting
for 3.5%, 6.9% and 9.6% of our net revenues for the same periods, respectively.</span></p><div>

</div><p style="text-align: justify; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Fair
value change gain of contingent consideration</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have a right to the return of previously transferred consideration for the acquisition of Beijing P.X. depending on Beijing P.X.&#8217;s
operation performance in 2022 as agreed in the acquisition agreement. Since Beijing P.X. has failed to meet the performance requirement
in 2022, we remeasured the fair value of the contingent consideration at the year end, and recognized fair value change gain of RMB22.9&#160;million
(US$3.3 million) for the year ended December 31, 2022. In April, 2023, we entered into supplementary agreement to resolve the contingency
and confirm amount due from Beijing S.K. of RMB22.9 million (US$33.3 million) as the return of previously transferred consideration.</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>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Other
(loss)/income, net</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
other <i>(loss)<b>/</b></i>income consists of government grants and other miscellaneous (cost)/income. Government grants represented
subsidies from various government authorities in China in relation to our school operation. Other miscellaneous (cost)/income consists
of investment income,&#160;non-operating&#160;income and expenses, bank charges and others. Our other loss, net was RMB1&#160;thousands
in 2020. Our other income, net was RMB4.6 million and RMB17.5 million (US$2.5 million) in 2021 and 2022, respectively, accounting for
nil, 13.3% and 35.6% of our net revenues for the same periods, respectively.</span></p><div>

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

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cayman
Islands</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
are incorporated in the Cayman Islands and conduct our primary business operations through the wholly foreign-owned subsidiary and consolidated
VIEs in China. Under the current laws of the Cayman Islands, we are not subject to income, corporation or capital gains taxes. In addition,
dividend payments are not subject to withholding tax in the Cayman Islands.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Hong
Kong</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
Hong Kong subsidiary, Hong Kong Mengxiang Education Development Group Limited, is located in Hong Kong and is subject to an income tax
rate of 16.5% for its estimated assessable profit for the years ended December&#160;31, 2020, 2021 and 2022. Dividend income received
from subsidiaries in China is not subject to Hong Kong profit tax. We made no provision for Hong Kong profits tax in our consolidated
financial statements as our Hong Kong subsidiary had no assessable profit in 2020, 2021 and 2022.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>British
Virgin Islands</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the current laws of the British Virgin Islands, our British Virgin Islands subsidiary, Lianwai Investment Co., Ltd., is not subject to
income or capital gains taxes. In addition, dividend payments are not subject to withholding tax in the British Virgin Islands.</span></p><div>

</div><p style="text-align: justify; 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"></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>PRC</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Pursuant
to the Enterprise Income Tax Law of the People&#8217;s Republic of China amended on December&#160;29, 2018 (the &#8220;EIT Law&#8221;),
a uniform 25% enterprise income tax rate is generally applicable to both foreign-invested enterprises and domestic enterprises except
where a special preferential rate applies, and the income of qualified&#160;non-profit&#160;organizations shall be&#160;tax-exempt.&#160;In
January 2019, the State Administration of Taxation provides a preferential corporate income tax rate of 20% and an exemption ranged from
50% to 75% in the assessable taxable profits for entities qualified as small-size enterprises (the exemption range has been changed to
from 50% to 87.5% for the period from January 1, 2021 to December 31, 2022). Beijing P.X., Chuangmei Weiye and Hainan Jiangcai are qualified
small-size enterprises for the year ended December 31, 2022. See &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulation&#8212;Regulations
on Taxation in the PRC.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 122; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth a summary of our consolidated results of operations by amount and as a percentage of total revenue for the
periods indicated. This information should be read together with our consolidated financial statements and related notes included elsewhere
in this annual report on Form 20-F. The results of operations in any period are not necessarily indicative of the results that may be
expected for any future period.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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="padding-left: 0.125in; text-indent: -0.125in"><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="26" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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="padding-left: 0.125in; text-indent: -0.125in"><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">2020</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">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="10" 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="padding-left: 0.125in; text-indent: -0.125in"><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">%&#160;of&#160;net<br/>
    revenue</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">%&#160;of&#160;net<br/>
    revenue</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><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">%&#160;of&#160;net<br/>
    revenue</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="padding-left: 0.125in; text-indent: -0.125in"><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="26" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in thousands,
    except for percentage, share and per share data)</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Net
    revenues:</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><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><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; text-indent: -0.125in; width: 30%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from third parties</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,410</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13.3</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,513</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24.8</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">48,428</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,021</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: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">98.5</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from related party</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">1,669</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">6.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">907</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">2.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">754</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">109</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">1.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></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"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from Affected Entity</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">20,626</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">80.2</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">25,017</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">72.6</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">-</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">-</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">-</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="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    net revenue</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">25,705</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">100.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">34,437</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">100.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">49,182</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">7,130</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">100.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cost
    of revenues</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">(10,752</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">(41.8</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">(17,356</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">(50.4</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">(41,286</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">(5,986</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">(83.9</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Gross
    profit</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">14,953</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">58.2</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">17,080</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">49.6</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">7,896</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">1,144</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">16.1</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; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    expenses:</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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: 0.25in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</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">(10,124</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(39.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</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">(18,373</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(53.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</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">(30,494</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(4,421</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(62.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Sales
    and marketing expenses</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><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><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">(1,974</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(286</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(4.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
    loss on goodwill</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">-</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">-</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">-</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">-</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">(18,842</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">(2,732</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">(38.3</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; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    operating expenses</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">(10,124</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">(39.4</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">(18,373</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">(53.4</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">(51,310</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">(7,439</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">(104.3</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating
    income/(loss)</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">4,829</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">18.8</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">(1,292</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">(3.8</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">(43,414</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">(6,295</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">(88.3</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; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest
    expense</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">(897</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(3.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</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">(2,393</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(6.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</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">(4,708</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(683</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(9.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest
    income</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">17</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">0.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">15</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">77</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">11</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">0.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Fair
    value change gain of contingent consideration</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><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><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">22,850</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">3,313</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">46.5</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    (loss)/income, net</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</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">-</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">4,591</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">13.3</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">17,527</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">2,541</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">35.6</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; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    before income tax expense</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">3,946</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">15.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">920</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">2.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">(7,668</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1,113</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(15.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income
    tax expense</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><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">(671</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</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">(424</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(61</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(0.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    from continuing operations, net of tax</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">3,946</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">15.4</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">249</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">0.7</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">(8,091</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">(1,173</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">(16.5</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    from discontinued operation, net of tax</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">29,639</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">115.3</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">(244,069</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">(708.7</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">-</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">-</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">-</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss)</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">33,585</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">130.7</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">(243,820</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">(708.0</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">(8,091</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">(1,173</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">(16.5</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss) attributable to the Company&#8217;s ordinary shareholders</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">33,585</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">130.7</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">(243,820</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(708.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</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">(7,789</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1,129</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(15.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></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"><span style="font-family: Times New Roman, Times, Serif">Net
    loss attributable to non-controlling interests</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><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><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">(302</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(44</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(0.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Other
    comprehensive (loss)/income:</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency translation adjustment, net of nil tax</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">(7,957</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">(31.0</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">(4,586</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">(13.3</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">18,057</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">2,618</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">36.7</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="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
    income/(loss)</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">25,628</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">99.7</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">(248,406</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">(721.3</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">9,966</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">1,445</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">20.3</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; 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"><span style="font-family: Times New Roman, Times, Serif">Total
    comprehensive income /(loss) attributable to non-controlling interests</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,628</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">99.7</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(248,406</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(721.3</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,267</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,489</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">20.9</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Segment
information</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Operating
segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available
that is regularly evaluated by our chief operating decision makers in deciding how to allocate resources and assess performance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 123; 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; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2020, for continuing operations, we had one reportable segment for providing essential services to Lianwai
School. For the year ended December&#160;31, 2021, for continuing operations, we had one reportable segment for the high school education
business, provided by Qingtian International School. The reportable segment was defined as &#8220;Education services&#8221; segment for
the year 2020 and 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
the year ended December 31, 2022, we have organized its operations into three operating segments. The segments reflect the way we evaluate
its business performance and manages its operations by our chief operating decision maker (&#8220;CODM&#8221;) for making decisions,
allocating resources and assessing performance. Our CODM has been identified as the chief executive officer, who reviews consolidated
results when making decisions about allocating resources and assessing performance of us.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have determined that it operates in three segments: (1) &#8220;Education services&#8221; segment, (2) &#8220;Comprehensive human resources
services&#8221; segment and (3) &#8220;All other&#8221; segment. The &#8220;All other&#8221; segment consisted of our headquarters and
functional departments that did not earn revenues. The other two reportable segments are strategic business units that offer different
services. They are managed separately because each business requires different operating strategies.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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: left"><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="26" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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: left"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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: left"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%&#160;of&#160;net
    revenue</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%&#160;of&#160;net<br/>
    revenue</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%&#160;of&#160;net<br/>
    revenue</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: left"><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="26" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(in thousands,
    except for percentage, share and per share data)</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; background-color: rgb(204,238,255)">
    <td style="width: 30%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net revenues</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,705</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">34,437</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">49,182</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,131</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 7%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.0</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Education services</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">25,705</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">100.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">34,437</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">100.0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">41,354</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">5,996</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">84.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Comprehensive human resources services</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><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><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">7,828</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">1,135</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">15.9</span></td><td style="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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cost of revenues</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(10,752</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(41.8</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(17,356</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(50.4</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(41,286</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,986</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(83.9</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</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">Education services</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">(10,752</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(41.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</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">(17,356</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(50.4</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</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">(40,405</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(5,858</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(82.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Comprehensive human resources services</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><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><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">(881</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(128</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1.8</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gross profit</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">14,953</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">58.2</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,080</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">49.6</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,897</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,145</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">16.1</span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Education services</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">14,953</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">58.2</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">17,080</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">49.6</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">949</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">138</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">1.9</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Comprehensive human resources services</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 style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; 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 style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; 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">6,948</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">1,007</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">14.1</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Year
ended December&#160;31, 2021 compared to year ended December&#160;31, 2022</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.25pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Net
revenues</i>. Our net revenues increased by 42.8% from RMB34.4&#160;million in 2021 to RMB49.2&#160;million (US$7.1 million) in 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Education
                                            services. Our revenue from education services increased by 20.1% from RMB34.4 million in
                                            2021 to RMB41.4 million (US$6.0 million) in 2022, primarily due to newly acquired Langfang
                                            School, which mainly provide vocational education services, offering school curriculum programs,
                                            charging for learning materials fee and providing accommodation service to students.</span></td>
</tr><tr style="vertical-align: top; text-align: justify">
<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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
     </table><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">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
                                            human resources services. Our revenue from comprehensive human resources services was RMB7.8
                                            million (US$1.1 million) in 2022, primarily due to the newly acquired Chuangmei Weiye which
                                            mainly provides comprehensive service for flexible employment.</span></td>
</tr></table><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Cost
of revenues</i>. Our cost of revenues increased by 137.9% from RMB17.4&#160;million in 2021 to RMB41.3&#160;million (US$6.0 million)
in 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Education
                                            services. Our cost from education services increased by 132.8% from RMB17.4 million in 2021
                                            to RMB40.4 million (US$5.9 million) in 2022, primarily due to an increase in the cost from
                                            the operation of Langfang School and Qingtian International School, such as the salary and
                                            welfare of teachers, rental fees and depreciation expenses.</span></td>
</tr><tr style="vertical-align: top; text-align: justify">
<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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
     </table><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">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
                                            human resources services. Our cost from comprehensive human resources services was RMB0.9
                                            million (US$0.1 million) in 2022, primarily due to newly acquired Chuangmei Weiye which pay
                                            the students for the internship services they provided.</span></td>
</tr></table><div>

</div><p style="text-align: justify; 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; text-align: justify; margin: 0pt 0"></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 -->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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Gross
profit</i>. As a result of the foregoing, our gross profit decreased by 53.8% from RMB17.1&#160;million in 2021 to RMB7.9&#160;million
(US$1.1 million) in 2022. Our gross margin decreased from 49.6% in 2021 to 16.1% in 2022, primarily due to the newly acquired Langfang
School, which required more labor costs, rental fees for school operation in 2022 compared to the essential services provided for Lianwai
School in 2021.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>General
and administrative expenses</i>. Our general and administrative expenses increased by 66.0% from RMB18.4&#160;million in 2021 to RMB
30.5&#160;million (US$4.4 million) in 2022, primarily due to the increased salary and welfare of staffs, general office expenses and
depreciation expense newly incurred by Beijing P.X. and its subsidiaries.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Sales
and marketing expenses</i>. Our sales and marketing expenses increased from nil in 2021 to RMB 2.0&#160;million (US$0.3 million) in 2022,
primarily due to the increased student referral and customer referral expenses raised by Chuangmei Weiye.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Impairment
loss on goodwill.</i> Our impairment loss on goodwill increased from nil in 2021 to RMB18.8&#160;million (US$2.7 million) in 2022, primarily
due to the under-performance of Beijing P.X. in 2022.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Loss
from operations</i>. As a result of the foregoing, our loss from operations increased by 3,259.1% from RMB1.3&#160;million in 2021 to
RMB43.4&#160;million (US$6.3 million) in 2022.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Interest
expense</i>. Our interest expense increased by 96.7% from RMB2.4&#160;million in 2021 to RMB4.7&#160;million (US$0.7 million) in 2022,
primarily due to increased borrowings from banks for the ordinary course of business operation and development.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Fair
value change gain of contingent consideration.</i> Our fair value change gain of contingent consideration increased from nil in 2021
to RMB22.9&#160;million (US$3.3 million) in 2022, primarily due to increased compensation receivable from Beijing S.K resulted from Beijing
P.X.&#8217;s under-performance.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Other
income, net</i>. Our other income, net increased by 281.8% from RMB4.6&#160;million in 2021 to RMB17.5&#160;million (US$2.5 million)
in 2022, primarily due to the government grants received. The increase was contributed by the government grants of RMB12.1 million received
by Langfang School and Qingtian International Schools to support the development of schools, as well as RMB5.0 million for our successful
listing on NASDAQ.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Income/(loss)
from continuing operations, net of tax</i>. As a result of the foregoing, our income from continuing operations, net of tax decreased
by 3,351.8% from RMB0.2&#160;million in 2021 to our loss from continuing operations, net of tax of RMB8.1&#160;million (US$1.2 million)
in 2022.</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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Net
loss.</i> Our net loss decreased by 96.7% from RMB 243.8&#160;million in 2021 to RMB 8.1&#160;million (US$1.2 million) in 2022, due to
the one-off loss upon deconsolidation of Lianwai School of RMB 244.1 million in 2021, as a result of the foregoing.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Year
ended December&#160;31, 2020 compared to year ended December&#160;31, 2021</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Net
revenues</i>. Our net revenues increased by 34.0% from RMB25.7&#160;million in 2020 to RMB34.4&#160;million (US$5.4 million) in 2021,
primarily due to an increase in revenue from food procurement services from Xianke and the tuition fees from Qingtian International School.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Cost
of revenues</i>. Our cost of revenues increased by 61.4% from RMB10.1&#160;million in 2020 to RMB17.4&#160;million (US$2.7 million) in
2021, primarily due to an increase in the cost from the operation of Qingtian International School, such as the salary and welfare of
teachers, leasehold improvement fees of infrastructure and deprecation expenses.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Gross
profit</i>. As a result of the foregoing, our gross profit increased by 14.2% from RMB15.0&#160;million in 2020 to RMB17.1&#160;million
(US$2.7 million) in 2021. Our gross margin decreased from 58.2&#160;% in 2020 to 49.6% in 2021, primarily due to the lower gross margin
for operation of Qingtian International School.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;<i>General
and administrative expenses</i>. Our general and administrative expenses increased by 81.5% from RMB10.1&#160;million to RMB18.4&#160;million
(US$2.9 million) in 2021, primarily due to the increased salary and welfare of staffs, newly incurred expenses raised by Qingtian International
School, increased consulting fees and property insurance fees.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Income/(loss)
from operations</i>. As a result of the foregoing, our income from operations decreased by 126.8% from RMB4.8&#160;million in 2020 to
loss of RMB1.3&#160;million (US$0.2 million) in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Interest
expense</i>. Our interest expense increased by 166.7% from RMB0.9&#160;million in 2020 to RMB2.4&#160;million (US$0.4 million) in 2021,
primarily due to increased borrowings from banks to fulfill the need of business development.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></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 -->118<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Other
(loss)/income, net</i>. Our other loss, net increased from RMB1&#160;thousands in 2020 to net income of RMB4.6&#160;million (US$0.7 million)
in 2021, primarily due to the government grants received and gain from the acquisition of Hangzhou Youxi.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Income
from operations, net of tax</i>. As a result of the foregoing, our income from operations, net of tax decreased by 93.7% from RMB3.9&#160;million
in 2020 to RMB0.2&#160;million (US$0.1 million) in 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Income/(loss)
from discontinued operations, net of tax</i>. Our net income from discontinued operations decreased from RMB29.6&#160;million in 2020
to net loss of RMB 244.1&#160;million (US$38.3 million) in 2021, due to the one-off loss upon deconsolidation of Lianwai School.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Net
income/(loss)</i>. Our net income decreased from RMB33.6&#160;million in 2020 to net loss of RMB 243.8&#160;million (US$38.3 million)
in 2021, as a result of the foregoing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><span style="font-family: Times New Roman, Times, Serif"><b>Recent
Accounting Pronouncements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
detailed discussion on recent accounting pronouncements, see Note 2 to our Consolidated Financial Statements.</span></p><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Since
our inception, inflation in China has not materially affected our results of operations. According to the National Bureau of Statistics
of China, the year-over-year percent changes in the consumer price index for December&#160;2020, 2021 and 2022 were increases of 0.2%,
1.5% and 2.0%, respectively. Although we have not been materially affected by inflation in the past, we may be affected if China experiences
higher rates of inflation in the future.</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>&#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>Critical
Accounting Policies</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 periodically, could materially impact the consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
prepare our financial statements in accordance with U.S. GAAP, which requires us to make judgments, estimates and assumptions. We continually
evaluate these estimates and assumptions based on the most recently available information, our own historical experiences and various
other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the
financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. Some of our accounting
policies require a higher degree of judgment than others in their application and require us to make significant accounting estimates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following descriptions of critical accounting policies, judgments and estimates should be read in conjunction with our consolidated financial
statements and other disclosures included in this annual report on Form 20-F. When reviewing our financial statements, you should consider
(i)&#160;our selection of critical accounting policies, (ii)&#160;the judgments and other uncertainties affecting the application of
such policies and (iii)&#160;the sensitivity of reported results to changes in conditions and assumptions.</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>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Consolidation
of variable interest entity (VIE)</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt"><span style="font-family: Times New Roman, Times, Serif"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
account for entities qualifying as VIEs in accordance with Financial Accounting Standards Boards, or FASB, Accounting Standards Codification
Topic 810, Consolidation, or ASC 810. In order to comply with PRC regulatory requirements restricting foreign ownership of education
services in China, we have been conducting education services through VIEs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2018, Liandu WFOE entered into a series of contractual arrangements, including loan agreement, exclusive call option agreement, proxy
agreements and power of attorney for shareholders, proxy agreements and power of attorney for school&#8217;s sponsors and directors,
equity pledge agreements, spousal undertakings, business cooperation agreement and exclusive technical services and business consulting
agreements, with Lianwai School, Lishui Mengxiang and their respective shareholders. Before the 2021 Implementation Regulations became
effective, as a result of our direct ownership in Liandu WFOE and the contractual arrangements relating to the VIEs and their respective
shareholders, we are regarded as the primary beneficiary of the VIEs in accordance with ASC 810, and we treat them as our consolidated
affiliate Chinese entities under U.S. GAAP. We have consolidated the financial results of the VIEs in our consolidated financial statements
in accordance with U.S. GAAP.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 16.2pt"><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; text-align: justify; margin: 0pt 0 0pt 16.2pt"></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 -->119<!-- 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 16.2pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Lianwai
School</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Prior
to August&#160;31, 2021, we and the VIEs primarily operated primary and secondary school in Baiyun campus and Yijing campus&#8212;Featured
Division of Lianwai School through a series of contractual arrangements with Lishui Mengxiang. Under the 2021 Implementation Rules which
took effect on September&#160;1, 2021, social organizations and individuals are prohibited from controlling a private school that provides
compulsory 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 among Liandu WFOE
and Lianwai School providing compulsory education. Therefore, we re-assessed our control over Lianwai School. Based on the relevant accounting
standard in accordance with U.S. GAAP, we have concluded that we have lost control of Lianwai School since August&#160;31, 2021, in view
of the significant uncertainties and restrictions the 2021 Implementation Rules impose on our ability to direct the range of ongoing
activities that would most significantly impact the returns of Lianwai School. In light of such regulatory developments, on April&#160;20,
2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai School and respective directors, to confirm
all the terms of rights and obligations relating to Lianwai School and the directors appointed by the sponsor under the contractual arrangements
among them, and agree among the parties that such arrangements shall have been terminated on August&#160;31, 2021. To minimize disruptions
to existing students enrolled in Lianwai School, we continued to offer essential services to the students. We deconsolidated Lianwai
School commencing from September&#160;1, 2021 and presented it as a discontinued operation in current and comparative period financial
statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Qingtian
International School</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
                                            August&#160;24, 2021, Lishui Mengxiang acquired 100% of the sponsorship interests of Qingtian
                                            International School. Thereafter, Liandu WFOE entered into a series of contractual arrangements
                                            with Lishui Mengxiang, Qingtian International School, shareholders of Lishui Mengxiang and
                                            the Council Members of Qingtian International School, including Exclusive Call Option Agreement,
                                            Proxy Agreement for School&#8217;s Sponsors and Council Members, Proxy Agreement for Shareholders,
                                            Business Cooperation Agreement, Exclusive Technical Service and Business Consulting Agreement,
                                            Equity Pledge Agreement, etc., which become effective since August&#160;31, 2021. We have
                                            consolidated the results of Qingtian International School in our consolidated financial statements
                                            since August&#160;31, 2021, in accordance with U.S GAAP through these VIE contractual arrangements.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Langfang
School </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; ">On
March 28, 2023, Liandu WFOE entered into a series of contractual arrangements with Lishui Mengxiang, Beijing P.X., Langfang School, shareholders
of Lishui Mengxiang and the Council Members of Langfang School. The series of contractual arrangements including Exclusive Call Option
Agreement, Proxy Agreement for School&#8217;s Sponsors and Council Members, Proxy Agreement for Shareholders, Business Cooperation Agreement,
Exclusive Technical Service and Business Consulting Agreement, Equity Pledge Agreement, etc., which became effective on January 1, 2022.
We have consolidated the results of Langfang School in our consolidated financial statements since January 1, 2022, in accordance with
U.S GAAP through these VIE contractual arrangements.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></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 -->120<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Revenue
recognition</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
adopted ASC 606, &#8220;Revenue from Contracts with Customers&#8221; for all periods presented. Consistent with the criteria of Topic
606, we follow five steps for its revenue recognition: (i)&#160;identify the contract(s) with a customer, (ii)&#160;identify the performance
obligations in the contract, (iii)&#160;determine the transaction price, (iv)&#160;allocate the transaction price to the performance
obligations in the contract, and (v)&#160;recognize revenue when (or as) the entity satisfies a performance obligation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Education
Service</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
                                            continuing operations, we and the VIEs offer school curriculum education services, including
                                            high school curriculum and vocational school curriculum, to students. Schools also provide
                                            accommodation service, offer meals, uniforms, learning materials and other campus necessities.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;<i>&#160;</i></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">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Tuition,
                                            meal and accommodation service income</i></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Tuition
                                            and accommodation service income that are received in advance by schools prior to the beginning
                                            of each semester of a school year are initially recorded as deferred revenue, and then are
                                            recognized over time during the service period of each semester. Amounts which will be earned
                                            within one year are reflected as a current liability, and those which will be earned beyond
                                            one year are reflected as a non-current liability. Qingtian International School offers meals
                                            to students and collects meal fees each time students have meal, and therefore, revenue is
                                            recognized at the point of time when Qingtian International School offers meals to students.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs recognize service income on a gross basis, as we and the VIEs are responsible for fulfilling the promise to provide the
education, meal and accommodation services to students. &#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">&#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">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Financing
                                            component included in tuition</i></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Some
contracts contain a financing component because payment by the customer occurs significantly before performance of the obligation. We
take the practical expedient and will not adjust the impact of a financing component for deferred revenue which will be earned within
one year. We do not adjust the impact of a financing component for deferred revenue which will be earned beyond one year as the portion
of financing component is immaterial.</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>&#160;</i></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">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Sale
                                            of uniforms, learning materials and other campus necessities</i></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs sell uniforms, learning materials and other campus necessities to students. Schools provide school uniforms and learning
materials to the students with payment made prior to the beginning of each semester. Revenue from uniform, learning materials and other
campus necessities are recognized at a point in time when control of these goods have been transferred and accepted by the students.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs recognize revenue from sale of uniforms, learning materials and other campus necessities on a gross basis, as we and the
VIEs control the goods before they are transferred to the students. We and the VIEs are responsible for design of uniforms and have inventory
risk for the uniforms, learning materials and other campus necessities.</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>&#160;</i></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Comprehensive
human resource service</i></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
                                            VIE, Chuangmei Weiye, generates its revenue from providing comprehensive service for flexible
                                            employment, which primarily focuses on recommending interns from schools to various clients
                                            with human resources demand. We conclude that there is a single performance obligation to
                                            fulfill service requirements from clients. Chuangmei Weiye charges service fees from clients
                                            based on service periods at a fixed rate per day, and recognizes revenue at the point of
                                            time or overtime whenever the service requirement is satisfied.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
                                            conclude that Chuangmei Weiye controls the service of recommending interns to its clients
                                            as (i) Chuangmei Weiye is primarily responsible for the fulfillment of the services and assuring
                                            the customers are satisfied with the services; (ii) Chuangmei Weiye needs to maintain a talent
                                            pool of sufficient interns to satisfy the service requirement from its clients on an if-needed
                                            basis; (iii) Chuangmei Weiye can direct interns to provide service to its clients on its
                                            behalf, and there is no direct cooperation relationship between the interns and the clients,
                                            and (iv) Chuangmei Weiye has the ultimate discretion to set up its service price. Therefore,
                                            we act as a principal, and recognize revenue in the gross amount of consideration to which
                                            it expects to be entitled in exchange for the specified service transferred.</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><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: 128; 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 -->121<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Course
design, development and training</i></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>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
VIE, Hainan Jiangcai, jointly designs and develops curriculum and training programs with Hainan Technical School. We and the VIE conclude
that there is a single performance obligation to fulfill service requirements from Hainan Technical School and recognizes revenue over
cooperation period in a straight-line method.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Rental
income</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Rental
income is recognized on a straight-line basis over the term of the lease.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs entered into lease agreements as lessor with both third parties and related parties.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Income
taxes</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Current
income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are
not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Deferred
income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax
consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial
statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount
attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated
statements of comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets
if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.</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>&#160;</i></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Uncertain
Tax Positions</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statements recognition
and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income
tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties
associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required
in evaluating our uncertain tax positions and determining its provision for income taxes. We did not recognize any significant interest
and penalties associated with uncertain tax positions for the years ended December&#160;31, 2020, 2021 and 2022. As of December&#160;31,
2020, 2021 and 2022, we did not have any significant unrecognized uncertain tax positions.</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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Goodwill</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 December&#160;31, or more frequently if events or changes
in circumstances indicate that it might be impaired. We have 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, 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.</span></p><div>

</div><p style="text-align: justify; 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; text-align: justify; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 129; 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 -->122<!-- 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
adopted ASU No.&#160;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.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December&#160;31, 2020, 2021 and 2022, we recognized nil, nil and RMB18.8 million (US$2.7 million) impairment loss on
goodwill.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><span style="font-family: Times New Roman, Times, Serif"><b>Impact
of Foreign Currency Fluctuation</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating to Doing Business in China&#8212;Fluctuations in exchange rates
may result in foreign currency exchange losses and may have a material adverse effect on your investment.&#8221; and &#8220;Item 11.
Quantitative and Qualitative Disclosures about Market Risk&#8212;Foreign Exchange Risk.&#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"><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>Impact
of Governmental Policies</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating to Doing Business in China&#8221; and &#8220;Item 4. Information
on the Company&#8212;B. Business Overview&#8212;Regulation.&#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"><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>B.
Liquidity and Capital Resources</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in">Historically, we funded our
operations primarily through cash generated from our operating activities, bank borrowings and financing from related parties and shareholders.
As of December&#160;31, 2021 and 2022, we had RMB199.4&#160;million and RMB246.8&#160;million (US$35.8 million), respectively, in cash.
The main reason of the increase in cash was net cash inflow from operating activities. As of December&#160;31, 2022, our cash of RMB34.6&#160;million
(US$5.0 million) and RMB210.8&#160;million (US$30.6 million) were held in China and in the Cayman Islands, respectively. Our cash primarily
consist of cash in banks or other financial institutions which are unrestricted as to withdrawal or use. As of December&#160;31, 2021
and 2022, we had short-term bank borrowings of RMB77.0&#160;million and RMB67.5&#160;million (US$9.8 million), respectively. Our bank
borrowings were secured by (i)&#160;the pledge of the buildings we own and the land use right we have, and (ii)&#160;personal guarantees
from related parties. As of December&#160;31, 2022, we had net working capital of RMB195.5 million (US$28.3 million).</p><div>

</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; text-indent: 0.25in">We believed that our current
cash and our anticipated cash flows from operations will be sufficient to meet our anticipated working capital requirements and capital
expenditures for at least the next 12 months. We may decide to enhance our liquidity position or increase our cash reserve for future
investments through additional bank borrowings.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Although
we consolidate the results of the VIEs, we only have access to the assets or earnings of the VIEs through our contractual arrangements
with the VIEs and their shareholders. See &#8220;Item 4. Information on the Company&#8212;C. Organizational Structure&#8212;Contractual
Arrangements.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 130; 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 -->123<!-- 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: 0.25in"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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 other 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 Liandu WFOE and the VIEs under our Business Cooperation Agreement and Exclusive Technical Service and Business Consulting Agreement.
Based on cash flow projections for operating activities and available loan facilities, we believe that we have sufficient funds for sustainable
operations and will be able to meet our working capital needs, payment obligations from operations and debt related commitments for the
next twelve months from the date of this annual report on Form&#160;20-F.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><span style="font-family: Times New Roman, Times, Serif"><b>Cash
Flows</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following table presents our selected consolidated statements of cash flows for the years ended December&#160;31, 2020, 2021 and 2022:</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><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="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the year ended December&#160;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-indent: -0.125in; padding-left: 0.125in; 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">2020</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">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-indent: -0.125in; padding-left: 0.125in; 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">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-indent: -0.125in; padding-left: 0.125in; text-align: center"><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="14" 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-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Selected
    Consolidated Cash Flows:</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><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="text-indent: -0.125in; width: 52%; text-align: left; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by operating activities from continuing operations</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">46,831</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">63,071</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">40,968</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">5,940</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-indent: -0.125in; text-align: left; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by/(used in) operating activities from discontinued operation</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">2,624</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">(32,464</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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-indent: -0.125in; text-align: left; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by/(used in) investing activities from continuing operations</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">12,069</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">(114,735</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(456</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(66</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by/(used in) investing activities from discontinued operation</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">7,689</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">(40,316</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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-indent: -0.125in; text-align: left; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Net
    cash provided by/(used in) financing activities from continuing operations</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">150,790</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">52,104</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">(11,219</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(1,627</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Net
    cash (used in)/provided by financing activities from discontinued operation</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">(24,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">63,567</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-indent: -0.125in; text-align: left; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Effect
    of exchange rate changes on cash</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">(7,957</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(4,586</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">18,057</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">239</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-indent: -0.125in; text-align: left; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Net
    increase/(decrease) in cash</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">188,047</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">(13,358</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">47,350</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">4,486</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-indent: -0.125in; text-align: left; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Cash at beginning of the year</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">24,723</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">212,770</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">199,412</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">31,292</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-indent: -0.125in; text-align: left; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Cash at end of the year</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">212,770</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">199,412</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">246,762</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">35,777</span></td><td style="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"><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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Operating
activities</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
generate cash from operating activities primarily from tuition, meal and accommodation fees, all of which are typically paid in advance
before the respective services are rendered. Tuition, meal and accommodation fees are initially recorded as deferred revenue. We recognize
such amounts received as revenue proportionately over the relevant period in which the students attend the applicable programs of each
semester.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2022, we had net cash provided by operating activities from continuing operations of RMB41.0&#160;million (US$5.9 million) which is primarily
attribute to net income of RMB8.1&#160;million (US$1.2 million) adjusted by impairment loss of goodwill of RMB18.8&#160;million (US$2.7
million), fair value change of contingent consideration of RMB22.9&#160;million (US$3.3&#160;million) and changes in the working capital
accounts mainly included an increase in amounts due to Lianwai School of RMB54.6&#160;million (US$7.9&#160;million), partly offset by
a decrease in accrued liabilities and other current liabilities of RMB7.3&#160;million (US$1.1 million), a decrease in lease payment
liabilities of RMB3.9&#160;million (US$0.6 million) and a decrease in accounts payable of RMB3.2 million (US$0.5 million).</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.25pt; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2021, we had net cash provided by operating activities from continuing operations of RMB63.1&#160;million (US$9.9 million). For continuing
operation, in 2021, changes in the working capital accounts mainly included an increase in amounts due to Lianwai School of RMB54.6&#160;million
(US$8.6&#160;million), an decrease in prepayments and other current assets of RMB17.6&#160;million (US$2.8 million) and a decrease of
amounts due from Lianwai School of RMB8.9&#160;million (US$1.4 million), partly offset by a decrease in accrued liabilities and other
current liabilities of RMB18.5&#160;million (US$2.9 million) and an decrease in deferred revenue of RMB4.0&#160;million (US$0.6 million).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 131; 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 -->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: 0.25in"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2020, we had net cash provided by operating activities of RMB46.8&#160;million (US$7.2 million) from continuing operations. In 2020,
the difference between net income and net cash from operating activities primarily resulted from non-cash items such as depreciation
of property and equipment of RMB3.9&#160;million (US$0.6 million). Changes in the working capital accounts mainly included increase in
amounts due to Lianwai School of RMB28.3&#160;million (US$4.3 million), an increase in accounts payable of RMB6.2&#160;million (US$0.9
million) and a decrease of amounts due from Lianwai School of RMB3.5&#160;million (US$0.5 million).</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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Investing
activities</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
                                            2022, we had net cash used in investing activities from continuing operations of RMB0.5&#160;million
                                            (US$66.2 thousands), primarily attributable to (i)&#160;purchase of short-term investment
                                            of RMB9.0 million (US$1.3 million), and (ii) purchase of property and equipment of RMB1.3&#160;million
                                            (US$0.2 million), and partly offset by (i) proceeds from maturity of short-term investment
                                            of RMB9.0 million (US$1.3 million), and (ii) cash acquired from the purchase of Beijing P.X.
                                            of RMB0.8&#160;million (US$0.1 million).</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.25pt; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2021, we had net cash used in investing activities from continuing operations of RMB114.7&#160;million (US$18.0 million), primarily attributable
to (i)&#160;advance deposit for intent acquisition of Beijing S.K. of RMB100&#160;million (US$15.7 million), (ii) and the purchase of
Qingtian International School of RMB12.2&#160;million (US$1.9 million).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;In
2020, we had net cash provided by investing activities from continuing operations of RMB12.1&#160;million (US$1.8 million), primarily
attributable to (i)&#160;proceeds from maturity of short-term investments of RMB65.0&#160;million (US$10.0 million), (ii) repayments
of loans by related parties of RMB28.1&#160;million (US$4.3 million), partly offset by (i)&#160;purchase of short-term investments of
RMB55.0&#160;million (US$8.4 million), (ii) loans lent to related parties of RMB22.2&#160;million (US$3.4 million) and (iii)&#160;purchase
of property and equipment of RMB3.9&#160;million (US$0.6 million) for the purposes of campus maintenance. Short-term investments include
investments in wealth management products issued by certain banks with maturities between three months and one year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Financing
activities</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2022, we had net cash used in financing activities from continuing operations of RMB11.2&#160;million (US$1.6 million), primarily attributable
to&#160;repayments of short-term borrowings with banks of RMB125.1&#160;million (US$18.1 million) and long-term borrowings with banks
of RMB2.3&#160;million (US$0.3 milllion), partly offset by (i) proceeds from short-term borrowings with banks of RMB107.5&#160;million
(US$15.6 million) and long-term borrowings with banks of RMB7.9&#160;million (US$1.1 million) and (ii) contributions from non-controlling
interests of RMB0.9&#160;million (US$0.1 million).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2021, we had net cash provided by financing activities from continuing operations of RMB52.1&#160;million (US$8.2 million), primarily
attributable to&#160;proceeds from short-term borrowings with banks of RMB97&#160;million (US$15.2 million), partly offset by repayments
of short-term borrowings with banks of RMB44.9&#160;million (US$7.0 milllion).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2020, we had net cash provided by financing activities from continuing operations of RMB150.8&#160;million (US$23.1 million), attributable
to (i)&#160;proceeds from issuance of ordinary shares upon the initial public offering of RMB208.7&#160;million (US$32.0 million), (ii)
proceeds from short-term borrowings with banks of RMB43.4&#160;million (US$6.7 million), partly offset by (ii)&#160;repayment of short-term
borrowings with banks of RMB63.3&#160;million (US$9.7 million) and (ii)&#160;cash paid for initial public offering related costs of RMB38.0&#160;million
(US$5.8 million).&#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">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 132; 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 -->125<!-- 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"><b>&#160;</b></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>Capital
Expenditure</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
incurred capital expenditure of RMB3.9&#160;million, RMB2.2&#160;million and RMB1.3&#160;million (US$0.2 million) in 2020, 2021 and 2022,
respectively, primarily in connection with the maintenance and renovation of school facilities and purchase of educational equipment.&#160;We
intend to fund our future capital expenditure through our existing cash balance, bank borrowings, proceeds from the initial public offering
and other financing alternatives. We will continue to incur capital expenditure to support the growth of our and the VIEs&#8217; business.</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>&#160;</b></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>Holding
Company Structure</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
are a holding company with no material operations of our own. We conduct our operations primarily through the wholly foreign-owned subsidiary
and consolidated VIEs in China. As a result, our ability to pay dividends depends upon dividends paid by our wholly foreign-owned subsidiary
in China. Our wholly foreign-owned subsidiary in China has not historically paid any dividends to our offshore entities until they generate
accumulated profits and meet the requirements for statutory reserve funds. If our wholly foreign-owned subsidiary in China 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. In addition, our wholly foreign-owned subsidiary in China is permitted to pay dividends to us only out of its retained earnings,
if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of our subsidiaries, the consolidated
VIEs in China is required to set aside at least 10% of its&#160;after-tax&#160;profits each year, if any, to fund certain statutory reserve
funds until such reserve funds reach 50% of its registered capital. In addition, our wholly foreign-owned subsidiary in China may allocate
a portion of its&#160;after-tax&#160;profits based on PRC accounting standards to enterprise expansion funds and staff bonus and welfare
funds at its discretion, and the consolidated VIEs may allocate a portion of their&#160;after-tax&#160;profits based on PRC accounting
standards to a discretionary surplus fund at their discretion. The statutory reserve funds and the discretionary funds are not distributable
as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated
by SAFE.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Furthermore,
according to the Implementing Regulations for the Law of the PRC on the Promotion of&#160;Privately-run&#160;Schools currently in force,
at the end of each fiscal year, our school is required to allocate a portion of its funds to the development fund for the construction
or maintenance of the school properties or purchase and upgrade of teaching equipment.&#160;Our school shall also withhold at least 25.0%
of our annual increase of the net assets for the same purposes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><span style="font-family: Times New Roman, Times, Serif"><b>Off-Balance
Sheet Arrangements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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.</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>&#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>C.
Research and Development</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><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"><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>D.
Trend Information</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Other
than as disclosed elsewhere in this annual report on Form 20-F, we are not aware of any trends, uncertainties, demands, commitments or
events since January&#160;1, 2022 that are reasonably likely to have a material adverse effect on our net revenues, income, profitability,
liquidity or capital resources, or that caused the disclosed financial information to be not necessarily indicative of future operating
results or financial conditions.</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>&#160;</b></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: 133; 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 -->126<!-- 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"><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>E.
Critical Accounting Estimates</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
consider an accounting estimate to be critical if: (i)&#160;the accounting estimate requires us to make assumptions about matters that
were highly uncertain at the time the accounting estimate was made, and (ii)&#160;changes in the estimate that are reasonably likely
to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material
impact on our financial condition or results of operations. When reading our consolidated financial statements, you should consider our
selection of critical accounting policies, the judgment and other uncertainties affecting the application of such policies and the sensitivity
of reported results to changes in conditions and assumptions. For a detailed discussion of critical accounting estimate of (i)&#160;Consolidation
of variable interest entity (VIE); (ii) Revenue recognition; (iii)&#160;Segment reporting; (iv)&#160;Income tax and uncertain tax position;
(v)&#160;Goodwill. See &#8220;&#8212;A. Operating results&#8212;Critical Accounting Policies, Judgments and Estimates.&#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"><b>&#160;</b></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>F. Tabular
Disclosure of Contractual Obligations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth our contractual obligations as of December 31, 2022:</span></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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Payment Due by Period</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#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">Less than 1 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="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">1-3 years</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">More than 3 years</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">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="14" style="font-weight: bold; text-align: center">(in RMB)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-indent: 10pt; padding-left: 5.4pt">Borrowings</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">71,425,000</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">1,606,250</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">-</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">73,031,250</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: 10pt; padding-left: 5.4pt">Lease obligations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,084,072</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,657,143</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">19,741,215</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-bottom: 1.5pt; text-indent: 10pt; padding-left: 5.4pt">Amounts due to Affected Entity</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">23,584,906</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">216,176,563</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">239,761,469</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: 10.05pt; padding-left: 5.4pt">Total</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">111,093,978</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">5,263,393</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">216,176,563</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">332,533,934</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</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">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Operating
lease obligations consist of leases in relation to certain dormitory and school buildings for our daily operation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.25pt; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Other
than those shown above, we did not have any significant capital and other commitments, long-term obligations, or guarantees as of December&#160;31,
2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.25pt; 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>G.
Safe Harbor</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">This
annual report on Form 20-F contains forward-looking statements. These statements are made under the &#8220;safe harbor&#8221; provisions
of Section&#160;21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology
such as &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221;
&#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;confident&#8221; and similar statements. Among other things, the sections titled
&#8220;Item 3. Key Information&#8212;D. Risk Factors,&#8221; &#8220;Item 4. Information on the Company,&#8221; and &#8220;Item 5. Operating
and Financial Review and Prospects&#8221; in this annual report on Form 20-F, as well as our strategic and operational plans, contain
forward-looking statements. We may also make written or oral forward-looking statements in our filings with the SEC, in our annual report
to shareholders, in press releases and other written materials and in oral statements made by our officers, directors or employees to
third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking
statements and are subject to change, and such change may be material and may have a material and adverse effect on our financial condition
and results of operations for one or more prior periods. Forward-looking statements involve inherent risks and uncertainties. A number
of important factors could cause actual results to differ materially from those contained, either expressly or impliedly, in any of the
forward-looking statements in this annual report on Form 20-F. Potential risks and uncertainties include, but are not limited to: the
Company&#8217;s strategies, future business development, and financial condition and results of operations; the expected growth of the
Chinese private education market; Chinese governmental policies relating to private educational services and providers of such services;
the Company&#8217;s ability to maintain and enhance its brand. Further information regarding these and other risks is included in the
Company&#8217;s filings with the SEC. All information provided in this annual report on Form 20-F and in the exhibits is as of the date
of the annual report, and we do not undertake any obligation to update any such information, except as required under applicable law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 134; 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_011"></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&#160;6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES </b></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>&#160;</b></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>A. Directors
and Senior Management </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth information regarding our directors and executive officers as of the date of the annual report.</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; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; width: 38%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 52%; border-bottom: black 1.5pt solid; padding-left: 9.6pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position&#160;with&#160;the&#160;Company</b></span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Executive Directors
    and Officers:</i></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><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="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fen Ye</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director;
    Chairlady</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Biao Wei</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director;
    Chief Executive Officer</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhaoxiang Wei</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guoliang Chen</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luoyuan Ye</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-Executive Directors:</i></b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center"><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="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Teck Yong Heng</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yan Kit Lee</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></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"><b>&#160;</b></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>Executive
Officers </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Ms.&#160;Fen
Ye</i></b>, aged&#160;51, is our founder and has served as our chairlady and director since September 2018. Ms.&#160;Fen Ye founded the
Company in August 2001 by establishing Lishui Mengxiang. Since 2003, Ms.&#160;Fen Ye has served as a director, chairlady and legal representative
of Lianwai School. Ms.&#160;Fen Ye served as a director of Liandu Foreign Language School Kindergarten from 2014 to 2018.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.&#160;Biao
Wei</i></b>, aged 51, is the spouse of Ms.&#160;Fen Ye and has served as our director since September 2018. Mr.&#160;Biao Wei joined
us in August 2001 as the general manager of Lishui Mengxiang. Mr.&#160;Wei has been a director of Lianwai School since September 2002
and a director of Lishui Yuanmeng Training Company Limited since 2014. Mr.&#160;Biao Wei served as a director of Liandu Foreign Language
School Kindergarten from 2014 to 2018. Mr.&#160;Biao Wei attended a professional program in fashion design at the Zhejiang Institute
of Silk Textiles in the PRC from September 1988 to November 1991.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.
Zhaoxiang Wei</i>,</b> aged 27, is the son of Ms. Fen Ye and Mr. Biao Wei and has served as our director since December 2022. Mr. Zhaoxiang
Wei served as the assistant general manager of North Cedar Academy from February 2022 to October 2022. He served as the office assistant
of Lianwai School from February 2021 to January 2022. He received his bachelor&#8217;s degree in language and literature from University
of California, Los Angeles in March 2022.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.&#160;Guoliang
Chen</i>,</b> aged 55, has served as our director since December 2022. He has served as the director and principal of Lianwai School
since September 2018. Mr.&#160;Chen has over 30 years of experience in the education industry and joined us in September 2013. From September
2012 to August 2013, he served as the principal of Liandu District Chuchou High School. From September 2005 to August 2012, he served
as the principal of Liandu District Meishan High School. From September 2002 to August 2005, he was the vice principal of Tianning High
School. Prior to this, he worked as the director of educational and student affairs in Dayang Road School from September 1994 to August
2002. From February 1988 to August 1994, he was the division head of language education and research in Laozhu School for Ethnic Minorities
(formerly known as Yeling High School). Mr.&#160;Chen obtained his bachelor&#8217;s degree from Zhejiang Education University in the
PRC in June 1994. He graduated from Lishui Teachers Training College in the PRC in January 1988. He completed his master&#8217;s degree
in education in Zhejiang Normal University in the PRC in September 2000. Mr.&#160;Chen was qualified as a senior high school teacher
in November 2002. In September 2016, he was awarded the 26th Spring Silkworm Award by the Zhejiang Province Education Foundation. In
August 2015, Mr.&#160;Chen was awarded 2014 Excellent Principal by Lishui Liandu District Education Bureau. In September 2012, he was
awarded the first class award on education quality management by Liandu District Education Bureau and Top 10 Education Role Model by
the People&#8217;s Government of Lishui Liandu District. In January 2010, Mr.&#160;Chen was awarded 2008-2009 Lishui Education and Research
Outstanding Individual. In August 2009, September 2011, September 2012 and August 2015, Mr.&#160;Chen was awarded the title of Liandu
Excellent Educator. In September 2004, he was awarded as the 2003 Liandu District Excellent Teacher 2003 by Liandu District Education
Bureau.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 135; 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 -->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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.&#160;Luoyuan
Ye</i>, </b>aged 41, has served as the chief financial officer of the Company since August&#160;1, 2021. Since April 2014, Mr.&#160;Ye
has served as the Founding Partner of Guangdong Jinshi Capital Co., Ltd., a financial advisory company, where he provides financial advisory
services for Chinese companies listed in overseas capital markets. Since April 2020, Mr.&#160;Ye has served as an independent director
of Chenghe Technology Co., Ltd. From October 2011 to March 2014, Mr.&#160;Ye served as the Investment Director of Xiangrong (Tianjin)
Investment Management Limited Partnership. From October 2008 to July 2010, Mr.&#160;Ye served as a manager of Beijing office of Marcum
Bernstein&#160;&amp; Pinchuk LLP. From July 2004 to September 2008, Mr.&#160;Ye served as a senior auditor of PricewaterhouseCoopers
Zhong Tian LLP Guangzhou Branch. Mr.&#160;Ye received his dual bachelor degrees in business management and science from Sun Yat-sen University
and is a member of Chinese Institute of Certified Public Accountants (CICPA) and American Institute of Certified Public Accountants (AICPA).
Mr.&#160;Ye is also a China Certified Tax Agent (CICTA).</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.&#160;Teck
Yong Heng</i></b>, aged 49, has served as our independent director since September&#160;30, 2020. Mr.&#160;Heng currently serves as the
managing partner of C<sup>2</sup>Partners, or C-Squared Partners, a China focused consumer sector private equity fund. Before founding
C-Squared Partners, he was the managing director in QianHai Fund of Funds (&#8220;<b>Qianhai FoF</b>&#8221;), where he led and recommended
public and private equity direct investments in addition to commitments into private equity/venture capital funds. Prior to QianHai FoF,
he worked at Temasek Holdings, Pavilion Capital, Arthur Andersen, Singapore Power and Cambridge Associates. Mr.&#160;Heng graduated from
Nanyang Technological University with a bachelor&#8217;s degree in Accountancy (Honors). He is also an alumni of Harvard Business School
and attended its General Management Program. He is a Chartered Financial Analyst (CFA), Chartered Accountant (CA), Financial Risk Manager
(FRM) and a member of Singapore Institute of Directors.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mr.&#160;Yan
Kit Lee</i></b>, aged 52, has served as our independent director since September&#160;30, 2020. He was a director and chief executive
officer of National Arts Travel Limited (principally engaged in providing travel related products), which is a subsidiary of National
Arts Group Holdings Limited (&#8220;NA Group&#8221;) (HKEx Stock Code: 8228), since February 2019 and June 2018, respectively to March
2022. Mr.&#160;Lee was appointed as the chief operating officer of NA Group from May 2020 to January 2022. Since October 2020, Mr.&#160;Lee
has also been a director of Skyyer MediaX Limited (principally engaged in provision of digital marketing, media relations and public
relations services). Meanwhile, Mr.&#160;Lee has been an independent non-executive director (also a member of audit committee, remuneration
committee and nomination committee) of C-Link Squared Limited (HKEx Stock Code: 1463) (principally engaged as outsourced document management
services provider and related software application and enterprise software solutions developer) since March 2020. Mr.&#160;Lee was an
independent non-executive director (also a member of audit committee and nomination committee, and the chairman of remuneration committee)
of Landrich Holding Limited (HKEx Stock Code: 2132) (a contractor company having a long history of undertaking construction works in
Hong Kong) from October 2020 to March 2023. Mr.&#160;Lee was a volunteer director of Sowers Action (Non-Governmental Organization) from
October 2016 to October 2018, and has been a vice chairman of its board of directors since October 2018. Mr.&#160;Lee is and has been
a founding director of Hong Kong Young Chief Officers&#8217; Association since November 2017 and was appointed as the president of the
external affairs committee since December 2018. Mr.&#160;Lee has also been awarded by Hong Kong Shue Yan University as an industrial
advisor to the bachelor of business administration (honours) in digital marketing program since July 2020. Mr.&#160;Lee was successfully
elected as the 5th &#8220;Outstanding Chinese Youth of the World&#8221; from Outstanding Chinese Culture Association in June 2020. Mr.&#160;Lee
has over 20 years of abundant experience in the banking and financial industry as well as public relations and market strategy. Mr.&#160;Lee
has been the director of Hoyan Group International Limited since September 2016. Mr.&#160;Lee served as the president of SBG Holdings
Limited (principally engaged in the operation of beauty medical centers) between September 2016 and September 2017 and the chief marketing
officer of HKST Group Holdings Limited (principally engaged in travel services and education consultancy business) between September
2016 and May 2018. Prior to 2016, Mr.&#160;Lee worked at Dah Sing Bank Limited, Standard Chartered Bank (HK) Limited, DBS (Hong Kong)
Limited, Wing Hang Bank Limited (currently known as OCBC Wing Hang Bank) and Sin Hua Bank Ltd., Hong Kong branch (currently known as
Bank of China (Hong Kong) Limited). Mr.&#160;Lee obtained his Bachelor of Arts Degree (with a major in economics and a minor in psychology)
from the University of Manitoba in May 1993 in Canada and a certificate of business management from Ryerson Polytechnic University in
June 1996 in Canada. Mr.&#160;Lee also obtained a Master of Science Degree in financial management from the University of London in the
United Kingdom in December 2000.</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>&#160;</b></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>Board
Diversity Disclosure </b></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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following information was provided by our directors on a voluntary basis.</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>&#160;</b></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>Board
Diversity Matrix (As of date of this annual report) </b></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; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td colspan="5"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country of Principal Executive Offices</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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China</span></td></tr>
  <tr style="vertical-align: top">
    <td colspan="5"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign Private Issuer</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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</span></td></tr>
  <tr style="vertical-align: top">
    <td colspan="5"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure Prohibited Under Home Country
    Law</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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td></tr>
  <tr style="vertical-align: top">
    <td colspan="5"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Number of Directors</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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-bottom: 1.5pt; width: 60%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Female</span></td>
    <td style="padding-bottom: 1.5pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Male</span></td>
    <td style="padding-bottom: 1.5pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Binary</span></td>
    <td style="padding-bottom: 1.5pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; white-space: nowrap; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Did&#160;not&#160;disclose</span></td></tr>
  <tr style="vertical-align: top">
    <td colspan="3"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part I:</b>&#160;Gender Identity</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><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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="vertical-align: top">
    <td colspan="9"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part II:</b>&#160;Demographic Background</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underrepresented&#160;Individual&#160;in&#160;Home&#160;Country</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="7" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LGBTQ+</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="7" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Did Not Disclose Demographic Background</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="7" style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></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">&#160;</span></p><div>


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

</div><!-- Field: Page; Sequence: 136; 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 -->129<!-- 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>B. Compensation
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
the fiscal year ended December&#160;31, 2022, we paid an aggregate of approximately US$0.20&#160;million in cash to our executive officers
and directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive
officers and directors. Our PRC subsidiaries are required by law to make contributions equal to certain percentages of each employee&#8217;s
salary for his or her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident
fund. For incentive share grants to our officers and directors, see &#8220;&#8212;Share Incentive Plan.&#8221;</span></p><div>

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>2020
Equity Incentive Plan </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
2020 Equity Incentive Plan was adopted on September&#160;8, 2020 to attract and retain the best available personnel for positions of
substantial responsibility, provide additional incentive to employees, directors and consultants and promote the success of our business.
The equity incentive plan provides for the grant of an option, restricted shares, restricted share units and local&#160;awards.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Authorized
Shares</i> The maximum number of ordinary shares may be subject to awards pursuant to the 2020 Equity Incentive Plan is 5,000,000 initially.
The aggregate number of ordinary shares available for issuance under the 2020 Equity Incentive Plan will be increased (i)&#160;on January&#160;1
of the fiscal year immediately following the fiscal year in which an initial public offering of our shares, or a Qualified IPO, is consummated,
by an amount equal to 0.5% of the total number of ordinary shares issued and outstanding on December&#160;31 of the immediately preceding
fiscal year, and (ii)&#160;on January&#160;1 of each fiscal year during the period beginning with the second fiscal year following the
fiscal year in which a Qualified IPO is consummated, by an amount equal to 1% of the total number of ordinary shares issued and outstanding
on December&#160;31 of the immediately preceding fiscal year.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Administration
</i>Our board of directors or a committee of the board or officers to which the board delegates the authority administers the 2020 Equity
Incentive Plan. The administrator will determine the participants to receive awards, the type and number of awards to be granted to each
participant and the provisions and terms and conditions of each award. In the event that any dividend or other distribution (whether
in the form of cash, shares, other securities or other property), recapitalization, share division, share consolidation, reorganization
or any change in the corporate structure of the Company affecting the shares occurs, the administrator will make adjustment with respect
to the number and class of shares that may be delivered under the 2020 Equity Incentive Plan and/or the number, price and class of shares
covered by outstanding awards, in order to prevent diminution or enlargement of the benefits intended to be made available under the
2020 Equity Incentive Plan.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Awards
under the Equity Incentive Plan </i></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Share
Options</i> Share options may be granted under the 2020 Equity Incentive Plan. The administrator determines the exercise price for each
option award, which is stated in the award agreement and should in no case be lower than the par value of our ordinary shares.&#160;One-half&#160;of
the shares subject to an option will vest on each of the first and second annual anniversaries of the vesting commencement date, unless
otherwise provided in the award agreement.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Restricted
Shares</i> A restricted share award agreement will specify restrictions on the duration of the restricted period and the number of shares
granted. Restricted shares may not be sold, transferred or pledged until the end of the restricted period and may be subject to forfeiture
upon a termination of employment or service with us. Unless otherwise provided in the award agreement, the holder of restricted shares
will be entitled to receive all dividends and other distributions paid with respect to the ordinary shares, subject to the same restrictions
on transferability and forfeitability as the underlying shares of restricted shares.&#160;One-half&#160;of the restricted shares will
vest on each of the first and second annual anniversaries of the vesting commencement date, unless otherwise provided in the award agreement.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></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 -->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; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Restricted
Share Units</i> Awards of restricted share units may be granted by the administrator. At the time of granting restricted share units,
the administrator may impose conditions that must be satisfied, such as continued employment or service or attainment of corporate performance
goals, and may place restrictions on the grant and/or vesting of the restricted share units. A restricted share unit award agreement
will specify applicable vesting criteria, the number of restricted share units granted and the terms and conditions on time and form
of payment. Each restricted share unit, upon fulfillment of applicable conditions, represents a right to receive an amount equal to the
fair market value of one ordinary share.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Local
Awards</i> The administrator may cause any of our PRC subsidiaries or VIEs to grant local cash-settled awards in lieu of any other award
under the 2020 Equity Incentive Plan, which such local awards shall be paid wholly by such PRC subsidiaries or VIEs. Each local award
shall be linked to the fair market value of one ordinary share.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Change
in Control</i> In the event of a change in control, the administrator may provide for acceleration of awards, purchase of awards from
holders or replacement of awards.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Term
</i>Unless terminated earlier, the 2020 Equity Incentive Plan will continue in effect for a term of ten years from the date of its adoption.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Amendment
and Termination</i> Subject to applicable shareholders&#8217; approval and certain exceptions, the board of directors may at any time
amend or terminate the 2020 Equity Incentive Plan. The 2020 Equity Incentive Plan will automatically terminate in 2030, unless terminated
sooner. The termination of the 2020 Equity Incentive Plan will not affect the administrator&#8217;s ability to exercise the powers granted
to it with respect to awards granted under the plan prior to the date of such termination.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Granted
Options and Restricted Share Units</i> For the fiscal year ended December&#160;31, 2022, no options or restricted share units under the
2020 Equity Incentive Plan had been granted.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>C.
Board Practices </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
board of directors consists of six directors, including four executive directors and two non-executive directors. We also promote gender
diversity among our board members. The powers and duties of our directors include convening general meetings and reporting our board&#8217;s
work at our shareholders&#8217; meetings, declaring dividends and distributions, appointing officers and determining the term of office
and responsibilities of the officers, as well as exercising other powers, functions and duties as conferred by our articles of association.
Our directors may at their discretion exercise all the powers of our company to borrow money, and to mortgage or charge its undertaking,
property and assets (present and future) and uncalled capital or any part thereof, to issue debentures, debenture stock, bonds and other
securities, whether outright or as collateral security for any debt, liability or obligation of our Company or of any third party.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">None
of our non-executive directors has a service contract with us that provides for benefits upon termination of service.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Committees
of the Board of Directors </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have established an audit committee, a compensation committee and a nominating and corporate governance committee under the board of
directors. We have adopted a charter for each of the three committees. Each committee&#8217;s members and functions are described below.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 138; 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 -->131<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Audit
Committee.</i></b> Our audit committee consists of three directors, namely Mr.&#160;Teck Yong Heng, Mr.&#160;Yan Kit Lee and Mr. Guoliang
Chen. The audit committee is chaired by Mr.&#160;Teck Yong Heng. Each of Mr.&#160;Teck Yong Heng and Mr.&#160;Yan Kit Lee satisfies the
&#8220;independence&#8221; requirements under Rule 5605(c)(2) of the Listing Rules&#160;of the Nasdaq Stock Market and meets the independence
standards under Rule&#160;10A-3 under the Exchange Act. We have determined that each of Mr.&#160;Teck Yong Heng qualifies as an &#8220;audit
committee financial expert.&#8221; Our audit committee will consist solely of independent directors within one year of the initial public
offering. 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&#160;things:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
                                            and appointing auditors and&#160;pre-approving&#160;all auditing and&#160;non-auditing&#160;services
                                            permitted to be performed by such independent auditors;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
                                            with the independent auditors any audit problems or difficulties and management&#8217;s response;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
                                            and approving all proposed related party transactions;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
                                            the annual audited financial statements with management and the independent auditors;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
                                            the adequacy and effectiveness of our accounting and internal control policies and procedures
                                            and any steps taken to monitor and control major financial risk exposures;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting
                                            separately and periodically with management and our independent auditors;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reporting
                                            regularly to the board of directors;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; 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; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                            matters that are specifically assigned to our audit committee by our board of directors from
                                            time to time;</span></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">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Compensation
Committee.</i></b> Our compensation committee consists of three members, namely Mr.&#160;Teck Yong Heng, Mr.&#160;Yan Kit Lee and Mr.&#160;Zhaoxiang
Wei. The compensation committee is chaired by Mr.&#160;Yan Kit Lee. Each of Mr.&#160;Teck Yong Heng and Mr.&#160;Yan Kit Lee satisfies
the &#8220;independence&#8221; requirements of Rule&#160;5605(c)(2) of the Listing Rules of the Nasdaq Stock Market. Our compensation
committee assists the board in reviewing and approving the compensation structure of our directors and executive officers, including
all forms of compensation to be provided to our directors and executive officers. Members of the compensation committee are not prohibited
from direct involvement in determining their own compensation. Our chief executive officer may not be present at any committee meeting
during which his compensation is deliberated. The compensation committee is responsible for, among other things:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
                                            and making recommendations to the board of directors with respect to directors&#8217; compensation;</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
                                            and approving to the board with respect to the compensation for our chief executive officer
                                            and other executive officers;</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
                                            periodically and approving any incentive compensation or equity plans, programs or other
                                            similar arrangements;</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
                                            guidelines for senior management salary, incentive, stock option, benefit and other compensation
                                            levels; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">producing
                                            an annual report on executive compensation in accordance with applicable rules and regulations.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 139; 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; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Nominating
and Corporate Governance Committee.</i></b> Our nominating and corporate governance committee consists of three directors, namely Mr.&#160;Teck
Yong Heng, Mr.&#160;Yan Kit Lee and Mr. Guoliang Chen. The nominating and corporate governance committee is chaired by Mr.&#160;Teck
Yong Heng. Each of Mr.&#160;Teck Yong Heng and Mr.&#160;Yan Kit Lee satisfies the &#8220;independence&#8221; requirements of Rule 5605(c)(2)
of the Listing Rules of the Nasdaq Stock Market. The nominating and corporate governance committee assists the board of directors 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:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying
                                            and recommending nominees for election by the shareholders or appointment by the board of
                                            directors;</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
                                            annually with the board of directors its current composition with regards to characteristics
                                            such as independence, age, skills, experience, diversity and availability of service to&#160;us;</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">advising
                                            the board of directors on the frequency and structure of board meetings and monitoring the
                                            functioning of the committees of the board;&#160;and</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">advising
                                            the board periodically with regards to significant developments in the law and practice of
                                            corporate governance as well as monitoring our compliance with applicable laws and regulations,
                                            and making recommendations to the board on all matters of corporate governance and on any
                                            remedial action to be taken.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Duties
of Directors </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
Cayman Islands law, our directors owe fiduciary duties to our company, 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 must also exercise their powers only for a proper
purpose. 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, and the class rights vested thereunder in the
holders of the shares. Our company has the right to seek damages if a duty owed by our directors is breached. A shareholder may in certain
limited exceptional circumstances have the right to seek damages in our name if a duty owed by the directors is&#160;breached.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions
and powers of our board of directors include, among&#160;others:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convening
                                            shareholders&#8217; annual and extraordinary general meetings and reporting its work to shareholders
                                            at such meetings;</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">declaring
                                            dividends and distributions;</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
                                            officers and determining the term of office and responsibilities of the&#160;officers;</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising
                                            the borrowing powers of our company and mortgaging the property of our company;&#160;and</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
                                            the transfer of shares in our company, including the registration of such shares in our register
                                            of members.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Terms
of Directors and Officers</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
directors may be elected by an ordinary resolution of our shareholders, or by the affirmative vote of a simple majority of the remaining
directors present and voting at a board meeting. Our directors are not subject to a term of office and hold office until they are removed
from office by ordinary resolution of the shareholders. In accordance with our memorandum and articles of association, a director will
cease to be a director if, among other things, the director (i)&#160;becomes bankrupt or makes any arrangement or composition with his
creditors, (ii)&#160;dies or is found by our company to be or becomes of unsound mind, (iii)&#160;resigns his office by notice in writing
to the company, (iv)&#160;without special leave of absence from our board, is absent from three consecutive board meetings and our directors
resolve that his office be vacated, (v)&#160;is removed from office pursuant to any other provision of our memorandum and articles of
association, as amended and restated from time to time. Our officers are elected by and serve at the discretion of the board of directors.</span></p><div>

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

</div><!-- Field: Page; Sequence: 140; 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 -->133<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Employment
Agreements and Confidentiality Agreements </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have entered into employment agreements and confidentiality agreements with each of our executive officers. Under these agreements, we
are entitled to terminate an executive officer&#8217;s employment for cause at any time for certain acts of the officer, such as being
convicted of any criminal conduct, any act of gross or willful misconduct or any serious, willful, grossly negligent or persistent breach
of any employment agreement provision. We may also terminate an executive officer&#8217;s employment by giving three-month&#8217;s prior
written notice without cause. An executive officer may terminate his or her employment at any time by giving three-month&#8217;s prior
written notice. In connection with the employment agreement, each executive officer will enter into an intellectual property ownership
and confidentiality agreement and agreed to hold all information,&#160;know-how&#160;and records in any way connected with the products
or services of our company, in strict confidence perpetually. Each executive officer also agree that we shall own all the intellectual
property developed by such executive officer during his or her&#160;employment.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
may enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify
our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made
by reason of their being a director or officer of our company.</span></p><div>

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs had 517, 540 and 272 full-time employees (including Qingtian International School, the Vocational Education Services Providers
and Chuangmei Weiye) as of December&#160;31, 2020, 2021 and 2022, respectively. Approximately 91.76% of the employees in Qingtian International
School are represented by a labor union. We and the VIEs have not experienced any work stoppages, and consider our relations with the
employees and the labor union to be good. The following table sets forth the number of our full-time employees categorized by function
as of December&#160;31, 2022:</span></p><div>

</div><p style="text-align: justify; 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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Function</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number&#160;of<br/>
    Employees</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; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Executive Directors and senior
    management</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">10</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"><span style="font-family: Times New Roman, Times, Serif">Teachers</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">179</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: justify"><span style="font-family: Times New Roman, Times, Serif">Counselors</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">0</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: justify"><span style="font-family: Times New Roman, Times, Serif">Administrative staff</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">42</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: justify"><span style="font-family: Times New Roman, Times, Serif">Campus security</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">3</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: justify"><span style="font-family: Times New Roman, Times, Serif">Accounting and finance staff</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">15</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: justify"><span style="font-family: Times New Roman, Times, Serif">Supporting staff</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">23</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="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Total</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">272</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
invest resources in the recruitment of employees in support of our and the VIEs&#8217; business operations. We and the VIEs have established
comprehensive training programs, including training programs for newly hired teachers and continuing education courses for teachers and
on-the-job-training, to enhance performance and service quality.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
required by PRC Laws and regulations, we and the VIEs participate in various employee social security plans for our PRC employees that
are administered by municipal and provincial governments, including housing, pension, medical insurance, unemployment insurance, work-related
injury insurance, maternity insurance. We and the VIEs are required under PRC law to contribute to employee benefit plans at specified
percentages of the salaries, bonuses and certain allowances of our employees up to a maximum amount specified by the local government
from time to time.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs maintain various insurance policies against certain risks and unexpected events, such as school liability insurance, student
personal accident insurance and property insurance for vehicles. We and the VIEs also provide social security insurance including pension
insurance, unemployment insurance, work related injury insurance and medical insurance for our PRC employees. We and the VIEs consider
our insurance coverage to be generally in line with companies of similar industry and size in the PRC. See &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8212;Risks Relating to Our Business and Industry&#8212;We have limited insurance coverage&#8221; for further details of
risks associated with our insurance coverage.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs enter into standard labor contracts with our employees. We may also enter into standard confidentiality and non-compete
agreements with the executive officers. See &#8220;&#8212;C. Board Practices&#8212;Employment Agreements and Confidentiality Agreements.&#8221;</span></p><div>

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

</div><!-- Field: Page; Sequence: 141; 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 -->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"><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>E. Share
Ownership </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Please
refer to &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;A. Major Shareholders&#8221; and &#8220;&#8212;B. Compensation&#8212;Share
Incentive Plan.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -48.95pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><div><a id="b_012"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS </b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>A.
Major Shareholders </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following table presents information regarding the beneficial ownership of our ordinary shares as of March&#160;31, 2023 by:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                            person or entity that we know beneficially owns or will beneficially own more than 5% of
                                            our outstanding ordinary shares;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                            director or executive officer who beneficially owns or will beneficially own more than 1%
                                            of our outstanding ordinary shares;&#160;and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                            of our directors and executive officers as a group.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Beneficial
ownership is determined in accordance with the rules&#160;and regulations of the SEC. In computing the number of ordinary shares beneficially
owned by a person and the percentage ownership of that person, we have included ordinary shares that the person has the right to acquire
within 60&#160;days, including through the exercise of any option, warrant, or other right or the conversion of any other security. These
ordinary shares, however, are not included in the computation of the percentage ownership of any other&#160;person. Unless otherwise
indicated below, to our knowledge, all persons named in the table have sole voting and investment power with respect to their shares,
except to the extent authority is shared by spouses under community property laws.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
percentage of beneficial ownership of our ordinary shares is based on 66,667,000 ordinary shares outstanding immediately as of March&#160;31,
2023.</span></p><div>

</div><p style="text-align: justify; 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="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="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Ordinary&#160;Shares<br/>
    Beneficially&#160;Owned</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%<sup>&#160;(2)</sup></b></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="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Executive Officers <sup>(1)</sup>&#160;:</b></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: justify"><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: 76%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fen Ye</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">47,500,000</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">71.25</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"><span style="font-family: Times New Roman, Times, Serif">Biao Wei (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">&#8212;</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">&#8212;</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: justify"><span style="font-family: Times New Roman, Times, Serif">Zhaoxiang Wei (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">&#8212;</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">&#8212;</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: justify"><span style="font-family: Times New Roman, Times, Serif">Guoliang Chen</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">&#8212;</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">&#8212;</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: justify"><span style="font-family: Times New Roman, Times, Serif">Luoyuan Ye</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">&#8212;</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">&#8212;</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: justify"><span style="font-family: Times New Roman, Times, Serif">Teck Yong Heng</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">&#8212;</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">&#8212;</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: justify"><span style="font-family: Times New Roman, Times, Serif">Yan Kit Lee</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">&#8212;</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">&#8212;</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: justify"><span style="font-family: Times New Roman, Times, Serif">All directors and executive officers as
    a group</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">47,500,000</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">71.25</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="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Principal Shareholders:</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">&#160;</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">&#160;</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: justify"><span style="font-family: Times New Roman, Times, Serif">Mengxiang Holdings (5)</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">45,000,000</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">67.5</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: justify"><span style="font-family: Times New Roman, Times, Serif">Lianwai Holdings Co., Ltd.(6)</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">2,500,000</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">3.75</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: justify"><span style="font-family: Times New Roman, Times, Serif">Mengxiang Investment Co., Ltd.(7)</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">2,500,000</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">3.75</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>

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

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px"><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 address of our directors
    and executive officers is, No.&#160;818 Hua Yuan Street, Liandu District, Lishui City, Zhejiang Province, 323000, the PRC.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px"><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">For each person and group
    included in this column, percentage ownership is calculated by dividing the number of ordinary shares beneficially owned by such
    person or group, including shares that such person or group has the right to acquire within 60 days after March&#160;31, 2023, by
    the sum of (i) 66,667,000 which is the total number of ordinary shares outstanding as of March&#160;31, 2023, and (ii)&#160;the number
    of ordinary shares such person or group has the right to acquire within 60 days after March&#160;31, 2023.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#160;Biao Wei is the
    spouse of Ms.&#160;Fen Ye.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#160;Zhaoxiang Wei
    is the son of Ms.&#160;Fen Ye and Mr. Biao Wei.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A British Virgin Islands
    company which is wholly-owned and controlled by Ms.&#160;Fen Ye. The registered office of Mengxiang Holdings is at Coastal Building,
    Wickham&#8217;s Cay II, P.O. Box 2221, Road Town Tortola, British Virgin Islands.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A British Virgins Islands
    company which is wholly-owned and controlled by Ms.&#160;Hong Ye. The registered office of Lianwai Holdings Co., Ltd. is at Coastal
    Building, Wickham&#8217;s Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; 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%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A British Virgin Islands
    company which is wholly-owned and controlled by Ms.&#160;Fen Ye. The registered office of Mengxiang Investment Co., Ltd. is at Coastal
    Building, Wickham&#8217;s Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands.</span></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">&#160;</span></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 -->135<!-- 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of March&#160;31, 2023, a total of 16,667,000 ordinary shares were held by 1 record holder in the United States in the form of ADSs,
representing 25% of our total outstanding shares. We are not aware of any arrangement that may, at a subsequent date, result in a change
of control of our company.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>B.
Related Party Transactions </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><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; text-align: justify; text-indent: 0.25in"><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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2018, Liandu WFOE entered into a series of contractual arrangements with Lishui Mengxiang, Lianwai School, shareholders of Lishui Mengxiang
and the directors of Lianwai School, which had enabled us to (i)&#160;exercise the power over our Lishui Mengxiang and Lianwai School,
(ii)&#160;have the exposure or rights to variable returns from our involvement with Lishui Mengxiang and Lianwai School, and (iii)&#160;exercise
the ability to affect those returns through use of its power over Lishui Mengxiang and Lianwai School.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the 2021 Implementation Rules which took effect on September&#160;1, 2021, social organizations and individuals are prohibited from controlling
a private school that provides compulsory 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 among Liandu WFOE and Lianwai School providing compulsory education. Therefore, we re-assessed our control over
Lianwai School. Based on the relevant accounting standard in accordance with U.S. GAAP, we have concluded that we have lost control of
Lianwai School since August&#160;31, 2021, in view of the significant uncertainties and restrictions the 2021 Implementation Rules impose
on our ability to direct the range of ongoing activities that would most significantly impact the returns of Lianwai School. In light
of such regulatory developments, on April&#160;20, 2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai
School and respective directors, to confirm all the terms of rights and obligations relating to Lianwai School and the directors appointed
by the sponsor under the contractual arrangements among them, and agree among the parties that such arrangements shall have been terminated
on August&#160;31, 2021. To minimize disruptions to existing students enrolled in Lianwai School, we and the VIEs continued to offer
essential services to the students. We deconsolidated Lianwai School commencing from September&#160;1, 2021 and presented it as a discontinued
operation in current and comparative period financial statements.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Lishui
Mengxiang completed the required registration to hold 100% sponsorship interests of Qingtian International School on August&#160;24,
2021. On April&#160;20, 2022, Liandu WFOE entered into a series of contractual arrangements, or the VIE structure, with Lishui Mengxiang,
Qingtian International School, shareholders of Lishui Mengxiang and the Council Members of Qingtian International School. On January
31, 2023, due to the change of shareholders of Lishui Mengxiang, Liandu WFOE entered into an updated series of contractual arrangements
with respect to the operation of Qingtian International School. The updated series of contractual arrangements replaced the previous
ones and took effect on December 16, 2022, the same date when the shareholders of Lishui Mengxiang signed an equity transfer agreement.
On March 28, 2023, Liandu WFOE entered into a series of contractual arrangements with Beijing P.X., Langfang School, shareholders of
Beijing P.X. and the Council Members of Langfang School, which became effective on January 1, 2022.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
above series of contractual arrangements enable us to (i)&#160;exercise the power over VIEs , (ii)&#160;have the exposure or rights to
variable returns from our involvement with the VIEs, and (iii)&#160;exercise the ability to affect those returns through use of its power
over the VIEs. These contractual arrangements include exclusive call option agreement, proxy agreements for school&#8217;s sponsors and
council members, proxy agreements for shareholders, business cooperation agreement, exclusive technical service and business consulting
agreement, equity pledge agreements, etc. Terms contained in each set of contractual arrangements with our PRC subsidiaries, the VIEs
and their respective shareholders are substantially similar. For more details of these contractual arrangements, see &#8220;Item 4. Information
on the Company&#8212;C. Organizational Structure&#8212;Contractual Arrangements.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><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; text-align: justify; margin: 0pt 0 0pt 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 143; 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 -->136<!-- 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"><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; text-align: justify; text-indent: 0.25in"><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; text-align: justify; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Loans
to related parties </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
2019 and 2020, we provided loans to certain close family members of Ms.&#160;Fen Ye for their personal use. The financing was provided
in the form of interest-free loans. The loans did not have a fixed term and were repayable upon demand. As of December&#160;31, 2020,
2021 and 2022, there was no remaining balance of the loans. In light of our initial public offering in October 2020 in an overseas capital
market and to improve our corporate governance, we have issued an internal policy to terminate its business practice of issuing advances
and loans to close family members of Ms.&#160;Fen Ye.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Financing
from related parties </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Ms.&#160;Fen
Ye and Ms.&#160;Yushu Ye, a close family member of Ms.&#160;Fen Ye, have historically provided short-term financing for us to support
our operation. The financing was provided in the form of interest-free short-term borrowings. The short-term borrowings did not have
a fixed term and were repayable upon demand. The remaining balance of the short-term borrowings was fully settled in 2019. We have not
received any financing from related parties since the completion of our initial public offering.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Lease
agreements with related parties </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs leased certain properties and facilities to Lishui Yuanmeng Training Company Limited, a company controlled by Mr.&#160;Biao
Wei, our director and chief executive officer, in which the lease was terminated on February&#160;28, 2021. Furthermore, we and the VIEs
ceased to lease our non-education&#160;space to Lishui Yuanmeng Training Company Limited after February&#160;28, 2021. We and the VIEs
also lease the school buildings and the related properties and facilities to Liandu Foreign Language School Kindergarten. In 2020, 2021
and 2022, our rental income from related parties was RMB1.7&#160;million, RMB0.9&#160;million and RMB0.8&#160;million, respectively.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
terms of the leases are three years. Under the leasing agreements, we can terminate the lease at any time for cause.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Private
Placements </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Ordinary Shares.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Employment
Agreements and Indemnification Agreements </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;C. Board Practices&#8212;Employment Agreements and Confidentiality Agreements.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Share
Incentive Plans </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;B. Compensation&#8212;Share Incentive Plan.&#8221;</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>&#160;</b></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>C. Interests
of Experts and Counsel </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"><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"><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"></p><div>

</div><!-- Field: Page; Sequence: 144; 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 -->137<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><div><a id="b_013"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;8.
FINANCIAL INFORMATION </b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>A.
Consolidated Statements and Other Financial Information </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Please
refer to Item 18.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Legal
Proceedings </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">From
time to time, we are subject to legal proceedings, investigations and claims during the course of our and the VIEs&#8217; business. We
are currently not 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 and the VIEs&#8217; business, financial condition or results of operations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Dividend
Policy </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
board of directors has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition,
our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors.
In either case, all dividends are subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends
out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our company
being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide 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 the board of directors may deem relevant.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
do not have any present plan to pay any cash dividends on our ordinary shares in the foreseeable future. We currently intend to retain
most, if not all, of our available funds and any future earnings to operate and expand our and the VIEs&#8217; business.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
are a holding company incorporated in the Cayman Islands. We may rely on dividends from our subsidiaries in China 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 4. Information on the Company&#8212;B. Business Overview&#8212;Regulation&#8212;PRC Laws and Regulations Relating
to Foreign Exchange&#8221; and &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulation&#8212;Regulations
on Taxation in the PRC&#8212;Income Tax in relation to Dividend Distribution&#8221;.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
we pay any dividends on our ordinary shares, we will pay those dividends which are payable in respect of the ordinary shares underlying
our ADSs to the depositary, as the registered holder of such ordinary shares, and the depositary then will pay such amounts to our ADS
holders in proportion to ordinary shares underlying the ADSs held by such ADS holders, subject to the terms of the deposit agreement,
including the fees and expenses payable thereunder. Cash dividends on our ordinary shares, if any, will be paid in U.S. dollars. See
&#8220;Item 12. Description of Securities other than Equity Securities&#8212;D. American Depositary Shares.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>B.
Significant Changes </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have not experienced any significant changes since the date of our audited consolidated financial statements included in this annual
report on Form&#160;20-F.</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>&#160;</b></span></p><div>

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

</div><!-- Field: Page; Sequence: 145; 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 -->138<!-- 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"><b>&#160;</b></span></p><div>

</div><div><a id="b_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&#160;9.
THE OFFER AND LISTING </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><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"><span style="font-family: Times New Roman, Times, Serif"><b>A. Offering
and Listing Details </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
ADSs, each representing five ordinary shares, have been listed on the Nasdaq since October&#160;1, 2020. Our ADSs trade under the symbol
&#8220;LXEH.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
last reported trading price for our ADSs on December&#160;31, 2022 was US$2.80 per ADS. The following table provides the high and low
trading prices for our ADSs on the Nasdaq since the date of our initial public offering.</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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">Trading&#160;Price&#160;(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><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">High</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">Low</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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Annual Highs and Lows</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: 76%; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif">Fiscal Year ended December&#160;31,
    2020</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">10.98</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">5.60</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: 9pt"><span style="font-family: Times New Roman, Times, Serif">Fiscal Year ended December&#160;31, 2021</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">12.50</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">7.19</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: 9pt"><span style="font-family: Times New Roman, Times, Serif">Fiscal Year ended December&#160;31, 2022</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">9.95</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">1.82</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Quarterly Highs and Lows</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">&#160;</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">&#160;</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: 9pt"><span style="font-family: Times New Roman, Times, Serif">Fourth Quarter of Fiscal Year ended December&#160;31,
    2022</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">3.57</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">2.20</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Monthly Highs and Lows</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">&#160;</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">&#160;</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: 9pt"><span style="font-family: Times New Roman, Times, Serif">January&#160;2023</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">4.02</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">2.38</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: 9pt"><span style="font-family: Times New Roman, Times, Serif">February&#160;2023</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">2.75</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">2.20</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: 9pt"><span style="font-family: Times New Roman, Times, Serif">March&#160;2023</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">3.53</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">0.50</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: 9pt"><span style="font-family: Times New Roman, Times, Serif">April&#160;2023 (through April 27, 2023)</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">0.80</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">0.43</span></td><td style="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 0pt 0.25in; 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"><span style="font-family: Times New Roman, Times, Serif"><b>B. Plan
of Distribution </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 9. The Offer and Listing&#8212;A. Offering and Listing Details.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>F.
Expenses of the Issue </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

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

</div><div><a id="b_015"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;10.
ADDITIONAL INFORMATION </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>A.
Share Capital </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>B.
Memorandum and Articles of Association </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
were incorporated as an exempted company with limited liability in the Cayman Islands on September&#160;6, 2018. Our affairs are currently
governed by our second amended and restated memorandum and articles of association, the Companies Act (As Revised) of the Cayman Islands,
or the Companies Act in this section, and the common law of the Cayman Islands.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 146; 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 -->139<!-- 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="text-align: justify; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of the annual report, our authorized share capital is US$50,000 divided into 500,000,000 ordinary shares with a par value
of US$0.0001 each. As of the date of the annual report, there are 66,667,000 ordinary shares issued and outstanding. All of our issued
and outstanding ordinary shares are fully paid. All options, regardless of grant dates, will entitle holders to an equivalent number
of ordinary shares once the vesting and exercising conditions are met.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have adopted a second amended and restated memorandum and articles of association, which became effective after our initial public offering.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following are summaries of material provisions of our second amended and restated memorandum and articles of association and the Companies
Act insofar as they relate to the material terms of our ordinary shares. This summary is not complete, and you should read our second
amended and restated memorandum and articles of association, which has been filed as Exhibit&#160;3.2 to our Form&#160;F-1 (File No.&#160;333-248691),
as amended, filed with the SEC on September&#160;30, 2020.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Registered
Office and Objects </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
registered office in the Cayman Islands is located at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands. As set forth in article 3 of our memorandum and articles of association, the objects for which our
company is established are unrestricted.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Board
of Directors </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;C. Board Practices&#8212;Committees of the Board of Directors&#8221;
and &#8220;Item 6. Directors, Senior Management and Employees&#8212;C. Board Practices&#8212;Terms of Directors and Officers.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Ordinary
Shares </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>General
</i>Our authorized share capital is US$50,000 consisting of 500,000,000&#160;ordinary shares with par value of US$0.0001 each. Our ordinary
shares are issued in registered form and are issued when registered in our register of members (shareholders). We may not issue shares
to bearer. Our shareholders who are&#160;non-residents&#160;of the Cayman Islands may freely hold and transfer their ordinary shares.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Dividends
</i>The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors or declared by our
shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended
by our directors). Our memorandum and articles of association provide that dividends may be declared and paid out of our profits, realized
or unrealized, or from any reserve set aside from profits which our board of directors determine is no longer needed. Under the laws
of the Cayman Islands, our company may pay a dividend out of either profit or share premium account, provided that in no circumstances
may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
directors may also pay interim dividends, whenever our financial position, in the opinion of our directors, justifies such payment.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
directors may deduct from any dividend or distribution payable to any shareholder all sums of money (if any) presently payable by such
shareholder to us on account of calls or otherwise.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">No
dividend or other money payable by us on or in respect of any share shall bear interest against us.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 147; 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: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Voting
Rights</i> On a show of hands each shareholder is entitled to one vote or, on a poll, each shareholder is entitled to one vote for ordinary
share, on all matters that require a shareholder&#8217;s vote. Voting at any shareholders&#8217; meeting is by show of hands of shareholders
who are present in person or by proxy or, in the case of a shareholder being a corporation, by its duly authorized representative, unless
a poll is demanded.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">A
poll may be demanded by the chairman of such meeting or any shareholder present in person or by proxy.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">No
shareholder shall be entitled to vote or be reckoned in a quorum at any general meeting unless such shareholder is duly registered as
our shareholder and all calls or other sums presently payable by such shareholder in respect of his voting shares to us have been paid.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the
votes cast attaching to the outstanding ordinary shares at a meeting. A special resolution will be required for important matters such
as a change of name or making changes to our memorandum and articles of association. Our shareholders may, among other things, divide
or combine their shares by ordinary resolution.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>General
Meetings of Shareholders</i> As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders&#8217;
annual general meetings. Our memorandum and articles of association provide that we may (but are not obliged to) in each calendar year
hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it, and
the annual general meeting shall be held at such time and place as may be determined by our directors.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Shareholders&#8217;
general meetings may be convened by a majority of our board of directors. Advance notice of at least 10 calendar days is required for
the convening of our annual general shareholders&#8217; meeting (if any) and any other general meeting of our shareholders. A quorum
required for any general meeting of shareholders consists of at least one shareholder present or by proxy, representing not less than
one-third of all votes attaching to the issued and outstanding shares in our company entitled to vote at general meeting.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company&#8217;s articles of association.
Our memorandum and articles of association provide that upon the requisition of any one or more of our shareholders who together hold
shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled
to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote
at such meeting. However, our memorandum and articles of association do not provide our shareholders with any right to put any proposals
before annual general meetings or extraordinary general meetings not called by such shareholders.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Transfer
of Ordinary Shares</i> Subject to any applicable restrictions set forth in our memorandum and articles of association as set out below,
any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form
or in a form prescribed by the Nasdaq Global Market or in another form that our directors may approve.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 148; 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 -->141<!-- 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-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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
directors may decline to register any transfer of any share which is not paid up or on which we have a lien. Our directors may also decline
to register any transfer of any share unless:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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
                                            instrument of transfer is lodged with us and is accompanied by the certificate for the shares
                                            to which it relates and such other evidence as our directors may reasonably require to show
                                            the right of the transferor to make the transfer;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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
                                            instrument of transfer is in respect of only one class of share;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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
                                            instrument of transfer is properly stamped (if required);</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">in
                                            the case of a transfer to joint holders, the number of joint holders to whom the ordinary
                                            share is to be transferred does not exceed four;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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
                                            shares are free from any lien in favor of the Company; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">a
                                            fee of such maximum sum as the Nasdaq Global Market may determine to be payable or such lesser
                                            sum as our directors may from time to time require is paid to us in respect thereof.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Liquidation
</i>Subject to any future shares which are issued with specific rights, (1)&#160;if we are wound up and the assets available for distribution
among our shareholders are more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the
surplus shall be distributed amongst the shareholders in proportion to the par value of the shares held by them at the commencement of
the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our company
for unpaid calls or otherwise, and (2)&#160;if we are wound up and the assets available for distribution among the shareholders as such
are insufficient to repay the whole of the share capital, those assets shall be distributed so that, as nearly as may be, the losses
shall be borne by the shareholders in proportion to the par value of the shares held by them.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
we are wound up the liquidator may with the sanction of our special resolution and any other sanction required by the Companies Act,
divide among our shareholders in kind the whole or any part of our assets (whether or not they shall consist of property of the same
kind) and may, for such purpose, value any assets and determine how such division shall be carried out as between the shareholders or
different classes of shareholders.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
liquidator may also vest the whole or any part of these assets in trustees upon such trusts for the benefit of the shareholders as the
liquidator shall think fit, but so that no shareholder will be compelled to accept any assets, shares or other securities upon which
there is a liability.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Calls
on Ordinary Shares and Surrender of Ordinary Shares</i> Subject to our memorandum and articles of association and to the terms of allotment
our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary shares in a notice
served to such shareholders at least 14 days prior to the specified time of payment.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
ordinary shares that have been called upon and remain unpaid are subject to forfeiture.</span></p><div>

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

</div><!-- Field: Page; Sequence: 149; 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 -->142<!-- 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Redemption,
Repurchase and Surrender of Ordinary Shares</i> We may issue shares on terms that such shares are subject to redemption, at our option
or at the option of the holders of these shares, on such terms and in such manner as may be determined by either our board of directors
or by a special resolution of our shareholders. Our company may also repurchase any of our shares on such terms and in such manner as
have been approved by our board of directors or by an ordinary resolution of our shareholders.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the Companies Act, the redemption or repurchase of any share may be paid out of our company&#8217;s profits or out of the proceeds of
a fresh issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and
capital redemption reserve) if the company can, immediately following such payment, pay its debts as they fall due in the ordinary course
of business. In addition, under the Companies Act no such share may be redeemed or repurchased (1)&#160;unless it is fully paid up, (2)&#160;if
such redemption or repurchase would result in there being no shares outstanding, or (3)&#160;if the company has commenced liquidation.
In addition, our company may accept the surrender of any fully paid share for no consideration.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Variations
of Rights of Shares</i> If at any time, our share capital is divided into different classes of shares, all or any of the special rights
attached to any class of shares may, subject to the provisions of the Companies Act, be varied with the consent in writing of the holders
of not less than two-thirds of the issued shares of that class, or with the sanction of a resolution passed by at least a two-thirds
majority of the holders of shares of the class present in person or by proxy at a separate general meeting of the holders of the shares
of that class.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue
of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu with such existing
class of shares.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Inspection
of Books and Records</i> Holders of our ordinary shares have no general right under Cayman Islands law to inspect or obtain copies of
our list of shareholders or our corporate records (other than copies of our memorandum and articles of association, our register of mortgages
and charge, and any special resolution passed by our shareholders). However, we will provide our shareholders with annual audited financial
statements.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Issuance
of Additional Shares</i> Our memorandum of association authorizes our board of directors to issue additional ordinary shares from time
to time as our board of directors shall determine, to the extent of available authorized but unissued shares.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
memorandum of association also authorizes our board of directors to establish from time to time one or more series of preferred shares
and to determine, with respect to any series of preferred shares, the terms and rights of that series, including:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            designation of the series;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            number of shares of the series;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            dividend rights, dividend rates, conversion rights, voting rights; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            rights and terms of redemption and liquidation preferences.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
board of directors may issue preferred shares without action by our shareholders to the extent authorized but unissued. Issuance of these
shares may dilute the voting power of holders of ordinary shares.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Anti-Takeover
Provisions</i> Some provisions of our memorandum and articles of association may discourage, delay or prevent a change of control of
our company or management that shareholders may consider favorable, including provisions that:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorize
                                            our board of directors to issue preferred shares in one or more series and to designate the
                                            price, rights, preferences, privileges and restrictions of such preferred shares without
                                            any further vote or action by our shareholders.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limit
                                            the ability of shareholders to requisition and convene general meetings of shareholders.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></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 -->143<!-- 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: 0.25in"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our memorandum and articles of
association for a proper purpose and for what they believe in good faith to be in the best interests of our&#160;company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.25in"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Differences
in Corporate Law </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent United Kingdom statutory
enactments, and accordingly there are significant differences between the Companies Act and the current Companies Act of England.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary
of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to United States
corporations and companies incorporated in the State of Delaware.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mergers
and Similar Arrangements.</i></b>&#160;The Companies Act permits mergers and consolidations between Cayman Islands companies and between
Cayman Islands companies and&#160;non-Cayman&#160;Islands companies. For these purposes, (a) &#8220;merger&#8221; means the merging of
two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving
company, and (b)&#160;a &#8220;consolidation&#8221; means the combination of two or more constituent companies into a consolidated company
and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a
merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must
then be authorized by (a)&#160;a special resolution of the shareholders of each constituent company, and (b)&#160;such other authorization,
if any, as may be specified in such constituent company&#8217;s articles of association. The written plan of merger or consolidation
must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated
or surviving company, a declaration as to the assets and liabilities of each constituent company and an undertaking that a copy of the
certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of
the merger or consolidation will be published in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair
value of their shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) if they follow the required
procedures, subject to certain exceptions. Court approval is not required for a merger or consolidation which is effected in compliance
with these statutory procedures.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">A
merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders
of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that
member agrees otherwise. For this purpose, a company is a &#8220;parent&#8221; of a subsidiary if it holds issued shares that together
represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived
by a court in the Cayman Islands.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Save
in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled
to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court)
upon dissenting to the merger or consolidation, provide the dissenting shareholder complies strictly with the procedures set out in the
Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which
he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or
consolidation is void or unlawful.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 151; 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 -->144<!-- 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-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-indent: 24.5pt"><span style="font-family: Times New Roman, Times, Serif">Separate
from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate
the reconstruction and amalgamation of companies by way of schemes of arrangement,<i>&#160;provided</i>&#160;that the arrangement is
approved by (a) 75% in value of the shareholders or class of shareholders, as the case may be, or (b) a majority in number representing
75% in value of the creditors or each class of creditors, as the case may be, with whom the arrangement is to be made, that are, in each
case, present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings
and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the
right to express to the court the view that the transaction ought not to be approved, the Grand Court can be expected to approve the
arrangement if it determines that:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            statutory provisions as to the required majority vote have been met;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            shareholders have been fairly represented at the meeting in question and the statutory majority
                                            are acting bona fide without coercion of the minority to promote interests adverse to those
                                            of the class;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            arrangement is such that may be reasonably approved by an intelligent and honest man of that
                                            class acting in respect of his interest; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            arrangement is not one that would more properly be sanctioned under some other provision
                                            of the Companies Act.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Companies Act also contains a statutory power of compulsory acquisition which may facilitate the &#8220;squeeze out&#8221; of a dissentient
minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares affected within
four months, the offeror may, within a&#160;two-month&#160;period commencing on the expiration of such four-month period, require the
holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand
Court of the Cayman Islands, but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence
of fraud, bad faith or collusion.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
an arrangement and reconstruction is thus approved, or, if a tender offer is made and accepted, a dissenting shareholder would have no
rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations,
providing rights to receive payment in cash for the judicially determined value of the shares.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Shareholders&#8217;
Suits.</i></b>&#160;In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company. As a general rule,
a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood
be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles
(namely the rule in<i>&#160;Foss&#160;v.&#160;Harbottle</i>&#160;and the exceptions thereto) so that a&#160;non-controlling&#160;shareholder
may be permitted to commence a class action against or derivative actions in the name of our company to challenge actions where:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            company acts or proposes to act illegally or ultra vires;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            act complained of, although not ultra vires, could only be effected duly if authorized by
                                            more than a simple majority vote that has not been obtained; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">those
                                            who control our company are perpetrating a &#8220;fraud on the minority.&#8221;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 152; 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 -->145<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Indemnification
of Directors and Executive Officers and Limitation of Liability.</i></b>&#160;Cayman Islands law does not limit the extent to which a
company&#8217;s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent
any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against
civil fraud or the consequences of committing a crime. Our memorandum and articles of association provide that we shall indemnify our
officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by such directors or officer, other than by reason of such person&#8217;s dishonesty, willful default or fraud, in or about the conduct
of our company&#8217;s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his
duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses
or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning
our company or its affairs in any court whether in the Cayman Islands or elsewhere.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional
indemnification beyond that provided in our memorandum and articles of&#160;association.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Directors&#8217;
Fiduciary Duties.</i></b>&#160;Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation
and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director
act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director
must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction.
The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation.
He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that
the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling
shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed
basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption
may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by
a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company
and therefore it is considered that he owes the following duties to the company&#8212;a duty to act bona fide in the best interests of
the company, a duty not to make a personal profit based on his or her position as director (unless the company permits him or her to
do so), a duty not to put himself or herself in a position where the interests of the company conflict with his or her personal interest
or his or her duty to a third party, and a duty to exercise powers for the purpose for which such powers were intended. A director of
a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not
exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her
knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required
skill and care and these authorities are likely to be followed in the Cayman Islands.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Shareholder
Action by Written Consent.</i></b>&#160;Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders
to act by written consent by amendment to its certificate of incorporation. Under Cayman Islands Law, a company may eliminate the ability
of shareholders to approve corporate matters by way of written resolution signed by or on behalf of each shareholder who would have been
entitled to vote on such matters at a general meeting without a meeting being held by amending the articles of association. Our memorandum
and articles of association provide that shareholders may approve corporate matters by way of a unanimous written resolution signed by
or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Shareholder
Proposals.</i></b>&#160;Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual
meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called
by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from
calling special meetings.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 153; 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 -->146<!-- 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-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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Companies Act provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company&#8217;s articles of association.
Our memorandum and articles of association allow shareholders holding at least one third of the paid-up voting share capital of the Company
to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene a general meeting.
Other than this right to requisition a shareholders&#8217; meeting, our memorandum and articles of association do not provide our shareholders
with any other right to put proposals before annual general meetings or extraordinary general meetings not called by such shareholders.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cumulative
Voting.</i></b>&#160;Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless
the corporation&#8217;s certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation
of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder
is entitled on a single director, which increases the shareholder&#8217;s voting power with respect to electing such director. There
are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands, but our memorandum and articles of association
do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than
shareholders of a Delaware corporation.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Removal
of Directors.</i></b>&#160;Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed
only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides
otherwise. Under our memorandum and articles of association, directors may be removed with or without cause, by an ordinary resolution
of our shareholders. A director shall hold office until the expiration of his or her term or his or her successor shall have been elected
and qualified, or until his or her office is otherwise vacated. In addition, a director&#8217;s office shall be vacated if the director
(i)&#160;becomes bankrupt or makes any arrangement or composition with his creditors; (ii)&#160;is found to be or becomes of unsound
mind or dies; (iii)&#160;resigns his office by notice in writing to the company; (iv)&#160;without special leave of absence from our
board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v)&#160;is
prohibited by law from being a director; or (vi)&#160;is removed from office pursuant to any other provisions of our memorandum and articles
of association.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Transactions
with Interested Shareholders.</i></b>&#160;The Delaware General Corporation Law contains a business combination statute applicable to
Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its
certificate of incorporation, it is prohibited from engaging in certain business combinations with an &#8220;interested shareholder&#8221;
for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person
or a group who or which owns or owned 15% or more of the target&#8217;s outstanding voting share within the past three years. This has
the effect of limiting the ability of a potential acquirer to make a&#160;two-tiered&#160;bid for the target in which all shareholders
would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes
an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person
becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition
transaction with the target&#8217;s board of&#160;directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Cayman
Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business
combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders,
the directors of our company are required to comply with fiduciary duties which they owe to our company under Cayman Islands laws, including
the duty to ensure that, in their opinion, any such transactions must be entered into bona&#160;fide in the best interests of the company,
and are entered into for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 24pt"><span style="font-family: Times New Roman, Times, Serif"><b><i>Restructuring.
</i></b>A company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the
grounds that the company:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><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: 24pt"><span style="font-family: Times New Roman, Times, Serif">(a)
is or is likely to become unable to pay its debts; and</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><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: 24pt"><span style="font-family: Times New Roman, Times, Serif">(b)
intends to present a compromise or arrangement to its creditors (or classes thereof) either pursuant to the Companies Act, the law of
a foreign country or by way of a consensual restructuring.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">The Grand
Court may, among other things, make an order appointing a restructuring officer upon hearing of such petition, with such powers and to
carry out such functions as the court may order. At any time (i) after the presentation of a petition for the appointment of a restructuring
officer but before an order for the appointment of a restructuring officer has been made, and (ii) when an order for the appointment
of a restructuring officer is made, until such order has been discharged, no suit, action or other proceedings (other than criminal proceedings)
shall be proceeded with or commenced against the company, no resolution to wind up the company shall be passed, and no winding up petition
may be presented against the company, except with the leave of the court. However, notwithstanding the presentation of a petition for
the appointment of a restructuring officer or the appointment of a restructuring officer, a creditor who has security over the whole
or part of the assets of the company is entitled to enforce the security without the leave of the court and without reference to the
restructuring officer appointed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Dissolution;
Winding up.</i></b>&#160;Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve,
dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated
by the board of directors may it be approved by a simple majority of the corporation&#8217;s outstanding shares. Delaware law allows
a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions
initiated by the&#160;board.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 154; 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 -->147<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its
members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority
to order winding up in a number of specified circumstances, including where it is, in the opinion of the court, just and equitable to
do so.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Variation
of Rights of Shares.</i></b>&#160;Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares
with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise.
Under Cayman Islands law and our memorandum and articles of association, if our share capital is divided into more than one class of
shares, we may vary the rights attached to any class with the written consent of two-thirds of holders of the issued shares of that class
or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Amendment
of Governing Documents.</i></b>&#160;Under the Delaware General Corporation Law, a corporation&#8217;s governing documents may be amended
with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.
Under the Companies Act and our memorandum and articles of association, our memorandum and articles of association may only be amended
by a special resolution of our shareholders.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Rights
of Non-resident or Foreign Shareholders.</i></b>&#160;There are no limitations imposed by our memorandum and articles of association
on the rights of nonresident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions
in our memorandum and articles of association that require our company to disclose shareholder ownership above any particular ownership
threshold.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>C.
Material Contracts </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
and the VIEs have not entered into any material contracts other than in the ordinary course of business and other than those described
in &#8220;Item 4. Information on the Company&#8221; or elsewhere in this annual report on Form&#160;20-F.</span></p><div>

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">There
is no exchange control legislation under Cayman Islands law, and accordingly, there are no exchange control regulations imposed under
Cayman Islands law. See also &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulation&#8212; PRC Laws and
Regulations Relating to Foreign Exchange&#8221; and &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Regulation&#8212;Regulations
on Taxation in the PRC&#8212;Income Tax in relation to Dividend Distribution.&#8221;</span></p><div>

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

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following summary of the material Cayman Islands, PRC and U.S.&#160;federal income tax consequences of an investment in our ADSs or ordinary
shares is based upon laws and relevant interpretations thereof in effect as of the date of the annual report, all of which are subject
to change. This summary does not deal with all possible tax consequences relating to an investment in our ADSs or ordinary shares, such
as the tax consequences under U.S.&#160;state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands,
PRC and the United&#160;States.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><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; text-align: justify; margin: 0pt 0 0pt 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 155; 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 -->148<!-- 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"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Cayman
Islands Taxation </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made
to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Payments
of dividends and capital in respect of the shares will not be subject to taxation in the Cayman Islands and no withholding will be required
on the payment of a dividend or capital to any holder of our ADSs or ordinary shares, nor will gains derived from the disposal of our
ADSs or ordinary shares be subject to Cayman Islands income or corporation tax.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>People&#8217;s
Republic of China Taxation </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Under
the EIT Law and implementation regulations issued by the PRC State Council on April&#160;23, 2019, an enterprise established outside
the PRC with &#8220;de facto management bodies&#8221; within the PRC is considered a &#8220;resident enterprise&#8221; for PRC enterprise
income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the Regulation
on the Implementation of Enterprise Income Tax Law of the PRC, a &#8220;de facto management body&#8221; is defined as a body that has
material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and
properties of an enterprise. Accordingly, our holding company may be considered a resident enterprise and may therefore be subject to
a PRC income tax on our global income.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">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&#160;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: (i)&#160;the senior management and core management departments
in charge of daily operations are located mainly inside PRC, (ii)&#160;financial and personnel decision are subject to determination
or approval by persons or organizations located inside PRC, (iii)&#160;major assets, accounting books, company seals and minutes and
files of board and shareholders&#8217; meeting are placed or kept inside PRC, and (iv)&#160;at least half of the enterprise&#8217;s directors
with voting rights or senior management customarily reside inside PRC. Although Circular&#160;82 explicitly provides that the above standards
apply to enterprises which are registered outside the PRC and funded by PRC enterprises or PRC enterprise groups as controlling investors,
the determining criteria set forth in Circular 82 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, regardless
of whether they are controlled by PRC enterprises or PRC enterprise groups or by PRC or foreign individuals.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Company is a company incorporated outside the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries,
and its key assets are located, and its records (including the resolutions of its board of directors and its shareholders) are maintained,
outside the PRC. For the same reasons, we believe our other entities outside of China are not PRC resident enterprises either. However,
the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect
to the interpretation of the term &#8220;de facto management body.&#8221; There can be no assurance that the PRC government will ultimately
take a view that is consistent with ours. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating to Doing Business
in China.&#8221; Such classification could result in unfavorable tax consequences to us and our&#160;non-PRC&#160;shareholders.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 156; 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 -->149<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
implementation rules of the EIT Law provide that, (i)&#160;if the enterprise that distributes dividends is domiciled in the PRC, or (ii)&#160;if
gains are realized from transferring equity interests of enterprises domiciled in the PRC, then such dividends or capital gains are treated
as China-sourced income. It is not clear how &#8220;domicile&#8221; may be interpreted under the EIT Law, and it may be interpreted as
the jurisdiction where the enterprise is a tax resident. Any dividends we pay to our overseas shareholders or ADS holders as well as
gains realized by such shareholders or ADS holders from the transfer of our shares or ADSs may be regarded as China-sourced income, if
we are considered a PRC tax resident enterprise for tax purposes, and as a result, such dividends and capital gains paid to overseas
shareholders or ADS&#160;holders that are&#160;non-PRC&#160;resident enterprises may become subject to PRC income tax at a rate of up
to 10.0%, unless otherwise exempted or reduced under relevant tax treaties or arrangements between the PRC and relevant foreign jurisdictions.
For example, for shareholders eligible for the benefits of the tax treaty between China and Hong Kong, the tax rate is reduced to 5%
for dividends if relevant conditions are met.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">It
is unclear whether our&#160;non-PRC&#160;individual shareholders would be subject to any PRC tax on dividends or gains obtained by such&#160;non-PRC&#160;individual
shareholders in the event we are determined to be a PRC resident enterprise. Under the PRC Individual Income Tax Law promulgated on September&#160;10,
1980, and amended in 2018 and its implementation rules, dividends from sources within the PRC paid to foreign individual investors who
are not residents of the PRC are ordinarily subject to a PRC withholding tax at a rate of 20% and PRC source gains realized by such investors
on the transfer of ADSs or shares would be subject to 20% PRC income tax. However, it is also unclear whether&#160;non-PRC&#160;shareholders
of the Company would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event
that the Company is treated as a PRC resident enterprise. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating
to Doing Business in China.&#8221; Such classification could result in unfavorable tax consequences to us and our&#160;non-PRC&#160;shareholders.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>United
States Federal Income Taxation </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following discussion describes the material United States federal income tax consequences to a U.S. Holder (as defined below), under
current law, of an investment in our ADSs or ordinary shares. This discussion is based on the federal income tax laws of the United States
as of the date of the annual report, including the United States Internal Revenue Code of 1986, as amended, or the Code, existing and
proposed Treasury regulations promulgated thereunder, judicial authority, published administrative positions of U.S. Internal Revenue
Service, or the IRS, and other applicable authorities, all as of the date of the annual report. All of the foregoing authorities are
subject to change, which change could apply retroactively and could significantly affect the tax consequences described below. We have
not sought any ruling from the IRS with respect to the statements made and the conclusions reached in the following discussion and there
can be no assurance that the IRS or a court will agree with our statements and conclusions. This summary does not discuss the Medicare
contribution tax on net investment income, any federal&#160;non-income&#160;tax laws, including the federal estate or gift tax laws,
or the laws of any state, local or&#160;non-United&#160;States taxing jurisdiction.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">This
discussion applies only to a U.S. Holder that holds ADSs or ordinary shares as capital assets for United States federal income tax purposes
(generally, property held for investment). The discussion neither addresses the tax consequences to any particular investor nor describes
all of the tax consequences applicable to persons in special tax situations, such as:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
                                            financial institutions;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
                                            companies;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
                                            investment companies;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
                                            estate investment trusts;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">brokers
                                            or dealers in stocks and securities, or currencies;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"></p><div>

</div><!-- Field: Page; Sequence: 157; 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 -->150<!-- 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 55.05pt; text-align: justify; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            who are required to use a&#160;mark-to-market&#160;method of accounting;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
                                            former citizens or residents of the United States subject to Section&#160;877 of the Code;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entities
                                            subject to the United States anti-inversion rules;</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt&#160;organizations
                                            and entities;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            subject to the alternative minimum tax provisions of the Code;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            whose functional currency is other than the United States dollar;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            holding ADSs or ordinary shares as part of a straddle, hedging, conversion or integrated
                                            transaction;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            holding ADSs or ordinary shares through a bank, financial institution or other entity, or
                                            a branch thereof, located, organized or resident outside the United States;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            that actually or constructively own 10% or more of our stock by vote or value;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            subject to special tax accounting rules under Section&#160;451(b) of the Code;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            who acquired ADSs or ordinary shares pursuant to the exercise of an employee stock option
                                            or otherwise as compensation; or</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">partnerships
                                            or other pass-through entities, or persons holding ADSs or ordinary shares through such entities.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
a partnership (including an entity or arrangement treated as a partnership for United States federal income tax purposes) holds our ADSs
or ordinary shares, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities
of the partnership. A partner in a partnership holding our ADSs or ordinary shares should consult its own tax advisors regarding the
tax consequences of holding our ADSs or ordinary shares.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>The
following discussion is for informational purposes only and is not a substitute for careful tax planning and advice. Investors considering
the purchase of ADSs or ordinary shares should consult their own tax advisors with respect to the application of the United States federal
income tax laws to their particular situations, as well as any tax consequences arising under the Medicare contribution tax on net investment
income, any federal&#160;non-income&#160;tax laws, including the federal estate or gift tax laws, or the laws of any state, local or&#160;non-United&#160;States
taxing jurisdiction and under any applicable tax treaty. </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
purposes of the discussion below, a &#8220;U.S. Holder&#8221; is a beneficial owner of our ADSs or ordinary shares that is, for United
States federal income tax purposes:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            individual who is a citizen or resident of the United States;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            corporation (or other entity treated as a corporation for United States federal income tax
                                            purposes) created or organized in or under the laws of the United States, any state thereof
                                            or the District of Columbia;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            estate, the income of which is subject to United States federal income taxation regardless
                                            of its source; or</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            trust, if (i)&#160;a court within the United States is able to exercise primary supervision
                                            over its administration and one or more United States persons have the authority to control
                                            all of its substantial decisions or (ii)&#160;in the case of a trust that was treated as
                                            a domestic trust on August&#160;19, 1996 under the law in effect as of that date, a valid
                                            election is in place under applicable Treasury regulations to treat such trust as a domestic
                                            trust.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 158; 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 -->151<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
discussion below assumes that the representations contained in the deposit agreement and any related agreement is true and that the obligations
in such agreements will be complied with in accordance with their terms.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>ADSs
</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
you own our ADSs, then you should be treated as the owner of the underlying ordinary shares represented by those ADSs for United States
federal income tax purposes. Accordingly, deposits or withdrawals of ordinary shares for ADSs should not be subject to United States
federal income tax.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
United States Treasury Department and the IRS have expressed concerns that intermediaries in the chain of ownership between the holder
of an ADS and the issuer of the security underlying the ADS may be taking actions that are inconsistent with the beneficial ownership
of the underlying security (for example, a&#160;pre-release&#160;of ADSs to persons that do not have beneficial ownership of the securities
underlying the ADSs). Such actions may be inconsistent with the claiming of the reduced rate of tax applicable to certain dividends received
by&#160;non-corporate&#160;U.S. Holders of ADSs, including individual U.S. Holders, and the claiming of foreign tax credits by U.S. Holders
of ADSs. Accordingly, among other things, the availability of foreign tax credits or the reduced tax rate for dividends received by&#160;non-corporate&#160;U.S.
Holders, each discussed below, could be affected by actions taken by intermediaries in the chain of ownership between the holder of an
ADS and our company, if as a result of such actions, the holders of ADSs are not properly treated as beneficial owners of ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0pt 0.25in"><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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">A&#160;non-U.S.&#160;corporation,
such as our company, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year if either (i) 75% or more
of its gross income for such year consists of certain types of &#8220;passive&#8221; income or (ii) 50% or more of the value of its assets
(determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production
of passive income, or the asset test. Passive income generally includes, among other things, dividends, interest, rents, royalties, and
gains from the disposition of passive assets. Passive assets are those which give rise to passive income, and include assets held for
investment, as well as cash, assets readily convertible into cash, and working capital. The company&#8217;s goodwill and other unbooked
intangibles are taken into account and may be classified as active or passive depending upon the relative amounts of income generated
by the company in each category. We will be treated as owning a proportionate share of the assets and earning a proportionate share of
the income of any other corporation in which we own, directly or indirectly, 25% or more (by value) of the stock. Although the law in
this regard is not entirely clear, we treat the consolidated VIEs as being owned by us for U.S. federal income tax purposes because we
control their management decisions and are entitled to substantially all of the economic benefits associated with them. As a result,
we consolidate their results of operations in our consolidated U.S. GAAP financial statements. If it were determined, however, that we
are not the owner of the consolidated VIEs for U.S. federal income tax purposes, we may be treated as a PFIC for the current taxable
year and any subsequent taxable year.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Assuming
that we are the owner of the consolidated VIEs for U.S. federal income tax purposes and based upon our current and projected income and
assets, we do not expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can be given in this
regard because the determination of whether we are or will become a PFIC is a factual determination made annually that will depend, in
part, upon the composition and classification of our income and assets. Because there are uncertainties in the application of the relevant
rules, it is possible that the IRS may challenge our classification of certain income and assets as&#160;non-passive,&#160;which may
result in our being or becoming classified as a PFIC in the current or subsequent years. Furthermore fluctuations in the market price
of our ADSs may cause us to be a PFIC for the current or future taxable years because the value of our assets for purposes of the asset
test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market price of our ADSs from
time to time (which may be volatile). Among other matters, if our market capitalization is less than anticipated or subsequently declines,
we may be or become a PFIC for the current or future taxable years. The composition of our income and assets may also be affected by
how, and how quickly, we use our liquid assets and the cash raised in the initial public offering. Under circumstances where our revenue
from activities that produce passive income significantly increases relative to our revenue from activities that produce&#160;non-passive&#160;income,
or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming a PFIC may substantially increase.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 159; 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 -->152<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
we are a PFIC for any year during which a U.S. Holder holds our ADSs or ordinary shares, we generally will continue to be treated as
a PFIC for all succeeding years during which such U.S. Holder holds our ADSs or ordinary shares unless, in such case, we cease to be
treated as a PFIC and such U.S. Holder makes a deemed sale election.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
discussion below under &#8220;&#8212;Dividends&#8221; and &#8220;&#8212;Sale or Other Disposition&#8221; is written on the basis that
we will not be or become classified as a PFIC for U.S. federal income tax purposes. The U.S. federal income tax rules that apply generally
if we are treated as a PFIC are discussed below under &#8220;&#8212;Passive Foreign Investment Company Rules.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Dividends
</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Any
cash distributions paid on our ADSs or ordinary shares out of our current or accumulated earnings and profits, as determined under U.S.
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 ordinary shares, or by the depositary, in the case of ADSs. Because we
do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will
generally be treated as a &#8220;dividend&#8221; for U.S. federal income tax purposes. Dividends received on our ADSs or ordinary shares
will not be eligible for the dividends received deduction allowed to corporations in respect of dividends received from U.S. corporations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Individuals
and other&#160;non-corporate&#160;U.S. Holders may be subject to tax on any such dividends at the lower capital gain tax rate applicable
to &#8220;qualified dividend income,&#8221; provided that certain conditions are satisfied, including that (i)&#160;either (x)&#160;our
ADSs or ordinary shares on which the dividends are paid are readily tradable on an established securities market in the United States
or (y)&#160;we are eligible for the benefits of a comprehensive income 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,
(ii)&#160;we are neither a PFIC nor treated as such with respect to a U.S. Holder for the taxable year in which the dividend is paid
and the preceding taxable year, and (iii)&#160;certain holding period requirements are met. We have been approved for listing the ADSs
on the Nasdaq Global Market. Provided that this listing is approved, we believe that the ADSs should generally be considered to be readily
tradeable on an established securities market in the United States. There can be no assurance that the ADSs will be, or will in later
years continue to be, considered readily tradable on an established securities market. Because the ordinary shares will not be listed
on a U.S. exchange, we do not believe that dividends received with respect to ordinary shares that are not represented by ADSs will be
treated as qualified dividends. In the event we are deemed to be a PRC resident enterprise under EIT Law (see &#8220;&#8212;People&#8217;s
Republic of China Taxation&#8221;), 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 (which the Secretary of Treasury of the United States has determined is satisfactory for this
purpose). U.S. Holders are urged to consult their tax advisors regarding the availability of the lower rate for dividends paid with respect
to the ADSs or ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">For
U.S. foreign tax credit purposes, dividends paid on our ADSs or ordinary shares will generally be treated as income from foreign sources
and will generally constitute passive category income. The rules governing the foreign tax credit are complex and U.S. Holders are urged
to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><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; text-align: justify; margin: 0pt 0 0pt 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 160; 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 -->153<!-- 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"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Sale
or Other Disposition </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">A
U.S. Holder will generally recognize gain or loss upon the sale or other disposition of ADSs or 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 ordinary shares.
Such gain or loss will generally be capital gain or loss. Any such capital gain or loss will be long term if the ADSs or ordinary shares
have been held for more than one year.&#160;Non-corporate&#160;U.S. Holders (including individuals) generally will be subject to United
States federal income tax on long-term capital gain at preferential rates. The deductibility of a capital loss may be subject to limitations.
Any such gain or loss that the U.S. Holder recognizes will generally be treated as U.S. source income or loss for foreign tax credit
limitation purposes, which could limit the availability of foreign tax credits. Each U.S. Holder is advised to consult its tax advisor
regarding the tax consequences if a foreign tax is imposed on a disposition of our ADSs or ordinary shares, including the applicability
of any tax treaty and the availability of the foreign tax credit under its particular circumstances.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Passive
Foreign Investment Company Rules </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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 our ADSs or ordinary shares, and unless the U.S. Holder
makes a&#160;mark-to-market&#160;election (as described below), the U.S. Holder will generally be subject to special tax rules on (i)&#160;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&#160;percent 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 ordinary shares), and (ii)&#160;any gain realized on the sale or other disposition,
including, under certain circumstances, a pledge, of ADSs or ordinary shares. Under the PFIC rules:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; 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 or gain will be allocated ratably over the U.S. Holder&#8217;s holding
                                            period for the ADSs or ordinary shares;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; 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 taxable year of distribution or gain 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 (each, a &#8220;pre-PFIC year&#8221;) will be taxable as ordinary income; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; 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 a pre-PFIC year, will be subject
                                            to tax at the highest tax rate in effect for individuals or corporations, as appropriate,
                                            for that year, increased by an additional tax equal to the interest on the resulting tax
                                            deemed deferred with respect to each such taxable year.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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; (as defined below) in a PFIC may make a&#160;mark-to-market&#160;election
with respect to such stock. If a U.S. Holder makes this election with respect to our ADSs, the holder will generally (i)&#160;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 (ii)&#160;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 such deduction will only be allowed
to the extent of the net amount previously included in income as a result of the&#160;mark-to-market&#160;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&#160;mark-to-market&#160;election.
If a U.S. Holder makes a&#160;mark-to-market&#160;election in respect of our ADSs and we cease to be classified as a PFIC, the holder
will not be required to take into account the gain or loss described above during any period that we are not classified as a PFIC. If
a U.S. Holder makes a&#160;mark-to-market&#160;election, any gain such U.S. Holder recognizes upon the sale or other disposition of our
ADSs in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will
only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the&#160;mark-to-market&#160;election.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 161; 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 -->154<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The&#160;mark-to-market&#160;election
is available only for &#8220;marketable stock,&#8221; which is stock that is traded in other than de minimis quantities on at least 15
days during each calendar quarter, or regularly traded, on a qualified exchange or other market, as defined in applicable United States
Treasury regulations. We expect that our ADSs being listed on the Nasdaq Global Market, but not our ordinary shares, will be treated
as marketable stock. We anticipate that our ADSs should qualify as being regularly traded, but no assurances may be given in this regard.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Because
a&#160;mark-to-market&#160;election cannot technically be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to
be subject to the PFIC rules with respect to such U.S. Holder&#8217;s indirect interest in any investments held by us that are treated
as an equity interests in a PFIC for U.S. federal income tax purposes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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 (and generally less adverse than) the general tax treatment for PFICs described above.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Dividends
that we pay on our ADS or 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. If a U.S. Holder owns our
ADSs or ordinary shares during any taxable year that we are a PFIC, the holder must generally file an annual IRS Form 8621. You should
consult your tax advisor regarding the U.S. federal income tax consequences of owning and disposing of our ADSs or ordinary shares if
we are or become a PFIC.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Information
Reporting and Backup Withholding </i></b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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;
(as defined in the Code), including shares issued by a&#160;non-U.S.&#160;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 U.S. 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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 generally apply to payments of dividends
on, and proceeds from the sale or other disposition of, ADSs or ordinary shares made 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 sale or other disposition of, ADSs or ordinary shares 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&#160;W-9.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 162; 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 -->155<!-- 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: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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 information reporting and backup withholding rules to their particular circumstances.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>F.
Dividends and Paying Agents </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>G.
Statements by Experts </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>H.
Documents on Display </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
previously filed with the SEC our registration statement on Form&#160;F-1, as amended, to register our ordinary shares in relation to
our initial public offering. We have also filed with the SEC a related registration statement on F-6 (Registration No.&#160;333-249010)
to register the ADSs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
are subject to periodic reporting and other information requirements of the Exchange Act as applicable to foreign private issuers. Accordingly,
we are required to file reports, including annual reports on Form&#160;20-F,&#160;and other information with the SEC. All information
filed with the SEC can be obtained over the internet at the SEC&#8217;s website at <span style="text-decoration:underline">www.sec.gov</span>&#160;or inspected and copied at
the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of documents,
upon payment of a duplicating fee, by writing to the SEC.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content
of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit
recovery provisions contained in Section&#160;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. However, we will transmit to the depositary annual and semi-annual reports prepared in accordance with the applicable
requirements of the SEC, to the extent such notices, reports and communications are not available on our website or are not otherwise
publicly available, 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, if we so request,
will provide copies thereof to all record holders of ADSs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>I.
Subsidiary Information </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><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-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-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 163; 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 -->156<!-- 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-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><div><a id="b_016"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Foreign
Exchange Risk </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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&#160;decades-old&#160;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&#160;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&#160;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 affect the exchange rate between the Renminbi and the U.S. dollar in the future.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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 initial public 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">It
is difficult to predict how market forces, PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S.&#160;Dollar
in the future.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating to Doing Business in China&#8212;Fluctuations in exchange rates
may result in foreign currency exchange losses and may have material adverse effect on your investment.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Credit
and concentration risk </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Financial
instruments, including cash and cash equivalents, short-term investments, prepayments and accounts receivable, potentially subject us
to credit risks. As of December&#160;31, 2022, our cash and cash equivalents were held by reputable financial institutions with high-credit
ratings and quality. As a result, we do not have significant credit risk associated with the cash and cash equivalents and short-term
investments. We do not have significant concentrations of credit risk associated with prepayments. We have not experienced any significant
recoverability issue with respect to our accounts receivable and periodically evaluate the creditworthiness of the existing customers
in determining an allowance for doubtful accounts primarily based on the age of receivables as well as other factors.</span></p><div>

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

</div><div><a id="b_017"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -24.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>A.
Debt Securities </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -24.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -24.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>C.
Other Securities </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 164; 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 -->157<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Fees
and Charges Our ADS Holders May&#160;Have to Pay </b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
an ADS holder, you will be required to pay the following under the terms of the deposit agreement:</span></p><div>

</div><p style="text-align: justify; 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><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Service</b></span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt"><b>Fees</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">(1)</span></td>
    <td style="text-align: left; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Issuance of ADSs
    (e.g., an issuance of ADS upon a deposit of ordinary shares, upon a change in the ADS(s)-to ordinary shares ratio, or for any other
    reason), excluding ADS issuances as a result of distributions of ordinary shares)</span></td>
    <td style="text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">&#160;</span></td>
    <td style="text-align: left; width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Up to U.S.$5.00
    per 100 ADSs issued</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">(2)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Cancelation of ADSs (e.g.,
    a cancelation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-ordinary shares ratio, or for any other
    reason)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Up to U.S.$5.00 per 100 ADSs
    canceled</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">(3)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Distribution of cash dividends
    or other cash distributions (e.g., upon a sale of rights and other entitlements)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Up to U.S.$5.00 per 100 ADSs
    held</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">(4)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Distribution of ADSs pursuant
    to (i)&#160;stock dividends or other free stock distributions, or (ii)&#160;exercise of rights to purchase additional ADSs</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Up to U.S.$5.00 per 100 ADSs
    held</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">(5)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Distribution of securities
    other than ADSs or rights to purchase additional ADSs (e.g., upon a spin-off)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Up to U.S.$5.00 per 100 ADSs
    held</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">(6)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">ADS Services</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Up to U.S.$5.00 per 100 ADSs
    held on the applicable record date(s) established by the depositary</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">(7)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Registration of ADS transfers
    (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for
    any other reason)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Up to U.S.$5.00 per 100 ADSs
    (or fraction thereof) transferred</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">(8)</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Conversion of ADSs of one
    series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion
    of Restricted ADSs (each as defined in the Deposit Agreement) into freely transferable ADSs, and vice versa).</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Up to U.S.$5.00 per 100 ADSs
    (or fraction thereof) transferred</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
an ADS holder, you will also be responsible to pay certain charges such as:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">taxes
                                            (including applicable interest and penalties) and other governmental charges;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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
                                            registration fees as may from time to time be in effect for the registration of ordinary
                                            shares on the share register and applicable to transfers of ordinary shares to or from the
                                            name of the custodian, the depositary or any nominees upon the making of deposits and withdrawals,
                                            respectively;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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">certain
                                            cable, telex and facsimile transmission and delivery expenses;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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
                                            fees, expenses, spreads, taxes and other charges of the depositary and/or service providers
                                            (which may be a division, branch or affiliate of the depositary) in the conversion of foreign
                                            currency;</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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
                                            reasonable and customary out-of-pocket expenses incurred by the depositary in connection
                                            with compliance with exchange control regulations and other regulatory requirements applicable
                                            to ordinary shares, ADSs and ADRs; and</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -18.35pt"><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; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><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
                                            fees, charges, costs and expenses incurred by the depositary, the custodian, or any nominee
                                            in connection with the ADR program.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">ADS
fees and charges for (i)&#160;the issuance of ADSs, and (ii)&#160;the cancelation of ADSs are charged to the person for whom the ADSs
are issued (in the case of ADS issuances) and to the person for whom ADSs are canceled (in the case of ADS cancelations). In the case
of ADSs issued by the depositary into DTC, the ADS issuance and cancelation fees and charges may be deducted from distributions made
through DTC, and may be charged to the DTC participant(s) receiving the ADSs being issued or the DTC participant(s) holding the ADSs
being canceled, as the case may be, on behalf of the beneficial owner(s) and will be charged by the DTC participant(s) to the account
of the applicable beneficial owner(s) in accordance with the procedures and practices of the DTC participants as in effect at the time.
ADS fees and charges in respect of distributions and the ADS service fee are charged to the holders as of the applicable ADS record date.
In the case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds being distributed.
In the case of (i)&#160;distributions other than cash and (ii)&#160;the ADS service fee, holders as of the ADS record date will be invoiced
for the amount of the ADS fees and charges and such ADS fees and charges may be deducted from distributions made to holders of ADSs.
For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions
made through DTC, and may be charged to the DTC participants in accordance with the procedures and practices prescribed by DTC and the
DTC participants in turn charge the amount of such ADS fees and charges to the beneficial owners for whom they hold ADSs. In the case
of (i)&#160;registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose ADSs are being transferred or
by the person to whom the ADSs are transferred, and (ii)&#160;conversion of ADSs of one series for ADSs of another series, the ADS conversion
fee will be payable by the Holder whose ADSs are converted or by the person to whom the converted ADSs are delivered.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">In
the event of refusal to pay the depositary fees, the depositary may, under the terms of the deposit agreement, refuse the requested service
until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder. Certain
depositary fees and charges (such as the ADS services fee) may become payable shortly after the closing of the ADS offering. Note that
the fees and charges you may be required to pay may vary over time and may be changed by us and by the depositary. You will receive prior
notice of such changes.</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: 7pt">&#160;</span></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"><b>Fees
and Other Payments Made by the Depositary to Us </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
depositary has agreed to share with us certain fees payable to the depositary by holders of ADSs. For the year ended December&#160;31,
2022, we did not receive any payment from the depositary in reimbursements relating to the establishment and maintenance of the ADS program.</span></p><div>

</div><!-- Field: Page; Sequence: 165; 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 -->158<!-- 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"><b>&#160;</b></span></p><div>

</div><div><a id="b_018"></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"><b>PART&#160;II
</b></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>&#160;</b></span></p><div>

</div><div><a id="b_019"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">None.</span></p><div>

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

</div><div><a id="b_020"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">See
&#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Ordinary Shares&#8221; for a description
of the rights of securities holders, which remain unchanged.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Use
of Proceeds </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following &#8220;Use of Proceeds&#8221; information relates to (i)&#160;the registration statement on Form&#160;F-1, as amended (File
Number: 333-248691) in relation to our initial public offering of 3,333,400 ADSs representing 16,667,000 ordinary shares, at an initial
offering price of US$9.25 per ADS. AMTD Global Markets Limited and Loop Capital Markets LLC were the representatives of the underwriters
for our initial public offering.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
F-1 Registration Statement became effective on September&#160;30, 2020. From the period from the date that the Form F-1 was declared
effective by the SEC, to December&#160;31, 2020, the total expenses incurred for our company&#8217;s account in connection with our initial
public offering was approximately US$4.8&#160;million, which included approximately US$2.2&#160;million in underwriting discounts and
commissions for the initial public offering, approximately US$440,000 in expenses paid to or for the underwriters as reimbursements,
and approximately US$2.2&#160;million in other costs and expenses for our initial public offering. As a result of our initial public
offering, we raised an aggregate of approximately US$26.2&#160;million in net proceeds, after deducting related costs and expenses. 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.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">From
the period from September&#160;30, 2020, the date that the Form F-1 was declared effective by the SEC, to December&#160;31, 2022, we
had not used any of the net proceeds received from our initial public offering. 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
still intend to use the proceeds from our initial public offering, as disclosed in our registration statement on Form&#160;F-1.</span></p><div>

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

</div><div><a id="b_021"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;15.
CONTROLS AND PROCEDURES </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Evaluation
of Disclosure Controls and Procedures </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
management, including our chief executive officer and chief financial officer, has performed an evaluation of the effectiveness of our
disclosure controls and procedures (as defined in Rules&#160;13a-15(e)&#160;and 15d-15(e)&#160;promulgated under the Exchange Act) as
of the end of the period covered by this annual report on Form&#160;20-F, as required by Rule&#160;13a-15(b)&#160;under the Exchange
Act.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 166; 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 -->159<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Based
on that evaluation, our management concluded that, as of December&#160;31, 2022, our disclosure controls and procedures were effective
in ensuring that the information required to be disclosed by us in the reports that we file and furnish under the Exchange Act was recorded,
processed, summarized and reported, within the time periods specified in the SEC&#8217;s rules&#160;and forms, and that the information
required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management,
including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Management&#8217;s
Annual Report on Internal Control over Financial Reporting </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules13a-15(f)
and 15d-15(f) promulgated under the Exchange Act. Internal control over financial reporting includes those policies and procedures that:
(i)&#160;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of our assets; (ii )&#160;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations
of our management or our board of directors; and (iii)&#160;provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of our assets that could have a material effect on our interim or annual consolidated financial
statements.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Because
of its inherent limitations, internal control over financial reporting can provide only reasonable assurance with respect to consolidated
financial statement preparation and presentation and 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 that
the degree of compliance with the policies or procedures may deteriorate.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
management, including our chief executive officer and chief financial officer, evaluated the effectiveness of our internal control over
financial reporting using the criteria established in the framework in Internal Control-Integrated Framework (2013)&#160;issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded that the material
weaknesses identified during the fiscal years ended December&#160;31, 2019 and 2020 have been remediated, the internal control over financial
reporting was effective as of December&#160;31, 2021 and 2022.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Attestation
Report of the Independent Registered Public Accounting Firm </b></span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">This
annual report does not include an attestation report of our company&#8217;s independent registered public accounting firm because we
qualify as an emerging growth company as such term is defined in the JOBS Act as of December&#160;31, 2022.</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">An
emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally
to public companies. These provisions include exemption from the auditor attestation requirement under Section&#160;404 of the Sarbanes-Oxley
Act of 2002, in the assessment of the emerging growth company&#8217;s internal control over financial reporting.</span></p><div>

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

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>Changes
in Internal Control over Financial Reporting </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">There
were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report on Form
20-F that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 167; 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 -->160<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_022"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16.
<span>[RESERVED]</span></b></span></p><div>

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

</div><div><a id="b_023"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16.A.
AUDIT COMMITTEE FINANCIAL EXPERT </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
audit committee consists of three members and is chaired by Mr.&#160;Teck Yong Heng. Each of Mr.&#160;Teck Yong Heng and Mr.&#160;Yan
Kit Lee satisfies the &#8220;independence&#8221; requirements of the listing rules&#160;of Nasdaq Global Market and meet the independence
standards under Rule&#160;10A-3 under the Exchange Act. We have determined that Mr.&#160;Teck Yong Heng qualifies as an &#8220;audit
committee financial expert.&#8221;</span></p><div>

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

</div><div><a id="b_024"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16.B.
CODE OF ETHICS </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Our
board of directors adopted a code of business conduct and ethics that applies to our directors, officers, employees and advisors. We
have posted a copy of our code of business conduct and ethics on our website at <i>www.lixiangeh.com</i>.</span></p><div>

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

</div><div><a id="b_025"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16.C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth the aggregate fees by the categories specified in connection with certain professional services rendered by
PricewaterhouseCoopers Zhong Tian LLP, our independent registered public accounting firm for the fiscal years ended December&#160;31,
2020, and by WWC, P.C., our independent registered public accounting firm for the fiscal year ended December&#160;31, 2021 and 2022.
We did not pay any other fees to our auditors during the periods indicated below.</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; vertical-align: top"><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="5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the year&#160;ended&#160;December&#160;31,</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; vertical-align: top"><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 style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
    fees <sup>(1)</sup></span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB7,224,898.57 <br/> (US$1,107,281.1)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB1,274,200 <br/> (US$200,000)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB1,862,244 <br/>(US$270,000)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax fees
    <sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB79,179.69 <br/> (US$12,135)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><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: center"><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"><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; 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">&#8220;Audit
                                            fees&#8221; represent the aggregate fees for professional services rendered by our principal
                                            auditors for the review of our interim consolidated financial statements, the audit of our
                                            annual consolidated financial statements and/or services that are normally provided by the
                                            auditors in connection with statutory and regulatory filings or engagements.</span></td>
</tr></table><div>
</div><p style="text-align: justify; 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; text-align: justify"><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">&#8220;Tax
                                            fees&#8221; represent the aggregate fees for professional services rendered by our principal
                                            auditors for tax compliance, tax advice and tax planning.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
policy of our audit committee is to pre-approve all audit and non-audit services to be provided by WWC, P.C., including audit services,
audit-related services, tax services and other services as are described above, other than those for de minimis services which are approved
by the audit committee prior to the completion of the audit.</span></p><div>

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

</div><div><a id="b_026"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16.D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
described under Item 16G, we have relied on and intend to continue relying on home country practice, our audit committee consists of
three members (two of whom are independent directors and one of whom is an executive director), although all of the members of the audit
committee must be independent under the Exchange Act within one year of the initial public offering. As the majority of the audit committee
consists of independent directors, our reliance on such exemption will not materially adversely affect the ability of the audit committee
to act independently.</span></p><div>

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

</div><div><a id="b_027"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16.E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

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

</div><div><a id="b_028"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16.F.
CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
November&#160;10, 2021, we dismissed PricewaterhouseCoopers Zhong Tian LLP as our independent registered public accounting firm in connection
with the audit of our consolidated financial statements for the two most recent fiscal years ended December&#160;31, 2019 and 2020. The
audit report of PricewaterhouseCoopers Zhong Tian LLP on the consolidated financial statements of the Company as of December&#160;31,
2019 and 2020 and for the fiscal years ended December&#160;31, 2019 and 2020 did not contain an adverse opinion or disclaimer of opinion
and was not qualified or modified as to uncertainty, audit scope or accounting principles. The decision to change independent registered
public accounting firm was recommended and approved by the audit committee and the board of directors of the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 168; 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 -->161<!-- 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">During
the fiscal years ended December&#160;31, 2019 and 2020 and any subsequent interim period (as applicable) preceding the dismissal, there
were no disagreements, as defined in Item 16F(a)(1)(iv) of Form 20-F, between us and PricewaterhouseCoopers Zhong Tian LLP on any matter
of accounting matters, accounting principles or practices, financial statement disclosure, or auditing scope or procedure. There were
no reportable events as defined in Item 16F(a)(1)(v)(A)-(D) of Form 20-F, other than as disclosed in this Item 16F and the material weakness
in our internal control over financial reporting as disclosed in our annual report on Form 20-F for the fiscal year ended December&#160;31,
2020 filed with the SEC on April&#160;30, 2021.</span></p><div>

</div><p style="text-align: justify; 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
November&#160;10, 2021, we engaged WWC, P.C., as our independent registered public accounting firm for the fiscal year ended December&#160;31,
2021. We also appointed WWC, P.C. to re-audit the consolidated financial statements for the two most recent fiscal years ended December&#160;31,
2019 and 2020. The engagement of WWC, P.C. was approved by our audit committee and the board of directors. During the fiscal years ended
December&#160;31, 2019 and 2020 and any subsequent interim periods (as applicable) prior to the engagement of WWC, P.C., neither we,
nor someone on our behalf, have consulted WWC, P.C. regarding:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -24.5pt"><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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            application of accounting principles to a specified transaction, either completed or proposed;
                                            or the type of audit opinion that might be rendered on our consolidated financial statements,
                                            and neither a written report was provided to us or oral advice was provided that WWC, P.C.
                                            concluded was an important factor considered by us in reaching a decision as to the accounting,
                                            auditing or financial reporting issue; or</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-indent: -24.5pt"><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="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            matter that was the subject of a disagreement, or any reportable event as described above.</span></td>
</tr></table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
provided PricewaterhouseCoopers Zhong Tian LLP and WWC, P.C. with a copy of the foregoing disclosure, and requested that each of PricewaterhouseCoopers
Zhong Tian LLP and WWC, P.C. furnish us with a letter addressed to the SEC stating whether it agrees with the above statements that relate
to them, and if not, stating the respects in which it does not agree. We have received the requested letters from WWC, P.C. and PricewaterhouseCoopers
Zhong Tian LLP, copies of which are included as Exhibit 15.3 and Exhibit 15.4 to the annual report on Form 20-F for the fiscal year ended
December&#160;31, 2021 filed with the SEC on April&#160;29, 2022.</span></p><div>

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

</div><div><a id="b_029"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16.G.
CORPORATE GOVERNANCE </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
a Cayman Islands exempted company listed on Nasdaq, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq
rules&#160;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 the Nasdaq corporate governance
listing standards. Currently, we have relied on and intend to continue to rely on some of our home country exemptions for corporate governance
matters. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate
governance listing standards.&#160;As a result, you may not be provided with the benefits of certain corporate governance requirements
of the Nasdaq Global Market. See &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Relating to Our 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 the Nasdaq Global Market listing standards; these practices may afford less protection to shareholders
than they would enjoy if we complied fully with the Nasdaq Global Market listing standards.&#8221;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -48.95pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><div><a id="b_030"></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&#160;16.H.
MINE SAFETY DISCLOSURE</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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="b_031"></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&#160;16.I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 169; 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 -->162<!-- 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><div><a id="b_032"></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"><b>PART&#160;III
</b></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>&#160;</b></span></p><div>

</div><div><a id="b_033"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;17.
FINANCIAL STATEMENTS </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
have elected to provide financial statements pursuant to Item 18.</span></p><div>

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

</div><div><a id="b_034"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;18.
FINANCIAL STATEMENTS </b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
consolidated financial statements of Lixiang Education Holding Co., Ltd., its subsidiaries and its consolidated Variable Interest Entities
are included at the end of this annual report on Form&#160;20-F.</span></p><div>

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

</div><div><a id="b_035"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;19.
EXHIBITS </b></span></p><div>

</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"><b>&#160;</b></span></p><div>

</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"><b>EXHIBIT&#160;INDEX
</b></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; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; width: 9%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit<br/>
    Number</b></span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; width: 90%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description&#160;of&#160;Document</b></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520259002/d98528dex32.htm"><span style="font-size: 10pt">Second
    Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit&#160;3.2
    to the Amendment No.&#160;3 to registration statement on Form&#160;F-1 (File No.&#160;333-248691), filed with the Securities and
    Exchange Commission on September&#160;30, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</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"><a href="http://www.sec.gov/Archives/edgar/data/1472033/000119380520001210/e619964_ex99-a.htm"><span style="font-size: 10pt">Form
    of Registrant&#8217;s Specimen American Depositary Receipt (included in Exhibit&#160;2.3) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520251149/d921897dex42.htm"><span style="font-size: 10pt">Registrant&#8217;s
    Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit&#160; 4.2 to the Amendment No.&#160;1 to registration
    statement on Form&#160;F-1 (File No.&#160; 333-248691), filed with the Securities and Exchange Commission on September&#160;22, 2020)
    </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</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"><a href="http://www.sec.gov/Archives/edgar/data/1472033/000119380520001210/e619964_ex99-a.htm"><span style="font-size: 10pt">Form
    of Deposit Agreement by and among the Registrant, the Depositary, and the Holders and Beneficial Owners of the American Depositary
    Shares (incorporated herein by reference to Exhibit&#160;(a)&#160;to the Pre-Effective Amendment No.&#160;1 to Form&#160;F-6 registration
    statement (File No.&#160;333-249010), filed with the Securities and Exchange Commission on September&#160;30, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4*</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"><a href="f20f2022ex2-4_lixiangedu.htm"><span style="font-size: 10pt">Description
    of securities of the Registrant registered under Section&#160;12 of the Securities Exchange Act of 1934</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1030.htm"><span style="font-size: 10pt">2020
    Equity Incentive Plan (incorporated herein by reference to Exhibit&#160;10.30 to the registration statement on Form&#160;F-1 (File
    No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1031.htm"><span style="font-size: 10pt">Form&#160;of
    Restricted Share Agreement (incorporated herein by reference to Exhibit&#160; 10.31 to the registration statement on Form&#160;F-1
    (File No.&#160; 333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1032.htm"><span style="font-size: 10pt">Form&#160;of
    Option Agreement (incorporated herein by reference to Exhibit&#160; 10.32 to the registration statement on Form&#160;F-1 (File No.&#160;
    333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex101.htm"><span style="font-size: 10pt">Form&#160;
    of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated herein by reference to
    Exhibit&#160;10.1 to the registration statement on Form&#160; F-1 (File No.&#160;333-248691), as amended, initially filed with the
    Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex102.htm"><span style="font-size: 10pt">Form&#160;
    of Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit&#160;10.2
    to the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex103.htm"><span style="font-size: 10pt">English
    translation of Business Cooperation Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Liandu Foreign Languages School,
    the Kindergarten of Liandu Foreign Languages School, Zhejiang Lishui Mengxiang Education Development Co., Ltd., Ye Fen, Ye Fang and
    Ye Hong dated October&#160;13, 2018 (incorporated herein by reference to Exhibit&#160;10.3 to the registration statement on Form&#160;F-1
    (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex104.htm"><span style="font-size: 10pt">English
    translation of Supplemental Agreement of Business Cooperation Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd.,
    Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang Lishui Mengxiang Education Development
    Co., Ltd., and Ye Fen, Ye Fang and Ye Hong dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.4 to
    the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex105.htm"><span style="font-size: 10pt">English
    translation of Exclusive Technical Service and Business Consulting Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd.
    and Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang Lishui Mengxiang Education
    Development Co., Ltd. dated October&#160;13, 2018 (incorporated herein by reference to Exhibit&#160;10.5 to the registration statement
    on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9,
    2020) </span></a></span></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">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 170; 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 -->163<!-- 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><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="white-space: nowrap; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex106.htm"><span style="font-size: 10pt">English
    translation of Supplemental Agreement of Exclusive Technical Service and Business Consulting Agreement, among Zhejiang Mengxiang
    Consulting Services Co., Ltd. and Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang
    Lishui Mengxiang Education Development Co., Ltd. dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.6
    to the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September&#160;9, 2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex107.htm"><span style="font-size: 10pt">English
    translation of the Second Supplemental Agreement of Exclusive Technical Service and Business Consulting Agreement, among Zhejiang
    Mengxiang Consulting Services Co., Ltd. and Liandu Foreign Languages School, and Zhejiang Lishui Mengxiang Education Development
    Co., Ltd. dated March&#160;29, 2019 (incorporated herein by reference to Exhibit&#160;10.7 to the registration statement on Form&#160;F-1
    (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020)</span></a></span></td></tr>

<tr style="vertical-align: top; ">
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex108.htm"><span style="font-size: 10pt">English
    translation of Exclusive Call Option Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Ye Fen, Ye Fang and Ye Hong,
    and Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang Lishui Mengxiang Education
    Development Co., Ltd. dated October&#160;13, 2018 (incorporated herein by reference to Exhibit&#160;10.8 to the registration statement
    on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9,
    2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex109.htm"><span style="font-size: 10pt">English
    translation of Supplemental Agreement of Exclusive Call Option Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd.,
    Ye Fen, Ye Fang and Ye Hong, and Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang
    Lishui Mengxiang Education Development Co., Ltd. dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.9
    to the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September&#160;9, 2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1010.htm"><span style="font-size: 10pt">English
    translation of Equity Pledge Agreement, among Ye Fen, Ye Fang, Ye Hong, and Zhejiang Lishui Mengxiang Education Development Co.,
    Ltd. and Zhejiang Mengxiang Consulting Services Co., Ltd. dated October&#160;13, 2018. (incorporated herein by reference to Exhibit&#160;10.10
    to the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September&#160;9, 2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1011.htm"><span style="font-size: 10pt">English
    translation of Supplemental Agreement of the Equity Pledge Agreement, among Ye Fen, Ye Fang, Ye Hong and Zhejiang Lishui Mengxiang
    Education Development Co., Ltd. and Zhejiang Mengxiang Consulting Services Co., Ltd. dated November&#160;29, 2018 (incorporated herein
    by reference to Exhibit&#160;10.11 to the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially
    filed with the Securities and Exchange Commission on September&#160;9, 2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1012.htm"><span style="font-size: 10pt">English
    translation of Proxy Agreement for Shareholders granted by Ye Fen, Ye Fang and Ye Hong to Zhejiang Mengxiang Consulting Services
    Co., Ltd. regarding Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated October&#160;13, 2018 (incorporated herein by
    reference to Exhibit&#160;10.12 to the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially
    filed with the Securities and Exchange Commission on September&#160;9, 2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1013.htm"><span style="font-size: 10pt">English
    translation of Supplemental Agreement of the Proxy Agreement for Shareholders granted by Ye Fen, Ye Fang and Ye Hong to Zhejiang
    Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated November&#160;29,
    2018 (incorporated herein by reference to Exhibit&#160;10.13 to the registration statement on Form&#160;F-1 (File No.&#160;333-248691),
    as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.17</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1014.htm"><span style="font-size: 10pt">English
    translation of Power of Attorney granted by Ye Fen to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui
    Mengxiang Education Development Co., Ltd. dated October&#160;13, 2018 (incorporated herein by reference to Exhibit&#160;10.14 to
    the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September&#160;9, 2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.18</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1015.htm"><span style="font-size: 10pt">English
    translation of Power of Attorney granted by Ye Fang to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui
    Mengxiang Education Development Co., Ltd. dated October&#160;13, 2018 (incorporated herein by reference to Exhibit&#160;10.15 to
    the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September&#160;9, 2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1016.htm"><span style="font-size: 10pt">English
    translation of Power of Attorney granted by Ye Hong to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui
    Mengxiang Education Development Co., Ltd. dated October&#160;13, 2018 (incorporated herein by reference to Exhibit&#160;10.16 to
    the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September&#160;9, 2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.20</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1017.htm"><span style="font-size: 10pt">English
    translation of Proxy Agreement for School&#8217;s Sponsors and Directors, granted by Zhejiang Lishui Mengxiang Education Development
    Co., Ltd. and Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang and Shi Jixing, to Zhejiang Mengxiang Consulting Services Co., Ltd.
    regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School, dated October&#160;13, 2018 (incorporated
    herein by reference to Exhibit&#160;10.17 to the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended,
    initially filed with the Securities and Exchange Commission on September&#160;9, 2020)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.21</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1018.htm"><span style="font-size: 10pt">English
    translation of Supplemental Agreement of the Proxy Agreement for School&#8217;s Sponsors and Directors granted by Zhejiang Lishui
    Mengxiang Education Development Co., Ltd. and Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang and Shi Jixing, to Zhejiang to Mengxiang
    Consulting Services Co., Ltd. regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School,
    dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.18 to the registration statement on Form&#160;F-1
    (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020)</span></a></span></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">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 171; 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 -->164<!-- 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><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="white-space: nowrap; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.22</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1019.htm"><span style="font-size: 10pt">English
    translation of Power of Attorney for the School&#8217;s Sponsor granted by Zhejiang Lishui Mengxiang Education Development Co., Ltd.
    to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Liandu Foreign Languages School dated November&#160;29, 2018 (incorporated
    herein by reference to Exhibit&#160;10.19 to the registration statement on Form&#160;F-1 (File No.&#160;333-248691), as amended,
    initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.23</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1020.htm"><span style="font-size: 10pt">English
    translation of Power of Attorney granted by Ye Fen to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages
    School dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.20 to the registration statement on Form&#160;F-1
    (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.24</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1021.htm"><span style="font-size: 10pt">English
    translation of Power of Attorney granted by Wei Biao to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages
    School dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.21 to the registration statement on Form&#160;F-1
    (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.25</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1022.htm"><span style="font-size: 10pt">English
    translation of Power of Attorney granted by Ye Fang to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages
    School dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.22 to the registration statement on Form&#160;F-1
    (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.26</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1023.htm"><span style="font-size: 10pt">English
    translation of Power of Attorney granted by Ye Hong to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages
    School dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.23 to the registration statement on Form&#160;F-1
    (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.27</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1024.htm"><span style="font-size: 10pt">English
    translation of Power of Attorney granted by Chen Guoliang to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign
    Languages School dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.24 to the registration statement
    on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9,
    2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.28</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1025.htm"><span style="font-size: 10pt">English
    translation of Spouse Undertaking, granted by Wei Biao, the spouse of Ye Fen, to Ye Fen regarding Zhejiang Lishui Mengxiang Education
    Development Co., Ltd., dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.25 to the registration statement
    on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9,
    2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.29</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1026.htm"><span style="font-size: 10pt">English
    translation of Spouse Undertaking, granted by Chen Jianjun, the spouse of Ye Fang, to Ye Fang regarding Zhejiang Lishui Mengxiang
    Education Development Co., Ltd. dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.26 to the registration
    statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on
    September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.30</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1027.htm"><span style="font-size: 10pt">English
    translation of Spouse Undertaking, granted by Ji Hongfeng, the spouse of Ye Hong, to Ye Hong regarding Zhejiang Lishui Mengxiang
    Education Development Co., Ltd. dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.27 to the registration
    statement on Form&#160;F-1 (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on
    September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.31</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1028.htm"><span style="font-size: 10pt">English
    translation of Loan Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd. and Zhejiang Lishui Mengxiang Education Development
    Co., Ltd. regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School dated October&#160;13,
    2018 (incorporated herein by reference to Exhibit&#160;10.28 to the registration statement on Form&#160;F-1 (File No.&#160;333-248691),
    as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1029.htm"><span style="font-size: 10pt">English
    translation of Supplemental Agreement of Loan Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd. and Zhejiang Lishui
    Mengxiang Education Development Co., Ltd. regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages
    School dated November&#160;29, 2018 (incorporated herein by reference to Exhibit&#160;10.29 to the registration statement on Form&#160;F-1
    (File No.&#160;333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.33</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312521142767/d105244dex433.htm"><span style="font-size: 10pt">English
    translation of the Equity Transfer Agreement, between Zhejiang Mengxiang Consultancy Services Co., Ltd., Gamefield Hong Kong Limited
    and Li Qiang dated January&#160;27, 2021 (incorporated herein by reference to Exhibit 4.33 to the annual report on Form 20-F (File
    No.&#160;001-39559), filed with the Securities and Exchange Commission on April&#160;30, 2021) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.34</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex434.htm">English
    translation of the Investment Cooperation Agreement, between Lishui Mengxiang, Beijing S.K. and certain other parties affiliated
    with Beijing S.K. regarding the acquisition of the controlling stake in Beijing S.K. dated July&#160;27, 2021 (incorporated herein
    by reference to Exhibit 4.34 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange
    Commission on April&#160;29, 2022)</a></span></td></tr>

<tr style="vertical-align: top; ">
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.35</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex435.htm"><span style="font-size: 10pt">English
    translation of the Sponsorship Interest Transfer Agreement, between Lishui Mengxiang and Qingtian Zhongyi Education Investment regarding
    the acquisition of 100% of the sponsorship interest of Qingtian International School dated August&#160;18, 2021 (incorporated herein
    by reference to Exhibit 4.35 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange
    Commission on April&#160;29, 2022)</span></a></span></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">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 172; 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 -->165<!-- 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><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="white-space: nowrap; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.36</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex436.htm"><span style="font-size: 10pt">English
    translation of the Investment Cooperation Agreement, between Lishui Mengxiang and Beijing R.R.Z. regarding the formation of Beijing
    Xinxiang dated January&#160;18, 2022 (incorporated herein by reference to Exhibit 4.36 to the annual report on Form 20-F (File No.&#160;001-39559),
    filed with the Securities and Exchange Commission on April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3<b>7</b></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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex437.htm"><span style="font-size: 10pt">English
    translation of Supplementary Agreement of the Investment Cooperation Agreement, between Lishui Mengxiang, Beijing S.K., Beijing P.X.
    and certain other parties affiliated with Beijing S.K. regarding the partial conversion of the previously issued convertible debt
    dated April&#160;18, 2022 (incorporated herein by reference to Exhibit 4.37 to the annual report on Form 20-F (File No.&#160;001-39559),
    filed with the Securities and Exchange Commission on April&#160;29, 2022) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.38</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex438.htm"><span style="font-size: 10pt">English
    translation of Acknowledgment Agreement of Contractual Agreements, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian
    Overseas Chinese International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. And certain other parties dated
    April&#160;20, 2022 (incorporated herein by reference to Exhibit 4.38 to the annual report on Form 20-F (File No.&#160;001-39559),
    filed with the Securities and Exchange Commission on April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.39</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex439.htm"><span style="font-size: 10pt">English
    translation of the Business Cooperation Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese
    International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated April&#160;20, 2022
    (incorporated herein by reference to Exhibit 4.39 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities
    and Exchange Commission on April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.40</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex440.htm"><span style="font-size: 10pt">English
    translation of the Exclusive Technical Service and Business Consulting Agreement, between Zhejiang Mengxiang Consulting Services
    Co., Ltd. Qingtian Overseas Chinese International School and Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated April&#160;20,
    2022 (incorporated herein by reference to Exhibit 4.40 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the
    Securities and Exchange Commission on April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.41</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex441.htm"><span style="font-size: 10pt">English
    translation of Exclusive Call Option Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese
    International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated April&#160;20, 2022
    (incorporated herein by reference to Exhibit 4.41 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities
    and Exchange Commission on April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.42</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex442.htm"><span style="font-size: 10pt">English
    translation of the Equity Pledge Agreement, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang Mengxiang
    Consulting Services Co., Ltd., Ye Fen, Ye Fang and Ye Hong dated April&#160;20, 2022 (incorporated herein by reference to Exhibit
    4.42 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on April&#160;29,
    2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.43</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex443.htm"><span style="font-size: 10pt">English
    translation of the Proxy Agreement for Shareholders, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang
    Mengxiang Consulting Services Co., Ltd., Ye Fen, Ye Fang and Ye Hong dated April&#160;20, 2022 (incorporated herein by reference
    to Exhibit 4.43 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on
    April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.44</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex444.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Fen as a shareholder dated April&#160;20, 2022 (incorporated herein by reference
    to Exhibit 4.44 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on
    April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.45</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex445.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Fang as a shareholder dated April&#160;20, 2022 (incorporated herein by reference
    to Exhibit 4.45 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on
    April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.46</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex446.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Hong as a shareholder dated April&#160;20, 2022 (incorporated herein by reference
    to Exhibit 4.46 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on
    April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.47</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex447.htm"><span style="font-size: 10pt">English
    translation of the Proxy Agreement for School&#8217;s Sponsor and Council Members, between Zhejiang Lishui Mengxiang Education Development
    Co., Ltd., Qingtian Overseas Chinese International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain
    other parties dated April&#160;20, 2022 (incorporated herein by reference to Exhibit 4.47 to the annual report on Form 20-F (File
    No.&#160;001-39559), filed with the Securities and Exchange Commission on April&#160;29, 2022)</span></a></span></td></tr>

<tr style="vertical-align: top; ">
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.48</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex448.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney for School&#8217;s Sponsor signed by Zhejiang Lishui Mengxiang Education Development Co., Ltd.
    dated April&#160;20, 2022 (incorporated herein by reference to Exhibit 4.48 to the annual report on Form 20-F (File No.&#160;001-39559),
    filed with the Securities and Exchange Commission on April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.49</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex449.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Fen as a counsil member dated April&#160;20, 2022 (incorporated herein by reference
    to Exhibit 4.49 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on
    April&#160;29, 2022) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.50</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex450.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Hong as a counsil member dated April&#160;20, 2022 (incorporated herein by reference
    to Exhibit 4.50 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on
    April&#160;29, 2022)</span></a></span></td></tr>
</table><div>

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

</div><p style="margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 173; 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 -->166<!-- 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"><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: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.51</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex451.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Fang as a counsil member dated April&#160;20, 2022 (incorporated herein by reference
    to Exhibit 4.51 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on
    April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.52</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex452.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Li Haibo as a counsil member dated April&#160;20, 2022 (incorporated herein by reference
    to Exhibit 4.52 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on
    April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.53</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex453.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Yao Jianwei as a counsil member dated April&#160;20, 2022 (incorporated herein by
    reference to Exhibit 4.53 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission
    on April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.54</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex454.htm"><span style="font-size: 10pt">English
    translation of the Spouse Undertaking signed by Wei Biao dated April&#160;20, 2022 (incorporated herein by reference to Exhibit 4.54
    to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on April&#160;29,
    2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.55</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex455.htm"><span style="font-size: 10pt">English
    translation of the Spouse Undertaking signed by Chen Jianjun dated April&#160;20, 2022 (incorporated herein by reference to Exhibit
    4.55 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on April&#160;29,
    2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.56</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex456.htm"><span style="font-size: 10pt">English
    translation of the Spouse Undertaking signed by Ji Hongfeng dated April&#160;20, 2022 (incorporated herein by reference to Exhibit
    4.56 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on April&#160;29,
    2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.57</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex457.htm"><span style="font-size: 10pt">English
    translation of the Loan Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Zhejiang Lishui Mengxiang Education Development
    Co., Ltd. and Qingtian Overseas Chinese International School dated April&#160;20, 2022 (incorporated herein by reference to Exhibit
    4.57 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the Securities and Exchange Commission on April&#160;29,
    2022)</span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.58</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex458.htm"><span style="font-size: 10pt">English
    translation of the Supplemental Agreement on the Transfer of the Target Company with Beijing S.K., Beijing P.X. and certain other
    parties, in respect of the confirmation on consolidating Beijing P.X. into the 2022 consolidated financial statements dated April&#160;24,
    2022 (incorporated herein by reference to Exhibit 4.58 to the annual report on Form 20-F (File No.&#160;001-39559), filed with the
    Securities and Exchange Commission on April&#160;29, 2022)</span></a></span></td></tr>
  <tr>
    <td style="width: 9%"><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="text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.59*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-59_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Business Cooperation Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese
    International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated January 31, 2023
    </span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.60*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-60_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Exclusive Technical Service and Business Consulting Agreement, between Zhejiang Mengxiang Consulting Services
    Co., Ltd. Qingtian Overseas Chinese International School and Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated January
    31, 2023</span></a></span></td>
    </tr>

<tr>
    <td style="white-space: nowrap; vertical-align: top"><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: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.61*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-61_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of Exclusive Call Option Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese
    International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated January 31, 2023</span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.62*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-62_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Equity Pledge Agreement, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang Mengxiang
    Consulting Services Co., Ltd., Ye Fen and Ye Hong dated January 31, 2023</span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.63*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-63_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Proxy Agreement for Shareholders, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang
    Mengxiang Consulting Services Co., Ltd., Ye Fen and Ye Hong dated January 31, 2023 </span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.64*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-64_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Fen as a shareholder dated January 31, 2023 &#160;</span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.65*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-65_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Hong as a shareholder dated January 31, 2023 </span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.66*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-66_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Proxy Agreement for School&#8217;s Sponsor and Council Members, between Zhejiang Lishui Mengxiang Education Development
    Co., Ltd., Qingtian Overseas Chinese International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain
    other parties dated January 31, 2023 </span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.67*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-67_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney for School&#8217;s Sponsor signed by Zhejiang Lishui Mengxiang Education Development Co., Ltd.
    dated January 31, 2023 </span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.68*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-68_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Fen as a counsil member dated January 31, 2023&#160;&#160;</span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.69*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-69_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Li Haibo as a counsil member dated January 31, 2023 </span></a></span></td>
    </tr>
</table><div>

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

</div><p style="margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 174; 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 -->167<!-- 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"><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="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.70*</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top; width: 90%"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-70_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Jun as a counsil member dated January 31, 2023</span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.71*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-71_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Yan Yaomin as a counsil member dated January 31, 2023</span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.72*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-72_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Liu Fenghua as a counsil member dated January 31, 2023 </span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>

<tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.73*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-73_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Spouse Undertaking signed by Wei Biao dated January 31, 2023 </span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.74*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-74_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Spouse Undertaking signed by Ji Hongfeng dated January 31, 2023 </span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.75*</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="f20f2022ex4-75_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Loan Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Zhejiang Lishui Mengxiang Education Development
    Co., Ltd. and Qingtian Overseas Chinese International School dated January 31, 2023 </span></a></span></td>
    </tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.76*</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"><a href="f20f2022ex4-76_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Business Cooperation Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Langfang City Rail Transit
    Technical School, Beijing Pengxiang Tianxia Education Technology Co., Ltd., Zhejiang Lishui Mengxiang Education Development Co.,
    Ltd. and certain other parties dated March 28, 2023 </span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.77*</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"><a href="f20f2022ex4-77_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Exclusive Technical Service and Business Consulting Agreement, between Zhejiang Mengxiang Consulting Services
    Co., Ltd., Langfang City Rail Transit Technical School and Beijing Pengxiang Tianxia Education Technology Co., Ltd. dated March 28,
    2023</span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.78*</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"><a href="f20f2022ex4-78_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of Exclusive Call Option Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Langfang City Rail Transit
    Technical School, Beijing Pengxiang Tianxia Education Technology Co., Ltd., Zhejiang Lishui Mengxiang Education Development Co.,
    Ltd. and certain other parties dated March 28, 2023</span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.79*</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"><a href="f20f2022ex4-79_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Equity Pledge Agreement, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Beijing Pengxiang
    Tianxia Education Technology Co., Ltd., Zhejiang Mengxiang Consulting Services Co., Ltd., Ye Fen and Ye Hong dated March 28, 2023</span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.80*</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"><a href="f20f2022ex4-80_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Proxy Agreement for Shareholders, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Beijing Pengxiang
    Tianxia Education Technology Co., Ltd., Zhejiang Mengxiang Consulting Services Co., Ltd., Ye Fen and Ye Hong dated March 28, 2023
    </span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.81*</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"><a href="f20f2022ex4-81_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney executed by Zhejiang Lishui Mengxiang Education Development Co., Ltd. as a shareholder dated
    March 28, 2023 &#160;</span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.82*</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"><a href="f20f2022ex4-82_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Proxy Agreement for School&#8217;s Sponsor and Council Members, between Zhejiang Mengxiang Consulting Services
    Co., Ltd., Langfang City Rail Transit Technical School, Beijing Pengxiang Tianxia Education Technology Co., Ltd. and certain other
    parties dated March 28, 2023 </span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.83*</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"><a href="f20f2022ex4-83_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney for School&#8217;s Sponsor signed by Beijing Pengxiang Tianxia Education Technology Co., Ltd.
    dated March 28, 2023 </span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.84*</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"><a href="f20f2022ex4-84_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Ye Fen as a counsil member dated March 28, 2023&#160;&#160;</span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.85*</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"><a href="f20f2022ex4-85_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Wei Biao as a counsil member dated March 28, 2023 </span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.86*</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"><a href="f20f2022ex4-86_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Mao Hailing as a counsil member dated March 28, 2023</span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.87*</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"><a href="f20f2022ex4-87_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Power of Attorney signed by Qi Yuhai as a counsil member dated March 28, 2023</span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.88*</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"><a href="f20f2022ex4-88_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Spouse Undertaking signed by Wei Biao dated March 28, 2023 </span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.89*</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"><a href="f20f2022ex4-89_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Spouse Undertaking signed by Ji Hongfeng dated March 28, 2023 </span></a></span></td></tr>
  <tr>
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.90*</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"><a href="f20f2022ex4-90_lixiangedu.htm"><span style="font-size: 10pt">English
    translation of the Loan Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Langfang City Rail Transit Technical School
    and Beijing Pengxiang Tianxia Education Technology Co., Ltd. dated March 28, 2023 </span></a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="white-space: nowrap"><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: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</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"><a href="f20f2022ex8-1_lixiangedu.htm">List
    of Subsidiaries and VIEs of the Registrant</a></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 175; 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 -->168<!-- 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;&#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; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex991.htm"><span style="font-size: 10pt">Code
    of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit&#160; 99.1 to the registration statement
    on Form&#160;F-1 (File No.&#160;333-248691), filed with the Securities and Exchange Commission on September&#160; 9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</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"><a href="f20f2022ex12-1_lixiangedu.htm">Certification
    by Principal Executive Officer Pursuant to Section&#160;302 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</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"><a href="f20f2022ex12-2_lixiangedu.htm">Certification
    by Principal Financial Officer Pursuant to Section&#160;302 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</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"><a href="f20f2022ex13-1_lixiangedu.htm">Certification
    by Principal Executive Officer Pursuant to Section&#160;906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</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"><a href="f20f2022ex13-2_lixiangedu.htm">Certification
    by Principal Financial Officer Pursuant to Section&#160;906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</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"><a href="f20f2022ex15-1_lixiangedu.htm">Consent
    of Deheng Law Offices</a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2</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"><a href="http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex235.htm"><span style="font-size: 10pt">Consent
    of Frost&#160;&amp; Sullivan (incorporated herein by reference to Exhibit&#160; 23.5 to the registration statement on Form&#160;F-1
    (File No.&#160; 333-248691), as amended, initially filed with the Securities and Exchange Commission on September&#160;9, 2020) </span></a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3*</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"><a href="f20f2022ex15-3_lixiangedu.htm">Consent
    of WWC P.C., Independent Registered Public Accounting Firm</a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.4</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"><a href="https://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex154.htm" style="-sec-extract: exhibit">Letter
    from PricewaterhouseCoopers Zhong Tian LLP (incorporated herein by reference to Exhibit 15.4 to the annual report on Form 20-F (File
    No.&#160;001-39559), filed with the Securities and Exchange Commission on April&#160;29, 2022)</a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.5*</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"><a href="f20f2022ex15-5_lixiangedu.htm">Consent
    of Maples and Calder (Hong Kong) LLP</a></span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</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">Inline XBRL Instance Document-the
    instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.</span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</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">Inline XBRL Taxonomy Extension
    Schema Document</span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</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">Inline XBRL Taxonomy Extension
    Calculation Linkbase Document</span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</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">Inline XBRL Taxonomy Extension
    Definition Linkbase Document</span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</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">Inline XBRL Taxonomy Extension
    Label Linkbase Document</span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</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">Inline XBRL Taxonomy Extension
    Presentation Linkbase Document</span></td></tr>
  <tr>
    <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 style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</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">Cover Page Interactive
    Data File (formatted as inline XBRL and contained in Exhibit 101)</span></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">&#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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
                                            herewith</span></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">&#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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnished
                                            herewith</span></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">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 176; 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 -->169<!-- 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><div><a id="b_036"></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"><b>SIGNATURES
</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
registrant hereby certifies that it meets all of the requirements for filing on Form&#160;20-F, and that it has duly caused and authorized
the undersigned to sign the annual report on its behalf.</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; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <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; font-size: 10pt">Lixiang Education Holding Co., Ltd.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 35%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">/s/ Biao Wei</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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">Biao Wei</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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">Director and Chief Executive Officer</span></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">&#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">Date:&#160;May
1, 2023</span></p><div>

</div><p style="text-align: center; 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 177; 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 -->170<!-- 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: center; 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: center"><span style="font-family: Times New Roman, Times, Serif"><b>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS </b></span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 12pt; text-align: left; text-indent: -12pt; width: 92%"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_001"><span style="font-size: 10pt">Report
    of Independent Registered Public Accounting Firm (PCAOB ID: 1171)</span></a></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 12pt; text-align: left; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_002"><span style="font-size: 10pt">Consolidated
    Balance Sheets as of December 31, 2021 and 2022</span></a></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-left: 12pt; text-align: left; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_003"><span style="font-size: 10pt">Consolidated
    Statements of Comprehensive Income/(loss) for the years ended December 31, 2020, 2021 and 2022</span></a></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 12pt; text-align: left; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_004"><span style="font-size: 10pt">Consolidated
    Statements of Changes in Shareholders&#8217; Equity for the years ended December 31, 2020, 2021 and 2022</span></a></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; 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-left: 12pt; text-align: left; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_005"><span style="font-size: 10pt">Consolidated
    Statements of Cash Flows for the years ended December 31, 2020, 2021 and 2022</span></a></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 12pt; text-align: left; text-indent: -12pt"><span style="font-family: Times New Roman, Times, Serif"><a href="#f_006"><span style="font-size: 10pt">Notes
    to the Consolidated Financial Statements</span></a></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  </table><div>

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

</div><!-- Field: Page; Sequence: 178; 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">F-<!-- 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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="f_001"></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"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </b></span></p><div>

</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"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and Shareholders of</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lixiang Education Holding Co., Ltd.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.35in"><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>Opinion
on the Financial Statements</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">We
have audited the accompanying consolidated balance sheets of Lixiang Education Holding Co., Ltd. (the &#8220;Company&#8221;) as of December
31, 2022 and 2021, and the related consolidated statements of comprehensive income/(loss), changes in shareholders&#8217; equity, and
cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes (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 December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the three-year
period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.</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>Basis
for Opinion</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">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.</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">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&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</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">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.</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">/s/
<ix:nonNumeric contextRef="c0" name="dei:AuditorName">WWC, P.C.</ix:nonNumeric></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">Certified
Public Accountants</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">PCAOB
NO.: <ix:nonNumeric contextRef="c0" name="dei:AuditorFirmId">1171</ix:nonNumeric></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">We
have served as the Company&#8217;s auditor since October 2021.</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"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation"><span style="font-family: Times New Roman, Times, Serif">San
Mateo, California</span></ix:nonNumeric></p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">May 1, 2023</span></p><div>

</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">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 179; 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">F-<!-- 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; 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: center"><span style="font-family: Times New Roman, Times, Serif"><b>Lixiang
Education Holding Co., Ltd. </b></span></p><div>

</div><div><a id="f_002"></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"><b>CONSOLIDATED
BALANCE SHEETS </b></span></p><div>

</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"><b>As
of December 31, 2021 and 2022 </b></span></p><div>

</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"><b>(RMB,
except share data or otherwise noted) </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December&#160;31,</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 9pt; text-indent: -9pt">&#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>2021</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 9pt; text-indent: -9pt">&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$<br/>
(Note&#160;2(g))</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ASSETS</b></span></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></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current assets:</b></span></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></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 64%; padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">199,411,823</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">246,761,548</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">35,777,061</ix:nonFraction></span></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryNet" scale="0" unitRef="cny">227,600</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryNet" scale="0" unitRef="cny">1,163,776</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryNet" scale="0" unitRef="usd">168,732</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments and other current assets</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="cny">101,467,924</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="cny">81,197,804</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="usd">11,772,576</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-1; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableNetCurrent" scale="0" unitRef="cny">430,960</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableNetCurrent" scale="0" unitRef="usd">62,483</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total current assets</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="cny">301,107,347</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="cny">329,554,088</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">47,780,852</ix:nonFraction></b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-current assets:</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></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="cny">165,058,863</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="cny">160,129,657</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd">23,216,619</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land use rights, net</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLongTermInvestments" scale="0" unitRef="cny">36,767,329</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLongTermInvestments" scale="0" unitRef="cny">35,820,632</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLongTermInvestments" scale="0" unitRef="usd">5,193,503</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" scale="0" unitRef="cny">254,634</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" scale="0" unitRef="cny">218,957</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" scale="0" unitRef="usd">31,746</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Goodwill" scale="0" unitRef="cny">26,644,407</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Goodwill" scale="0" unitRef="cny">70,369,837</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Goodwill" scale="0" unitRef="usd">10,202,667</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxAssetsNet" scale="0" unitRef="cny">2,893,183</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxAssetsNet" scale="0" unitRef="cny">5,252,747</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxAssetsNet" scale="0" unitRef="usd">761,577</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use assets</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-2; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="cny">7,580,536</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd">1,099,074</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total non-current assets</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="cny">231,618,416</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="cny">279,372,366</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="usd">40,505,186</ix:nonFraction></b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total assets</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 4.5pt double">&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="cny">532,725,763</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 4.5pt double">&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="cny">608,926,454</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 4.5pt double">&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">88,286,038</ix:nonFraction></b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</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></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Current liabilities:</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></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="-sec-ix-hidden: hidden-fact-3; font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term borrowings (including short-term borrowings of the consolidated variable interest entities (&#8220;VIEs&#8221;) without recourse to the Company of RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherShortTermBorrowings" scale="0" unitRef="cny">77,000,000</ix:nonFraction> and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherShortTermBorrowings" scale="0" unitRef="cny">67,500,000</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="cny">77,000,000</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="cny">67,500,000</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBorrowings" scale="0" unitRef="usd">9,786,580</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="-sec-ix-hidden: hidden-fact-4; font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable (including accounts payable of the consolidated variable interest entities (&#8220;VIEs&#8221;) without recourse to the Company of RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableOtherCurrent" scale="0" unitRef="cny">741,169</ix:nonFraction> and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableOtherCurrent" scale="0" unitRef="cny">960,213</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="cny">6,002,448</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="cny">2,929,014</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">424,667</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="-sec-ix-hidden: hidden-fact-5; font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred revenue, current (including deferred revenue, current of the consolidated variable interest entities (&#8220;VIEs&#8221;) without recourse to the Company of RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenueCurrent" scale="0" unitRef="cny">1,204,033</ix:nonFraction> and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenueCurrent" scale="0" unitRef="cny">8,640,036</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerLiabilityCurrent" scale="0" unitRef="cny">1,386,607</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerLiabilityCurrent" scale="0" unitRef="cny">9,368,156</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerLiabilityCurrent" scale="0" unitRef="usd">1,358,255</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="-sec-ix-hidden: hidden-fact-6; font-family: Times New Roman, Times, Serif; font-size: 10pt">Salary and welfare payable (including salary and welfare payable of the consolidated variable interest entities (&#8220;VIEs&#8221;) without recourse to the Company of RMB <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherEmployeeRelatedLiabilitiesCurrent" scale="0" unitRef="cny">2,007,834</ix:nonFraction> and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherEmployeeRelatedLiabilitiesCurrent" scale="0" unitRef="cny">3,310,211</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeRelatedLiabilitiesCurrent" scale="0" unitRef="cny">2,126,041</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeRelatedLiabilitiesCurrent" scale="0" unitRef="cny">3,426,908</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeRelatedLiabilitiesCurrent" scale="0" unitRef="usd">496,855</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="-sec-ix-hidden: hidden-fact-7; font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts due to a related party (including amounts due to related parties of the consolidated variable interest entities (&#8220;VIEs&#8221;) without recourse to the Company of RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToOtherRelatedPartiesClassifiedCurrent" scale="0" unitRef="cny">323,400</ix:nonFraction> and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToOtherRelatedPartiesClassifiedCurrent" scale="0" unitRef="cny">323,400</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="cny">323,400</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="cny">323,400</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="usd">46,889</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="-sec-ix-hidden: hidden-fact-8; font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes payable (including taxes payable of the consolidated variable interest entities (&#8220;VIEs&#8221;) without recourse to the Company of RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrentAndNoncurrent" scale="0" unitRef="cny">628,081</ix:nonFraction> and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrentAndNoncurrent" scale="0" unitRef="cny">842,274</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="cny">649,138</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="cny">850,183</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="usd">123,265</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax payable (including income tax payable of the consolidated variable interest entities (&#8220;VIEs&#8221;) without recourse to the Company of nil and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncomeTaxPayable" scale="0" unitRef="cny">57,831</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-9; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-10">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncomeTaxPayableOfTheConsolidatedVariableInterestEntities" scale="0" unitRef="cny">57,831</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncomeTaxPayableOfTheConsolidatedVariableInterestEntities" scale="0" unitRef="usd">8,385</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="-sec-ix-hidden: hidden-fact-11; font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the consolidated variable interest entities (&#8220;VIEs&#8221;) without recourse to the Company of RMB<ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent" scale="0" unitRef="cny">16,708,810</ix:nonFraction> and RMB<ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent" scale="0" unitRef="cny">17,694,499</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="cny">17,392,216</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="cny">18,262,186</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="usd">2,647,768</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="-sec-ix-hidden: hidden-fact-14; -sec-ix-hidden: hidden-fact-13; font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term loans and borrowings, current (including long-term loans and borrowings, current of the consolidated variable interest entities (&#8220;VIEs&#8221;) without recourse to the Company of nil and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLongTermDebtCurrent" scale="0" unitRef="cny">3,925,000</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-12; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtCurrent" scale="0" unitRef="cny">3,925,000</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtCurrent" scale="0" unitRef="usd">569,072</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease liabilities-current (including operating lease liabilities-current of the consolidated variable interest entities (&#8220;VIEs&#8221;) without recourse to the Company of nil and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OperatingLeaseLiabilitiescurrent" scale="0" unitRef="cny">3,866,910</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-15; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-16">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="cny">3,866,910</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">560,649</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
due to Affected Entity, current (including amounts due to affected entity, current of the consolidated variable interest entities (&#8220;VIEs&#8221;)
without recourse to the Company of RMB<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountsDueToAffectedEntity" scale="0" unitRef="cny">288,261,447</ix:nonFraction> and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountsDueToAffectedEntity" scale="0" unitRef="cny">21,225,707</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountDueToAffectedEntityCurrent" scale="0" unitRef="cny">308,782,975</ix:nonFraction></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountDueToAffectedEntityCurrent" scale="0" unitRef="cny">23,584,906</ix:nonFraction></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountDueToAffectedEntityCurrent" scale="0" unitRef="usd">3,419,491</ix:nonFraction></span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total current liabilities</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="cny">413,662,825</ix:nonFraction></b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="cny">134,094,494</ix:nonFraction> </b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">19,441,876</ix:nonFraction> </b></span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-current liabilities:</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></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="-sec-ix-hidden: hidden-fact-18; font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
due to Affected Entity, non-current (including amounts due to affected entity, non-current of the consolidated variable interest entities
(&#8220;VIEs&#8221;) without recourse to the Company of nil and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountDueToAffectedEntity" scale="0" unitRef="cny">194,552,414</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-17; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountsDueToAffectedEntityNoncurrent" scale="0" unitRef="cny">216,176,563</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountsDueToAffectedEntityNoncurrent" scale="0" unitRef="usd">31,342,655</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term loans and borrowings, non-current (including long-term loans and borrowings, non-current (&#8220;VIEs&#8221;) without recourse to the Company of nil and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLongTermDebt" scale="0" unitRef="cny">1,606,250</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-19; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-20">-</span></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtNoncurrent" scale="0" unitRef="cny">1,606,250</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtNoncurrent" scale="0" unitRef="usd">232,884</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 18pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease liabilities, non-current (including operating lease liabilities, non-current (&#8220;VIEs&#8221;) without recourse to the Company of <span style="-sec-ix-hidden: hidden-fact-22">nil</span> and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OperatingLeaseLiabilitiesNoncurrentOther" scale="0" unitRef="cny">3,558,380</ix:nonFraction> as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-21; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="cny">3,558,380</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">515,917</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total non-current liabilities</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-23; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="cny">221,341,193</ix:nonFraction> </b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd">32,091,456</ix:nonFraction> </b></span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total liabilities</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 4.5pt double">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="cny">413,662,825</ix:nonFraction></b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 4.5pt double">&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="cny">355,435,687</ix:nonFraction> </b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 4.5pt double">&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">51,533,332</ix:nonFraction> </b></span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitments and contingencies</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-24">&#160;</div></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-25">&#160;</div></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-26">&#160;</div></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholders&#8217; equity:</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></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares (USD$<ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> par value; <ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">500,000,000</ix:nonFraction></ix:nonFraction> shares authorized, <ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares">66,667,000</ix:nonFraction></ix:nonFraction> and <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares">66,667,000</ix:nonFraction></ix:nonFraction> shares issued and outstanding as of December&#160;31, 2021 and 2022, respectively)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="cny">45,198</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="cny">45,198</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="usd">6,553</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in capital</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="cny">181,849,003</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="cny">305,460,907</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd">44,287,668</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statutory reserves</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:StatutoryReserves" scale="0" unitRef="cny">59,971,836</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:StatutoryReserves" scale="0" unitRef="cny">60,201,702</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:StatutoryReserves" scale="0" unitRef="usd">8,728,426</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated other comprehensive (loss)/income</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" sign="-" unitRef="cny">12,542,667</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" unitRef="cny">5,514,488</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" unitRef="usd">799,526</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated deficit</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="cny">110,260,432</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="cny">118,280,159</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd">17,149,011</ix:nonFraction></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Lixiang Education Holding Co., Ltd. shareholders&#8217; equity</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="cny">119,062,938</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="cny">252,942,136</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd">36,673,162</ix:nonFraction></b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling interests</span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-27; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:MinorityInterest" scale="0" unitRef="cny">548,631</ix:nonFraction></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:MinorityInterest" scale="0" unitRef="usd">79,544</ix:nonFraction></span></td>
    <td>&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total shareholders&#8217; equity</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">119,062,938</ix:nonFraction></b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">253,490,767</ix:nonFraction> </b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="usd">36,752,706</ix:nonFraction> </b></span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total liabilities and shareholders&#8217; equity</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 4.5pt double">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="cny">532,725,763</ix:nonFraction></b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 4.5pt double">&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="cny">608,926,454</ix:nonFraction> </b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 4.5pt double">&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd">88,286,038</ix:nonFraction> </b></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#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="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</span></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">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 180; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- 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: left"><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: center"><span style="font-family: Times New Roman, Times, Serif"><b>Lixiang
Education Holding Co., Ltd. </b></span></p><div>

</div><div><a id="f_003"></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"><b>CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) </b></span></p><div>

</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"><b>For
the years ended December 31, 2020, 2021 and 2022 </b></span></p><div>

</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"><b>(RMB,
except share data or otherwise noted) </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><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-indent: -0.125in; padding-left: 0.125in"><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="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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-indent: -0.125in; padding-left: 0.125in"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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-indent: -0.125in; padding-left: 0.125in"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$<br/>
    (Note&#160;2(g))</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-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Net
    revenues:</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><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="text-indent: -0.125in; padding-left: 0.25in; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from third parties</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"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">3,410,091</ix:nonFraction></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"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">8,512,992</ix:nonFraction></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"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">48,427,871</ix:nonFraction></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"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="usd">7,021,381</ix:nonFraction></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-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from related party</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"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">1,668,572</ix:nonFraction></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"><ix:nonFraction contextRef="c10" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">906,667</ix:nonFraction></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"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">754,285</ix:nonFraction></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"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="usd">109,361</ix:nonFraction></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-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Revenue
    from Affected Entity</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"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">20,626,291</ix:nonFraction></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"><ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">25,017,113</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-28; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-29; font-family: Times New Roman, Times, Serif">-</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: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total net revenues</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">25,704,954</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">34,436,772</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">49,182,156</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="usd">7,130,742</ix:nonFraction></span></td><td style="font-weight: bold; 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-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cost
    of revenues</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">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CostOfRevenue" scale="0" unitRef="cny">10,751,952</ix:nonFraction></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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CostOfRevenue" scale="0" unitRef="cny">17,356,450</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CostOfRevenue" scale="0" unitRef="cny">41,285,565</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CostOfRevenue" scale="0" unitRef="usd">5,985,844</ix:nonFraction></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="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Gross
    profit</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GrossProfit" scale="0" unitRef="cny">14,953,002</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GrossProfit" scale="0" unitRef="cny">17,080,322</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GrossProfit" scale="0" unitRef="cny">7,896,591</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GrossProfit" scale="0" unitRef="usd">1,144,898</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating
    expenses:</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</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">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="cny">10,124,428</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="cny">18,372,763</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="cny">30,494,239</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">4,421,249</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Sales
    and marketing expenses</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="-sec-ix-hidden: hidden-fact-30; 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="-sec-ix-hidden: hidden-fact-31; 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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="cny">1,974,299</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SellingAndMarketingExpense" scale="0" unitRef="usd">286,246</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Impairment
    loss on goodwill</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; font-size: 10pt">&#12288;</span><span style="font-family: Times New Roman, Times, Serif">-</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; font-size: 10pt">&#12288;</span><span style="font-family: Times New Roman, Times, Serif">-</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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="0" unitRef="cny">18,842,000</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="0" unitRef="usd">2,731,833</ix:nonFraction></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; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    operating expenses</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" unitRef="cny">10,124,428</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" unitRef="cny">18,372,763</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" unitRef="cny">51,310,538</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" unitRef="usd">7,439,328</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating
    income/(loss)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" unitRef="cny">4,828,574</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="cny">1,292,441</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="cny">43,413,947</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">6,294,430</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <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; padding-bottom: 1.5pt">Other income/(loss)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest
    expense</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">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="0" unitRef="cny">897,398</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="0" unitRef="cny">2,393,178</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="0" unitRef="cny">4,707,952</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="0" unitRef="usd">682,589</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest
    income</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"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="cny">16,634</ix:nonFraction></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"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="cny">14,834</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="cny">77,315</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="usd">11,210</ix:nonFraction></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-indent: -0.125in; padding-left: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Fair
    value change gain of contingent consideration</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="-sec-ix-hidden: hidden-fact-32; 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="-sec-ix-hidden: hidden-fact-33; 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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" sign="-" unitRef="cny">22,850,000</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" sign="-" unitRef="usd">3,312,939</ix:nonFraction></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-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    (loss)/income, net</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">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OtherNonOperatingIncomes" scale="0" sign="-" unitRef="cny">1,426</ix:nonFraction></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"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OtherNonOperatingIncomes" scale="0" unitRef="cny">4,590,580</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OtherNonOperatingIncomes" scale="0" unitRef="cny">17,527,397</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OtherNonOperatingIncomes" scale="0" unitRef="usd">2,541,234</ix:nonFraction></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="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    before income tax expense</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" unitRef="cny">3,946,384</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" unitRef="cny">919,795</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="cny">7,667,187</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="0" sign="-" unitRef="usd">1,111,636</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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"><span style="font-family: Times New Roman, Times, Serif">Income
    tax expense</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="-sec-ix-hidden: hidden-fact-34; font-family: Times New Roman, Times, Serif">-</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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="cny">670,976</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="cny">424,043</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="usd">61,480</ix:nonFraction></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="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    from continuing operations, net of tax</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncomelossFromContinuingOperationsNetOfTax" scale="0" unitRef="cny">3,946,384</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncomelossFromContinuingOperationsNetOfTax" scale="0" unitRef="cny">248,819</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncomelossFromContinuingOperationsNetOfTax" scale="0" sign="-" unitRef="cny">8,091,230</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncomelossFromContinuingOperationsNetOfTax" scale="0" sign="-" unitRef="usd">1,173,116</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    from discontinued operation, net of tax</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" scale="0" unitRef="cny">29,638,700</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" scale="0" sign="-" unitRef="cny">244,068,780</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-35; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-36; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss)</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"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="cny">33,585,084</ix:nonFraction></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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">243,819,961</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">8,091,230</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">1,173,116</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <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"><span style="font-family: Times New Roman, Times, Serif">Net income/(loss) attributable to Lixiang Education Holding Co., Ltd.
shareholders</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:NetIncomelossAttributableToTheCompanysOrdinaryShareholders" scale="0" sign="-" unitRef="cny">33,585,084</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:NetIncomelossAttributableToTheCompanysOrdinaryShareholders" scale="0" unitRef="cny">243,819,961</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:NetIncomelossAttributableToTheCompanysOrdinaryShareholders" scale="0" unitRef="cny">7,789,861</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:NetIncomelossAttributableToTheCompanysOrdinaryShareholders" scale="0" unitRef="usd">1,129,424</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    loss attributable to non-controlling interests</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-37; font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-38; font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="cny">301,369</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd">43,694</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <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"><span style="font-family: Times New Roman, Times, Serif">Other
    comprehensive (loss)/income:</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Foreign
    currency translation adjustment, net of nil tax</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">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" sign="-" unitRef="cny">7,956,640</ix:nonFraction></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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" sign="-" unitRef="cny">4,586,027</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" unitRef="cny">18,057,155</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" unitRef="usd">2,618,041</ix:nonFraction></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="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
    income/(loss)</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"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossTax" scale="0" unitRef="cny">25,628,444</ix:nonFraction></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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossTax" scale="0" sign="-" unitRef="cny">248,405,988</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossTax" scale="0" unitRef="cny">9,965,925</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossTax" scale="0" unitRef="usd">1,444,923</ix:nonFraction></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>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total
    comprehensive loss attributable to non-controlling interests</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-39; font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; 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="-sec-ix-hidden: hidden-fact-40; 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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" scale="0" unitRef="cny">301,369</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" scale="0" unitRef="usd">43,694</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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"><span style="font-family: Times New Roman, Times, Serif">Total comprehensive income/(loss) attributable to Lixiang Education
Holding Co., Ltd. shareholders</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"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ComprehensiveIncomeNetOfTaxAvailableToCommonStockholdersBasic" scale="0" sign="-" unitRef="cny">25,628,444</ix:nonFraction></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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ComprehensiveIncomeNetOfTaxAvailableToCommonStockholdersBasic" scale="0" unitRef="cny">248,405,988</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ComprehensiveIncomeNetOfTaxAvailableToCommonStockholdersBasic" scale="0" sign="-" unitRef="cny">10,267,294</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ComprehensiveIncomeNetOfTaxAvailableToCommonStockholdersBasic" scale="0" sign="-" unitRef="usd">1,488,617</ix:nonFraction></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-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Earnings/(loss) per ordinary share attributable to Lixiang Education
Holding Co., Ltd. shareholders from continuing operations</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-hidden: hidden-fact-44; -sec-ix-hidden: hidden-fact-43; -sec-ix-hidden: hidden-fact-42; -sec-ix-hidden: hidden-fact-41; font-family: Times New Roman, Times, Serif">&#8212;Basic and diluted</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"><ix:nonFraction contextRef="c15" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsPerBasicShare" scale="0" unitRef="cnyPershares">0.07</ix:nonFraction></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"><ix:nonFraction contextRef="c16" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsPerBasicShare" scale="0" unitRef="cnyPershares">0.00</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsPerBasicShare" scale="0" sign="-" unitRef="cnyPershares">0.12</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperationsPerBasicShare" scale="0" sign="-" unitRef="usdPershares">0.02</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Earnings/(loss) per ordinary share attributable to Lixiang Education
Holding Co., Ltd. shareholders from discontinued operation</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="-sec-ix-hidden: hidden-fact-50; -sec-ix-hidden: hidden-fact-49; -sec-ix-hidden: hidden-fact-48; -sec-ix-hidden: hidden-fact-47; font-family: Times New Roman, Times, Serif">&#8212;Basic and diluted</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"><ix:nonFraction contextRef="c15" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" scale="0" unitRef="cnyPershares">0.55</ix:nonFraction></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">(<ix:nonFraction contextRef="c16" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" scale="0" sign="-" unitRef="cnyPershares">3.66</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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="-sec-ix-hidden: hidden-fact-45; 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="-sec-ix-hidden: hidden-fact-46; 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-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Weighted average number of ordinary shares outstanding</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-hidden: hidden-fact-54; -sec-ix-hidden: hidden-fact-53; -sec-ix-hidden: hidden-fact-52; -sec-ix-hidden: hidden-fact-51; font-family: Times New Roman, Times, Serif">&#8212;Basic and diluted</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">54,166,750</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">66,667,000</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">66,667,000</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">66,667,000</ix:nonFraction></span></td><td style="padding-bottom: 4pt; 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"><span style="font-family: Times New Roman, Times, Serif">&#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="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</span></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">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 181; 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">F-<!-- 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: left"><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: center"><span style="font-family: Times New Roman, Times, Serif"><b>Lixiang
Education Holding Co., Ltd. </b></span></p><div>

</div><div><a id="f_004"></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"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY </b></span></p><div>

</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"><b>For
the years ended December 31, 2020, 2021 and 2022 </b></span></p><div>

</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"><b>(RMB,
except share data or otherwise noted)</b></span></p><div>

</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">&#160;</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="font: 9pt 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="font-weight: bold; text-align: center">Ordinary&#160;shares</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">Additional</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Accumulated<br/> other</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">Retained<br/> earnings/</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">Total<br/> Lixiang<br/> Education<br/> Holding Co.,<br/> Ltd.</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">Non-</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">Total</td><td style="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&#160;of<br/> shares</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">Amount</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">paid-in<br/> capital</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">Statutory<br/> reserves</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">comprehensive<br/> (loss)/income</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">(Accumulated deficit)</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">shareholders&#8217;<br/> equity</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">controlling<br/> interests</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">shareholders&#8217;<br/> equity</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>&#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">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><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><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><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; background-color: rgb(204,238,255)">
    <td style="width: 32%; font-weight: bold; text-indent: -9pt; padding-left: 9pt">Balance as of December&#160;31, 2019</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 6%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c17" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares">50,000,000</ix:nonFraction></td><td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 0.5%; font-weight: bold">&#160;</td>
    <td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 6%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">-</div></td><td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 0.5%; font-weight: bold">&#160;</td>
    <td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 6%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">11,200,000</ix:nonFraction></td><td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 0.5%; font-weight: bold">&#160;</td>
    <td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 6%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">50,807,520</ix:nonFraction></td><td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 0.5%; font-weight: bold">&#160;</td>
    <td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 6%; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">-</div></td><td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 0.5%; font-weight: bold">&#160;</td>
    <td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 6%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c21" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">109,138,761</ix:nonFraction></td><td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 0.5%; font-weight: bold">&#160;</td>
    <td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 6%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">171,146,281</ix:nonFraction></td><td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 0.5%; font-weight: bold">&#160;</td>
    <td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 6%; font-weight: bold; text-align: right">-</td><td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 0.5%; font-weight: bold">&#160;</td>
    <td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td><td style="width: 6%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">171,146,281</ix:nonFraction></td><td style="width: 0.5%; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net income for the year</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"><div style="-sec-ix-hidden: hidden-fact-57">-</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">-</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">-</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">-</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="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="cny">33,585,084</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="c29" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="cny">33,585,084</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">-</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="cny">33,585,084</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: -9pt; padding-left: 9pt">Issuance of ordinary shares upon Initial Public Offering (&#8220;IPO&#8221;), net of issuance cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares">16,667,000</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="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="cny">45,198</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="c25" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="cny">170,649,003</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-61">-</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">-</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">-</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="c29" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="cny">170,694,201</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">-</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="cny">170,694,201</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Provision of statutory reserve</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"><div style="-sec-ix-hidden: hidden-fact-64">-</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-65">-</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="c26" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueOther" scale="0" unitRef="cny">7,409,675</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-66">-</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="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueOther" scale="0" sign="-" unitRef="cny">7,409,675</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-67">-</div></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 style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Foreign currency translation</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"><div style="-sec-ix-hidden: hidden-fact-68">-</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-69">-</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-70">-</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="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" sign="-" unitRef="cny">7,956,640</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-71">-</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="c29" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" sign="-" unitRef="cny">7,956,640</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">-</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" sign="-" unitRef="cny">7,956,640</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-indent: -9pt; padding-left: 9pt">Balance as of December&#160;31, 2020</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c30" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares">66,667,000</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c30" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">45,198</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c31" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">181,849,003</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c32" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">58,217,195</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c33" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="cny">7,956,640</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c34" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">135,314,170</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c35" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">367,468,926</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c36" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">367,468,926</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net loss for the year</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"><div style="-sec-ix-hidden: hidden-fact-72">-</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-73">-</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-74">-</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-75">-</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="c41" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">243,819,961</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="c42" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">243,819,961</ix:nonFraction></td><td style="text-align: left">)</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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">243,819,961</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Provision of statutory reserve</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"><div style="-sec-ix-hidden: hidden-fact-76">-</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">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueOther" scale="0" unitRef="cny">1,754,641</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"><div style="-sec-ix-hidden: hidden-fact-78">-</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="c41" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueOther" scale="0" sign="-" unitRef="cny">1,754,641</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-79">-</div></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 style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Foreign currency translation</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"><div style="-sec-ix-hidden: hidden-fact-80">-</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-81">-</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-82">-</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="c40" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" sign="-" unitRef="cny">4,586,027</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-83">-</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="c42" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" sign="-" unitRef="cny">4,586,027</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">-</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" sign="-" unitRef="cny">4,586,027</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Balance as of December&#160;31, 2021</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c43" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares">66,667,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c43" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">45,198</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c44" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">181,849,003</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c45" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">59,971,836</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c46" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="cny">12,542,667</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c47" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="cny">110,260,432</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c48" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">119,062,938</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">119,062,938</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net loss for the year</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"><div style="-sec-ix-hidden: hidden-fact-84">-</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">-</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-86">-</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">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">7,789,861</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="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">7,789,861</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="c55" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">301,369</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="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">8,091,230</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Provision of statutory reserve</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"><div style="-sec-ix-hidden: hidden-fact-88">-</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">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueOther" scale="0" unitRef="cny">229,866</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-90">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueOther" scale="0" sign="-" unitRef="cny">229,866</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-91">-</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-92">-</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">-</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: -9pt; padding-left: 9pt">Deemed shareholder's contribution (Note 18)</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"><ix:nonFraction contextRef="c50" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalOther" scale="0" unitRef="cny">123,611,904</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">&#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"><ix:nonFraction contextRef="c54" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalOther" scale="0" unitRef="cny">123,611,904</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">&#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="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalOther" scale="0" unitRef="cny">123,611,904</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Contribution from non-controlling shareholders</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"><div style="-sec-ix-hidden: hidden-fact-94">-</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-95">-</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-96">-</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">-</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">-</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">-</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="c55" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" scale="0" unitRef="cny">850,000</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="0" format="ixt:num-dot-decimal" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" scale="0" unitRef="cny">850,000</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; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Foreign currency translation</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"><div style="-sec-ix-hidden: hidden-fact-100">-</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-101">-</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-102">-</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="c52" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="cny">18,057,155</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-103">-</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="c54" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="cny">18,057,155</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-104">-</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="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="cny">18,057,155</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; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Balance as of December&#160;31, 2022</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="c56" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares">66,667,000</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="c56" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">45,198</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="c57" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">305,460,907</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="c58" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">60,201,702</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="c59" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">5,514,488</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="c60" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="cny">118,280,159</ix:nonFraction></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"><ix:nonFraction contextRef="c61" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">252,942,136</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="c62" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">548,631</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="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="cny">253,490,767</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>


</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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: left"></p><div>

</div><!-- Field: Page; Sequence: 182; 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">F-<!-- 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: left"><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: center"><span style="font-family: Times New Roman, Times, Serif"><b>Lixiang
Education Holding Co., Ltd. </b></span></p><div>

</div><div><a id="f_005"></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"><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS </b></span></p><div>

</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"><b>For
the years ended December 31, 2020, 2021 and 2022 </b></span></p><div>

</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"><b>(RMB,
except share data or otherwise noted) </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"></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="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the years ended December 31,</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">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="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">&#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><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">US$<br/> (Note&#160;2(g))</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">Cash flows from operating activities</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="width: 52%; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 0.25in">Net income/(loss)</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="cny">33,585,084</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">243,819,961</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">8,091,230</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">1,173,116</ix:nonFraction></td><td style="width: 1%; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Net income/(loss) from discontinued operation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" scale="0" unitRef="cny">29,638,700</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" scale="0" sign="-" unitRef="cny">244,068,780</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-105">-</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-106">-</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: -9pt; padding-left: 27pt">Net income/(loss) from continuing operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="cny">3,946,384</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="cny">248,819</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="cny">8,091,230</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="usd">1,173,116</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Adjustments for:</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">&#160;</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 style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Depreciation of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="cny">3,913,937</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="cny">4,257,506</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="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="cny">6,916,022</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="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd">1,002,729</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Amortization of land use rights</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" scale="0" unitRef="cny">946,697</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" scale="0" unitRef="cny">946,697</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="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" scale="0" unitRef="cny">946,697</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="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" scale="0" unitRef="usd">137,258</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: -9pt; padding-left: 0.5in">Amortization of intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfIntangibleAssets" scale="0" unitRef="cny">5,000</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfIntangibleAssets" scale="0" unitRef="cny">33,120</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="0" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfIntangibleAssets" scale="0" unitRef="cny">35,677</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="0" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfIntangibleAssets" scale="0" unitRef="usd">5,173</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Amortization of right-of-use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">-</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-108">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" scale="0" unitRef="cny">3,725,199</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="0" format="ixt:num-dot-decimal" name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" scale="0" unitRef="usd">540,103</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: -9pt; padding-left: 0.5in">Impairment of goodwill</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">-</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">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="0" unitRef="cny">18,842,000</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="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="0" unitRef="usd">2,731,833</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Fair value change of contingent consideration</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-111">-</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-112">-</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="0" format="ixt:num-dot-decimal" name="lxeh:FairValueChangeOfContingentConsideration" scale="0" sign="-" unitRef="cny">22,850,000</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="0" format="ixt:num-dot-decimal" name="lxeh:FairValueChangeOfContingentConsideration" scale="0" sign="-" unitRef="usd">3,312,939</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: -9pt; padding-left: 0.5in">Deferred tax (benefits)/expenses</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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDeferredLiabilities" scale="0" sign="-" unitRef="cny">91,092</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDeferredLiabilities" scale="0" unitRef="cny">358,745</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDeferredLiabilities" scale="0" unitRef="usd">52,013</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Loss on disposal of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-113">-</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" sign="-" unitRef="cny">23,884</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-114">-</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">-</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: -9pt; padding-left: 0.5in">Gain on acquisition of Youxi Software</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-116">-</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss" scale="0" unitRef="cny">2,823,630</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">-</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-118">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 0.25in">Changes in assets and 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">-</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 style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">-</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">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" sign="-" unitRef="cny">913,872</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" sign="-" unitRef="usd">132,499</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.5in">Inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="cny">1,577,330</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" sign="-" unitRef="cny">1,349,730</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="cny">936,176</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="usd">135,733</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: -9pt; padding-left: 0.5in">Prepayments and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAsset" scale="0" unitRef="cny">368,933</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="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAsset" scale="0" unitRef="cny">17,618,483</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="0" format="ixt:num-dot-decimal" name="lxeh:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAsset" scale="0" unitRef="cny">710,093</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="0" format="ixt:num-dot-decimal" name="lxeh:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAsset" scale="0" unitRef="usd">102,954</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Amounts due from related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" scale="0" sign="-" unitRef="cny">977,770</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-121">-</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">-</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-123">-</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: -9pt; padding-left: 0.5in">Amounts due from Affected Entity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncreaseDecreaseInDueFromAffectedEntityCurrent" scale="0" unitRef="cny">3,482,533</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="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncreaseDecreaseInDueFromAffectedEntityCurrent" scale="0" unitRef="cny">8,884,600</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-124">-</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">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" unitRef="cny">6,163,277</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" sign="-" unitRef="cny">1,379,609</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" sign="-" unitRef="cny">3,233,131</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" sign="-" unitRef="usd">468,760</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: -9pt; padding-left: 0.5in">Amounts due to a related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-126">-</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueToRelatedParties" scale="0" sign="-" unitRef="cny">396,000</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueToRelatedParties" scale="0" sign="-" unitRef="cny">182,574</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueToRelatedParties" scale="0" sign="-" unitRef="usd">26,471</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Amounts due to Affected Entity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncreaseDecreaseInDueToAffectedEntityCurrent" scale="0" unitRef="cny">28,254,761</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="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncreaseDecreaseInDueToAffectedEntityCurrent" scale="0" unitRef="cny">54,631,354</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="0" format="ixt:num-dot-decimal" name="lxeh:IncreaseDecreaseInDueToAffectedEntityCurrent" scale="0" unitRef="cny">54,590,398</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="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncreaseDecreaseInDueToAffectedEntityCurrent" scale="0" unitRef="usd">7,914,864</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: -9pt; padding-left: 0.5in">Salaries and welfare payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" scale="0" unitRef="cny">131,339</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" scale="0" unitRef="cny">1,792,411</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" scale="0" unitRef="cny">344,081</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" scale="0" unitRef="usd">49,887</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Taxes payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInIncomeTaxes" scale="0" unitRef="cny">249,897</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInIncomeTaxes" scale="0" unitRef="cny">417,218</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInIncomeTaxes" scale="0" sign="-" unitRef="cny">331,781</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInIncomeTaxes" scale="0" sign="-" unitRef="usd">48,104</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: -9pt; padding-left: 0.5in">Income tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">-</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">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedTaxesPayable" scale="0" unitRef="cny">57,831</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedTaxesPayable" scale="0" unitRef="usd">8,385</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Deferred revenue, current and non-current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" scale="0" unitRef="cny">176,980</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" scale="0" sign="-" unitRef="cny">3,975,173</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" scale="0" unitRef="cny">342,919</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" scale="0" unitRef="usd">49,719</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: -9pt; padding-left: 0.5in">Accrued liabilities and other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" scale="0" sign="-" unitRef="cny">208,685</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" scale="0" sign="-" unitRef="cny">18,466,836</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" scale="0" sign="-" unitRef="cny">7,310,496</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" scale="0" sign="-" unitRef="usd">1,059,922</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.5in">Operating lease liabilities, current and non-current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-129">-</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">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="cny">3,880,445</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd">562,612</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; text-indent: -9pt; padding-left: 27pt">Net cash provided by operating activities from continuing operations</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" scale="0" unitRef="cny">46,831,493</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" scale="0" unitRef="cny">63,071,482</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="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" scale="0" unitRef="cny">40,967,701</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="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" scale="0" unitRef="usd">5,939,760</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Net cash provided by/(used in) operating activities from discontinued operation</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" scale="0" unitRef="cny">2,624,493</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" scale="0" sign="-" unitRef="cny">32,463,882</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-131">-</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-132">-</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="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 27pt">Net cash provided by operating activities</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="cny">49,455,986</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="cny">30,607,600</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="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="cny">40,967,701</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="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="usd">5,939,760</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash flows from investing activities:</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">&#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-align: left; text-indent: -9pt; padding-left: 27pt">Purchase of short-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireShortTermInvestments" scale="0" unitRef="cny">55,000,000</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireShortTermInvestments" scale="0" unitRef="cny">107,500,000</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="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireShortTermInvestments" scale="0" unitRef="cny">9,000,000</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="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireShortTermInvestments" scale="0" unitRef="usd">1,304,877</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Proceeds from maturity of short-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" scale="0" unitRef="cny">65,000,000</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" scale="0" unitRef="cny">107,500,000</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="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" scale="0" unitRef="cny">9,000,000</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="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" scale="0" unitRef="usd">1,304,877</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: -9pt; padding-left: 27pt">Purchase of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="cny">3,909,253</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="cny">2,249,341</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="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="cny">1,296,464</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="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd">187,970</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Purchase of Pengxiang, net of cash acquired</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">-</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">-</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="0" format="ixt:num-dot-decimal" name="lxeh:PurchaseOfPengxiangNetOfCashAcquired" scale="0" unitRef="cny">840,083</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="0" format="ixt:num-dot-decimal" name="lxeh:PurchaseOfPengxiangNetOfCashAcquired" scale="0" unitRef="usd">121,801</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: -9pt; padding-left: 27pt">Loans lent to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToFundLongtermLoansToRelatedParties" scale="0" unitRef="cny">22,161,208</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-135">-</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">-</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">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Repayments of loans by related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:RepaymentOfLoansByRelatedParties" scale="0" sign="-" unitRef="cny">28,139,563</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-138">-</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-139">-</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">-</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: -9pt; padding-left: 27pt">Advance deposit for intent acquisition</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">-</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EscrowDepositDisbursementsRelatedToPropertyAcquisition1" scale="0" unitRef="cny">100,000,000</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">-</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">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Purchase of Youxi Software</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-144">-</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForSoftware" scale="0" unitRef="cny">296,789</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">-</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-146">-</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-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Purchase of Qingtian International School</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-147">-</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" scale="0" unitRef="cny">12,188,781</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-148">-</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-149">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Net cash provided by/(used in) investing activities from continuing operations</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" scale="0" unitRef="cny">12,069,102</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" scale="0" sign="-" unitRef="cny">114,734,911</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="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" scale="0" sign="-" unitRef="cny">456,381</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="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" scale="0" sign="-" unitRef="usd">66,169</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; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Net cash provided by/(used in) investing activities from discontinued operation</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" scale="0" unitRef="cny">7,688,534</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" scale="0" sign="-" unitRef="cny">40,315,605</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-150">-</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-151">-</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: -9pt; padding-left: 0.25in">Net cash provided by/(used in) investing activities</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" unitRef="cny">19,757,636</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="cny">155,050,516</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="cny">456,381</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">66,169</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; 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: -9pt; padding-left: 9pt">Cash flows from financing activities:</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">&#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: -9pt; padding-left: 27pt">Proceeds from short-term borrowings with banks</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ProceedsFromShortTermBorrowingsFromRelatedParties" scale="0" unitRef="cny">43,400,000</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="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ProceedsFromShortTermBorrowingsFromRelatedParties" scale="0" unitRef="cny">97,000,000</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="0" format="ixt:num-dot-decimal" name="lxeh:ProceedsFromShortTermBorrowingsFromRelatedParties" scale="0" unitRef="cny">107,500,000</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="0" format="ixt:num-dot-decimal" name="lxeh:ProceedsFromShortTermBorrowingsFromRelatedParties" scale="0" unitRef="usd">15,586,035</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: -9pt; padding-left: 27pt">Repayments of short-term borrowings with banks</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:RepaymentOfRelatedPartyDebtOne" scale="0" unitRef="cny">63,304,394</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="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:RepaymentOfRelatedPartyDebtOne" scale="0" unitRef="cny">44,895,606</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="0" format="ixt:num-dot-decimal" name="lxeh:RepaymentOfRelatedPartyDebtOne" scale="0" unitRef="cny">125,100,000</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="0" format="ixt:num-dot-decimal" name="lxeh:RepaymentOfRelatedPartyDebtOne" scale="0" unitRef="usd">18,137,795</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Proceeds from long-term borrowings with banks</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-152">-</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-153">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromBankDebt" scale="0" unitRef="cny">7,850,000</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="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromBankDebt" scale="0" unitRef="usd">1,138,143</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: -9pt; padding-left: 27pt">Repayments of long-term borrowings with banks</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-154">-</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">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfLongTermDebt" scale="0" unitRef="cny">2,318,750</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="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfLongTermDebt" scale="0" unitRef="usd">336,187</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Contributions from 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-156">-</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-157">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromMinorityShareholders" scale="0" unitRef="cny">850,000</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="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromMinorityShareholders" scale="0" unitRef="usd">123,238</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: -9pt; padding-left: 27pt">Proceeds from issuance of ordinary shares upon IPO</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="0" unitRef="cny">208,718,163</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-158">-</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-159">-</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">-</div></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: -9pt; padding-left: 27pt">Cash paid for initial public offering related costs</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfFinancingCosts" scale="0" unitRef="cny">38,023,962</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-161">-</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-162">-</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-163">-</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-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Net cash provided by/(used in) financing activities from continuing operations</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" scale="0" unitRef="cny">150,789,807</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" scale="0" unitRef="cny">52,104,394</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="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" scale="0" sign="-" unitRef="cny">11,218,750</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="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" scale="0" sign="-" unitRef="usd">1,626,566</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Net cash (used in)/provided by financing activities from discontinued operation</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" scale="0" sign="-" unitRef="cny">24,000,000</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" scale="0" unitRef="cny">63,566,667</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-164">-</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-165">-</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="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 0.25in">Net cash provided by/(used in) financing activities</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="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="cny">126,789,807</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="cny">115,671,061</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="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" sign="-" unitRef="cny">11,218,750</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" sign="-" unitRef="usd">1,626,566</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Effect of exchange rate changes on cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" sign="-" unitRef="cny">7,956,640</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" sign="-" unitRef="cny">4,586,028</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="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="cny">18,057,155</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="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">237,969</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Net increase/(decrease) in cash</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="cny">188,046,789</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="cny">13,357,883</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="cny">47,349,725</ix:nonFraction></td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="usd">4,484,994</ix:nonFraction></td><td style="font-weight: bold; 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: -9pt; padding-left: 9pt">Cash at the beginning of year</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="cny">24,722,917</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c36" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="cny">212,769,706</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="cny">199,411,823</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd">31,292,067</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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: -9pt; padding-left: 9pt">Cash at the end of year</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="c36" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="cny">212,769,706</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="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="cny">199,411,823</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="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="cny">246,761,548</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="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd">35,777,061</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 0.25in">&#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="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Supplemental disclosure of cash flow information:</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: -9pt; padding-left: 0.25in">Cash paid for interest expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPaidNet" scale="0" unitRef="cny">2,148,384</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-166">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPaidNet" scale="0" unitRef="cny">2,615,402</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="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPaidNet" scale="0" unitRef="usd">379,198</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: -9pt; padding-left: 0.25in">Cash paid for income tax expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-167">-</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="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaidNet" scale="0" sign="-" unitRef="cny">955,081</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaidNet" scale="0" sign="-" unitRef="cny">935,716</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="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaidNet" scale="0" sign="-" unitRef="usd">135,666</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Supplemental schedule of non-cash investing and financing 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; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Payables for Qingtian International School acquisition</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-168">-</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="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:PayablesForBusinessesAcquisition" scale="0" sign="-" unitRef="cny">8,000,000</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-169">-</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-170">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Recognition of right-of-use assets and operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-171">-</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-172">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAssumed1" scale="0" unitRef="cny">11,305,735</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="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAssumed1" scale="0" unitRef="usd">1,639,177</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: -9pt; padding-left: 0.25in">Payables for property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:PayablesForPropertyAndEquipment" scale="0" unitRef="cny">1,061,462</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-173">-</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-174">-</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-175">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Deemed shareholder's contribution</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-176">-</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-177">-</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="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssued1" scale="0" unitRef="cny">123,611,904</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="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssued1" scale="0" unitRef="usd">17,922,041</ix:nonFraction></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">&#160;</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">The
accompanying notes are an integral part of these consolidated financial statements.</span></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">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 183; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- 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: left"><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: center"><span style="font-family: Times New Roman, Times, Serif"><b>Lixiang
Education Holding Co., Ltd. </b></span></p><div>

</div><div><a id="f_006"></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"><b>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS </b></span></p><div>

</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"><b>(RMB,
except share data or otherwise noted) </b></span></p><div>

</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">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock"><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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>1.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Organization
                                            and Principal Activities</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_2" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_1"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(a)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Principal
                                            activities </i></b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 30.55pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_3" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-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">Lixiang
Education Holding Co., Ltd. (formerly known as Lianwai Education Group Limited, the &#8220;Company&#8221;) was incorporated on September&#160;6,
2018 under the law of the Cayman Islands as an exempted company with limited liability. The Company&#8217;s original name was Lianwai
Education Group Limited. The Company changed its name to Lixiang Education Holding Co., Ltd. on May&#160;26, 2020. The Company, through
its subsidiaries and consolidated variable interest entities (&#8220;VIEs&#8221;) (collectively referred to as the &#8220;Group&#8221;)
is primarily engaged in providing education services including high school and vocational education services through Zhejiang Lishui
Mengxiang Education Development Company Limited, Qingtian Overseas Chinese International School (&#8220;Qingtian International School&#8221;)
and Langfang City Rail Transit Technical School (&#8220;Langfang School&#8221;), and comprehensive human resource service in the People&#8217;s
Republic of China (the &#8220;PRC&#8221;).</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_4" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-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">On
May&#160;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 Implementation Rules, which became effective on September&#160;1, 2021. Under the Implementation Rules, social organizations
and individuals are prohibited from controlling a private school that provides compulsory education, referring to nine years of curriculum
education mandated by the PRC, 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. 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(c) to direct the
relevant activities that would most significantly affect the economic performance of those schools and hence, has lost control on August&#160;31,
2021 over Lianwai School &#8220;Affected Entity&#8221;. Accordingly, the carrying amount related to the net assets of the Affected Entity
were deconsolidated from the consolidated financial statements of the Group as of August&#160;31, 2021.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_5" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Significant
equity transactions </i></b></span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_6" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-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">On
October 1, 2020, the Company completed its IPO on the NASDAQ Global Market of <ix:nonFraction contextRef="c63" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares">3,333,400</ix:nonFraction> American Depositary Shares (&#8220;ADS&#8221;).
Each ADS represents <ix:nonFraction contextRef="c63" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmericanDepositoryShareRepresentingCommonShares" scale="0" unitRef="shares">5</ix:nonFraction> ordinary shares. The offering was at a price of US$<ix:nonFraction contextRef="c64" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares">9.25</ix:nonFraction> per ADS for a total offering size of approximately US$<ix:nonFraction contextRef="c63" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues" scale="6" unitRef="usd">30.8</ix:nonFraction>
million. The net proceeds raised from the IPO amounted to approximately RMB <ix:nonFraction contextRef="c63" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="6" unitRef="cny">170.7</ix:nonFraction> million (US$<ix:nonFraction contextRef="c63" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="6" unitRef="usd">26.2</ix:nonFraction> million) after deducting underwriting
discounts and commissions and other offering expenses.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_7" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_6"><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">On
August 31, 2021, the Company acquired <ix:nonFraction contextRef="c65" decimals="2" format="ixt:num-dot-decimal" name="lxeh:BusinessAcquisitionPercentageOfVotingInterestsAcquired1" scale="-2" unitRef="pure">100</ix:nonFraction>% of the sponsorship interest of Qingtian International School from Qingtian Zhongyi Education
Investment Co., Ltd under the consideration of RMB<ix:nonFraction contextRef="c66" decimals="-6" format="ixt:num-dot-decimal" name="lxeh:BusinessCombinationConsiderationTransferred" scale="6" unitRef="cny">23</ix:nonFraction> million.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_8" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-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">On
January 1, 2022, the Group acquired <ix:nonFraction contextRef="c67" decimals="2" format="ixt:num-dot-decimal" name="lxeh:BusinessAcquisitionPercentageOfVotingInterestsAcquired1" scale="-2" unitRef="pure">100</ix:nonFraction>% equity interest of Beijing P.X. from Beijing Shangkun Education Technology Development Co.,
Ltd. (&#8220;Beijing S.K.&#8221;) with the consideration of RMB<ix:nonFraction contextRef="c68" decimals="-5" format="ixt:num-dot-decimal" name="lxeh:BusinessCombinationConsiderationTransferred" scale="6" unitRef="cny">53.4</ix:nonFraction> million.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"></p><div>

</div><!-- Field: Page; Sequence: 184; 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">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: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>1.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Organization
                                            and Principal Activities (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_9" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, the Company&#8217;s major subsidiaries and VIEs are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_10" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="lxeh:DisclosureDetailsOfCompaniesMajorSubsidiariesAndVariableInterestEntities"><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; border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif">Name
    of subsidiaries and VIE</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Date&#160;of&#160;establishment
    /<br/>
    acquisition</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="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Place
    of<br/> incorporation</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage&#160;of<br/>
    direct&#160;or&#160;indirect<br/> economic<br/> ownership</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Principal&#160;activities</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; font-weight: bold; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif">Wholly
    owned subsidiaries of the Company:</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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><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><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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; width: 35%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Lianwai
    Investment Co., Ltd. (&#8220;Lianwai investment&#8221;)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 20%"><span style="font-family: Times New Roman, Times, Serif">Established <br/>on <ix:nonNumeric contextRef="c77" format="ixt:date-monthname-day-year-en" name="us-gaap:VariableInterestEntityQualitativeOrQuantitativeInformationDateInvolvementBegan1">September&#160;11, 2018</ix:nonNumeric></span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; width: 10%; text-align: center"><ix:nonNumeric contextRef="c77" name="lxeh:VariableInterestEntityPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif">BVI</span></ix:nonNumeric></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c77" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 20%; text-align: center"><ix:nonNumeric contextRef="c77" name="us-gaap:VariableInterestEntityVIEActivitiesOfVIE"><span style="font-family: Times New Roman, Times, Serif">Investment <br/>holding</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hong
    Kong Mengxiang Education Development Group Limited (&#8220;HK Mengxiang&#8221;)</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">Established <br/>on <ix:nonNumeric contextRef="c78" format="ixt:date-monthname-day-year-en" name="us-gaap:VariableInterestEntityQualitativeOrQuantitativeInformationDateInvolvementBegan1">September&#160;20, 2018</ix:nonNumeric></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c78" name="lxeh:VariableInterestEntityPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif">Hong&#160;Kong</span></ix:nonNumeric></td><td><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"><ix:nonFraction contextRef="c78" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c78" name="us-gaap:VariableInterestEntityVIEActivitiesOfVIE"><span style="font-family: Times New Roman, Times, Serif">Investment<br/> holding</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Zhejiang
    Mengxiang Consulting Services Co., Ltd. (&#8220;Liandu WFOE&#8221;)</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">Established <br/>on <ix:nonNumeric contextRef="c79" format="ixt:date-monthname-day-year-en" name="us-gaap:VariableInterestEntityQualitativeOrQuantitativeInformationDateInvolvementBegan1">October&#160;10, 2018</ix:nonNumeric></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c79" name="lxeh:VariableInterestEntityPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif">PRC</span></ix:nonNumeric></td><td><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"><ix:nonFraction contextRef="c79" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c79" name="us-gaap:VariableInterestEntityVIEActivitiesOfVIE"><span style="font-family: Times New Roman, Times, Serif">Investment<br/> holding</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Variable
    Interest Entities (&#8220;VIEs&#8221;)</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><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><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: right"><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><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; text-indent: -0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Zhejiang
    Lishui Mengxiang Education Development Company Limited (&#8220;Lishui Mengxiang VIE&#8221;)</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">Established <br/>on <ix:nonNumeric contextRef="c80" format="ixt:date-monthname-day-year-en" name="us-gaap:VariableInterestEntityQualitativeOrQuantitativeInformationDateInvolvementBegan1">August&#160;20, 2001</ix:nonNumeric></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c80" name="lxeh:VariableInterestEntityPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif">PRC</span></ix:nonNumeric></td><td><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"><ix:nonFraction contextRef="c80" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c80" name="us-gaap:VariableInterestEntityVIEActivitiesOfVIE"><span style="font-family: Times New Roman, Times, Serif">Operation of<br/> Liandu&#160;Foreign<br/> Language&#160;School</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Qingtian
    Overseas Chinese International School (&#8220;Qingtian International School&#8221;)</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">Acquired <br/>on&#160;<ix:nonNumeric contextRef="c81" format="ixt:date-monthname-day-year-en" name="us-gaap:VariableInterestEntityQualitativeOrQuantitativeInformationDateInvolvementBegan1">August&#160;31,&#160;2021</ix:nonNumeric></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c81" name="lxeh:VariableInterestEntityPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif">PRC</span></ix:nonNumeric></td><td><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"><ix:nonFraction contextRef="c81" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c81" name="us-gaap:VariableInterestEntityVIEActivitiesOfVIE"><span style="font-family: Times New Roman, Times, Serif">Operation&#160;of&#160;<br/> high school</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Langfang
    City Rail Transit Technical School (&#8220;Langfang School&#8221;)</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">Acquired <br/>on <ix:nonNumeric contextRef="c82" format="ixt:date-monthname-day-year-en" name="us-gaap:VariableInterestEntityQualitativeOrQuantitativeInformationDateInvolvementBegan1">January 1, 2022</ix:nonNumeric></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c82" name="lxeh:VariableInterestEntityPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif">PRC</span></ix:nonNumeric></td><td><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"><ix:nonFraction contextRef="c82" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c82" name="us-gaap:VariableInterestEntityVIEActivitiesOfVIE"><span style="font-family: Times New Roman, Times, Serif">Operation&#160;of&#160;<br/> vocational education</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Beijing
    Chuangmei Weiye Enterprise Management Co., Ltd. (&#8220;Chuangmei Weiye&#8221;)</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">Acquired <br/>on <ix:nonNumeric contextRef="c83" format="ixt:date-monthname-day-year-en" name="us-gaap:VariableInterestEntityQualitativeOrQuantitativeInformationDateInvolvementBegan1">January 1, 2022</ix:nonNumeric></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c83" name="lxeh:VariableInterestEntityPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif">PRC</span></ix:nonNumeric></td><td><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"><ix:nonFraction contextRef="c83" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c83" name="us-gaap:VariableInterestEntityVIEActivitiesOfVIE"><span style="font-family: Times New Roman, Times, Serif">Comprehensive human resources service</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Hainan
    Jiangcai Vocational Skills Training School Co. Ltd. (&#8220;Hainan Jiangcai&#8221;)</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">Acquired <br/>on <ix:nonNumeric contextRef="c84" format="ixt:date-monthname-day-year-en" name="us-gaap:VariableInterestEntityQualitativeOrQuantitativeInformationDateInvolvementBegan1">January 1, 2022</ix:nonNumeric></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="vertical-align: top; text-align: center"><ix:nonNumeric contextRef="c84" name="lxeh:VariableInterestEntityPlaceOfIncorporation"><span style="font-family: Times New Roman, Times, Serif">PRC</span></ix:nonNumeric></td><td><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"><ix:nonFraction contextRef="c84" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:VariableInterestEntityOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c84" name="us-gaap:VariableInterestEntityVIEActivitiesOfVIE"><span style="font-family: Times New Roman, Times, Serif">Operation&#160;of&#160;<br/> vocational education</span></ix:nonNumeric></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_11" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_10"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(b)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Group
                                            history </i></b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_12" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_11"><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">The
Group started its business through Lishui Mengxiang VIE and Lianwai School VIE. To facilitate offshore financing, an offshore corporate
structure was formed in 2018, which was carried out as follows:</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_13" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_12"><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: 0.25in"></td><td style="width: 0.25in"><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">On
                                            September&#160;6, 2018, the Company was incorporated in the Cayman Islands by Ms.&#160;Fen
                                            Ye, Ms.&#160;Fang Ye, and Ms.&#160;Hong Ye (the &#8220;founders.&#8221;).</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_14" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_13"><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="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><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">On <ix:nonNumeric contextRef="c69" format="ixt:date-monthname-day-year-en" name="dei:EntityIncorporationDateOfIncorporation">September&#160;11, 2018</ix:nonNumeric>, Lianwai investment was incorporated in British Virgin Islands with <ix:nonFraction contextRef="c70" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% ownership by the Company.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_15" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_14"><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="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><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">On <ix:nonNumeric contextRef="c71" format="ixt:date-monthname-day-year-en" name="dei:EntityIncorporationDateOfIncorporation">September&#160;20, 2018</ix:nonNumeric>, Mengxiang HK was incorporated in Hong Kong with <ix:nonFraction contextRef="c72" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% ownership by Lianwai investment.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-align: justify; text-indent: -24.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_16" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_15"><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="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><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">On <ix:nonNumeric contextRef="c73" format="ixt:date-monthname-day-year-en" name="dei:EntityIncorporationDateOfIncorporation">October&#160;10, 2018</ix:nonNumeric>, Liandu WFOE was incorporated in the PRC with <ix:nonFraction contextRef="c74" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% ownership by HK Mengxiang.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_17" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_16"><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="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">5)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On <ix:nonNumeric contextRef="c75" format="ixt:date-monthname-day-year-en" name="dei:EntityIncorporationDateOfIncorporation">August&#160;13, 2020</ix:nonNumeric>, Lishui Xianke was incorporated in the PRC with <ix:nonFraction contextRef="c76" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% ownership by Liandu WFOE.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_18" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_17"><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">In
order to comply with the PRC laws and regulations which prohibit or restrict foreign investments into companies involved in restricted
businesses, the Group provides education services in the PRC through certain PRC domestic companies, whose equity interests are held
by certain management members of the Company or onshore nominees of certain investors of the Company (&#8220;Nominee Shareholders&#8221;).<span style="clear: both; display: block;"><br/></span></span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 185; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- 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-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>1.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Organization
                                            and Principal Activities (Continued)</b></span></td></tr></table><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">&#160;</span></p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_19" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_18"><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">The
Company obtained control over these PRC domestic companies by entering into a series of Contractual Arrangements in October 2018. After
that Lishui Mengxiang VIE, Lianwai Kindergarten and Lianwai School VIE became VIEs, whose primary beneficiary is Liandu WFOE, and the
shareholders of these affiliate Chinese entities became the Nominee Shareholders at that date. Contractual Arrangements were subsequently
revised in November 2018 and March 2019 (the &#8220;VIE Agreements&#8221;) with these PRC domestic companies and their respective shareholders.
As a result, Lianwai Kindergarten ceased to be VIE and the VIEs consisted of Lishui Mengxiang VIE and Lianwai School VIE (&#8220;affiliate
Chinese entities&#8221;). Reorganization is accounted for as a common control transaction under the pooling of interest method. Accordingly,
the accompanying consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout
the periods.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_20" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_19"><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">On
August&#160;31, 2021, the ability of Group to use its power under the contractual arrangements with Lishui Mengxiang VIE to direct the
relevant activities that would most significantly affect the economic performance of the Affected Entity had ceased due to Implementation
Rules. The Group has executed the Acknowledgment Agreement on April 20, 2022 to confirm all the terms of rights and obligations relating
to Lianwai School and the director appointed by the sponsor under the VIE Agreements, which shall be terminated on August 31, 2021. Meanwhile,
the Group has entered into a series of Contractual Agreements through Liandu WFOE, Qingtian International School and the Council Members
of Qingtian International School. On March 28, 2023, the Group has entered into a series of Contractual Agreements through Liandu WFOE,
Langfang School and the Council Members of Langfang School, (together with Qingtian School Contractual Agreements, as &#8220;new VIE
Agreements&#8221;). After that Lishui Mengxiang VIE and Qingtian International School became VIEs on August 31, 2021, and Langfang School
became VIE (collectively, &#8220;new VIEs&#8221;) on March 28, 2023, whose primary beneficiary is Liandu WFOE, and the shareholders of
new VIEs became the Nominee Shareholders at that date.</span></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">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_21" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_20"><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">These
Contractual Agreements cannot be unilaterally terminated by the Nominee Shareholders, or the new VIEs. As a result, the Company maintains
the ability to control these new VIEs, and is entitled to substantially all of the economic benefits from these new VIEs. Accordingly,
the Group had consolidated the financial position and operating results of affiliate Chinese entities, new VIEs in the consolidated financial
statements of the Company during the year ended December 31, 2020, 2021 and 2022. The Company&#8217;s VIE includes (1) affiliate Chinese
entities, prior to August 31, 2021; and (2) the new VIEs after August 31, 2021.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_22" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_21"><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">The
principal terms of the agreements entered into amongst the VIEs, their respective shareholders and the Liandu WFOE are further described
below.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_23" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_22"><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; 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"><b><i>(c)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Contractual
                                            Agreements with VIEs</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_24" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>Loan
Agreements </i></span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_25" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_24"><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">Pursuant
to the loan agreements entered into between Liandu WFOE and affiliate Chinese entities, and between Liandu WFOE and new VIEs, Liandu
WFOE can grant interest-free loans to Lishui Mengxiang VIE, or Beijing P.X. with the sole purpose of providing funds necessary for the
business operations and development of Langfang School and Qingtian International School. These business loan amounts can be injected
into Langfang School and Qingtian International School as capital or other operation means, and cannot be accessed for any personal uses.
There is no fixed term for each loan under the loan agreement except that Liandu WFOE can unilaterally decide when to recover the loan
and the loan agreements shall remain effective during the operation term of Langfang School and Qingtian International School and any
periods that are renewable pursuant to PRC laws. Liandu WFOE has the right to unilaterally terminate these agreements after giving notice
in advance, including that Liandu WFOE and/or its designated entities have fully exercised their options to purchase all the (direct
and indirect) equities held by Nominee Shareholders of the relevant VIE in accordance with the Exclusive Call Option Agreements (as described
in the following paragraph), while the shareholders of such consolidated affiliated Chinese entities have no right to unilaterally terminate
these agreements. As of December 31, 2021 and 2022, no loans have been granted yet.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_26" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>Exclusive
Call Option Agreements </i></span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_27" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_26"><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">Under
the exclusive call option agreements, each Nominee Shareholders of the affiliate Chinese entities and new VIEs granted Liandu WFOE the
exclusive and irrevocable right to purchase or to designate entities at their discretion to purchase part or all of the equity interests
in the VIEs from the Nominee Shareholders, in the case that the PRC laws and regulations allows, at any time for a purchase price subject
to the lowest price permitted by PRC laws and regulations. Liandu WFOE or its designated representatives have sole discretion as to when
to exercise such options, either in part or in full. The affiliate Chinese entities and new VIEs (collectively the &#8220;VIEs&#8221;),
and their Nominee Shareholders have agreed that without Liandu WFOE&#8217;s prior written consent, their respective Nominee Shareholders
cannot sell, transfer, assign or dispose of or create any encumbrance on any of the VIEs&#8217; equity interests, assets, and business.
Also, as agreed, the VIEs cannot declare any dividend or change the capitalization structure of the VIEs and cannot enter into any loan,
guarantee or investment agreements. Furthermore, the Nominee Shareholders have agreed that any proceeds but not limited to the sales
of the Nominee Shareholders&#8217; equity interest in relevant VIEs should be gratuitously paid to Liandu WFOE or one or more person(s)
at their discretion. The agreements will remain in force during the operation terms of the relevant VIEs and any periods that are renewable
pursuant to the PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercise their options
to purchase all the equities held by Nominee Shareholders in accordance with the Exclusive Call Option Agreements. In addition, Liandu
WFOE has the right to unilaterally terminate these agreements after <ix:nonNumeric contextRef="c0" format="ixt-sec:durday" name="lxeh:NoticePeriodForExclusiveCallOptionAgreements">30</ix:nonNumeric> days advance written notice, while the Nominee Shareholders and
relevant VIEs have no right to unilaterally terminate these agreements.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 186; 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">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: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>1.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Organization
                                            and Principal Activities (Continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_28" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>Proxy
Agreements and Power of Attorney for Shareholders </i></span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_29" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_28"><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">Pursuant
to the proxy agreements and power of attorney, each equity holder of Lishui Mengxiang VIE appointed the Liandu WFOE as their attorney-in-fact
to exercise all shareholder rights under PRC law and the relevant articles of association, including but not limited to, calling and
attending shareholders&#8217; meetings, voting on their behalf on all matters requiring shareholder approval, including but not limited
to designating and electing the directors and other senior management of the VIEs, as well as liquidating and dismantling the VIEs. Each
power of attorney will remain in force during the operation term of Lishui Mengxiang VIE and any periods that are renewable pursuant
to the PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercise their options to purchase
all the equities held by the Nominee Shareholders in accordance with the Exclusive Call Option Agreements. In addition, Liandu WFOE has
the right to unilaterally terminate these agreements after <ix:nonNumeric contextRef="c0" format="ixt-sec:durday" name="lxeh:NoticePeriodForTerminationOfProxyAndPowerOfAttorneyAgreement">30</ix:nonNumeric> days advance written notice, while the Nominee Shareholders and Lishui
Mengxiang VIE have no right to unilaterally terminate these agreements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_30" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>Proxy
Agreements and Power of Attorney for School&#8217;s Sponsors, Directors and Council Members</i></span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_31" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_30"><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">Pursuant
to the proxy agreements and power of attorney, Lishui Mengxiang VIE has irrevocably authorized and entrusted Liandu WFOE to exercise
all its rights as sponsor of both Langfang School and Qingtian International School to the extent permitted by the PRC laws. The agreements
shall remain effective during the operation term of Qingtian International School and Langfang School, and any periods that are renewable
pursuant to PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercise their options to
purchase all the equities held by the Nominee Shareholders in accordance with the Exclusive Call Option Agreement. In addition, the Liandu
WFOE has the right to unilaterally terminate these agreements after <ix:nonNumeric contextRef="c0" format="ixt-sec:durday" name="lxeh:NoticePeriodForTerminationOfAgreementWithSchoolSponsorsAndDirectors">30</ix:nonNumeric> days advance written notice, while Langfang School, Qingtian International
School and their sponsors, council members and appointed directors have no right to unilaterally terminate these agreements.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_32" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>Business
Cooperation Agreement and Exclusive Technical Services and Business Consulting Agreement </i></span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_33" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_32"><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">Pursuant
to the Business Cooperation Agreement and Exclusive Technical Services and Business Consulting Agreement, Liandu WFOE has agreed to provide
affiliate Chinese entities and new VIEs with technical services, management support services, consulting services and intellectual property
licenses required for the conducting of private education business activities, including but not limited to preparation, selection and/or
recommendation of schools textbooks, recruitment of teachers and other staff, training support, admissions support, public relations
maintenance, market research and development, management and marketing consulting and other related services. The affiliate Chinese entities
and new VIEs shall pay to Liandu WFOE service fees withdrawn from their respective amount of surplus from operations after deducting
all costs, expenses, taxes, losses (if required by the law) and the legally development fund of the respective school (if required by
the law) and other costs and funds that shall be retained at Langfang School and Qingtian International School in accordance with applicable
PRC laws. Liandu WFOE has the right (but not the obligation) to adjust the amount of such service fee by reference to the actual services
provided and the actual business operations and needs of affiliate Chinese entities and new VIEs, provided that any adjusted amount shall
not exceed the amount mentioned above. The affiliate Chinese entities and new VIEs do not have any right to make any such adjustment.
Liandu WFOE, as appropriate, will exclusively own any intellectual property rights arising from the performance of these agreements.
The aforementioned agreements will terminate automatically when Liandu WFOE and/or its designated entities fully exercise their options
to purchase all the equities held by the Nominee Shareholders in accordance with the Exclusive Call Option Agreements. In addition, Liandu
WFOE retains the exclusive right to terminate the agreements at any time by delivering a written notice <ix:nonNumeric contextRef="c0" format="ixt-sec:durday" name="lxeh:NoticePeriodForBusinessCooperationAgreementAndExclusiveTechnicalServicesAndBusinessConsultingAgreement">30</ix:nonNumeric> days in advance to the applicable
consolidated affiliate Chinese entities and new VIEs.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_34" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_33"><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"><i>Equity
Pledge Agreements </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_35" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_34"><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">Pursuant
to the equity pledge agreements among Liandu WFOE, Lishui Mengxiang VIE and the Nominee Shareholders of Lishui Mengxiang VIE, the Nominee
Shareholders shall pledge all of their equity interests in Lishui Mengxiang VIE, and Beijing P.X. to Liandu WFOE as collateral for all
of their payments to direct, indirect and derivate losses and losses of predictable profits of the PRC subsidiaries (&#8220;Secured Debts&#8221;)
and to secure their obligations under the above agreements. In the event of a breach by the affiliate Chinese entities and new VIEs or
any of their Nominee Shareholders of their contractual obligations, Liandu WFOE has the right to deal with the equity interests pledged
in the following ways: i) purchasing or designating entities at their discretion to purchase part or all of the equity interests in the
affiliate Chinese entities and new VIEs from the Nominee Shareholders, subject to the lowest price permitted by PRC laws and regulations;
ii) selling the equity interests pledged through auction or discount, and preferentially compensated from the sales price; iii) other
means agreed between Liandu WFOE and the Nominee Shareholders, after giving written notice to the Nominee Shareholders. The equity pledge
agreements will expire when the Nominee Shareholders have completed all their obligations under the above agreements or the Secured Debts
are fully settled, or when Liandu WFOE unilaterally delivers a written notice <ix:nonNumeric contextRef="c0" format="ixt-sec:durday" name="lxeh:NoticePeriodForTerminationOfEquityPledgeAgreements">30</ix:nonNumeric> days in advance.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 187; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- 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-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>1.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Organization
                                            and Principal Activities (Continued)</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_36" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>Spousal
Undertakings </i></span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_37" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_36"><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">Pursuant
to the Spousal Undertakings, each Nominee Shareholder, who is a natural person, and their spouses unconditionally and irrevocably agreed
that the equity interests in the affiliate Chinese entities and new VIEs held by and registered in the name of their spouse will be disposed
of pursuant to the equity pledge agreements, the exclusive call option agreements, the loan agreement and the proxy agreement and power
of attorney. Each of their spouses agreed not to assert any rights over the equity interests in the affiliate Chinese entities and new
VIEs held by their respective spouses. In addition, in the event that any spouse obtains any equity interests in the affiliate Chinese
entities and new VIEs held by their spouse for any reason, they agreed to be bound by similar obligations and agreed to enter into similar
contractual agreements.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_38" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_37"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(d)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Combined
                                            financial information of the VIEs </i></b></span></td></tr></table><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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_39" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_38"><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">The
following combined financial information of the Group&#8217;s VIEs as of December 31, 2021 and 2022 and for the years ended December
31, 2020, 2021 and 2022 was included in the accompanying consolidated financial statements of the Group as&#160;follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_40" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_39"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_lxeh_DisclosureDetailOfCombinedFinancialInformationOfVariableInterestEntities-c0_cont_1" escape="true" name="lxeh:lxeh_DisclosureDetailOfCombinedFinancialInformationOfVariableInterestEntities"><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="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#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">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>&#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><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$<br/> (Note&#160;2(g))</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">ASSETS</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></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Current assets:</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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; padding-left: 9pt">Cash</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="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">1,453,323</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">33,364,634</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">4,837,417</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Amounts due from inter-company entities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountsDueFromIntercompanyEntities" scale="0" unitRef="cny">51,536,540</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="c5" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountsDueFromIntercompanyEntities" scale="0" unitRef="cny">57,331,944</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="c5" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountsDueFromIntercompanyEntities" scale="0" unitRef="usd">8,312,351</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; padding-left: 9pt">Prepayments and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="cny">100,990,604</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="cny">79,871,947</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" scale="0" unitRef="usd">11,580,344</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Accounts receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-178">-</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableNetCurrent" scale="0" unitRef="cny">430,960</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableNetCurrent" scale="0" unitRef="usd">62,483</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-bottom: 1.5pt; padding-left: 9pt">Inventories</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-179">-</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryNet" scale="0" unitRef="cny">7,148</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryNet" scale="0" unitRef="usd">1,036</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">Total current assets</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="cny">153,980,467</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="cny">171,006,633</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">24,793,631</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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">Non-current 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><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; padding-left: 9pt">Property and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="cny">164,037,622</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="cny">159,247,545</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd">23,088,724</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; padding-left: 9pt">Land use rights, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LandUseRights" scale="0" unitRef="cny">36,767,329</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="c5" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LandUseRights" scale="0" unitRef="cny">35,820,632</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="c5" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LandUseRights" scale="0" unitRef="usd">5,193,503</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Intangible assets, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" scale="0" unitRef="cny">6,667</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" scale="0" unitRef="cny">1,666</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IntangibleAssetsNetExcludingGoodwill" scale="0" unitRef="usd">242</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: 9pt">Goodwill</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Goodwill" scale="0" unitRef="cny">26,644,407</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Goodwill" scale="0" unitRef="cny">70,369,837</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Goodwill" scale="0" unitRef="usd">10,202,667</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Deferred tax assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-180">-</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsLiabilitiesNet" scale="0" unitRef="cny">2,349,291</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsLiabilitiesNet" scale="0" unitRef="usd">340,615</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; padding-bottom: 1.5pt; padding-left: 9pt">Right-of-use 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"><div style="-sec-ix-hidden: hidden-fact-181">-</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="cny">7,580,536</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="usd">1,099,074</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">Total non-current assets</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="cny">227,456,025</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="cny">275,369,507</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="0" unitRef="usd">39,924,825</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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">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="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="cny">381,436,492</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="cny">446,376,140</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">64,718,456</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS&#8217; 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; background-color: rgb(204,238,255)">
    <td style="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><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; padding-left: 9pt">Short-term borrowings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBankLoansAndNotesPayable" scale="0" unitRef="cny">77,000,000</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBankLoansAndNotesPayable" scale="0" unitRef="cny">67,500,000</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermBankLoansAndNotesPayable" scale="0" unitRef="usd">9,786,580</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; padding-left: 9pt">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="cny">741,169</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="cny">960,213</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">139,218</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Deferred revenue, current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerLiabilityCurrent" scale="0" unitRef="cny">1,204,033</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerLiabilityCurrent" scale="0" unitRef="cny">8,640,036</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ContractWithCustomerLiabilityCurrent" scale="0" unitRef="usd">1,252,687</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; padding-left: 9pt">Salary and welfare payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeRelatedLiabilitiesCurrent" scale="0" unitRef="cny">2,007,834</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeRelatedLiabilitiesCurrent" scale="0" unitRef="cny">3,310,211</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeRelatedLiabilitiesCurrent" scale="0" unitRef="usd">479,935</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Amounts due to a related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="cny">323,400</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="cny">323,400</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="usd">46,889</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; padding-left: 9pt">Tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="cny">628,081</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="cny">842,274</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TaxesPayableCurrent" scale="0" unitRef="usd">122,118</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Income tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-182">-</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="c5" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncomeTaxPayables" scale="0" unitRef="cny">57,831</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="c5" decimals="0" format="ixt:num-dot-decimal" name="lxeh:IncomeTaxPayables" scale="0" unitRef="usd">8,385</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; padding-left: 9pt">Amount due to inter-company entities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountDueToIntercompanyEntities" scale="0" unitRef="cny">16,754,595</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="c5" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountDueToIntercompanyEntities" scale="0" unitRef="cny">35,000,000</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="c5" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountDueToIntercompanyEntities" scale="0" unitRef="usd">5,074,523</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Accrued liabilities and other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesCurrent" scale="0" unitRef="cny">16,708,810</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesCurrent" scale="0" unitRef="cny">17,694,499</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesCurrent" scale="0" unitRef="usd">2,565,460</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; padding-left: 9pt">Amounts due to Affected Entity, current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountsDueToAffectedEntityCurrent" scale="0" unitRef="cny">288,261,447</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="c5" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountsDueToAffectedEntityCurrent" scale="0" unitRef="cny">21,225,707</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="c5" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountsDueToAffectedEntityCurrent" scale="0" unitRef="usd">3,077,438</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">Long-term loans and borrowings, current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-183">-</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtCurrent" scale="0" unitRef="cny">3,925,000</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtCurrent" scale="0" unitRef="usd">569,072</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; padding-bottom: 1.5pt; padding-left: 9pt">Operating lease liabilities, current</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-184">-</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="cny">3,866,910</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd">560,649</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">Total current liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="cny">403,629,369</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="cny">163,346,081</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">23,682,954</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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">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; ">
    <td style="text-align: left; padding-left: 9pt">Amounts due to Affected Entities, non-current</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"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesNoncurrent" scale="0" unitRef="cny">194,552,414</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesNoncurrent" scale="0" unitRef="usd">28,207,449</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; padding-left: 9pt">Operating lease liabilities, non-current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-185">-</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="cny">3,558,380</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd">515,917</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; padding-left: 9pt">Long-term loans and borrowings, non-current</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-186">-</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtNoncurrent" scale="0" unitRef="cny">1,606,250</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtNoncurrent" scale="0" unitRef="usd">232,884</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: 1.5pt">Total non-current liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-187">-</div></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="cny">199,717,044</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="0" unitRef="usd">28,956,250</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total liabilities</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="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="cny">403,629,369</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="cny">363,063,125</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="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">52,639,204</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 188; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- 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: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>1.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Organization
                                            and Principal Activities (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_41" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_40"><ix:continuation id="lxeh_lxeh_DisclosureDetailOfCombinedFinancialInformationOfVariableInterestEntities-c0_cont_1"><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-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$&#160;(Note&#160;2(g))</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; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net revenues
    from continuing operations</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">17,070,602</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">20,112,033</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">45,924,957</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="usd">6,658,493</ix:nonFraction></span></td><td style="width: 1%; 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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net revenues from discontinued
    operation</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"><ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DisposalGroupIncludingDiscontinuedOperationRevenue" scale="0" unitRef="cny">154,160,699</ix:nonFraction></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"><ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DisposalGroupIncludingDiscontinuedOperationRevenue" scale="0" unitRef="cny">102,006,339</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-188; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-189; font-family: Times New Roman, Times, Serif">-</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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net income/(loss) from
    continuing operations</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"><ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" unitRef="cny">7,894,293</ix:nonFraction></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">(<ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="cny">467,382</ix:nonFraction></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">(<ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="cny">6,777,710</ix:nonFraction></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">(<ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromContinuingOperations" scale="0" sign="-" unitRef="usd">982,676</ix:nonFraction></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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net income/(loss) from
    discontinued operation</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"><ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" scale="0" unitRef="cny">29,638,700</ix:nonFraction></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">(<ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" scale="0" sign="-" unitRef="cny">244,068,780</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-190; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-191; font-family: Times New Roman, Times, Serif">-</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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net cash provided by
    operating activities</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"><ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="cny">47,477,961</ix:nonFraction></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"><ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="cny">29,764,431</ix:nonFraction></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"><ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="cny">43,586,442</ix:nonFraction></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"><ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" unitRef="usd">6,319,440</ix:nonFraction></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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net cash provided by/(used
    in) investing activities</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"><ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" unitRef="cny">19,424,757</ix:nonFraction></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">(<ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="cny">153,593,942</ix:nonFraction></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">(<ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="cny">456,381</ix:nonFraction></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">(<ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">66,169</ix:nonFraction></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; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net cash (used in)/provided
    by financing activities</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">(<ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" sign="-" unitRef="cny">81,928,356</ix:nonFraction></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"><ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="cny">115,671,061</ix:nonFraction></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">(<ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" sign="-" unitRef="cny">11,218,750</ix:nonFraction></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">(<ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" sign="-" unitRef="usd">1,626,566</ix:nonFraction></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="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Net changes in cash</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="cny">15,025,638</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c86" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="cny">8,158,450</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="cny">31,911,311</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c87" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="usd">4,626,705</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_42" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_41"><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">In
accordance with the aforementioned agreements, the Company has the power to direct the activities of the VIEs, and have the control of
their assets. Therefore, the Company considers that there is no other asset in the VIEs that can be used only to settle obligations of
the respective VIE, except for the education facilities assets, registered capital and the PRC statutory reserves, as of December 31,
2021 and 2022. As the VIEs are incorporated as schools and limited liability company under the PRC Company Law, the creditors of the
VIEs do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the
Company to provide additional financial support to the VIEs. As the Group is conducting certain businesses in the PRC through the VIEs,
the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_43" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_42"><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">The
VIEs&#8217; assets comprise both recognized and unrecognized revenue-producing assets. The recognized revenue-producing assets mainly
include buildings, land use rights, computers and electronic devices. The unrecognized revenue-producing assets mainly consist of patents,
trademarks and assembled workforce which are not recorded in the financial statements of the VIEs as they do not meet the recognition
criteria set in ASC 350-30-25.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_44" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">There
is no VIE where the Company has a variable interest, but is not the primary beneficiary.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_45" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_44"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(e)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Risks
                                            associated with VIE arrangements </i></b></span></td></tr></table><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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_46" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_45"><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">Foreign
investment in the education industry in PRC is extensively regulated and subject to various restrictions. Specifically, high school is
restricted industries for foreign investors, and foreign investors are only allowed to invest in such industries in cooperative ways
with domestic investors, provided that domestic investors play a dominant role in such cooperation. In addition, foreign investment in
education institutions in the PRC must be in the form of cooperation between Chinese educational institutions and foreign educational
institutions and the foreign portion of the total investment in a Sino-foreign education institute must be below <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="lxeh:ForeignInvestmentPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>%. Although foreign
investment in high schools is not prohibited, based on the operation experience, Liandu WFOE in China is still ineligible to independently
or jointly invest and operate high schools, including Qingtian International School. To comply with PRC laws and regulations, the Group
have entered into a series of contractual arrangements pursuant to which Liandu WFOE receives the economic benefits from our VIEs. If
the contractual arrangements that establish the structure for operating our business in China are found to violate any PRC laws or regulations
in the future or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities, including
the Ministry of Education of People&#8217;s Republic of China, or the MOE, which regulates the education industry, the Ministry of Commerce,
or MOFCOM, which regulates the foreign investment in China, and the Civil Affairs Bureau, which regulates the registration of schools
in China, would have broad discretion in dealing with such violations, including:</span></p><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_47" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_46"><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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">revoking
                                            the business and operating licenses of the Company&#8217;s PRC subsidiaries or VIEs;</span></td></tr></table><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_48" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_47"><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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">discontinuing
                                            or restricting the operations of any related-party transactions among Liandu WFOE or VIEs;</span></td></tr></table><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_49" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_48"><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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">imposing
                                            fines or other requirements with which the Company or Liandu WFOE or VIEs may not be able
                                            to comply;</span></td></tr></table><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_50" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_49"><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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">requiring
                                            the Company to restructure operations in such a way as to compel the Company to establish
                                            new entities,&#160;re-apply&#160;for the necessary licenses or relocate the businesses, staff
                                            and assets;</span></td></tr></table><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_51" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_50"><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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">imposing
                                            additional conditions or requirements with which the Company may not be able to comply; or</span></td></tr></table><p style="text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_52" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_51"><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="text-align: justify; width: 0.5in"></td><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">restricting
                                            the use of proceeds from our additional public offering or financing to finance the business
                                            and operations in China.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 189; 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">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="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>1.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Organization
                                            and Principal Activities (Continued)</b></span></td></tr></table><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">&#160;</span></p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_53" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_52"><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">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 the Company&#8217;s 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, the Company cannot assure that
such fines or punishments will not be imposed on the Company in the future. If any of the above fines or punishments is imposed on the
Company, the Company&#8217;s business, financial condition and results of operations could be materially and adversely affected. If any
of these penalties results in the Company&#8217;s 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, the Company may not be able to consolidate the VIEs and their respective subsidiaries in our financial statements in accordance
with U.S. GAAP. However, the Company do not believe that such actions would result in the liquidation or dissolution of the Company,
the wholly-owned subsidiaries in China or the VIEs or their respective subsidiaries.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_54" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_53"><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">On
March 15, 2019, the National People&#8217;s Congress promulgated the Foreign Investment Law of PRC or the Foreign Investment Law, which
came into effect on January 1, 2020 and replaced the Law of the PRC on Chinese-Foreign Equity Joint Ventures, the Law of the PRC on Chinese-Foreign
Contractual Joint Ventures, and the Wholly Foreign-invested Enterprise Law. The Foreign Investment Law embodies an expected PRC regulatory
trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative efforts
to unify the corporate legal requirements for both foreign and domestic investments. For instance, the Foreign Investment Law does not
explicitly classify contractual arrangements as a form of foreign investment.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_55" id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_54"><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">Conducting
operations through contractual arrangements has been adopted by many PRC-based companies, and has been adopted by the Company to establish
control of VIEs. Since the Foreign Investment Law is relatively new, uncertainties still exist in relation to its interpretation and
implementation, and failure to take timely and appropriate measures to cope with the regulatory-compliance challenges could result in
material and adverse effect on us. For instance, although the Foreign Investment Law does not explicitly classify contractual arrangement
as a form of foreign investment, it still leaves a leeway for future laws and if future laws, administrative regulations or provisions
stipulates contractual arrangements as a way of foreign investment, then whether the Company&#8217;s contractual arrangements will be
recognized as foreign investment, whether the contractual arrangements will be deemed to be in violation of the foreign investment access
requirements and how the Company&#8217;s contractual arrangements will be handled are uncertain. In the extreme case-scenario, the Company
may be required to unwind the contractual arrangements and/or dispose relevant business operations, which could have a material and adverse
effect on the Company&#8217;s business, financial condition and result of operations.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock-c0_cont_55"><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">As
of December 31, 2021, based on all relevant facts and circumstances, the Company concluded that it no longer has a controlling interest
in the Affected Entity due to the effectiveness of the Implementation Rules, which resulted to the deconsolidation of the Affected Entity.
Nevertheless, the legal enforceability of the new VIE agreements are not impacted by the Implementation Rules.</span></p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                            Accounting Policies </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_2" id="_SignificantAccountingPoliciesTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(a)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Basis of preparation </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:continuation continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2" id="_BasisOfAccountingPolicyPolicyTextBlock-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">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;US GAAP&#8221;).</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_4" id="_SignificantAccountingPoliciesTextBlock-c0_cont_3"><ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-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">Significant
accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized further
below.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_5" id="_SignificantAccountingPoliciesTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimates-c0_cont_1" escape="true" name="us-gaap:UseOfEstimates"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(b)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Use of estimates </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:continuation continuedAt="_UseOfEstimates-c0_cont_2" id="_UseOfEstimates-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">The
preparation of the Group&#8217;s consolidated financial statements in conformity with US&#160;GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance
sheet date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_7" id="_SignificantAccountingPoliciesTextBlock-c0_cont_6"><ix:continuation continuedAt="_UseOfEstimates-c0_cont_3" id="_UseOfEstimates-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">The
Company believes that the consolidation and deconsolidation of VIEs, goodwill relating to business combination, allowance for doubtful
receivables, deferred tax assets and valuation allowance, discount rate for leases, depreciation of buildings and impairment assessments
of long-lived assets reflect more significant estimates used in the preparation of its consolidated financial statements.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_8" id="_SignificantAccountingPoliciesTextBlock-c0_cont_7"><ix:continuation id="_UseOfEstimates-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">Management
makes the estimates based on historical experience and on various other assumptions as discussed elsewhere in the consolidated financial
statements that are believed to be reasonable, the results of which form the basis for making estimates about the carrying values of
assets and liabilities. Actual results could materially differ from these estimates.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 190; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- 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-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                            Accounting Policies (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_9" id="_SignificantAccountingPoliciesTextBlock-c0_cont_8"><ix:nonNumeric contextRef="c0" continuedAt="_ConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(c)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Consolidation </i></b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_10" id="_SignificantAccountingPoliciesTextBlock-c0_cont_9"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_2" id="_ConsolidationPolicyTextBlock-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">The
Group&#8217;s consolidated financial statements include the financial statements of the Company, its subsidiaries and its VIEs for which
the Company or its subsidiaries are the primary beneficiary. All transactions and balances among the Company, its subsidiaries and its
VIEs have been eliminated upon consolidation.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_11" id="_SignificantAccountingPoliciesTextBlock-c0_cont_10"><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_3" id="_ConsolidationPolicyTextBlock-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">Subsidiaries
are those entities in which the Company, directly or indirectly, controls more than one half of the voting powers; has the power to appoint
or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the
power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_12" id="_SignificantAccountingPoliciesTextBlock-c0_cont_11"><ix:continuation id="_ConsolidationPolicyTextBlock-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">A
consolidated VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys
the rewards normally associated with ownership of the entity. In determining whether the Company or its subsidiaries are the primary
beneficiary, the Company considers whether it has the power to direct activities that are significant to the VIE&#8217;s economic performance,
and also the Group&#8217;s obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive
benefits from the VIE that could potentially be significant to the VIE. The Company, through Liandu WFOE holds all the variable interests
of the VIEs, and has been determined to be the primary beneficiary of the VIEs.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_13" id="_SignificantAccountingPoliciesTextBlock-c0_cont_12"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_DeconsolidationPolicyTextBlock-c0_cont_1" escape="true" name="lxeh:DeconsolidationPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(d)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Deconsolidation </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_14" id="_SignificantAccountingPoliciesTextBlock-c0_cont_13"><ix:continuation continuedAt="lxeh_DeconsolidationPolicyTextBlock-c0_cont_2" id="lxeh_DeconsolidationPolicyTextBlock-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">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&#8217;s assets and liabilities.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_15" id="_SignificantAccountingPoliciesTextBlock-c0_cont_14"><ix:continuation id="lxeh_DeconsolidationPolicyTextBlock-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">The
Company assesses whether a deconsolidation is required to be presented as discontinued operation 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&#8217;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.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_16" id="_SignificantAccountingPoliciesTextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" continuedAt="_BusinessCombinationsPolicy-c0_cont_1" escape="true" name="us-gaap:BusinessCombinationsPolicy"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(e)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Business Combination</i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_17" id="_SignificantAccountingPoliciesTextBlock-c0_cont_16"><ix:continuation continuedAt="_BusinessCombinationsPolicy-c0_cont_2" id="_BusinessCombinationsPolicy-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">Business
combinations are recorded using the acquisition method of accounting. The assets acquired, the liabilities assumed, and any non-controlling
interests of the acquiree at the acquisition date, if any, are measured at their fair values as of the acquisition date. Goodwill is
recognized and measured as the excess of the total consideration transferred plus the fair value of any non-controlling interest of the
acquiree and fair value of previously held equity interest in the acquiree, if any, at the acquisition date over the fair values of the
identifiable net assets acquired. Common forms of the consideration made in acquisitions include cash and common equity instruments.
Consideration transferred in a business acquisition is measured at the fair value as of the date of acquisition. Acquisition-related
expenses and restructuring costs are expensed as incurred.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_18" id="_SignificantAccountingPoliciesTextBlock-c0_cont_17"><ix:continuation id="_BusinessCombinationsPolicy-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">Where
the consideration in an acquisition includes contingent consideration the payment of which depends on the achievement of certain specified
conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date and is
recorded as a liability, it is subsequently remeasured at fair value at each reporting date with changes in fair value reflected in earnings.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 191; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- 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-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                            Accounting Policies (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_19" id="_SignificantAccountingPoliciesTextBlock-c0_cont_18"><ix:nonNumeric contextRef="c0" continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(f)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Functional currency and foreign currency translation </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_20" id="_SignificantAccountingPoliciesTextBlock-c0_cont_19"><ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_2" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-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">The
Group uses Renminbi (&#8220;RMB&#8221;) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated
outside of PRC is the United States dollar (&#8220;US$&#8221;), while the functional currency of the PRC entities in the Group is RMB
as determined based on the criteria of ASC 830, Foreign Currency Matters.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_21" id="_SignificantAccountingPoliciesTextBlock-c0_cont_20"><ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_3" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-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">Transactions
denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates
prevailing on the transaction dates. Financial assets and liabilities denominated in other than the functional currency are re-measured
at the balance sheet date exchange rate. The resulting exchange differences are included in the consolidated statements of comprehensive
income/(loss) as foreign exchange related gains /(losses).</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_22" id="_SignificantAccountingPoliciesTextBlock-c0_cont_21"><ix:continuation id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-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">The
financial statements of the Group are translated from the functional currency to the reporting currency, RMB. Assets and liabilities
of the Company and its subsidiaries incorporated outside of PRC are translated into RMB at fiscal year-end exchange rates, income and
expense items are translated at average exchange rates prevailing during the fiscal year, representing the index rates stipulated by
the People&#8217;s Bank of China. Translation adjustments arising from these are reported as foreign currency translation adjustments
and are shown as a separate component of shareholders&#8217; equity on the consolidated financial statement. The exchange rates used
for translation on December&#160;31, 2021 and 2022 were US$<ix:nonFraction contextRef="c88" decimals="2" format="ixt:num-dot-decimal" name="lxeh:ForeignCurrencyExchangeRateTranslation" scale="0" unitRef="usd"><ix:nonFraction contextRef="c89" decimals="2" format="ixt:num-dot-decimal" name="lxeh:ForeignCurrencyExchangeRateTranslation" scale="0" unitRef="usd">1.00</ix:nonFraction></ix:nonFraction>=RMB&#160;<ix:nonFraction contextRef="c88" decimals="4" format="ixt:num-dot-decimal" name="lxeh:ForeignCurrencyExchangeRateTranslation" scale="0" unitRef="cny">6.3757</ix:nonFraction> and RMB<ix:nonFraction contextRef="c89" decimals="4" format="ixt:num-dot-decimal" name="lxeh:ForeignCurrencyExchangeRateTranslation" scale="0" unitRef="cny">6.9646</ix:nonFraction>, respectively, representing the index rates
stipulated by the People&#8217;s Bank of China.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_23" id="_SignificantAccountingPoliciesTextBlock-c0_cont_22"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_ConvenienceTranslationTextBlock-c0_cont_1" escape="true" name="lxeh:ConvenienceTranslationTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(g)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Convenience translation </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_24" id="_SignificantAccountingPoliciesTextBlock-c0_cont_23"><ix:continuation id="lxeh_ConvenienceTranslationTextBlock-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">The
unaudited United States dollar (&#8220;US$&#8221;) amounts disclosed in the accompanying financial statements are presented solely for
the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the rate
of US$<ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="lxeh:ForeignCurrencyExchangeRateTranslation" scale="0" unitRef="usd">1.00</ix:nonFraction> = RMB <ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="lxeh:ForeignCurrencyExchangeRateTranslation" scale="0" unitRef="cny">6.8972</ix:nonFraction> on December&#160;30, 2022, representing the noon buying rate in the City of New York for cable transfers of RMB
as certified for customs purposes by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could
be, converted into US$ at that rate on December&#160;31, 2022, or at any other rate.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 192; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- 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-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                            Accounting Policies (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_25" id="_SignificantAccountingPoliciesTextBlock-c0_cont_24"><ix:nonNumeric contextRef="c0" continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_1" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(h)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Fair value of financial instruments </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_26" id="_SignificantAccountingPoliciesTextBlock-c0_cont_25"><ix:continuation continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_2" id="_FairValueOfFinancialInstrumentsPolicy-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">Fair
value is 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 it considers
assumptions that market participants would use when pricing the asset or liability.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_27" id="_SignificantAccountingPoliciesTextBlock-c0_cont_26"><ix:continuation continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_3" id="_FairValueOfFinancialInstrumentsPolicy-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">The
established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. A financial instrument&#8217;s categorization within the fair value hierarchy is based upon the lowest level
of input that is significant to the fair value measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_28" id="_SignificantAccountingPoliciesTextBlock-c0_cont_27"><ix:continuation continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_4" id="_FairValueOfFinancialInstrumentsPolicy-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">The
three levels of inputs that may be used to measure fair value include:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_29" id="_SignificantAccountingPoliciesTextBlock-c0_cont_28"><ix:continuation continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_5" id="_FairValueOfFinancialInstrumentsPolicy-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Level&#160;1:
Quoted prices (unadjusted) in active markets for identical assets or liabilities.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_30" id="_SignificantAccountingPoliciesTextBlock-c0_cont_29"><ix:continuation continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_6" id="_FairValueOfFinancialInstrumentsPolicy-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Level&#160;2:
Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_31" id="_SignificantAccountingPoliciesTextBlock-c0_cont_30"><ix:continuation continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_7" id="_FairValueOfFinancialInstrumentsPolicy-c0_cont_6"><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">Level&#160;3:
Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_32" id="_SignificantAccountingPoliciesTextBlock-c0_cont_31"><ix:continuation continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_8" id="_FairValueOfFinancialInstrumentsPolicy-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">Accounting
guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1)&#160;market approach; (2)&#160;income
approach and (3)&#160;cost approach. The market approach uses prices and other relevant information generated from market transactions
involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a
single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts.
The cost approach is based on the amount that would currently be required to replace an asset.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_33" id="_SignificantAccountingPoliciesTextBlock-c0_cont_32"><ix:continuation continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_9" id="_FairValueOfFinancialInstrumentsPolicy-c0_cont_8"><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">The
Group does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements
on a recurring basis.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_34" id="_SignificantAccountingPoliciesTextBlock-c0_cont_33"><ix:continuation continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_10" id="_FairValueOfFinancialInstrumentsPolicy-c0_cont_9"><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">The
Group&#8217;s financial instruments consist principally of cash, prepayments and other current assets, accounts
payable, borrowings, accrued liabilities and other liabilities.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_35" id="_SignificantAccountingPoliciesTextBlock-c0_cont_34"><ix:continuation id="_FairValueOfFinancialInstrumentsPolicy-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2021 and 2022, the
carrying values of cash, prepayments and other current assets, accounts payable, borrowings and other liabilities approximated their fair
values reported in the consolidated balance sheets due to the short-term maturities of these instruments.</p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_36" id="_SignificantAccountingPoliciesTextBlock-c0_cont_35"><ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(i)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cash</i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_37" id="_SignificantAccountingPoliciesTextBlock-c0_cont_36"><ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Cash include cash in bank placed with
banks or other financial institutions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_38" id="_SignificantAccountingPoliciesTextBlock-c0_cont_37"><ix:nonNumeric contextRef="c0" continuedAt="_InvestmentPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:InvestmentPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(j)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Inventories </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_39" id="_SignificantAccountingPoliciesTextBlock-c0_cont_38"><ix:continuation id="_InvestmentPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Inventories are stated at the lower
of cost or net realized value. Cost is determined using the weighted average method. As of each reporting date, the Group evaluates the
net realizable value based on assumptions about future customer demand and market conditions. The evaluation may take into consideration
inventory aging, expected demand, anticipated sales price, and other factors. Adjustments are recorded to write down the carrying amount
of any obsolete and excess inventory to its estimated net realizable value. As of December&#160;31, 2021, inventories mainly included
dormitory bedding of RMB <ix:nonFraction contextRef="c3" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:InventoryFinishedGoodsNetOfReserves" scale="6" unitRef="cny">0.17</ix:nonFraction>&#160;million. As of December&#160;31, 2022, inventories mainly included uniforms and dormitory beddings
of RMB <ix:nonFraction contextRef="c90" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:InventoryFinishedGoodsNetOfReserves" scale="6" unitRef="cny">1.03</ix:nonFraction>&#160;million and RMB <ix:nonFraction contextRef="c2" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:InventoryFinishedGoodsNetOfReserves" scale="6" unitRef="cny">0.11</ix:nonFraction>&#160;million, respectively. There was no write-down of inventories for the years ended December&#160;31,
2020, 2021 and 2022, respectively.</p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_40" id="_SignificantAccountingPoliciesTextBlock-c0_cont_39"><ix:nonNumeric contextRef="c0" continuedAt="_TradeAndOtherAccountsReceivablePolicy-c0_cont_1" escape="true" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(k)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Accounts receivables, net </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_41" id="_SignificantAccountingPoliciesTextBlock-c0_cont_40"><ix:continuation id="_TradeAndOtherAccountsReceivablePolicy-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">Accounts
receivables are stated at the historical carrying amount net of the allowance for doubtful accounts. The Group reviews the accounts receivable
on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability
of individual accounts receivable balances, the Group considers several factors, including the age of the balance, the customer&#8217;s
payment history, and current credit worthiness, and current economic trends.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 193; 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">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>
    </div><!-- Field: /Page --><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">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                            Accounting Policies (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_42" id="_SignificantAccountingPoliciesTextBlock-c0_cont_41"><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(l)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Property and equipment, net </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_43" id="_SignificantAccountingPoliciesTextBlock-c0_cont_42"><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"><span style="font-family: Times New Roman, Times, Serif">Property
and equipment are stated at historical cost less accumulated depreciation and impairment income, if any. Depreciation is calculated using
the straight-line method over their estimated useful lives. The estimated useful lives are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_44" id="_SignificantAccountingPoliciesTextBlock-c0_cont_43"><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>
    <td style="padding-left: 0.125in; text-indent: -0.125in; border-bottom: Black 1.5pt solid; width: 32%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Category</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated
    useful lives</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: top; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Residual
    value</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buildings</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c100" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">10</ix:nonNumeric> years to <ix:nonNumeric contextRef="c101" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">50</ix:nonNumeric> years</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c102" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage" scale="-2" unitRef="pure">5</ix:nonFraction>%</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic
    devices and other general equipment</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c103" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">2</ix:nonNumeric> years to <ix:nonNumeric contextRef="c104" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">5</ix:nonNumeric> years</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c105" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage" scale="-2" unitRef="pure">0</ix:nonFraction>%,<ix:nonFraction contextRef="c106" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage" scale="-2" unitRef="pure">5</ix:nonFraction>%</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    improvements</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c107" name="us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives">Over the shorter of lease term or the estimated useful lives of the assets</ix:nonNumeric></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c108" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage" scale="-2" unitRef="pure">0</ix:nonFraction>%</span></td></tr>
  </table><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">&#160;</span></p></ix:continuation></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_45" id="_SignificantAccountingPoliciesTextBlock-c0_cont_44"><ix:continuation id="_PropertyPlantAndEquipmentPolicyTextBlock-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">Expenditures
for maintenance and repairs are expensed as incurred. The gain or income on the disposal of property and equipment is the difference
between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive
income/(loss).</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_46" id="_SignificantAccountingPoliciesTextBlock-c0_cont_45"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_LandUseRightspolicyTextBlock-c0_cont_1" escape="true" name="lxeh:LandUseRightspolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(m)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Land use rights, net </i></b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_47" id="_SignificantAccountingPoliciesTextBlock-c0_cont_46"><ix:continuation id="lxeh_LandUseRightspolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Land
use rights are recorded at cost less accumulated amortization. Amortization is provided over the term of the land use rights agreement
on a straight-line basis over the term of the agreement, which is <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="lxeh:LandUseRightsTermOfAgreement">50</ix:nonNumeric> years.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_48" id="_SignificantAccountingPoliciesTextBlock-c0_cont_47"><ix:nonNumeric contextRef="c0" continuedAt="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(n)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Impairment of long-lived assets </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_49" id="_SignificantAccountingPoliciesTextBlock-c0_cont_48"><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">For
other long-lived assets including property and equipment, other non-current assets and land use rights, the Group evaluates for impairment
whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group
assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted
future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired
if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is
measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Group did not recognize any
impairment loss for the years ended December 31, 2020, 2021 and 2022.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_50" id="_SignificantAccountingPoliciesTextBlock-c0_cont_49"><ix:nonNumeric contextRef="c0" continuedAt="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_1" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(o)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Goodwill</i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_51" id="_SignificantAccountingPoliciesTextBlock-c0_cont_50"><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_2" id="_GoodwillAndIntangibleAssetsGoodwillPolicy-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">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 December 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.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_52" id="_SignificantAccountingPoliciesTextBlock-c0_cont_51"><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_3" id="_GoodwillAndIntangibleAssetsGoodwillPolicy-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">The
Group 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.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_53" id="_SignificantAccountingPoliciesTextBlock-c0_cont_52"><ix:continuation id="_GoodwillAndIntangibleAssetsGoodwillPolicy-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">For
the years ended December 31, 2020, 2021 and 2022, the Group recognized impairment loss of <span style="-sec-ix-hidden: hidden-fact-204">nil</span>, <span style="-sec-ix-hidden: hidden-fact-205">nil</span> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="0" unitRef="cny">18,842,000</ix:nonFraction> on goodwill, respectively.</span></p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_54" id="_SignificantAccountingPoliciesTextBlock-c0_cont_53"><ix:nonNumeric contextRef="c0" continuedAt="_DeferredChargesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:DeferredChargesPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(p)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Deferred revenue </i></b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_55" id="_SignificantAccountingPoliciesTextBlock-c0_cont_54"><ix:continuation id="_DeferredChargesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Cash proceeds received from customers
are initially recorded as deferred revenue and are recognized as revenues when revenue recognition criteria are met. The Group&#8217;s
deferred revenue amounted to RMB<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenue" scale="0" unitRef="cny">1,386,607</ix:nonFraction> and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenue" scale="0" unitRef="cny">9,368,156</ix:nonFraction> as of December 31, 2021 and 2022, respectively. During the years ended December
31, 2021 and 2022, the Group recognized RMB<ix:nonFraction contextRef="c91" decimals="0" format="ixt:num-dot-decimal" name="lxeh:DeferredRevenues" scale="0" unitRef="cny">176,980</ix:nonFraction> and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:DeferredRevenues" scale="0" unitRef="cny">1,386,607</ix:nonFraction> revenue that was included in deferred revenue balance at January 1,
2021 and 2022, respectively. The Group expects to recognize this balance as revenue over the next 12 months.</p><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 194; 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">F-<!-- 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="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                            Accounting Policies (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_56" id="_SignificantAccountingPoliciesTextBlock-c0_cont_55"><ix:nonNumeric contextRef="c0" continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:RevenueRecognitionPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(q)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Revenue recognition </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_57" id="_SignificantAccountingPoliciesTextBlock-c0_cont_56"><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"><span style="font-family: Times New Roman, Times, Serif">The
Group adopted ASC 606, &#8220;Revenue from Contracts with Customers&#8221; for all periods presented. Consistent with the criteria of
Topic 606, the Group follows five steps for its revenue recognition: (i)&#160;identify the contract(s) with a customer, (ii)&#160;identify
the performance obligations in the contract, (iii)&#160;determine the transaction price, (iv)&#160;allocate the transaction price to
the performance obligations in the contract, and (v)&#160;recognize revenue when (or as) the entity satisfies a performance obligation.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_58" id="_SignificantAccountingPoliciesTextBlock-c0_cont_57"><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"><span style="font-family: Times New Roman, Times, Serif">The
Group is mainly engaged in providing education services including high school and vocational education services, and comprehensive human
resource services. Schools also provide accommodation service, offer meals, uniforms, learning materials and other campus necessities
to students.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_59" id="_SignificantAccountingPoliciesTextBlock-c0_cont_58"><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: left"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Tuition,
meal and accommodation service income</span></i></span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_60" id="_SignificantAccountingPoliciesTextBlock-c0_cont_59"><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"><span style="font-family: Times New Roman, Times, Serif">Tuition
and accommodation service income that are received in advance by schools prior to the beginning of each semester of a school year are
initially recorded as deferred revenue, and then are recognized over time during the service period of each semester. All amounts of
the tuition and accommodation service income are earned within one year and reflected as a current liability. Qingtian International
School offers meals to students and collects fee each time students have meal, and therefore, revenue is recognized at a point in time
when Qingtian International School offers students the meals.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_61" id="_SignificantAccountingPoliciesTextBlock-c0_cont_60"><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"><span style="font-family: Times New Roman, Times, Serif">The
Group recognizes service income on a gross basis, as the Group is responsible for fulfilling the promise to provide the education, meal
and accommodation services to students.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_62" id="_SignificantAccountingPoliciesTextBlock-c0_cont_61"><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: left"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Financing
component included in tuition fees</span></i></span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_63" id="_SignificantAccountingPoliciesTextBlock-c0_cont_62"><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">Some
contracts contain a financing component because payment by the customer occurs significantly before performance of the obligation. The
Group takes the practical expedient and will not adjust the impact of a financing component for deferred revenue which will be earned
within one year. The Group does not adjust the impact of a financing component for deferred revenue which will be earned beyond one year
as the portion of financing component is immaterial.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_64" id="_SignificantAccountingPoliciesTextBlock-c0_cont_63"><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: left"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Sale
of uniforms, learning materials and other campus necessities</span></i></span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_65" id="_SignificantAccountingPoliciesTextBlock-c0_cont_64"><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"><span style="font-family: Times New Roman, Times, Serif">Schools
provide school uniforms, learning materials and other campus necessities to the students with payment also made prior to the beginning
of each semester. Revenue from uniform, learning materials and other campus necessities is recognized at a point in time when control
of the goods has been transferred and accepted by the students.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_66" id="_SignificantAccountingPoliciesTextBlock-c0_cont_65"><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"><span style="font-family: Times New Roman, Times, Serif">The
Group recognizes revenue from sale of uniforms, learning materials and other campus necessities on a gross basis, as the Group controls
the goods before they are transferred to the students. The Group is responsible for the design of uniforms and have inventory risk for
the uniforms, learning materials and other campus necessities.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_67" id="_SignificantAccountingPoliciesTextBlock-c0_cont_66"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_12" id="_RevenueRecognitionPolicyTextBlock-c0_cont_11"><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"><i><span style="text-decoration:underline">Comprehensive
human resource service</span></i></span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_68" id="_SignificantAccountingPoliciesTextBlock-c0_cont_67"><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"><span style="font-family: Times New Roman, Times, Serif">The
Group generates its revenue from providing comprehensive service for flexible employment, which primarily focuses on recommending interns
from schools to various customers with human resources demand. The Group concludes that there is a single performance obligation to fulfill
service requirements from customers. The Group charges service fees to customers based on service periods at a fixed rate per day, and
recognizes revenue at a point of time or overtime whenever the service requirement is satisfied.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_69" id="_SignificantAccountingPoliciesTextBlock-c0_cont_68"><ix:continuation continuedAt="_RevenueRecognitionPolicyTextBlock-c0_cont_14" id="_RevenueRecognitionPolicyTextBlock-c0_cont_13"><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">The
Group controls the service provided by interns to customers as (i) the Group is primarily responsible for the fulfillment of the services
and assures the customers are satisfied with services; (ii) the Group needs to maintain sufficient interns in order to satisfy the service
requirement from customers on an if-needed basis; (iii) the Group can direct interns to provide service to customers on its behalf, and
there is no direct cooperation relationship between interns and customers, and (iv) the Group has the ultimate discretion to set up the
price of the service with customers. Therefore, the Group acts as a principal, and recognizes revenue in the gross amount of consideration
to which it expects to be entitled in exchange for the specified service transferred.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_70" id="_SignificantAccountingPoliciesTextBlock-c0_cont_69"><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"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Course
design, development and training</span></i></span></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"><i><span style="text-decoration:underline">&#160;</span></i></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_71" id="_SignificantAccountingPoliciesTextBlock-c0_cont_70"><ix:continuation id="_RevenueRecognitionPolicyTextBlock-c0_cont_15"><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">Hainan
Jiangcai jointly designs and develops curriculum and training programs with Hainan Technical School. The Group concludes that there is
a single performance obligation to fulfill service requirements from Hainan Technical School and recognizes revenue over cooperation
period in a straight-line method.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><!-- Field: Page; Sequence: 195; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- 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"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></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%"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                            Accounting Policies (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_72" id="_SignificantAccountingPoliciesTextBlock-c0_cont_71"><ix:nonNumeric contextRef="c0" continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:LessorLeasesPolicyTextBlock"><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: 0.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b><i>(r)</i></b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b><i>Leases </i></b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_73" id="_SignificantAccountingPoliciesTextBlock-c0_cont_72"><ix:continuation continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_2" id="_LessorLeasesPolicyTextBlock-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">From
January 1, 2022, the Group adopted Accounting Standards Update (&#8220;ASU&#8221;) 2016-02, Lease (FASB ASC Topic 842). The adoption
of Topic 842 resulted in the presentation of operating lease right-of-use (&#8220;ROU&#8221;) assets and operating lease liabilities
on the consolidated balance sheet. 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. Lastly,
the Group elected the short-term lease exemption for all contracts with lease terms of 12 months or less.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_74" id="_SignificantAccountingPoliciesTextBlock-c0_cont_73"><ix:continuation continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_3" id="_LessorLeasesPolicyTextBlock-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">The
Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_75" id="_SignificantAccountingPoliciesTextBlock-c0_cont_74"><ix:continuation continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_4" id="_LessorLeasesPolicyTextBlock-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">For
operating leases, the Group records a lease liability and corresponding ROU asset at lease commencement. Lease terms are based on the
non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise
the option. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for
the lease at lease commencement.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_76" id="_SignificantAccountingPoliciesTextBlock-c0_cont_75"><ix:continuation continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_5" id="_LessorLeasesPolicyTextBlock-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">The
Group estimates its incremental borrowing rate for its leases at the commencement date to determine the present value of future lease
payments when the implicit rate is not readily determinable in the lease. In estimating its incremental borrowing rate, the Group considers
its credit rating and publicly available data of borrowing rates for loans of similar amount, currency and term as the lease.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_77" id="_SignificantAccountingPoliciesTextBlock-c0_cont_76"><ix:continuation continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_6" id="_LessorLeasesPolicyTextBlock-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">Operating
leases are presented as &#8220;Right-of-use assets&#8221; and &#8220;Operating lease liabilities&#8221;. Lease liabilities that become
due within one year of the balance sheet date are classified as current liabilities. At lease commencement, right-of-use assets represent
the right to use underlying assets for their respective lease terms and are recognized at amounts equal to the lease liabilities adjusted
for any lease payments made prior to the lease commencement date, less any lease incentives received and any initial direct costs incurred
by the Group.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_78" id="_SignificantAccountingPoliciesTextBlock-c0_cont_77"><ix:continuation continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_7" id="_LessorLeasesPolicyTextBlock-c0_cont_6"><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">After
lease commencement, operating lease liabilities are measured at the present value of the remaining lease payments using the discount
rate determined at lease commencement. Right-of-use assets are measured at the amount of the lease liabilities and further adjusted for
prepaid or accrued lease payments, the remaining balance of any lease incentives received, unamortized initial direct costs and impairment
of the ROU assets, if any. Operating lease expense is recognized as a single cost on a straight-line basis over the lease term.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_79" id="_SignificantAccountingPoliciesTextBlock-c0_cont_78"><ix:continuation continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_8" id="_LessorLeasesPolicyTextBlock-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">Leases
that have a term of 12 months or less at the commencement date (&#8220;short-term leases&#8221;) are not included in right-of-use assets
and operating lease liabilities. Lease expense for the short-term leases is recognized on a straight-line basis over the lease term.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_80" id="_SignificantAccountingPoliciesTextBlock-c0_cont_79"><ix:continuation continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_9" id="_LessorLeasesPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Sale-leaseback
transactions as Lessee</span></i></span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_81" id="_SignificantAccountingPoliciesTextBlock-c0_cont_80"><ix:continuation continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_10" id="_LessorLeasesPolicyTextBlock-c0_cont_9"><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">When
the Group enters into sale-leaseback transactions as a seller-lessee, it applies the requirements in ASC 606 by assessing whether a contract
exists and whether it satisfies a performance obligation by transferring control of an asset when determining whether the transfer of
an asset shall be accounted for as a sale of the asset. If the Group transfers the control of an asset to the buyer-lessor, it accounts
for the transfer of the asset as a sale and recognizes a corresponding gain or loss on disposal. The subsequent leaseback of the asset
is accounted for in accordance with ASC842 in the same manner as any other lease. If the Group does not transfer the control of an asset
to the buyer-lessor, the failed sale-leaseback transaction is accounted for as a financing. The Group does not derecognize the transferred
asset and accounts for proceeds received as borrowings for which the current portion is included in &#8220;long-term borrowings, current&#8221;
and the non-current portion is included in &#8220;long-term borrowings&#8221; in the consolidated balance sheets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_82" id="_SignificantAccountingPoliciesTextBlock-c0_cont_81"><ix:continuation continuedAt="_LessorLeasesPolicyTextBlock-c0_cont_11" id="_LessorLeasesPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Operating
leases as Lessor</span></i></span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_83" id="_SignificantAccountingPoliciesTextBlock-c0_cont_82"><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"><ix:continuation id="_LessorLeasesPolicyTextBlock-c0_cont_11">For
operating leases, the Group recognized rental income over the non-cancellable lease term on a straight-line basis.</ix:continuation> The Group does not
have any sales-type or direct financing leases for the years ended December 31, 2020, 2021 and 2022</span></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">&#160;</span></p></ix:continuation><div>

</div><div>




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

</div><!-- Field: Page; Sequence: 196; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- 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: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                        Accounting Policies (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_84" id="_SignificantAccountingPoliciesTextBlock-c0_cont_83"><ix:nonNumeric contextRef="c0" continuedAt="_CostOfSalesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CostOfSalesPolicyTextBlock"><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"><b><i>(s)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cost of revenues</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_85" id="_SignificantAccountingPoliciesTextBlock-c0_cont_84"><ix:continuation id="_CostOfSalesPolicyTextBlock-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">Cost
of revenues consist of expenditures incurred in the generation of the Group&#8217;s revenue, includes but not limited to the salary and
welfare for teachers, food costs, uniform and learning materials cost, campus rental cost, utilities charges, depreciations and salary
and welfare for interns.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_86" id="_SignificantAccountingPoliciesTextBlock-c0_cont_85"><ix:nonNumeric contextRef="c0" continuedAt="_SellingGeneralAndAdministrativeExpensesPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock"><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"><b><i>(t)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>General and administrative expenses</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_87" id="_SignificantAccountingPoliciesTextBlock-c0_cont_86"><ix:continuation id="_SellingGeneralAndAdministrativeExpensesPolicyTextBlock-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">General
and administrative expenses consist primarily of salary and welfare for general and administrative personnel, general office expenses
and professional service fees.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_88" id="_SignificantAccountingPoliciesTextBlock-c0_cont_87"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_SellingExpensesPolicyTextBlock-c0_cont_1" escape="true" name="lxeh:SellingExpensesPolicyTextBlock"><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"><b><i>(u)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Selling expenses</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_89" id="_SignificantAccountingPoliciesTextBlock-c0_cont_88"><ix:continuation id="lxeh_SellingExpensesPolicyTextBlock-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">Selling
expenses consist primarily of advertising expenses, channel expenses including student referral and customer referral expenses, and other
miscellaneous expenses.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_90" id="_SignificantAccountingPoliciesTextBlock-c0_cont_89"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_GovernmentSubsidiespolicyTextBlock-c0_cont_1" escape="true" name="lxeh:GovernmentSubsidiespolicyTextBlock"><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"><b><i>(v)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Government subsidies</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_91" id="_SignificantAccountingPoliciesTextBlock-c0_cont_90"><ix:continuation continuedAt="lxeh_GovernmentSubsidiespolicyTextBlock-c0_cont_2" id="lxeh_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">Government
subsidies primarily consist of financial subsidies received from local governments for operating a business in their jurisdictions and
compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria
necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant
government authorities. The government subsidies with no further conditions to be met are recorded as &#8220;Other income, net&#8221;
when received. The government subsidies with certain operating conditions are recorded as liabilities when received and will be recorded
as operating income when the conditions are met.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_92" id="_SignificantAccountingPoliciesTextBlock-c0_cont_91"><ix:continuation id="lxeh_GovernmentSubsidiespolicyTextBlock-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">For
the years ended December 31, 2020, the Group received <span style="-sec-ix-hidden: hidden-fact-206">nil</span> financial subsidies from the local PRC government authorities. For the years
ended December 31, 2021, Qingtian International School received financial subsidies of RMB<ix:nonFraction contextRef="c93" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ProceedsFromGovernmentGrantsReceived" scale="0" unitRef="cny">1,499,505</ix:nonFraction>. For the years ended December 31,
2022, Qingtian International School, Langfang school, Chuangmei Weiye and Lishui Mengxiang VIE received financial subsidies of RMB<ix:nonFraction contextRef="c94" decimals="0" format="ixt:num-dot-decimal" name="lxeh:FinancialSubsidiesReceived" scale="0" unitRef="cny">7,390,146</ix:nonFraction>,
RMB<ix:nonFraction contextRef="c95" decimals="0" format="ixt:num-dot-decimal" name="lxeh:FinancialSubsidiesReceived" scale="0" unitRef="cny">4,692,650</ix:nonFraction>, RMB<ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="lxeh:FinancialSubsidiesReceived" scale="0" unitRef="cny">28,000</ix:nonFraction> and RMB<ix:nonFraction contextRef="c97" decimals="0" format="ixt:num-dot-decimal" name="lxeh:FinancialSubsidiesReceived" scale="0" unitRef="cny">9,203</ix:nonFraction>, respectively. All government subsidies received for the years ended December 31, 2021 and 2022
were education development and employment related financial support, which had no further conditions and were recorded as other income.</span></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><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_93" id="_SignificantAccountingPoliciesTextBlock-c0_cont_92"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_NoncontrollingInterestPolicyTextBlock-c0_cont_1" escape="true" name="lxeh:NoncontrollingInterestPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; 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"><b><i>(w)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-controlling
interests</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_94" id="_SignificantAccountingPoliciesTextBlock-c0_cont_93"><ix:continuation continuedAt="lxeh_NoncontrollingInterestPolicyTextBlock-c0_cont_2" id="lxeh_NoncontrollingInterestPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Non-controlling interests are recognized
to reflect the portion of the equity of a subsidiary of VIEs which is not attributable, indirectly, to the controlling shareholder.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_95" id="_SignificantAccountingPoliciesTextBlock-c0_cont_94"><ix:continuation id="lxeh_NoncontrollingInterestPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Non-controlling interests are presented
as a separate component of equity in the consolidated balance sheets. Consolidated net loss on the consolidated statements of comprehensive
income (loss) includes the net income (loss) attributable to non-controlling interests. The cumulative results of operations attributable
to non-controlling interests are recorded as non-controlling interests in the consolidated balance sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_96" id="_SignificantAccountingPoliciesTextBlock-c0_cont_95"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_RisksAndUncertaintiesPolicyTextBlock-c0_cont_1" escape="true" name="lxeh:RisksAndUncertaintiesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; 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"><b><i>(x)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
and uncertainties</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_97" id="_SignificantAccountingPoliciesTextBlock-c0_cont_96"><ix:continuation id="lxeh_RisksAndUncertaintiesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">After the initial outbreak of a novel
strain of coronavirus (&#8220;COVID-19&#8221;), from time to time, some instances of COVID-19 infections have emerged in various regions
of China, including infections caused by Omicron variants in early 2022, and a series of restrictions and quarantines were implemented
to contain the spread. The COVID-19 outbreak in China made adverse impact on the Group&#8217;s financial condition and results of operations.
However, in December 2022, Chinese government declared to treat COVID-19 as Category B disease, and authorities dropped quarantine measures
against people infected with COVID-19 and stopped designating high-risk and low-risk areas. To cope with the policy shift and to protect
our students and teachers&#8217; health, Qingtian International School stopped on-campus teaching activities and provided off-campus online
courses for two weeks in December 2022. Besides, Langfang School provided online courses from March 7, 2022 to June 24, 2022 in the spring
semester, and continued the online courses from September 2, 2022 to December 23, 2022 in the fall semester. The management believed that
the adverse impact due to the COVID-19 was temporary. However, any future outbreak of public health epidemics may restrict economic activities
in affected regions, resulting in reduced business volume, disrupt our and the Group&#8217; business operations and adversely affect the
Group&#8217;s results of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_98" id="_SignificantAccountingPoliciesTextBlock-c0_cont_97"><ix:nonNumeric contextRef="c0" continuedAt="_ConcentrationRiskCreditRisk-c0_cont_1" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; 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"><b><i>(y)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration
and risk</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_99" id="_SignificantAccountingPoliciesTextBlock-c0_cont_98"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_2" id="_ConcentrationRiskCreditRisk-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><i>Concentration of credit risk</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_100" id="_SignificantAccountingPoliciesTextBlock-c0_cont_99"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_3" id="_ConcentrationRiskCreditRisk-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Financial instruments that potentially
expose the Group to concentration of credit risk consist primarily of cash, and accounts receivable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_101" id="_SignificantAccountingPoliciesTextBlock-c0_cont_100"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_4" id="_ConcentrationRiskCreditRisk-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Substantially all of the Group&#8217;s
cash, term deposits, restricted cash, and short-term investments were deposited with financial institutions with high-credit ratings.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_102" id="_SignificantAccountingPoliciesTextBlock-c0_cont_101"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_5" id="_ConcentrationRiskCreditRisk-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify">Accounts receivable are typically
unsecured and are derived from revenue earned from the customers. The Group reviews the accounts receivable on a periodic basis and makes
allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual accounts
receivable balances, the Group considers several factors, including the age of the balance, the customer&#8217;s payment history, and
current credit worthiness, and current economic trends.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 197; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- 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><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                        Accounting Policies (Continued)</b></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><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_103" id="_SignificantAccountingPoliciesTextBlock-c0_cont_102"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_6" id="_ConcentrationRiskCreditRisk-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.85pt; text-align: justify"><i>Currency convertibility&#160;risk</i></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><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_104" id="_SignificantAccountingPoliciesTextBlock-c0_cont_103"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_7" id="_ConcentrationRiskCreditRisk-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Group primarily transacts all of
its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual
rate system and introduced a single rate of exchange as quoted daily by the PBOC. However, the unification of the exchange rates does
not imply that the RMB may be readily convertible into United States dollars or other foreign currencies. All foreign exchange transactions
continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted
by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together
with suppliers&#8217; invoices, shipping documents and signed contracts. The Company&#8217;s cash denominated in RMB amounted to RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="cny">2,769,490</ix:nonFraction>
and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Cash" scale="0" unitRef="usd">34,603,166</ix:nonFraction> as of December 31, 2021 and 2022, respectively.</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><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_105" id="_SignificantAccountingPoliciesTextBlock-c0_cont_104"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_8" id="_ConcentrationRiskCreditRisk-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Major customers and supplying channels</i></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><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_106" id="_SignificantAccountingPoliciesTextBlock-c0_cont_105"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_9" id="_ConcentrationRiskCreditRisk-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the continuing operations, no single
customer represented <ix:nonFraction contextRef="c15" decimals="2" format="ixt:num-dot-decimal" name="lxeh:RevenuePurchasePercentage" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c16" decimals="2" format="ixt:num-dot-decimal" name="lxeh:RevenuePurchasePercentage" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="lxeh:RevenuePurchasePercentage" scale="-2" unitRef="pure">10</ix:nonFraction></ix:nonFraction></ix:nonFraction>% or more of the Group&#8217;s net revenues or purchase for the years ended December 31, 2020, 2021 and 2022. The
Group&#8217;s customers are mainly students and the Group&#8217;s suppliers are mainly faculty.</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><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_107" id="_SignificantAccountingPoliciesTextBlock-c0_cont_106"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_10" id="_ConcentrationRiskCreditRisk-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table sets forth a summary
of single customers who represent <ix:nonFraction contextRef="c15" decimals="2" format="ixt:num-dot-decimal" name="lxeh:CoustomerAccountsReceivables" scale="-2" unitRef="pure">10</ix:nonFraction>% or more of the Group&#8217;s total accounts receivable:</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><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_108" id="_SignificantAccountingPoliciesTextBlock-c0_cont_107"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_11" id="_ConcentrationRiskCreditRisk-c0_cont_10"><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="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#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="font-weight: bold">Percentage of the Group&#8217;s accounts receivable</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Amount</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">%</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">Amount</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">%</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Customer A</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-192">-</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: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-193">-</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: 9%; text-align: right"><ix:nonFraction contextRef="c111" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableRelatedParties" scale="0" unitRef="usd">128,437</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="c112" decimals="3" format="ixt:num-dot-decimal" name="lxeh:CoustomerAccountsReceivables" scale="-2" unitRef="pure">29.8</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Customer B</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-194">-</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">-</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="c115" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableRelatedParties" scale="0" unitRef="usd">128,154</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="c116" decimals="3" format="ixt:num-dot-decimal" name="lxeh:CoustomerAccountsReceivables" scale="-2" unitRef="pure">29.7</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">Customer C</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-196">-</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-197">-</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="c119" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsReceivableRelatedParties" scale="0" unitRef="usd">87,401</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="c120" decimals="3" format="ixt:num-dot-decimal" name="lxeh:CoustomerAccountsReceivables" scale="-2" unitRef="pure">20.3</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_109" id="_SignificantAccountingPoliciesTextBlock-c0_cont_108"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c0_cont_12" id="_ConcentrationRiskCreditRisk-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table sets forth a summary
of single customers who represent <ix:nonFraction contextRef="c15" decimals="2" format="ixt:num-dot-decimal" name="lxeh:CustomersAccountsPayablePercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% or more of the Group&#8217;s total accounts payable:</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><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_110" id="_SignificantAccountingPoliciesTextBlock-c0_cont_109"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock"><ix:continuation id="_ConcentrationRiskCreditRisk-c0_cont_12"><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="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#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="font-weight: bold">Percentage of the Group&#8217;s accounts payable</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Amount</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">%</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">Amount</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">%</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Supplier A</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-198">-</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: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-199">-</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: 9%; text-align: right"><ix:nonFraction contextRef="c122" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableOtherCurrentAndNoncurrent" scale="0" unitRef="cny">672,725</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="c122" decimals="3" format="ixt:num-dot-decimal" name="lxeh:AccountsPayablePercentage" scale="-2" unitRef="pure">23.0</ix:nonFraction></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Supplier B</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-200">-</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">-</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="c124" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableOtherCurrentAndNoncurrent" scale="0" unitRef="cny">581,477</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="c124" decimals="3" format="ixt:num-dot-decimal" name="lxeh:AccountsPayablePercentage" scale="-2" unitRef="pure">19.9</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">Supplier C</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-202">-</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-203">-</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="c126" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableOtherCurrentAndNoncurrent" scale="0" unitRef="cny">399,956</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="c126" decimals="3" format="ixt:num-dot-decimal" name="lxeh:AccountsPayablePercentage" scale="-2" unitRef="pure">13.7</ix:nonFraction></td><td style="text-align: left">%</td></tr>
  </table><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">&#160;</span></p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_111" id="_SignificantAccountingPoliciesTextBlock-c0_cont_110"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_EmployeeSocialSecurityAndWelfareBenefits-c0_cont_1" escape="true" name="lxeh:EmployeeSocialSecurityAndWelfareBenefits"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; 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"><b><i>(z)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Employee
social security and welfare benefits</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_112" id="_SignificantAccountingPoliciesTextBlock-c0_cont_111"><ix:continuation continuedAt="lxeh_EmployeeSocialSecurityAndWelfareBenefits-c0_cont_2" id="lxeh_EmployeeSocialSecurityAndWelfareBenefits-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">Employees
of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance,
medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution
plan. The Group is required to contribute to the plan based on certain percentages of the employees&#8217; salaries, up to a maximum
amount specified by the local government.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_113" id="_SignificantAccountingPoliciesTextBlock-c0_cont_112"><ix:continuation id="lxeh_EmployeeSocialSecurityAndWelfareBenefits-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">The
PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group&#8217;s
obligations are limited to the amounts contributed and no legal obligation beyond the contributions made.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_114" id="_SignificantAccountingPoliciesTextBlock-c0_cont_113"><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; 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"><b><i>(aa)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Income
taxes</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_115" id="_SignificantAccountingPoliciesTextBlock-c0_cont_114"><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"><span style="font-family: Times New Roman, Times, Serif">Current
income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are
not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_116" id="_SignificantAccountingPoliciesTextBlock-c0_cont_115"><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"><span style="font-family: Times New Roman, Times, Serif">Deferred
income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax
consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial
statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount
attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated
statements of comprehensive income/(loss) in the period of change. A valuation allowance is provided to reduce the amount of deferred
tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 198; 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">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; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                        Accounting Policies (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_117" id="_SignificantAccountingPoliciesTextBlock-c0_cont_116"><ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_4" id="_IncomeTaxPolicyTextBlock-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"><i>Uncertain
tax positions </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_118" id="_SignificantAccountingPoliciesTextBlock-c0_cont_117"><ix:continuation id="_IncomeTaxPolicyTextBlock-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">The
guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statements recognition
and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income
tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties
associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required
in evaluating the Group&#8217;s uncertain tax positions and determining its provision for income taxes. The Group did not recognize any
significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2020, 2021 and 2022. As of
December 31, 2021 and 2022, the Group did not have any significant unrecognized uncertain tax positions.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_119" id="_SignificantAccountingPoliciesTextBlock-c0_cont_118"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_StatutoryReservesOnePolicyTextBlock-c0_cont_1" escape="true" name="lxeh:StatutoryReservesOnePolicyTextBlock"><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"><b><i>(bb)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Statutory reserves</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_120" id="_SignificantAccountingPoliciesTextBlock-c0_cont_119"><ix:continuation continuedAt="lxeh_StatutoryReservesOnePolicyTextBlock-c0_cont_2" id="lxeh_StatutoryReservesOnePolicyTextBlock-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">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="lxeh:PercentageOfAnnualAfterTaxProfitToBeAppropriatedToReserveFund" scale="-2" unitRef="pure">10</ix:nonFraction>% of after-tax
income should be set aside prior to payments of dividends as reserve fund, the appropriations to statutory surplus reserve are required
until the balance reaches <ix:nonFraction contextRef="c98" decimals="2" format="ixt:num-dot-decimal" name="lxeh:PercentageOfAnnualAfterTaxProfitToBeAppropriatedToReserveFund" scale="-2" unitRef="pure">50</ix:nonFraction>% of the PRC entity registered capital.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_121" id="_SignificantAccountingPoliciesTextBlock-c0_cont_120"><ix:continuation id="lxeh_StatutoryReservesOnePolicyTextBlock-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">In
the private school sector, the Implementing Regulations for the Law of the People&#8217;s Republic of China on the Promotion of Privately-run
Schools require that annual appropriations of <ix:nonFraction contextRef="c99" decimals="2" format="ixt:num-dot-decimal" name="lxeh:PercentageOfAnnualAfterTaxProfitToBeAppropriatedToReserveFund" scale="-2" unitRef="pure">25</ix:nonFraction>% of after-tax income should be set aside prior to payments of dividend as development
fund. Under the Implementation Rules for the Law for Promoting Private Education of the PRC for Private Education Laws, or the 2021 Implementation
Rules, which took effect on September 1, 2021, annual appropriations of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxSettlementsForeign" scale="-2" unitRef="pure">10</ix:nonFraction>% of after-tax income should be set aside prior to payments
of dividend as development fund. The statutory reserve is applied against prior year income, if any, and may be used for general business
expansion and production or increase in registered capital of the entities. For the years ended December 31, 2020, 2021 and 2022, the
Group made apportions of RMB <ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountOfAllocationsMadeToStatutoryReserveFundsFromAfterTaxProfits" scale="0" unitRef="cny">7,409,675</ix:nonFraction>, RMB<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountOfAllocationsMadeToStatutoryReserveFundsFromAfterTaxProfits" scale="0" unitRef="cny">1,322,803</ix:nonFraction> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AmountOfAllocationsMadeToStatutoryReserveFundsFromAfterTaxProfits" scale="0" unitRef="cny">54,144</ix:nonFraction> to the development fund, respectively. For the year ended December
31, 2022, the Group&#8217;s other subsidiaries made RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DevelopmentInProcess" scale="0" unitRef="cny">175,722</ix:nonFraction> statutory reserves in addition to development fund.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_122" id="_SignificantAccountingPoliciesTextBlock-c0_cont_121"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_RelatedPartiesPolicyTextBlock-c0_cont_1" escape="true" name="lxeh:RelatedPartiesPolicyTextBlock"><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"><b><i>(cc)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Related parties</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_123" id="_SignificantAccountingPoliciesTextBlock-c0_cont_122"><ix:continuation id="lxeh_RelatedPartiesPolicyTextBlock-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">Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject
to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_124" id="_SignificantAccountingPoliciesTextBlock-c0_cont_123"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_DividendsPolicyTextBlock-c0_cont_1" escape="true" name="lxeh:DividendsPolicyTextBlock"><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"><b><i>(dd)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Dividends</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_125" id="_SignificantAccountingPoliciesTextBlock-c0_cont_124"><ix:continuation id="lxeh_DividendsPolicyTextBlock-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">Dividends
are recognized when declared. No dividends were declared for the years ended December 31, 2020, 2021 and 2022, respectively. The Group
does not have any present plan to pay any dividends on ordinary shares in the foreseeable future. The Group currently intends to retain
the available funds and any future earnings to operate and expand its business.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_126" id="_SignificantAccountingPoliciesTextBlock-c0_cont_125"><ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerSharePolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><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"><b><i>(ee)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Earnings/(loss) per share</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_127" id="_SignificantAccountingPoliciesTextBlock-c0_cont_126"><ix:continuation continuedAt="_EarningsPerSharePolicyTextBlock-c0_cont_2" 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">Basic
income/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares by the weighted average
number of ordinary shares outstanding during the year.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_128" id="_SignificantAccountingPoliciesTextBlock-c0_cont_127"><ix:continuation id="_EarningsPerSharePolicyTextBlock-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">Diluted
income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders as adjusted for the effect
of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding
during the year. Dilutive equivalent shares are excluded from the computation of diluted income per share if their effects would be anti-dilutive.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_129" id="_SignificantAccountingPoliciesTextBlock-c0_cont_128"><ix:nonNumeric contextRef="c0" continuedAt="_ComprehensiveIncomePolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><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"><b><i>(ff)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Comprehensive income/(loss)</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_130" id="_SignificantAccountingPoliciesTextBlock-c0_cont_129"><ix:continuation continuedAt="_ComprehensiveIncomePolicyPolicyTextBlock-c0_cont_2" id="_ComprehensiveIncomePolicyPolicyTextBlock-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">Comprehensive
income/(loss) is defined as the change in shareholders&#8217; equity of the Company during a period arising from transactions and other
events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_131" id="_SignificantAccountingPoliciesTextBlock-c0_cont_130"><ix:continuation id="_ComprehensiveIncomePolicyPolicyTextBlock-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">Comprehensive
income/(loss) is reported in the consolidated statements of comprehensive income/(loss). Accumulated other comprehensive loss of the
Group includes the foreign currency translation adjustments.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 199; 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">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; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>2.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Principal
                                        Accounting Policies (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_132" id="_SignificantAccountingPoliciesTextBlock-c0_cont_131"><ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><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"><b><i>(gg)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Segment reporting</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_133" id="_SignificantAccountingPoliciesTextBlock-c0_cont_132"><ix:continuation continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_2" id="_SegmentReportingPolicyPolicyTextBlock-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">Operating
segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available
that is regularly evaluated by the Group&#8217;s chief operating decision makers in deciding how to allocate resources and assess performance.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_134" id="_SignificantAccountingPoliciesTextBlock-c0_cont_133"><ix:continuation continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_3" id="_SegmentReportingPolicyPolicyTextBlock-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">For
the year ended December 31, 2020, the Group had one reportable segment for the primary and middle school education business from grade
1 to grade 9, provided by Lianwai School VIE. For the year ended December 31, 2021, for continuing operations, the Group had one reportable
segment for the high school education business, provided by Qingtian International School VIE. In response to Implementation Rules, the
reportable segment for the primary and middle school education business from grade 1 to grade 9, qualifies for discontinued operation
reporting and is not required to disclose the information in segment reporting required by ASC 280.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_135" id="_SignificantAccountingPoliciesTextBlock-c0_cont_134"><ix:continuation continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_4" id="_SegmentReportingPolicyPolicyTextBlock-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">For
the year ended December 31, 2022, the Group has organized its operations into three operating segments. The segments reflect the way
the Group evaluates its business performance and manages its operations by the Group&#8217;s chief operating decision maker (&#8220;CODM&#8221;)
for making decisions, allocating resources and assessing performance. The Group&#8217;s CODM has been identified as the chief executive
officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_136" id="_SignificantAccountingPoliciesTextBlock-c0_cont_135"><ix:continuation continuedAt="_SegmentReportingPolicyPolicyTextBlock-c0_cont_5" id="_SegmentReportingPolicyPolicyTextBlock-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">The
Group has determined that it operates in three segments: (1) &#8220;Education services&#8221; segment, (2) &#8220;Comprehensive human
resources services&#8221; segment and (3) &#8220;All other&#8221; segment. The &#8220;All other&#8221; segment consisted of the Group&#8217;s
headquarters and functional departments that did not earn revenues. The other two reportable segments are strategic business units that
offer different services. They are managed separately because each business requires different operating strategies.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_137" id="_SignificantAccountingPoliciesTextBlock-c0_cont_136"><ix:continuation id="_SegmentReportingPolicyPolicyTextBlock-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">As
the Group&#8217;s long-lived assets are substantially all located in the PRC and all of the Company&#8217;s revenue and expense are derived
from within the PRC, no geographical segments are presented.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_138" id="_SignificantAccountingPoliciesTextBlock-c0_cont_137"><ix:nonNumeric contextRef="c0" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><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"><b><i>(hh)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Recently issued accounting pronouncements</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_139" id="_SignificantAccountingPoliciesTextBlock-c0_cont_138"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-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">In
June 2016, the FASB issued ASU 2016-13, Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments, which requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The
amortized cost basis of financial assets should be reduced by expected credit losses to present the net carrying value in the financial
statements at the amount expected to be collected. The measurement of expected credit losses is based on past events, historical experience,
current conditions and forecasts that affect the collectability of the financial assets. Additionally, credit losses relating to available-for-sale
debt securities should be recorded through an allowance for credit losses. The guidance replaces the incurred loss impairment methodology
with an expected credit loss model, which will mainly have an impact on credit losses in connection with loans recognized as a result
of payments under the guarantee liabilities and guarantee liabilities. In 2019, the FASB subsequently issued ASU 2019-04, ASU 2019-05,
and ASU 2019-11, respectively, which contained updates to ASU 2016-13. The Group is qualified as Emerging Growth Company, so the Group
elected to use the extended transition period for complying with new or revised financial accounting standards and will not adopt this
new guidance until 2023.</span></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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c0_cont_139"><ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-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">In
November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), to increase the transparency of government assistance
including the disclosure of (1) the types of assistance, (2) an entity&#8217;s accounting for the assistance, and (3) the effect of the
assistance on an entity&#8217;s financial statements. The amendments in this ASU are effective for all entities within their scope for
financial statements issued for annual periods beginning after December 15, 2021. An entity should apply the amendments in this ASU 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.
Early application of the amendments is permitted. The Group has adopted ASU 2021-10 from January 1, 2020, and the adoption had no material
impact on the Group&#8217;s consolidated financial statements.</span></p></ix:continuation></ix:continuation><div>

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


</div><!-- Field: Page; Sequence: 200; 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">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; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>3.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Discontinued
                                        operation </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock-c0_cont_2" id="_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock-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">As
refer to Note 1, in connection with the deconsolidation of the Affected Entity, the Group evaluated and concluded that the Affected Entity
should be accounted as discontinued operation during the year ended and as of December 31, 2021. There were no carrying amounts of major
classes of assets and liabilities from the discontinued operation in the consolidated balance sheets as of December 31, 2021 and 2022.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock-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">Pursuant
to the Implementation Rules, the Group lost control of Lianwai School on August 31, 2021. Therefore, the Group accounted Lianwai School
as discontinued operation and recognized one-off loss of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:RecognizedOneoffLoss" scale="0" unitRef="cny">249,359,993</ix:nonFraction> for this deconsolidation.</span></p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:BusinessCombinationDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>4.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Business
                                        combination</b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_2" id="_BusinessCombinationDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Acquisition
of Hangzhou Youxi Information Technology Co., Ltd. (&#8220;Youxi Software&#8221;)</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_3" id="_BusinessCombinationDisclosureTextBlock-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">On
January 31, 2021, the Group acquired <ix:nonFraction contextRef="c127" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" scale="-2" unitRef="pure">100</ix:nonFraction>% equity interest of Youxi Software, with a total consideration of RMB<ix:nonFraction contextRef="c128" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAcquiredFromAcquisition" scale="0" unitRef="cny">300,000</ix:nonFraction> (approximately
$<ix:nonFraction contextRef="c129" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferredTransactionCost" scale="0" unitRef="usd">46,500</ix:nonFraction>) in cash for the layout of online education of the Company. The acquisition of <ix:nonFraction contextRef="c130" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" scale="-2" unitRef="pure">100</ix:nonFraction>% equity interest of Youxi Software has been
accounted for using the acquisition method of accounting, and accordingly, the acquired assets and liabilities were recorded at their
fair value at the date of acquisition. The Group engaged a third-party valuation firm to assist with the valuation of assets acquired
and liabilities assumed in this business combination. The result of acquired entity&#8217;s operation has been included in the consolidated
financial statements since the date of acquisition. The purchase price was allocated as of February 1, 2021, the date of acquisition,
as follows:</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_4" id="_BusinessCombinationDisclosureTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</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><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Fair value of total consideration
    transferred:</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: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash consideration</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"><ix:nonFraction contextRef="c140" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationReceived1" scale="0" unitRef="cny">300,000</ix:nonFraction></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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash acquired from business
    combination</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">(<ix:nonFraction contextRef="c140" decimals="0" format="ixt:num-dot-decimal" name="lxeh:CashAcquiredFromBusinessCombination" scale="0" sign="-" unitRef="cny">3,211</ix:nonFraction></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; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Subtotal</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"><ix:nonFraction contextRef="c140" decimals="0" format="ixt:num-dot-decimal" name="lxeh:Subtotal" scale="0" unitRef="cny">296,789</ix:nonFraction></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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Recognized amounts of identifiable
    assets acquired and liability assumed:</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">&#160;</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">Current assets</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"><ix:nonFraction contextRef="c141" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets" scale="0" unitRef="cny">45,440</ix:nonFraction></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">Intangible asset - computer software</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"><ix:nonFraction contextRef="c141" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles" scale="0" unitRef="cny">276,087</ix:nonFraction></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">Current liabilities</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">(<ix:nonFraction contextRef="c141" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" scale="0" unitRef="cny">3,200</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred tax assets</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"><ix:nonFraction contextRef="c141" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets" scale="0" unitRef="cny">2,802,091</ix:nonFraction></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">Total identifiable net
    assets</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"><ix:nonFraction contextRef="c140" decimals="0" format="ixt:num-dot-decimal" name="lxeh:TotalIdentifiableNetAssets" scale="0" unitRef="cny">3,120,419</ix:nonFraction></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="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Other income*</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c140" decimals="0" format="ixt:num-dot-decimal" id="ix_0_fact" name="us-gaap:OtherIncome" scale="0" unitRef="cny">2,823,630</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_5" id="_BusinessCombinationDisclosureTextBlock-c0_cont_4"><ix:continuation continuedAt="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c0_cont_2" id="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-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; 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">*</span></td><td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">The excess of the total consideration over the fair value of the assets acquired was recorded as other income, which was due to the deferred tax assets recognized since the management considered it more likely than not that Youxi Software could generate sufficient pre-tax profit in the next 5 consecutive years and the deferred tax assets will be utilized in the future.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_6" id="_BusinessCombinationDisclosureTextBlock-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">The
net revenue and net loss of Youxi Software since the acquisition date and that were included in the Group&#8217;s consolidated statements
of operations and comprehensive income/(loss) for the year ended December 31, 2021 are <span style="-sec-ix-hidden: hidden-fact-207">nil</span> and RMB<ix:nonFraction contextRef="c131" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossTax" scale="0" unitRef="cny">364,366</ix:nonFraction>, respectively.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_7" id="_BusinessCombinationDisclosureTextBlock-c0_cont_6"><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">Based
on the Group&#8217;s assessment, the revenues and net earnings of Youxi Software were not considered material prior to the acquisition
date. Thus, the Group&#8217;s management believes that the presentation of pro forma financial information with respect to the results
of operations of the Group for the business combination is immaterial.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 201; 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">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; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>4.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Business
                                        combination (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_8" id="_BusinessCombinationDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Acquisition
of Qingtian Overseas Chinese International School (&#8220;Qingtian International School&#8221;)</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_9" id="_BusinessCombinationDisclosureTextBlock-c0_cont_8"><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">On
August 31, 2021, the Group acquired <ix:nonFraction contextRef="c65" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% equity interest of Qingtian International School, with a total consideration of RMB<ix:nonFraction contextRef="c66" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredIncludingEquityInterestInAcquireeHeldPriorToCombination1" scale="6" unitRef="cny">23</ix:nonFraction> million
(approximately $<ix:nonFraction contextRef="c132" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredIncludingEquityInterestInAcquireeHeldPriorToCombination1" scale="6" unitRef="usd">3</ix:nonFraction>.6million) in cash. Qingtian International School is an educational institution specialized in providing high school
education to returned overseas Chinese students. As of December 31, 2022, the total unpaid consideration was RMB <ix:nonFraction contextRef="c133" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferredLiabilitiesIncurred" scale="6" unitRef="cny">8</ix:nonFraction> million, which will
be paid in <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="lxeh:OtherPayablesTerm">1</ix:nonNumeric> year and was recorded in other payables. The acquisition of <ix:nonFraction contextRef="c134" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationStepAcquisitionEquityInterestInAcquireePercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% equity interest of Qingtian International School has been
accounted for using the acquisition method of accounting, and accordingly, the acquired assets and liabilities were recorded at their
fair value at the date of acquisition. The Group engaged a third-party valuation firm to assist with the valuation of assets acquired
and liabilities assumed in this business combination. The result of acquired entity&#8217;s operation has been included in the consolidated
financial statements since the date of acquisition. The purchase price was allocated as of August 31, 2021, the date of acquisition,
as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_10" id="_BusinessCombinationDisclosureTextBlock-c0_cont_9"><ix:continuation continuedAt="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c0_cont_3" id="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</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><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB</b></span></td><td style="font-weight: bold; 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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Fair value of total consideration
    transferred:</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">&#160;</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="width: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash consideration</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"><ix:nonFraction contextRef="c142" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationReceived1" scale="0" unitRef="cny">23,000,000</ix:nonFraction></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">Cash acquired from business combination</span></td><td><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">(<ix:nonFraction contextRef="c142" decimals="0" format="ixt:num-dot-decimal" name="lxeh:CashAcquiredFromBusinessCombination" scale="0" sign="-" unitRef="cny">2,811,219</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Subtotal</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"><ix:nonFraction contextRef="c142" decimals="0" format="ixt:num-dot-decimal" name="lxeh:Subtotal" scale="0" unitRef="cny">20,188,781</ix:nonFraction></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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Recognized amounts of identifiable
    assets acquired and liability assumed:</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">&#160;</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">Current assets</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"><ix:nonFraction contextRef="c143" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets" scale="0" unitRef="cny">15,799,304</ix:nonFraction></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">Non-current assets</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"><ix:nonFraction contextRef="c143" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentAssets" scale="0" unitRef="cny">6,230,107</ix:nonFraction></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">Current liabilities</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">(<ix:nonFraction contextRef="c143" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" scale="0" unitRef="cny">28,485,037</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total identifiable net liabilities</span></td><td><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">(<ix:nonFraction contextRef="c143" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" scale="0" unitRef="cny">6,455,626</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">Goodwill*</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c143" decimals="0" format="ixt:num-dot-decimal" id="ix_1_fact" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" scale="0" unitRef="cny">26,644,407</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_11" id="_BusinessCombinationDisclosureTextBlock-c0_cont_10"><ix:continuation continuedAt="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c0_cont_4" id="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-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; 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">*</span></td><td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">The goodwill was primarily attributable to the synergy from the joint students recruiting events and channel, program design, development and marketing, and teacher training and recruitment opportunities. The goodwill is not deductible for tax purposes.</span></ix:footnote></td>
</tr></table><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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_12" id="_BusinessCombinationDisclosureTextBlock-c0_cont_11"><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">Based
on the Group&#8217;s assessment, the revenues and net earnings of Qingtian International School were not considered material prior to
the acquisition date. Thus, the Group&#8217;s management believes that the presentation of pro forma financial information with respect
to the results of operations of the Group for the business combination is immaterial.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 202; 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">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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>4.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Business
                                        combination (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_13" id="_BusinessCombinationDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Acquisition
of Beijing Pengxiang Tianxia Education Technology Co., LTD (&#8220;Beijing P.X.&#8221;)</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_14" id="_BusinessCombinationDisclosureTextBlock-c0_cont_13"><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">On
July 27, 2021, the Company entered into an investment cooperation agreement with Beijing S.K., pursuant to which the Company may gradually
acquire the controlling stake in Beijing S.K. upon the Company&#8217;s prepayment in the total amount of RMB<ix:nonFraction contextRef="c135" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:PrepaymentFeesOnAdvancesNet" scale="6" unitRef="cny">300</ix:nonFraction> million to Beijing S.K.
The Company had prepaid in the amount of RMB<ix:nonFraction contextRef="c136" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:PrepaidInterest" scale="6" unitRef="cny">100</ix:nonFraction> million to Beijing S.K.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_15" id="_BusinessCombinationDisclosureTextBlock-c0_cont_14"><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">On
April 18, 2022, as part of the arrangements with Beijing S.K., the Company entered into an investment supplemental agreement with Beijing
S.K. Pursuant to such agreement, the Company acquired <ix:nonFraction contextRef="c137" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" scale="0" unitRef="shares">100</ix:nonFraction>% equity interests of Beijing P.X., a wholly-owned subsidiary of Beijing S.K.,
which in turn holds <ix:nonFraction contextRef="c138" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" scale="0" unitRef="shares">100</ix:nonFraction>% equity interests of Chuangmei Weiye and Hainan Jiangcai, and the sponsorship interests of Langfang School, from
Beijing S.K. (the &#8220;Acquisition&#8221;, or the &#8220;Business Combination&#8221;). The Company completed the Acquisition by utilizing
the prepayment in the amount of RMB<ix:nonFraction contextRef="c139" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PrepaymentFeesOnAdvancesNet" scale="6" unitRef="cny">53.4</ix:nonFraction> million.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_16" id="_BusinessCombinationDisclosureTextBlock-c0_cont_15"><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">The
Acquisition was accounted for as a business combination using the acquisition method of accounting in conformity with U.S. GAAP. Under
this method, the assets acquired and liabilities assumed have been recorded based on preliminary estimates of fair value. In the preliminary
purchase price allocation, the difference between the purchase consideration and book value of assets acquired and liabilities assumed
by the Company was allocated based on management&#8217;s judgement and assumptions. The net identifiable assets acquired and preliminary
purchase price allocation are as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_17" id="_BusinessCombinationDisclosureTextBlock-c0_cont_16"><ix:continuation continuedAt="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c0_cont_5" id="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</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><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Fair value of total consideration
    transferred:</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: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Cash consideration</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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherSignificantNoncashTransactionValueOfConsiderationReceived1" scale="0" unitRef="cny">53,400,000</ix:nonFraction></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">Cash acquired from business combination</span></td><td><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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:CashAcquiredFromBusinessCombination" scale="0" sign="-" unitRef="cny">840,083</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Subtotal</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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:Subtotal" scale="0" unitRef="cny">52,559,917</ix:nonFraction></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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Recognized amounts of identifiable
    assets acquired and liability assumed:</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">&#160;</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">Current assets</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets" scale="0" unitRef="cny">13,222,667</ix:nonFraction></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">Non-current assets</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentAssets" scale="0" unitRef="cny">3,108,661</ix:nonFraction></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">Current liabilities</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">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" scale="0" unitRef="cny">25,463,841</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-current liabilities</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">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilities" scale="0" unitRef="cny">875,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">Total identifiable net liabilities</span></td><td><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">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" scale="0" unitRef="cny">10,007,513</ix:nonFraction></span></td><td style="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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Goodwill*</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" id="ix_2_fact" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill" scale="0" unitRef="cny">62,567,430</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_18" id="_BusinessCombinationDisclosureTextBlock-c0_cont_17"><ix:continuation id="_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock-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; 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">*</span></td><td style="text-align: justify"><ix:footnote id="ix_2_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">The goodwill was primarily attributable to the synergy from the joint students recruiting events and channel, intern program design and human resources services fulfillment. The goodwill is not deductible for tax purposes.</span></ix:footnote></td>
</tr></table><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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_19" id="_BusinessCombinationDisclosureTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i><span style="text-decoration:underline">Pro
forma results of acquisitions (unaudited)</span></i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_BusinessCombinationDisclosureTextBlock-c0_cont_20" id="_BusinessCombinationDisclosureTextBlock-c0_cont_19"><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">The
following table summarizes the unaudited pro forma consolidated results of operations for the years ended December 31, 2021, assuming
that the Acquisition occurred as of the beginning of the comparable annual reporting period. The 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.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_BusinessCombinationDisclosureTextBlock-c0_cont_20"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><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-bottom: 1.5pt; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; white-space: nowrap; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the Year Ended <br/>
    December 31,<br/>
    2021</span></td><td style="padding-bottom: 1.5pt; white-space: nowrap; 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">&#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: 88%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Pro forma net income from continuing
    operations</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"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax" scale="0" unitRef="cny">1,608,904</ix:nonFraction></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">Pro forma net loss from discontinuing operation</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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ProFormaNetLossFromDiscontinuingOperation" scale="0" unitRef="cny">244,068,780</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">Basic weighted average shares outstanding</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"><ix:nonFraction contextRef="c16" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageBasicSharesOutstandingProForma" scale="0" unitRef="shares">66,667,000</ix:nonFraction></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">Earnings per share from continuing operations-basic
    and diluted</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"><ix:nonFraction contextRef="c16" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTaxPerShareBasic" scale="0" unitRef="cnyPershares">0.02</ix:nonFraction></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">Loss per share from discontinuing operations-basic
    and diluted</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">(<ix:nonFraction contextRef="c16" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionProFormaEarningsPerShareBasic" scale="0" sign="-" unitRef="cnyPershares">3.66</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

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


</div><!-- Field: Page; Sequence: 203; 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">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 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>5.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Cash</b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CashAndCashEquivalentsDisclosureTextBlock-c0_cont_2" id="_CashAndCashEquivalentsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Cash represent cash on hand and demand
deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal or use. The following table sets forth
a breakdown of cash by currency denomination and jurisdiction as of December 31, 2021 and 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation id="_CashAndCashEquivalentsDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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&#160;equivalent&#160;(US$)</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">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">Total
    in RMB</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><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">Overseas</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">China</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="padding-bottom: 1.5pt"><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 style="padding-bottom: 1.5pt"><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">&#160;</span></td><td style="padding-bottom: 1.5pt"><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 style="padding-bottom: 1.5pt"><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">Non&#160;VIE</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">VIEs</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="padding-bottom: 1.5pt"><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 style="padding-bottom: 1.5pt"><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: 52%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">December&#160;31, 2021</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"><ix:nonFraction contextRef="c144" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="usd">196,642,333</ix:nonFraction></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"><ix:nonFraction contextRef="c145" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="cny">1,316,167</ix:nonFraction></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"><ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="cny">1,453,323</ix:nonFraction></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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="cny">199,411,823</ix:nonFraction></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><span style="font-family: Times New Roman, Times, Serif">December&#160;31, 2022</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"><ix:nonFraction contextRef="c147" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="usd">212,158,382</ix:nonFraction></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"><ix:nonFraction contextRef="c148" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="cny">1,238,532</ix:nonFraction></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"><ix:nonFraction contextRef="c149" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="cny">33,364,634</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations" scale="0" unitRef="cny">246,761,548</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="lxeh_PrepaymentsAndOtherCurrentAssetsTextBlock-c0_cont_1" escape="true" name="lxeh:PrepaymentsAndOtherCurrentAssetsTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>6.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Prepayments
                                        and Other current assets </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="lxeh_PrepaymentsAndOtherCurrentAssetsTextBlock-c0_cont_2" id="lxeh_PrepaymentsAndOtherCurrentAssetsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Prepayments
and other current assets consisted of the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="lxeh_PrepaymentsAndOtherCurrentAssetsTextBlock-c0_cont_3" id="lxeh_PrepaymentsAndOtherCurrentAssetsTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_PrepaymentsAndOtherCurrentAssetsTableTextBlock-c0_cont_1" escape="true" name="lxeh:PrepaymentsAndOtherCurrentAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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">As&#160;of&#160;December&#160;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><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="2" 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; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Advance deposit for intent acquisition
    (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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" id="ix_3_fact" name="lxeh:AdvanceDepositForIntentAcquisition" scale="0" sign="-" unitRef="cny">100,000,000</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" id="ix_4_fact" name="lxeh:AdvanceDepositForIntentAcquisition" scale="0" sign="-" unitRef="cny">46,600,000</ix:nonFraction></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">Receivables from third parties (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="-sec-ix-hidden: hidden-fact-208; 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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" id="ix_5_fact" name="lxeh:ReceivablesFromThirdPartiesinDollars" scale="0" unitRef="cny">29,640,939</ix:nonFraction></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">Deductible input value-added tax</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:DeductibleInputValueaddedTaxinDollars" scale="0" unitRef="cny">297,028</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:DeductibleInputValueaddedTaxinDollars" scale="0" unitRef="cny">2,737,802</ix:nonFraction></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">Receivables of over-paid income tax</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ReceivablesOfOverPaidIncomeTax" scale="0" unitRef="cny">193,015</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ReceivablesOfOverPaidIncomeTax" scale="0" unitRef="cny">1,175,455</ix:nonFraction></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><span style="font-family: Times New Roman, Times, Serif">Prepayments of services</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:PrepaymentsOfServices" scale="0" unitRef="cny">300,000</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:PrepaymentsOfServices" scale="0" unitRef="cny">456,848</ix:nonFraction></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">Prepaid rental fees</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidRent" scale="0" unitRef="cny">656,011</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-209; 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-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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsCurrent" scale="0" unitRef="cny">21,870</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsCurrent" scale="0" unitRef="cny">586,760</ix:nonFraction></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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:PrepaidExpensesAndOtherAssetsCurrent" scale="0" unitRef="cny">101,467,924</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:PrepaidExpensesAndOtherAssetsCurrent" scale="0" unitRef="cny">81,197,804</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="lxeh_PrepaymentsAndOtherCurrentAssetsTextBlock-c0_cont_4" id="lxeh_PrepaymentsAndOtherCurrentAssetsTextBlock-c0_cont_3"><ix:continuation continuedAt="lxeh_PrepaymentsAndOtherCurrentAssetsTableTextBlock-c0_cont_2" id="lxeh_PrepaymentsAndOtherCurrentAssetsTableTextBlock-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; 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">(1)</span></td><td style="text-align: justify"><ix:footnote id="ix_3_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">On July 27, 2021, the Group entered into investment cooperation agreement with Beijing S.K. Pursuant to the agreement, the Group prepaid RMB<ix:nonFraction contextRef="c150" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AdvanceDepositForIntentAcquisition" scale="0" unitRef="cny">100,000,000</ix:nonFraction> for the intent acquisition of Beijing S.K. The Group completed the acquisition of Beijing P.X. by utilizing the prepayment in the amount of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDebtExtinguishmentCosts" scale="0" unitRef="cny">53,400,000</ix:nonFraction>. The Group is in the process of evaluating Beijing S.K.&#8217;s other subsidiaries that are suitable as future acquiring targets. The remaining balance of prepayment will be used for the acquisition when targets are selected and finished internal restructuring.</span></ix:footnote></td>
</tr></table><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">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="lxeh_PrepaymentsAndOtherCurrentAssetsTextBlock-c0_cont_4"><ix:continuation id="lxeh_PrepaymentsAndOtherCurrentAssetsTableTextBlock-c0_cont_2"><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: 0px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="text-align: justify; font-size: 10pt"><ix:footnote id="ix_4_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receivables from third parties included (i) amounts due from Beijing S.K. of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ContingentConsideration" scale="0" unitRef="cny">22,850,000</ix:nonFraction> fair value gain from contingent consideration of acquisition (Note22); (ii) amounts due from Beijing Shanghui Human Resource Management Consulting Co., LTD (&#8220;Beijing Shanghui&#8221;) of RMB<ix:nonFraction contextRef="c151" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFeeAmount" scale="0" unitRef="cny">5,000,000</ix:nonFraction>; and (iii) amounts due from Beijing S.K. of RMB<ix:nonFraction contextRef="c152" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFeeAmount" scale="0" unitRef="cny">1,790,939</ix:nonFraction> as Beijing S.K. collected tuition, accommodation and other miscellaneous fees on behalf of Langfang School and Chuangmei Weiye before the acquisition of Beijing P.X. Receivables from third parties were interest free, unsecure and the Group expected to collect the receivables within one year.</span></ix:footnote></td></tr> </table></ix:continuation></ix:continuation><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">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>7.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Property
                                        and equipment, net </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_2" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Property
and equipment consisted of the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_3" id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_2"><ix:continuation id="_PropertyPlantAndEquipmentTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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: left"><span style="font-family: Times New Roman, Times, Serif">Cost:</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: 76%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Buildings</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"><ix:nonFraction contextRef="c159" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="cny">184,813,833</ix:nonFraction></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"><ix:nonFraction contextRef="c102" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="cny">184,813,833</ix:nonFraction></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">Electronic devices and
    other general equipment</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"><ix:nonFraction contextRef="c160" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="cny">5,491,675</ix:nonFraction></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"><ix:nonFraction contextRef="c161" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="cny">6,536,680</ix:nonFraction></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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Leasehold
    improvements</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"><ix:nonFraction contextRef="c162" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="cny">6,337,234</ix:nonFraction></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"><ix:nonFraction contextRef="c108" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="cny">6,637,234</ix:nonFraction></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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total cost</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="cny">196,642,742</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="cny">197,987,747</ix:nonFraction></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: Accumulated depreciation</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">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="cny">31,583,879</ix:nonFraction></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">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="cny">37,858,090</ix:nonFraction></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; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Property
    and equipment, net</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentOtherNet" scale="0" unitRef="cny">165,058,863</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentOtherNet" scale="0" unitRef="cny">160,129,657</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_PropertyPlantAndEquipmentDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Depreciation
expense recognized for the years ended December 31, 2020, 2021 and 2022 were RMB<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepreciationExpenseOnReclassifiedAssets" scale="0" unitRef="cny">3,913,937</ix:nonFraction>, RMB<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepreciationExpenseOnReclassifiedAssets" scale="0" unitRef="cny">4,257,506</ix:nonFraction> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepreciationExpenseOnReclassifiedAssets" scale="0" unitRef="cny">6,916,022</ix:nonFraction>. The net book
amount of buildings pledged as collateral for the continuing operations&#8217; borrowings (Note 13) as at December&#160;31, 2021 and
2022 was RMB<ix:nonFraction contextRef="c153" decimals="0" format="ixt:num-dot-decimal" name="lxeh:NetBookAmountOfBuildingPledgedAsCollateral" scale="0" unitRef="cny">18,049,651</ix:nonFraction> and RMB<ix:nonFraction contextRef="c154" decimals="0" format="ixt:num-dot-decimal" name="lxeh:NetBookAmountOfBuildingPledgedAsCollateral" scale="0" unitRef="cny">73,856,520</ix:nonFraction>, respectively. The net book amount of buildings pledged as collateral for the Lianwai School&#8217;s
borrowings as at December&#160;31, 2021 and 2022 was RMB<ix:nonFraction contextRef="c155" decimals="0" format="ixt:num-dot-decimal" name="lxeh:NetBookAmountOfBuildingPledgedAsCollateral" scale="0" unitRef="cny">65,403,271</ix:nonFraction> and RMB<ix:nonFraction contextRef="c156" decimals="0" format="ixt:num-dot-decimal" name="lxeh:NetBookAmountOfBuildingPledgedAsCollateral" scale="0" unitRef="cny">5,349,559</ix:nonFraction>, respectively. The net book amount of buildings pledged
as collateral for the Lianwai Kindergarten&#8217;s borrowings as at December&#160;31, 2021 and 2022 was RMB<ix:nonFraction contextRef="c157" decimals="0" format="ixt:num-dot-decimal" name="lxeh:NetBookAmountOfBuildingPledgedAsCollateral" scale="0" unitRef="cny">4,732,232</ix:nonFraction> and RMB<ix:nonFraction contextRef="c158" decimals="0" format="ixt:num-dot-decimal" name="lxeh:NetBookAmountOfBuildingPledgedAsCollateral" scale="0" unitRef="cny">4,612,282</ix:nonFraction>,
respectively.</span></p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><!-- Field: Page; Sequence: 204; 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">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 0pt 24.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="lxeh_OperatingLeaseRightOfUseAssetsTextBlock-c0_cont_1" escape="true" name="lxeh:OperatingLeaseRightOfUseAssetsTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>8.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Land
                                        use rights </b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="lxeh_OperatingLeaseRightOfUseAssetsTextBlock-c0_cont_2" id="lxeh_OperatingLeaseRightOfUseAssetsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Land
use rights consisted of the following:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="lxeh_OperatingLeaseRightOfUseAssetsTextBlock-c0_cont_3" id="lxeh_OperatingLeaseRightOfUseAssetsTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="lxeh:ScheduleOfLandUseRightsTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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: left"><span style="font-family: Times New Roman, Times, Serif">Cost:</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: 76%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Land
    use rights</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:Operatingleaserightofuseassetgross" scale="0" unitRef="cny">47,334,839</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:Operatingleaserightofuseassetgross" scale="0" unitRef="cny">47,334,839</ix:nonFraction></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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less: Accumulated amortization</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">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AccumulatedAmortizationOfLandUseRights" scale="0" unitRef="cny">10,567,510</ix:nonFraction></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">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AccumulatedAmortizationOfLandUseRights" scale="0" unitRef="cny">11,514,207</ix:nonFraction></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; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Land
    use rights, net</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LandUseRightsNet" scale="0" unitRef="cny">36,767,329</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LandUseRightsNet" scale="0" unitRef="cny">35,820,632</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="lxeh_OperatingLeaseRightOfUseAssetsTextBlock-c0_cont_4" id="lxeh_OperatingLeaseRightOfUseAssetsTextBlock-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">The
amortization expenses recognized for the years ended December 31, 2020, 2021 and 2022 were RMB <ix:nonFraction contextRef="c163" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentForAmortization" scale="0" unitRef="cny">946,697</ix:nonFraction>, RMB <ix:nonFraction contextRef="c164" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentForAmortization" scale="0" unitRef="cny">946,697</ix:nonFraction> and RMB <ix:nonFraction contextRef="c165" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentForAmortization" scale="0" unitRef="cny">946,697</ix:nonFraction>,
respectively. The Group expects to record estimated amortization expenses RMB <ix:nonFraction contextRef="c166" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" scale="0" unitRef="cny">946,697</ix:nonFraction>, RMB <ix:nonFraction contextRef="c166" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" scale="0" unitRef="cny">946,697</ix:nonFraction>, RMB <ix:nonFraction contextRef="c166" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" scale="0" unitRef="cny">946,697</ix:nonFraction>, RMB <ix:nonFraction contextRef="c166" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" scale="0" unitRef="cny">946,697</ix:nonFraction> and RMB
<ix:nonFraction contextRef="c166" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" scale="0" unitRef="cny">946,697</ix:nonFraction> for the years ending December&#160;31, 2023, 2024, 2025, 2026 and 2027, respectively.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="lxeh_OperatingLeaseRightOfUseAssetsTextBlock-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">The
net book amounts of land use rights as collateral for the continuing operations&#8217; borrowings (Note 13) as of December&#160;31, 2021
and December&#160;31, 2022 were RMB<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LandUseRightsGivenAsCollateral" scale="0" unitRef="cny">14,889,646</ix:nonFraction> and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LandUseRightsGivenAsCollateral" scale="0" unitRef="cny">29,646,281</ix:nonFraction>, respectively. The net book amounts of land use rights as collateral
for the Lianwai School&#8217;s borrowings as of December&#160;31, 2021 and December&#160;31, 2022were RMB <ix:nonFraction contextRef="c167" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LandUseRightsGivenAsCollateral" scale="0" unitRef="cny">18,176,686</ix:nonFraction> and RMB <ix:nonFraction contextRef="c168" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LandUseRightsGivenAsCollateral" scale="0" unitRef="cny">3,044,431</ix:nonFraction>,
respectively.</span></p></ix:continuation><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">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>9.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Goodwill
                                        </b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric><div>
</div><div>

</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_2" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfGoodwillTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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">Qingtian
    School</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">Beijing
    P.X.</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">Total</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><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</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; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance as of December
    31, 2020</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-210; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-211; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-212; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Goodwill gained from acquisition</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"><ix:nonFraction contextRef="c171" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillAcquiredDuringPeriod" scale="0" unitRef="cny">26,644,407</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-213; 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="-sec-ix-hidden: hidden-fact-214; 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; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance as of December
    31, 2021</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c173" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillGross" scale="0" unitRef="cny">26,644,407</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-215; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillGross" scale="0" unitRef="cny">26,644,407</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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">Goodwill gained from acquisition</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="-sec-ix-hidden: hidden-fact-216; 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"><ix:nonFraction contextRef="c176" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillAcquiredDuringPeriod" scale="0" unitRef="cny">62,567,430</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-217; 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><span style="font-family: Times New Roman, Times, Serif">Impairment</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">(<ix:nonFraction contextRef="c176" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="0" unitRef="cny">18,842,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Balance as of December
    31, 2022</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c177" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillGross" scale="0" unitRef="cny">26,644,407</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c178" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillGross" scale="0" unitRef="cny">43,725,430</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillGross" scale="0" unitRef="cny">70,369,837</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><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"><b>&#160;</b></span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_3" id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-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">The
Group performed a qualitative assessment for the Qingtian School reporting unit for the years ended December 31, 2021 and 2022 based
on the requirements of ASC 350-20. The Group evaluated all relevant factors, weighed all factors in their entirety and concluded that
it was not more-likely-than-not that the fair value of the Qingtian School reporting unit was less than its carrying amount. Therefore,
further impairment testing on goodwill was unnecessary as of December 31, 2021 and 2022.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-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">For
the year ended December 31, 2022, the Group performed a qualitative assessment and quantitative assessment for the Beijing P.X. reporting
unit by estimating the fair value of the reporting unit based on an income approach which involved significant management judgment, estimates
and assumptions such as the discount rate, revenue growth rates and operating margin. Goodwill impairment related to the Beijing P.X.
reporting unit was recorded and amounted to RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GoodwillImpairmentLoss" scale="0" unitRef="cny">18,842,000</ix:nonFraction> as of December 31, 2022 due to the lower than expected performance in Beijing
P.X.</span></p></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="lxeh_TaxesPayableDisclosureTextBlock-c0_cont_1" escape="true" name="lxeh:TaxesPayableDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>10.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Taxes
                                         payable </b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="lxeh_TaxesPayableDisclosureTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="lxeh:ScheduleOfTaxesPayableTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Value-added tax</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SalesAndExciseTaxPayableCurrent" scale="0" unitRef="cny">530,980</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SalesAndExciseTaxPayableCurrent" scale="0" unitRef="cny">748,102</ix:nonFraction></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">Surtaxes</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:Surtaxes" scale="0" unitRef="cny">84,187</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:Surtaxes" scale="0" unitRef="cny">34,284</ix:nonFraction></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">Withholding individual
    income tax</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:WithholdingIndividualIncomeTax" scale="0" unitRef="cny">33,971</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:WithholdingIndividualIncomeTax" scale="0" unitRef="cny">67,797</ix:nonFraction></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; text-align: left; 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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DisposalGroupIncludingDiscontinuedOperationAccruedIncomeTaxesPayable" scale="0" unitRef="cny">649,138</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DisposalGroupIncludingDiscontinuedOperationAccruedIncomeTaxesPayable" scale="0" unitRef="cny">850,183</ix:nonFraction></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></ix:nonNumeric></ix:continuation><div>

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

</div><!-- Field: Page; Sequence: 205; 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">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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock-c0_cont_1" escape="true" name="us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>11.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Accrued
                                         liabilities and other current liabilities </b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock-c0_cont_2" id="_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="lxeh_ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesTableTextBlock-c0_cont_1" escape="true" name="lxeh:ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Qingtian International School acquisition
    payable (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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" id="ix_6_fact" name="lxeh:AmountPayableForAcquisition" scale="0" unitRef="cny">8,000,000</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" id="ix_7_fact" name="lxeh:AmountPayableForAcquisition" scale="0" unitRef="cny">8,000,000</ix:nonFraction></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">Deposits related to the Group staff apartment
    sales (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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" id="ix_8_fact" name="us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" scale="0" unitRef="cny">3,290,500</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" id="ix_9_fact" name="us-gaap:LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation" scale="0" unitRef="cny">3,290,500</ix:nonFraction></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">Deposits related to internship (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="-sec-ix-hidden: hidden-fact-218; 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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" id="ix_10_fact" name="us-gaap:DepositLiabilityCurrent" scale="0" unitRef="cny">3,285,946</ix:nonFraction></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">Payables to third parties (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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" id="ix_11_fact" name="lxeh:PayablesToThirdParties" scale="0" unitRef="cny">4,500,000</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" id="ix_12_fact" name="lxeh:PayablesToThirdParties" scale="0" unitRef="cny">1,328,691</ix:nonFraction></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">Audit fee payable</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedProfessionalFeesCurrent" scale="0" unitRef="cny">642,925</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedProfessionalFeesCurrent" scale="0" unitRef="cny">567,687</ix:nonFraction></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">Interests payable</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPayableCurrent" scale="0" unitRef="cny">55,289</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPayableCurrent" scale="0" unitRef="cny">387,434</ix:nonFraction></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">Leasehold improvement payables</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LeaseholdImprovementPayables" scale="0" unitRef="cny">390,000</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LeaseholdImprovementPayables" scale="0" unitRef="cny">290,000</ix:nonFraction></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; 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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherSundryLiabilitiesCurrent" scale="0" unitRef="cny">513,502</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherSundryLiabilitiesCurrent" scale="0" unitRef="cny">1,111,928</ix:nonFraction></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: left; 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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AccruedLiabilitiesAndOtherLiabilitie" scale="0" unitRef="cny">17,392,216</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AccruedLiabilitiesAndOtherLiabilitie" scale="0" unitRef="cny">18,262,186</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock-c0_cont_3" id="_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock-c0_cont_2"><ix:continuation continuedAt="lxeh_ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesTableTextBlock-c0_cont_2" id="lxeh_ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesTableTextBlock-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; 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">(1)</span></td><td style="text-align: justify"><ix:footnote id="ix_5_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">On August 31, 2021, the Group acquired <ix:nonFraction contextRef="c179" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" scale="-2" unitRef="pure">100</ix:nonFraction>% equity interest of Qingtian International School, with a total consideration of RMB<ix:nonFraction contextRef="c180" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferred1" scale="6" unitRef="cny">23</ix:nonFraction> million in cash. According to payment schedule agreed in the equity transfer agreement, the remaining balance of acquisition payable will be settled within 2022. In 2022, both parties agreed to extend the payable to 2023 given the Group suffered loss from operation.</span></ix:footnote></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock-c0_cont_4" id="_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock-c0_cont_3"><ix:continuation continuedAt="lxeh_ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesTableTextBlock-c0_cont_3" id="lxeh_ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesTableTextBlock-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: 0in"></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"><ix:footnote id="ix_6_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">Deposit prepaid to the Group for intention of purchasing the Group&#8217;s staff apartments which can be freely withdrawn before final approval of the ownership transfer.</span></ix:footnote></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock-c0_cont_4"><ix:continuation id="lxeh_ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesTableTextBlock-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; 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">(3)</span></td><td style="text-align: justify"><ix:footnote id="ix_7_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">The Group collected deposits from the internship cooperation companies which will be returned to after students have completed the internship.</span></ix:footnote></td>
</tr><tr style="vertical-align: top; text-align: justify">
<td></td><td style="text-align: left"><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">&#160;</span></td></tr> <tr style="vertical-align: top; text-align: justify">
<td></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><ix:footnote id="ix_8_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">Payables to third parties consisted of: (i) loans for daily operational purposes with <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="lxeh:OperationalInterestRate" scale="-2" unitRef="pure">1.5</ix:nonFraction>% interest rate and due within <ix:nonNumeric contextRef="c0" format="ixt-sec:durwordsen" name="us-gaap:DebtInstrumentTerm">one year</ix:nonNumeric> and, (ii) miscellaneous fee collected on behalf of Hainan Advanced Technical School of Communications.</span></ix:footnote></p></td></tr> </table></ix:continuation></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>12.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Ordinary
                                         shares </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-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">In
June 2020, the Company changed its authorized capital to US$ <ix:nonFraction contextRef="c181" decimals="0" format="ixt:num-dot-decimal" name="lxeh:CommonStockValueAuthorized" scale="0" unitRef="usd">50,000</ix:nonFraction> (<ix:nonFraction contextRef="c181" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesAuthorized" scale="0" unitRef="shares">500,000,000</ix:nonFraction> ordinary shares), with par value of $<ix:nonFraction contextRef="c181" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share.
The Company retroactively reflected this change in capital structure for all periods presented.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-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">On
October 1, 2020, the Company completed its IPO on the NASDAQ Global Market of <ix:nonFraction contextRef="c63" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares">3,333,400</ix:nonFraction> American Depositary Shares (&#8220;ADS&#8221;).
Each ADS represents <ix:nonFraction contextRef="c63" decimals="INF" format="ixt:num-dot-decimal" name="lxeh:AmericanDepositoryShareRepresentingCommonShares" scale="0" unitRef="shares">5</ix:nonFraction> ordinary shares. The offering was at a price of US$<ix:nonFraction contextRef="c64" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares">9.25</ix:nonFraction> per ADS for a total offering size of approximately US$<ix:nonFraction contextRef="c63" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues" scale="6" unitRef="usd">30.8</ix:nonFraction>
million. The net proceeds raised from the IPO amounted to approximately RMB <ix:nonFraction contextRef="c63" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="6" unitRef="cny">170.7</ix:nonFraction> million (US$<ix:nonFraction contextRef="c63" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="6" unitRef="usd">26.2</ix:nonFraction> million) after deducting underwriting
discounts and commissions and other offering expenses. The excesses of offering price over par value were recorded in additional paid-in
capital.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-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">As
of December 31, 2021 and 2022, the Company had <ix:nonFraction contextRef="c3" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c3" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares">66,667,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction> ordinary shares (US$<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValueOutstanding" scale="0" unitRef="usd"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValueOutstanding" scale="0" unitRef="usd"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:CommonStocksIssuedValue" scale="0" unitRef="usd"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:CommonStocksIssuedValue" scale="0" unitRef="usd">6,667</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction>) issued and outstanding.</span></p></ix:continuation><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">&#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>

</div><!-- Field: Page; Sequence: 206; 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">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 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_LongTermDebtTextBlock-c0_cont_1" escape="true" name="us-gaap:LongTermDebtTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>13.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Loans
                                         and borrowings</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_2" id="_LongTermDebtTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfDebtInstrumentsTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfDebtInstrumentsTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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">Annual<br/>
    Interest<br/>
    Rate</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 style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Maturity<br/>
    (Months)</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">As
    of<br/>
    December&#160;31, 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="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">As
    of<br/>
    December&#160;31, 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><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><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">
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Short-term borrowings:</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><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: 52%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">China CITIC Bank</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"><ix:nonFraction contextRef="c182" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">4.70</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 11%; text-align: center"><ix:nonNumeric contextRef="c182" name="us-gaap:ShortTermDebtTerms"><span style="font-family: Times New Roman, Times, Serif">March,2023</span></ix:nonNumeric></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"><ix:nonFraction contextRef="c183" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">27,000,000</ix:nonFraction></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"><ix:nonFraction contextRef="c182" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">27,000,000</ix:nonFraction></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">Bank of Ningbo</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"><ix:nonFraction contextRef="c184" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">4.80</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c184" name="us-gaap:ShortTermDebtTerms"><span style="font-family: Times New Roman, Times, Serif">December, 2023</span></ix:nonNumeric></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"><ix:nonFraction contextRef="c185" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">50,000,000</ix:nonFraction></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"><ix:nonFraction contextRef="c184" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">34,000,000</ix:nonFraction></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">Bank of China</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"><ix:nonFraction contextRef="c186" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">3.75</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c186" name="us-gaap:ShortTermDebtTerms"><span style="font-family: Times New Roman, Times, Serif">August, 2023</span></ix:nonNumeric></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="-sec-ix-hidden: hidden-fact-219; 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"><ix:nonFraction contextRef="c186" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">5,000,000</ix:nonFraction></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">PingAn Bank</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"><ix:nonFraction contextRef="c188" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">9.00</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c188" name="us-gaap:ShortTermDebtTerms"><span style="font-family: Times New Roman, Times, Serif">April,2023</span></ix:nonNumeric></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="-sec-ix-hidden: hidden-fact-220; 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"><ix:nonFraction contextRef="c188" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">1,000,000</ix:nonFraction></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">Webank</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</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; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c190" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">12.24</ix:nonFraction></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="text-align: center; padding-bottom: 1.5pt"><ix:nonNumeric contextRef="c190" name="us-gaap:ShortTermDebtTerms"><span style="font-family: Times New Roman, Times, Serif">April,2023</span></ix:nonNumeric></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="-sec-ix-hidden: hidden-fact-221; font-family: Times New Roman, Times, Serif">-</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"><ix:nonFraction contextRef="c190" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">500,000</ix:nonFraction></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Subtotal</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">&#160;</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><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c192" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">77,000,000</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c193" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">67,500,000</ix:nonFraction></span></td><td style="font-weight: bold; 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><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">&#160;</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><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">&#160;</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">&#160;</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="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Long term loans and borrowings,
    current:</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">&#160;</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><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">&#160;</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">&#160;</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: justify"><span style="font-family: Times New Roman, Times, Serif">Haier Financial Leasing Co. LTD (1)</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"><ix:nonFraction contextRef="c194" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">7.16</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c194" name="us-gaap:ShortTermDebtTerms"><span style="font-family: Times New Roman, Times, Serif">April,2024</span></ix:nonNumeric></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="-sec-ix-hidden: hidden-fact-222; 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"><ix:nonFraction contextRef="c194" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">2,500,000</ix:nonFraction></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: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Tianjin Jincheng
    Bank Co., LTD</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</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; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c196" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">14.40</ix:nonFraction></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="text-align: center; padding-bottom: 1.5pt"><ix:nonNumeric contextRef="c196" name="us-gaap:ShortTermDebtTerms"><span style="font-family: Times New Roman, Times, Serif">March,2024</span></ix:nonNumeric></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="-sec-ix-hidden: hidden-fact-223; font-family: Times New Roman, Times, Serif">-</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"><ix:nonFraction contextRef="c196" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">1,425,000</ix:nonFraction></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"><span style="font-family: Times New Roman, Times, Serif">Subtotal</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">&#160;</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: center"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-224; font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c199" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">3,925,000</ix:nonFraction></span></td><td style="font-weight: bold; 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">&#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">&#160;</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><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">&#160;</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">&#160;</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="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Long term loans and borrowings,
    non-current:</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">&#160;</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><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">&#160;</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">&#160;</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: justify"><span style="font-family: Times New Roman, Times, Serif">Haier Financial Leasing Co. LTD (1)</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"><ix:nonFraction contextRef="c200" decimals="4" format="ixt:num-dot-decimal" id="ix_13_fact" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">7.16</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c200" id="ix_14_fact" name="us-gaap:ShortTermDebtTerms"><span style="font-family: Times New Roman, Times, Serif">April,2024</span></ix:nonNumeric></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="-sec-ix-hidden: hidden-fact-225; 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"><ix:nonFraction contextRef="c200" decimals="0" format="ixt:num-dot-decimal" id="ix_15_fact" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">1,250,000</ix:nonFraction></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">Tianjin Jincheng Bank
    Co., LTD</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</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; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c202" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateDuringPeriod" scale="-2" unitRef="pure">14.40</ix:nonFraction></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="text-align: center; padding-bottom: 1.5pt"><ix:nonNumeric contextRef="c202" name="us-gaap:ShortTermDebtTerms"><span style="font-family: Times New Roman, Times, Serif">March,2024</span></ix:nonNumeric></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="-sec-ix-hidden: hidden-fact-226; font-family: Times New Roman, Times, Serif">-</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"><ix:nonFraction contextRef="c202" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">356,250</ix:nonFraction></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Subtotal</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">&#160;</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><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-227; font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c205" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseShortTermBorrowings" scale="0" unitRef="cny">1,606,250</ix:nonFraction></span></td><td style="font-weight: bold; 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-bottom: 1.5pt"><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="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; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</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="padding-bottom: 1.5pt"><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">&#160;</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">&#160;</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; text-align: justify; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt"><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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtAndCapitalLeaseObligations" scale="0" unitRef="cny">77,000,000</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtAndCapitalLeaseObligations" scale="0" unitRef="cny">73,031,250</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_3" id="_LongTermDebtTextBlock-c0_cont_2"><ix:continuation id="_ScheduleOfDebtInstrumentsTextBlock-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; 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">(1)</span></td><td style="text-align: justify"><ix:footnote id="ix_9_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">During the year ended December 31, 2022, the Group sold certain equipment to Haier Financial Leasing Co. LTD (the &#8220;purchaser-lessor&#8221;) and simultaneously entered into contracts to lease back these assets from the purchaser-lessor for <ix:nonNumeric contextRef="c2" format="ixt-sec:durwordsen" name="us-gaap:LongTermDebtTerm">two years</ix:nonNumeric>. Pursuant to the terms of the contracts, the Group is required to pay lease payments to the purchaser-lessor quarterly over the contract periods and is entitled to obtain the ownership of these equipment at a nominal price upon the expiration of the leases. Through the leaseback, the Group substantially retains all of the benefits and risks incident to the ownership of the equipment sold and the Group does not transfer the control of the asset to the purchaser-lessor. Therefore, the lease transaction did not qualify as sale-leaseback transaction. Accordingly, the Group identified the transaction as financing arrangement and recorded as borrowings.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LongTermDebtTextBlock-c0_cont_4" id="_LongTermDebtTextBlock-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">The
weighted average interest rate per annum for the Group&#8217;s bank loans was <ix:nonFraction contextRef="c36" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:LongtermDebtWeightedAverageInterestRate" scale="-2" unitRef="pure">5.01</ix:nonFraction>%, <ix:nonFraction contextRef="c3" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:LongtermDebtWeightedAverageInterestRate" scale="-2" unitRef="pure">4.82</ix:nonFraction>% and <ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:LongtermDebtWeightedAverageInterestRate" scale="-2" unitRef="pure">5.52</ix:nonFraction>% respectively for the years ended
December 31, 2020, 2021 and 2022. The Group&#8217;s bank loans were secured by the pledge of Group&#8217;s buildings and land use rights
plus personal guarantees provided by related parties. As of December 31, 2021 and 2022, the total net book amounts of pledged assets
were RMB<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="lxeh:PledgedAssets" scale="0" unitRef="cny">32,939,297</ix:nonFraction> and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:PledgedAssets" scale="0" unitRef="cny">103,502,801</ix:nonFraction>, respectively (Note 7 and 8). As of December 31, 2021, the total guaranteed amounts provided by
related parties were RMB <ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GuaranteeObligationsCurrentCarryingValue" scale="0" unitRef="cny">70,000,000</ix:nonFraction> within the period from <ix:nonNumeric contextRef="c16" name="us-gaap:GuaranteeObligationsTerm">July&#160;29, 2020 to July&#160;29, 2023</ix:nonNumeric>. As of December 31, 2022, the total
guaranteed amounts provided by related parties were RMB <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GuaranteeObligationsCurrentCarryingValue" scale="0" unitRef="cny">80,000,000</ix:nonFraction> within the period from <ix:nonNumeric contextRef="c0" name="us-gaap:GuaranteeObligationsTerm">March&#160;17, 2022 to March&#160;17, 2027</ix:nonNumeric>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>
</div><div>

</div><ix:continuation id="_LongTermDebtTextBlock-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">The
fair values of personal guarantee provided by the related parties for the Company&#8217;s loan were not significant as of December 31,
2021 and 2022 respectively.</span></p></ix:continuation><div>



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

</div><!-- Field: Page; Sequence: 207; 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">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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RevenueFromContractWithCustomerTextBlock-c0_cont_1" escape="true" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>14.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Revenue</b></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_RevenueFromContractWithCustomerTextBlock-c0_cont_2" id="_RevenueFromContractWithCustomerTextBlock-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">For
the years ended December 31, 2020, 2021 and 2022, all of the Group&#8217;s revenue was generated in the PRC. The disaggregated revenues
were as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RevenueFromContractWithCustomerTextBlock-c0_cont_3" id="_RevenueFromContractWithCustomerTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="_DisaggregationOfRevenueTableTextBlock-c0_cont_1" escape="true" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Revenue from third 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: justify"><span style="font-family: Times New Roman, Times, Serif">Tuition
    fees</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="-sec-ix-hidden: hidden-fact-228; 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"><ix:nonFraction contextRef="c207" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">4,146,247</ix:nonFraction></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"><ix:nonFraction contextRef="c208" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">23,702,135</ix:nonFraction></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">Comprehensive human
    resource services</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="-sec-ix-hidden: hidden-fact-229; 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="-sec-ix-hidden: hidden-fact-230; 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"><ix:nonFraction contextRef="c211" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">7,840,844</ix:nonFraction></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">Accommodation</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="-sec-ix-hidden: hidden-fact-231; 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"><ix:nonFraction contextRef="c213" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">228,526</ix:nonFraction></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"><ix:nonFraction contextRef="c214" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">5,920,364</ix:nonFraction></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">Uniforms, learning materials
    and other campus necessities</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"><ix:nonFraction contextRef="c215" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">2,632,611</ix:nonFraction></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"><ix:nonFraction contextRef="c216" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">1,986,186</ix:nonFraction></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"><ix:nonFraction contextRef="c217" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">3,992,076</ix:nonFraction></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">Course design, development
    and training</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="-sec-ix-hidden: hidden-fact-232; 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="-sec-ix-hidden: hidden-fact-233; 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"><ix:nonFraction contextRef="c220" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">3,675,953</ix:nonFraction></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">Meals</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"><ix:nonFraction contextRef="c221" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">660,020</ix:nonFraction></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"><ix:nonFraction contextRef="c222" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">2,014,151</ix:nonFraction></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"><ix:nonFraction contextRef="c223" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">2,544,884</ix:nonFraction></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">Rental revenue</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"><ix:nonFraction contextRef="c224" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">104,761</ix:nonFraction></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"><ix:nonFraction contextRef="c225" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">76,191</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-234; 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; 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"><ix:nonFraction contextRef="c227" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">12,699</ix:nonFraction></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"><ix:nonFraction contextRef="c228" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">61,691</ix:nonFraction></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"><ix:nonFraction contextRef="c229" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">751,615</ix:nonFraction></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="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Subtotal</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"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">3,410,091</ix:nonFraction></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"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">8,512,992</ix:nonFraction></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"><ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">48,427,871</ix:nonFraction></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">&#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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenue from related
    party:</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">&#160;</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">&#160;</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">&#160;</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">Rental revenue</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"><ix:nonFraction contextRef="c230" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">1,668,572</ix:nonFraction></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"><ix:nonFraction contextRef="c231" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">906,667</ix:nonFraction></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"><ix:nonFraction contextRef="c232" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">754,285</ix:nonFraction></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><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">&#160;</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">&#160;</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">&#160;</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="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenue from Affected
    Entity (1):</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">&#160;</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">&#160;</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">&#160;</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">Rental revenue</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"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" id="ix_16_fact" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">15,284,572</ix:nonFraction></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"><ix:nonFraction contextRef="c234" decimals="0" format="ixt:num-dot-decimal" id="ix_17_fact" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">14,152,381</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-235; 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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Food
    procurement services</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"><ix:nonFraction contextRef="c236" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">5,341,719</ix:nonFraction></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"><ix:nonFraction contextRef="c237" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">10,864,732</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-236; font-family: Times New Roman, Times, Serif">-</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="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Subtotal</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"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">20,626,291</ix:nonFraction></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"><ix:nonFraction contextRef="c13" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">25,017,113</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-237; font-family: Times New Roman, Times, Serif">-</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; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    revenue</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"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">25,704,954</ix:nonFraction></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"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">34,436,772</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" scale="0" unitRef="cny">49,182,156</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RevenueFromContractWithCustomerTextBlock-c0_cont_4" id="_RevenueFromContractWithCustomerTextBlock-c0_cont_3"><ix:continuation id="_DisaggregationOfRevenueTableTextBlock-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; 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">(1)</span></td><td style="text-align: justify"><ix:footnote id="ix_10_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">For the fiscal year ended December 31, 2020 and for the eight months ended August 31, 2021, the Group provides operation services including rental services and procurement services for Lianwai School. Although private schools providing compulsory education should not conduct any transaction with any related party under the Implementation Rules, to keep Lianwai School in continuing daily operation, the Group continued to provide essential services without recognizing any revenues relating to such activities to Lianwai School.</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RevenueFromContractWithCustomerTextBlock-c0_cont_5" id="_RevenueFromContractWithCustomerTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Tuition and accommodation fees, revenue from course design, development
and training, and rental revenue were recognized overtime, amounted to RMB<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasesIncomeStatementContingentRevenue" scale="0" unitRef="cny">1,773,333</ix:nonFraction>, RMB<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasesIncomeStatementContingentRevenue" scale="0" unitRef="cny">5,357,631</ix:nonFraction> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasesIncomeStatementContingentRevenue" scale="0" unitRef="cny">34,052,737</ix:nonFraction> for the years ended
December 31, 2020, 2021 and 2022, respectively. Other types of revenue were recognized at a point of time.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_RevenueFromContractWithCustomerTextBlock-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">As
of December&#160;31, 2022, revenue for unsatisfied performance obligations expected to be recognized in year 2022 is RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RevenueRemainingPerformanceObligation" scale="0" unitRef="cny">9,368,156</ix:nonFraction>, which
primarily relates to education services and accommodation services to be delivered in the future to the students.</span></p></ix:continuation><div>

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

</div><ix:nonNumeric contextRef="c0" continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>15.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Income
                                         taxes </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_2" id="_IncomeTaxDisclosureTextBlock-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; 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">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cayman
                                            Islands</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_3" id="_IncomeTaxDisclosureTextBlock-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">Under
the current tax laws of Cayman Islands, the Company is not subject to income, corporation or capital gains tax, and no withholding tax
is imposed upon the payment of dividends.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_4" id="_IncomeTaxDisclosureTextBlock-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; 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">(b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Hong
                                            Kong profits tax</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_5" id="_IncomeTaxDisclosureTextBlock-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">One
of the Company&#8217;s subsidiaries incorporated in Hong Kong is subject to Hong Kong profits tax rate of <ix:nonFraction contextRef="c239" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c240" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" unitRef="pure"><ix:nonFraction contextRef="c241" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" unitRef="pure">16.5</ix:nonFraction></ix:nonFraction></ix:nonFraction>% on its estimated assessable
profit for the years ended December 31, 2020, 2021 and 2022. Dividends income received from Liandu WFOE is not subject to Hong Kong profits
tax.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_6" id="_IncomeTaxDisclosureTextBlock-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; 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">(c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">British
                                            Virgin Islands</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_7" id="_IncomeTaxDisclosureTextBlock-c0_cont_6"><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">Under
the current laws of the British Virgin Islands (&#8220;BVI&#8221;), the Company&#8217;s subsidiary in BVI is not subject to tax on its
income or capital gains. In addition, upon any payment of dividends by the Company, no British Virgin Islands withholding tax is imposed.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_8" id="_IncomeTaxDisclosureTextBlock-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">(d)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">PRC
                                            Enterprise Income Tax (&#8220;EIT&#8221;)</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_9" id="_IncomeTaxDisclosureTextBlock-c0_cont_8"><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">On
March&#160;16, 2007, the National People&#8217;s Congress of the PRC enacted an Enterprise Income Tax Law (&#8220;EIT Law&#8221;), under
which Foreign Investment Enterprises (&#8220;FIEs&#8221;) and domestic companies would be subject to EIT at a uniform rate of <ix:nonFraction contextRef="c242" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" unitRef="pure">25</ix:nonFraction>%. The
EIT law became effective on January&#160;1, 2008.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_10" id="_IncomeTaxDisclosureTextBlock-c0_cont_9"><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">According
to the Article 14 of Guofa 2016 No. 81 released by the State Council non-profit private schools are eligible to enjoy the same preferential
tax treatment as public schools. As a result, non-profit private schools providing academic qualification education are eligible to enjoy
income tax exemption treatment. Qingtian International School has been granted corporate income tax exemption from relevant local tax
authorities until December 31, 2021. Starting from January 1, 2022, Qingtian International School was subject to EIT at a uniform rate
of <ix:nonFraction contextRef="c243" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" unitRef="pure">25</ix:nonFraction>%.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 208; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- 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"><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 0pt 0.25in; text-align: justify"></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>15.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Income
                                         taxes (Continued)</b></span></td></tr></table><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: 8pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_11" id="_IncomeTaxDisclosureTextBlock-c0_cont_10"><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">According
to the Financial management system scheme of Lishui Development Zone (Park), Lishui Xianke is eligible to enjoy <ix:nonFraction contextRef="c244" decimals="2" format="ixt:num-dot-decimal" name="lxeh:PercentageOfReducedIncomeTaxRateEligibleAsPerScheme" scale="-2" unitRef="pure">40</ix:nonFraction>% income tax reduction
treatment, subjecting to the PRC income tax at the rate of <ix:nonFraction contextRef="c244" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" unitRef="pure">15</ix:nonFraction>%.</span></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: 8pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_12" id="_IncomeTaxDisclosureTextBlock-c0_cont_11"><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">According
to Taxation [2019] No. 13 which was effective from January 1, 2019 to December 31, 2021, an enterprise is recognized as a small-scale
and low-profit enterprise when its taxable income is less than RMB<ix:nonFraction contextRef="c245" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeTaxableInvestmentSecuritiesIncreaseDecrease" scale="6" unitRef="cny">3</ix:nonFraction> million. A small-scale and low-profit enterprise receives a tax preference
including a preferential tax rate of <ix:nonFraction contextRef="c246" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary" scale="-2" unitRef="pure">2.5</ix:nonFraction>% on its taxable income below RMB<ix:nonFraction contextRef="c247" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeTaxableInvestmentSecuritiesIncreaseDecrease" scale="6" unitRef="cny">1</ix:nonFraction> million and another preferential tax rate of <ix:nonFraction contextRef="c248" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary" scale="-2" unitRef="pure">10</ix:nonFraction>% on its taxable
income between RMB<ix:nonFraction contextRef="c246" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeTaxableInvestmentSecuritiesIncreaseDecrease" scale="6" unitRef="cny">1</ix:nonFraction> million and RMB<ix:nonFraction contextRef="c248" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeTaxableInvestmentSecuritiesIncreaseDecrease" scale="6" unitRef="cny">3</ix:nonFraction> million in 2021. According to Taxation [2022] No. 13 which was effective from January 1, 2022 to
December 31, 2024, an enterprise is recognized as a small-scale and low-profit enterprise when its taxable income is less than RMB<ix:nonFraction contextRef="c249" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeTaxableInvestmentSecuritiesIncreaseDecrease" scale="6" unitRef="cny">3</ix:nonFraction> million.
A small-scale and low-profit enterprise receives a tax preference including a preferential tax rate of <ix:nonFraction contextRef="c250" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary" scale="-2" unitRef="pure">2.5</ix:nonFraction>% on its taxable income below
RMB<ix:nonFraction contextRef="c251" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeTaxableInvestmentSecuritiesIncreaseDecrease" scale="6" unitRef="cny">1</ix:nonFraction> million and another preferential tax rate of <ix:nonFraction contextRef="c252" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary" scale="-2" unitRef="pure">5</ix:nonFraction>% on its taxable income between RMB<ix:nonFraction contextRef="c250" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeTaxableInvestmentSecuritiesIncreaseDecrease" scale="6" unitRef="cny">1</ix:nonFraction> million and RMB<ix:nonFraction contextRef="c252" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:InterestIncomeTaxableInvestmentSecuritiesIncreaseDecrease" scale="6" unitRef="cny">3</ix:nonFraction> million in 2022. For the years
ended December 31, 2021 and 2022, Changmei Weiye, Hainan Jiangcai and Langfang school were qualified as small-scale and low profit enterprise.</span></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: 8pt">&#160;</span></p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_13" id="_IncomeTaxDisclosureTextBlock-c0_cont_12"><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">The
EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose &#8220;de facto management
body&#8221; is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income
tax at the rate of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" unitRef="pure">25</ix:nonFraction>% for its global income. The implementing Rules of the EIT Law merely define the location of the &#8220;de facto
management body&#8221; as &#8220;the place where the exercising, in substance, of the overall management and control of the production
and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.&#8221;</span></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: 8pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_14" id="_IncomeTaxDisclosureTextBlock-c0_cont_13"><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">The
EIT Law also imposes a withholding income tax of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="lxeh:WithholdingIncomeTaxRate" scale="-2" unitRef="pure">10</ix:nonFraction>% on dividends distributed by a FIE to its immediate holding company outside of China,
if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the
received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate
holding company&#8217;s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement.
The Cayman Islands, where the Company is incorporated, does not have such a tax treaty with China. According to the arrangement between
Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August
2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of
no more than <ix:nonFraction contextRef="c241" decimals="2" format="ixt:num-dot-decimal" name="lxeh:WithholdingIncomeTaxRate" scale="-2" unitRef="pure">5</ix:nonFraction>% if the immediate holding company in Hong Kong owns directly at least <ix:nonFraction contextRef="c253" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">25</ix:nonFraction>% of the shares of the FIE and could be recognized
as a Beneficial Owner of the dividend from PRC tax perspective.</span></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: 8pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_15" id="_IncomeTaxDisclosureTextBlock-c0_cont_14"><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"><i>Composition
of income tax expense</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p></ix:continuation><div>

</div><div>

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

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_16" id="_IncomeTaxDisclosureTextBlock-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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">For
    the years ended December&#160;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><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">2020</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">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="2" 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; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current</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="-sec-ix-hidden: hidden-fact-238; 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"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="0" unitRef="cny">762,067</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="0" unitRef="cny">65,299</ix:nonFraction></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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Deferred</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="-sec-ix-hidden: hidden-fact-239; font-family: Times New Roman, Times, Serif">-</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">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxExpenseBenefit" scale="0" sign="-" unitRef="cny">91,091</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredIncomeTaxExpenseBenefit" scale="0" unitRef="cny">358,744</ix:nonFraction></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: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    income tax expenses</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="-sec-ix-hidden: hidden-fact-240; font-family: Times New Roman, Times, Serif">-</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"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherIncomeTaxExpenseBenefitContinuingOperations" scale="0" unitRef="cny">670,976</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherIncomeTaxExpenseBenefitContinuingOperations" scale="0" unitRef="cny">424,043</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_17" id="_IncomeTaxDisclosureTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">A
reconciliation between the effective income tax rate and the PRC statutory income tax rate is as follows:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_18" id="_IncomeTaxDisclosureTextBlock-c0_cont_17"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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">For
    the years ended December&#160;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><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">2020</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">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="2" 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><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">%</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; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">PRC Statutory income tax rates</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"><ix:nonFraction contextRef="c15" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">25.0</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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"><ix:nonFraction contextRef="c16" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">25.0</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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"><ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">25.0</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Effect of preferential tax rates</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">(<ix:nonFraction contextRef="c15" decimals="3" format="ixt:num-dot-decimal" name="lxeh:EffectiveIncomeTaxRateReconciliationPreferentialTaxRates" scale="-2" sign="-" unitRef="pure">25.0</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</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"><ix:nonFraction contextRef="c16" decimals="3" format="ixt:num-dot-decimal" name="lxeh:EffectiveIncomeTaxRateReconciliationPreferentialTaxRates" scale="-2" unitRef="pure">28.1</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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"><ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="lxeh:EffectiveIncomeTaxRateReconciliationPreferentialTaxRates" scale="-2" unitRef="pure">7.7</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Effect of non-taxable gain (1)</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="-sec-ix-hidden: hidden-fact-241; 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">(<ix:nonFraction contextRef="c16" decimals="3" format="ixt:num-dot-decimal" id="ix_18_fact" name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome" scale="-2" sign="-" unitRef="pure">381.2</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)%</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="-sec-ix-hidden: hidden-fact-242; 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">Effect of non-taxable loss (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="-sec-ix-hidden: hidden-fact-243; 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="-sec-ix-hidden: hidden-fact-244; 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"><ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" id="ix_19_fact" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" scale="-2" unitRef="pure">61.4</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</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">Effect of favorable tax rates on small-scale
    and low-profit entities</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="-sec-ix-hidden: hidden-fact-245; 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="-sec-ix-hidden: hidden-fact-246; 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">(<ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" scale="-2" sign="-" unitRef="pure">6.9</ix:nonFraction></span></td><td style="text-align: left">)<span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Change of valuation
    allowance</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="-sec-ix-hidden: hidden-fact-247; font-family: Times New Roman, Times, Serif">-</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"><ix:nonFraction contextRef="c16" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" scale="-2" unitRef="pure">401.0</ix:nonFraction></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">(<ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" scale="-2" sign="-" unitRef="pure">31.7</ix:nonFraction></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; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Effective tax rate</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-248; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c16" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" scale="-2" unitRef="pure">72.9</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" scale="-2" unitRef="pure">55.5</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_19" id="_IncomeTaxDisclosureTextBlock-c0_cont_18"><ix:continuation id="_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock-c0_cont_1"><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: 0px"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="text-align: justify; font-size: 10pt"><ix:footnote id="ix_11_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-taxable gain was primarily due to gain from the acquisition of Youxi Software.</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td> <td style="text-align: justify; font-size: 10pt"><ix:footnote id="ix_12_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-taxable loss was primarily due to goodwill impairment loss of Beijing P.X..</span></ix:footnote></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_20" id="_IncomeTaxDisclosureTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>Deferred
tax assets </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_21" id="_IncomeTaxDisclosureTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">The
significant components of the deferred tax assets are summarized below:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"></p><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_22" id="_IncomeTaxDisclosureTextBlock-c0_cont_21"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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">As
    of December&#160;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><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="2" 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><span style="font-family: Times New Roman, Times, Serif">Deferred tax assets:</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: 76%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Net operating loss carry-forwards</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" scale="0" unitRef="cny">6,581,225</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" scale="0" unitRef="cny">4,690,987</ix:nonFraction></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">Allowance of doubtful accounts (1)</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="-sec-ix-hidden: hidden-fact-249; 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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" id="ix_20_fact" name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" scale="0" unitRef="cny">2,098,876</ix:nonFraction></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: valuation allowance</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">(<ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="cny">3,688,042</ix:nonFraction></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">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="cny">1,537,116</ix:nonFraction></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; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Net
    deferred tax assets</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsLiabilitiesNet" scale="0" unitRef="cny">2,893,183</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsLiabilitiesNet" scale="0" unitRef="cny">5,252,747</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_23" id="_IncomeTaxDisclosureTextBlock-c0_cont_22"><ix:continuation id="_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock-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; 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">(1)</span></td><td style="text-align: justify"><ix:footnote id="ix_13_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif">Allowance of doubtful accounts was from the acquisition of Beijing P.X..</span></ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><!-- Field: Page; Sequence: 209; 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">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 0pt 0.25in; 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 0pt 0.25in; text-align: justify"></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>15.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Income
                                         taxes (Continued)</b></span></td></tr></table><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">&#160;</span></p><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_24" id="_IncomeTaxDisclosureTextBlock-c0_cont_23"><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">As
of December 31, 2021 and 2022, the Group had net operating loss carryforwards of approximately RMB<span style="-sec-ix-hidden: hidden-fact-255">26,324,999</span> and RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLossCarryforwards" scale="0" unitRef="cny">27,509,816</ix:nonFraction>, respectively,
which arose from the Group&#8217;s subsidiaries, VIE and the VIEs&#8217; subsidiaries established in the PRC. As of December 31, 2021
and 2022, deferred tax assets from the net operating loss carryforwards amounted to RMB<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAllocatedToGeneralPartners" scale="0" unitRef="cny">6,581,225</ix:nonFraction> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAllocatedToGeneralPartners" scale="0" unitRef="cny">4,690,987</ix:nonFraction>, respectively.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_25" id="_IncomeTaxDisclosureTextBlock-c0_cont_24"><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">As
private schools providing compulsory education should not conduct any transaction with any related party under the Implementation Rules,
some of the Group&#8217;s subsidiaries and Lishui Mengxiang VIE were confronted with the adjustment of business. Thus, the Group considered
it more likely than not that those subsidiaries and Lishui Mengxiang VIE could not generate sufficient pre-tax profit in the next 5 consecutive
years and the deferred tax assets will not be utilized in the future. As of December 31, 2021 and 2022, the Group provided valuation
allowance of RMB<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" scale="0" unitRef="cny">3,688,042</ix:nonFraction> and RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" scale="0" unitRef="cny">1,537,116</ix:nonFraction>, respectively.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_26" id="_IncomeTaxDisclosureTextBlock-c0_cont_25"><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">The
movement of valuation allowance is as follows:</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_27" id="_IncomeTaxDisclosureTextBlock-c0_cont_26"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SummaryOfValuationAllowanceTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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">As
    of December&#160;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><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="2" 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; background-color: rgb(204,238,255)">
    <td style="width: 76%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Balance at beginning
    of the year</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-250; font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrecognizedTaxBenefits" scale="0" unitRef="cny">3,688,042</ix:nonFraction></span></td><td style="width: 1%; font-weight: bold; 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">Acquisition of subsidiaries</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="-sec-ix-hidden: hidden-fact-251; 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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition" scale="0" unitRef="cny">278,582</ix:nonFraction></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><span style="font-family: Times New Roman, Times, Serif">Additions</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"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="lxeh:UnrecognizedTaxBenefitsDecreasesResultingFromAdditions" scale="0" unitRef="cny">3,688,042</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="lxeh:UnrecognizedTaxBenefitsDecreasesResultingFromAdditions" scale="0" unitRef="cny">470,051</ix:nonFraction></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-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Decrease</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="-sec-ix-hidden: hidden-fact-252; font-family: Times New Roman, Times, Serif">-</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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromAcquisition" scale="0" unitRef="cny">2,899,559</ix:nonFraction></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; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Balance
    at end of the year</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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrecognizedTaxBenefits" scale="0" unitRef="cny">3,688,042</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:UnrecognizedTaxBenefits" scale="0" unitRef="cny">1,537,116</ix:nonFraction></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><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">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_IncomeTaxDisclosureTextBlock-c0_cont_28" id="_IncomeTaxDisclosureTextBlock-c0_cont_27"><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">As
of December 31, 2022, the net operating loss carryforwards will expire, if unused, as follows:</span></p><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></ix:continuation><div>

</div><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c0_cont_28"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SummaryOfOperatingLossCarryforwardsTextBlock"><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: left"><span style="font-family: Times New Roman, Times, Serif">Net operating loss carryforwards</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><div style="-sec-ix-hidden: hidden-fact-253"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></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="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2023</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="-sec-ix-hidden: hidden-fact-254; 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="width: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2024</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears" scale="0" unitRef="cny">8,859,516</ix:nonFraction></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; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">2025</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears" scale="0" unitRef="cny">3,083,020</ix:nonFraction></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">2026</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears" scale="0" unitRef="cny">14,145,655</ix:nonFraction></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">2027</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter" scale="0" unitRef="cny">1,421,625</ix:nonFraction></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="text-align: left; 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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasesFutureMinimumPaymentsDue" scale="0" unitRef="cny">27,509,816</ix:nonFraction></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></ix:nonNumeric></ix:continuation><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>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:LeasesOfLessorDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>16.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Leases
                                         </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_2" id="_LeasesOfLessorDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>The
Group as a lessor </i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_3" id="_LeasesOfLessorDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">The
Group entered into lease agreements as lessor with both third parties and related parties.</span></p><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></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_4" id="_LeasesOfLessorDisclosureTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OperatingLeaseLeaseIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For&#160;the&#160;years&#160;ended&#160;December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Rental Income&#65306;</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: justify"><span style="font-family: Times New Roman, Times, Serif">Lianwai
    Kindergarten</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"><ix:nonFraction contextRef="c254" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="cny">754,285</ix:nonFraction></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"><ix:nonFraction contextRef="c255" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="cny">754,285</ix:nonFraction></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"><ix:nonFraction contextRef="c256" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="cny">754,285</ix:nonFraction></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">Lishui Yuanmeng Training
    Company Limited</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"><ix:nonFraction contextRef="c257" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="cny">914,287</ix:nonFraction></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"><ix:nonFraction contextRef="c258" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="cny">152,382</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-256; 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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Grocery
    stores</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"><ix:nonFraction contextRef="c260" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="cny">104,761</ix:nonFraction></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"><ix:nonFraction contextRef="c261" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="cny">76,191</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-257; font-family: Times New Roman, Times, Serif">-</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="padding-left: 0.125in; 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"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="cny">1,773,333</ix:nonFraction></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"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="cny">982,858</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RentalIncomeNonoperating" scale="0" unitRef="cny">754,285</ix:nonFraction></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><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></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_5" id="_LeasesOfLessorDisclosureTextBlock-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">The
third parties rented the school non-education space mainly for grocery stores, which sell mainly stationary or snacks etc. to students
which were operated directly by the lessee, and the lease term ended in August, 2021.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_6" id="_LeasesOfLessorDisclosureTextBlock-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">The
Group leased certain non-education space to the related party, Lishui Yuanmeng Training Company Limited from December&#160;1, 2016 to
February 28, 2021. In addition, the Group continued leasing its space to Lianwai Kindergarten for their operation of kindergarten care
service after the disposal on November, 2018, and the lease term will be ended in December 2024 (Note 17).</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_7" id="_LeasesOfLessorDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><i>The
Group as a lessee </i></span></p><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></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_8" id="_LeasesOfLessorDisclosureTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:OperatingLeasesOfLesseeDisclosureTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December 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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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><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: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Operating right-of-use assets</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="-sec-ix-hidden: hidden-fact-258; 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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="0" unitRef="cny">7,580,536</ix:nonFraction></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><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">&#160;</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">&#160;</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">Operating lease payment liabilities, current</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="-sec-ix-hidden: hidden-fact-259; 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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="cny">3,866,910</ix:nonFraction></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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Operating lease payment
    liabilities, non-current</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="-sec-ix-hidden: hidden-fact-260; font-family: Times New Roman, Times, Serif">-</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="cny">3,558,380</ix:nonFraction></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: left; 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="-sec-ix-hidden: hidden-fact-261; font-family: Times New Roman, Times, Serif">-</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="0" unitRef="cny">7,425,290</ix:nonFraction></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><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></ix:nonNumeric></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 210; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- 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"></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>16.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Leases
                                         (Continued)</b></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><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_9" id="_LeasesOfLessorDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The weighted average discount rate of the operating
lease was <ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseDiscountRate" scale="-2" unitRef="pure">4.58</ix:nonFraction>% as of December 31, 2022. The weighted average remaining lease term was <ix:nonNumeric contextRef="c2" format="ixt-sec:duryear" name="us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1">1.83</ix:nonNumeric> years as of December 31, 2022. Cash paid for
operating lease was RMB<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:CashPaidForOperatingLease" scale="0" unitRef="cny">3,880,445</ix:nonFraction> and operating right-of-use assets obtained in exchange for operating lease payment liabilities was RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromLeasePayments" scale="0" unitRef="cny">11,305,735</ix:nonFraction>
for the year ended December 31, 2022.</p><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></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_10" id="_LeasesOfLessorDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">For
the years ended December 31 2020, 2021 and 2022, the lease expense was as follows:</span></p><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></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_11" id="_LeasesOfLessorDisclosureTextBlock-c0_cont_10"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:LeaseCostTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For&#160;the&#160;years&#160;ended&#160;December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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><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><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">Operating leases expense</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="-sec-ix-hidden: hidden-fact-262; 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"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseExpense" scale="0" unitRef="cny">238,251</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseExpense" scale="0" unitRef="cny">4,454,857</ix:nonFraction></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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Short-term lease expense</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="-sec-ix-hidden: hidden-fact-263; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-264; font-family: Times New Roman, Times, Serif">-</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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShortTermLeaseCost" scale="0" unitRef="cny">11,741,215</ix:nonFraction></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="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-265; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseCost" scale="0" unitRef="cny">238,251</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseCost" scale="0" unitRef="cny">16,196,072</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><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></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_12" id="_LeasesOfLessorDisclosureTextBlock-c0_cont_11"><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">Because
most of the leases do not provide an implicit rate of return, the Group used the incremental borrowing rate based on the information
available at lease commencement date in determining the present value of lease payments.</span></p><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></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_LeasesOfLessorDisclosureTextBlock-c0_cont_13" id="_LeasesOfLessorDisclosureTextBlock-c0_cont_12"><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">The
following is a schedule of future minimum payments under the Group&#8217;s operating leases as of December 31, 2022:</span></p><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></ix:continuation><div>

</div><div>

</div><ix:continuation id="_LeasesOfLessorDisclosureTextBlock-c0_cont_13"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><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="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December 31,</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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2023</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OperatingLeasesFutureMinimumPaymentDueCurrent" scale="0" unitRef="cny">4,342,857</ix:nonFraction></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"><span style="font-family: Times New Roman, Times, Serif">2024</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OperatingLeasesFutureMinimumPaymentDueInTwoYears" scale="0" unitRef="cny">3,085,714</ix:nonFraction></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: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">2025</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OperatingLeasesFutureMinimumPaymentDueInThreeYears" scale="0" unitRef="cny">571,429</ix:nonFraction></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="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Total lease payments</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OperatingLeasesFutureMinimumPaymentDue" scale="0" unitRef="cny">8,000,000</ix:nonFraction></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: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less: imputed interest</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">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ReceivableWithImputedInterestNetAmount" scale="0" unitRef="cny">574,710</ix:nonFraction></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; text-align: justify; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Total
    operating lease liabilities</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="0" unitRef="cny">7,425,290</ix:nonFraction></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></ix:nonNumeric></ix:continuation><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><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>17.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Commitments
                                         and contingencies </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-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; 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"><b><i>(a)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Commitments</i></b></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: 3.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December&#160;31, 2022, the Group entered into lease agreements as lessee with third parties for the operation of Qingtian International
School and Langfang school. The Group has total future lease payment of RMB<ix:nonFraction contextRef="c263" decimals="0" format="ixt:num-dot-decimal" name="lxeh:OperatingLeasePrepayment" scale="0" unitRef="cny">19,741,215</ix:nonFraction>. As of December&#160;31, 2022, the Group did not
have any purchase commitments or capital commitments.<b><i>&#160;</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: 3.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4" id="_CommitmentsAndContingenciesDisclosureTextBlock-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; 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"><b><i>(b)</i></b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Litigation</i></b></span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-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">In
the ordinary course of the business, the Group is subject to periodic legal or administrative proceedings. As of December 31, 2021 and
2022, the Group is not a party to any legal or administrative proceedings which will have a material adverse effect on the Group&#8217;s
financial position, results of operations and cash flows.</span></p></ix:continuation><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">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>18.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Related
                                         party transaction and balances </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><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: left"><span style="font-family: Times New Roman, Times, Serif">Name
and relationship with related parties:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="lxeh:ScheduleOfRelationshipWithRelatedPartiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; padding-bottom: 1pt; text-align: left; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of related parties</b></span></td>
    <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Relationship</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.&#160;Fen Ye</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c264" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controlling shareholder</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Biao Wei</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c0" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A close family member of Ms.&#160;Fen Ye</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.&#160;Chun&#160;E Ye</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c265" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A close family member of Ms.&#160;Fen Ye</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#160;Wu Wei</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c266" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A close family member of Mr.&#160;Biao Wei</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lishui Yuanmeng Training Company
    Limited (&#8220;Yuanmeng&#8221;)</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c267" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controlled by Mr.&#160;Biao Wei</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lianwai Kindergarten</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c256" name="us-gaap:NatureOfCommonOwnershipOrManagementControlRelationships"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Controlled by Ms.&#160;Fen Ye</span></ix:nonNumeric></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4" id="_RelatedPartyTransactionsDisclosureTextBlock-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; 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">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Significant
                                            transactions with related parties for continuing operations</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><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-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Rental revenue:</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;Yuanmeng</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"><ix:nonFraction contextRef="c268" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RevenueFromRelatedParties" scale="0" unitRef="cny">914,287</ix:nonFraction></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"><ix:nonFraction contextRef="c269" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RevenueFromRelatedParties" scale="0" unitRef="cny">152,382</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-266; 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: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8211;Lianwai
    Kindergarten</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"><ix:nonFraction contextRef="c271" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RevenueFromRelatedParties" scale="0" unitRef="cny">754,285</ix:nonFraction></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"><ix:nonFraction contextRef="c272" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RevenueFromRelatedParties" scale="0" unitRef="cny">754,285</ix:nonFraction></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"><ix:nonFraction contextRef="c273" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RevenueFromRelatedParties" scale="0" unitRef="cny">754,285</ix:nonFraction></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: left; 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"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RevenueFromRelatedParties" scale="0" unitRef="cny">1,668,572</ix:nonFraction></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"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RevenueFromRelatedParties" scale="0" unitRef="cny">906,667</ix:nonFraction></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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RevenueFromRelatedParties" scale="0" unitRef="cny">754,285</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 211; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- 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: left"><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: left"></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>18.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Related
                                         party transaction and balances (Continued)</b></span></td></tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_6" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5"><ix:continuation continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_2" id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_1"><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-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Loans lent 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="width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Mr.&#160;Wu Wei</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"><ix:nonFraction contextRef="c274" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LoansLentToRelatedParties" scale="0" unitRef="cny">661,208</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-267; 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="-sec-ix-hidden: hidden-fact-268; 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="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Ms.&#160;Chun&#160;E
    Ye</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"><ix:nonFraction contextRef="c277" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LoansLentToRelatedParties" scale="0" unitRef="cny">21,500,000</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-269; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-270; font-family: Times New Roman, Times, Serif">-</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: left; 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"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="lxeh:LoansLentToRelatedParties" scale="0" unitRef="cny">22,161,208</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-271; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-272; font-family: Times New Roman, Times, Serif">-</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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_7" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_6"><ix:continuation id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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">For the years
    ended December&#160;31,</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><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">2020</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">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="2" 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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Repayments of loans 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="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Mr.&#160;Wu Wei</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"><ix:nonFraction contextRef="c280" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfRelatedPartyDebt" scale="0" unitRef="cny">661,208</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-273; 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="-sec-ix-hidden: hidden-fact-274; 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: left"><span style="font-family: Times New Roman, Times, Serif">Ms.&#160;Chun&#160;E Ye</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"><ix:nonFraction contextRef="c283" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfRelatedPartyDebt" scale="0" unitRef="cny">27,478,355</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-275; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-276; font-family: Times New Roman, Times, Serif">-</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: left"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfRelatedPartyDebt" scale="0" unitRef="cny">28,139,563</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-277; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-278; font-family: Times New Roman, Times, Serif">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_8" id="_RelatedPartyTransactionsDisclosureTextBlock-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">For
the years ended December 31, 2020, 2021 and 2022, all loan amounts with related parties were non-interest bearing, unsecured and repayable
on demand.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_9" 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"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Balances
                                            with related parties for continuing operations</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_10" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="lxeh:ScheduleOfRelatedPartyBalancesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    of December 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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due to a related party:</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: 76%; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Lianwai
    Kindergarten</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c286" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToOtherRelatedPartiesClassifiedCurrent" scale="0" unitRef="cny">323,400</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c287" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToOtherRelatedPartiesClassifiedCurrent" scale="0" unitRef="cny">323,400</ix:nonFraction></span></td><td style="width: 1%; 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; text-align: left; 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"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToOtherRelatedPartiesClassifiedCurrent" scale="0" unitRef="cny">323,400</ix:nonFraction></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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToOtherRelatedPartiesClassifiedCurrent" scale="0" unitRef="cny">323,400</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_11" id="_RelatedPartyTransactionsDisclosureTextBlock-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">(c)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Balances
                                            with Affected Entity for continuing operations</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

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

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_12" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="lxeh:ScheduleOfRelatedPartyBalancesWithAffectedEntityTableTextBlock"><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>&#160;</td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December 31,</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <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>2021</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>2022</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Due to Affected Entity:</b></span></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="background-color: #CCEEFF">
    <td style="vertical-align: bottom; width: 76%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payables to Affected Entity, current</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; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableRelatedPartiesCurrent" scale="0" unitRef="cny">308,782,975</ix:nonFraction></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; width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableRelatedPartiesCurrent" scale="0" unitRef="cny">23,584,906</ix:nonFraction></span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payables to Affected Entity, non-current</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-279; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableRelatedPartiesNoncurrent" scale="0" unitRef="cny">216,176,563</ix:nonFraction></span></td>
    <td style="vertical-align: bottom">&#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>Total</b></span></td>
    <td>&#160;</td>
    <td style="border-bottom: black 4.5pt double">&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c288" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesNoncurrent" scale="0" unitRef="cny">308,782,975</ix:nonFraction></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 4.5pt double">&#160;</td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction contextRef="c289" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesNoncurrent" scale="0" unitRef="cny">239,761,469</ix:nonFraction></b></span></td>
    <td>&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_13" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the years ended December 31, 2020,
2021 and 2022, other receivables from and payables to Affected Entity were non-interest bearing, unsecured and repayable on demand for
normal business course.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_14" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2022, the Group
reached an agreement with Affected Entity to repay payables under the following schedule:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_15" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_14"><ix:nonNumeric contextRef="c0" escape="true" name="lxeh:ScheduleOfGroupReachedAnAgreementWithAffectedEntityToRepayPayablesTableTextBlock"><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: left">&#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">Nominal<br/>
 Payment</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">Unamortized<br/>
 Finance<br/>
 Costs</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#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">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">2023</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="c290" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" scale="0" unitRef="cny">25,000,000</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="c291" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" scale="0" unitRef="cny">1,415,094</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2024</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-280">-</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-281">-</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">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-282">-</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-283">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2026</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><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-285">-</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">2027</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c290" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" scale="0" unitRef="cny">50,000,000</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="c291" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" scale="0" unitRef="cny">12,637,091</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">Thereafter</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="c290" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive" scale="0" unitRef="cny">288,373,373</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="c291" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive" scale="0" unitRef="cny">109,559,719</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">Total</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="c290" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsNet" scale="0" unitRef="cny">363,373,373</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="c291" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsNet" scale="0" unitRef="cny">123,611,904</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_16" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The long-term repayment schedule affected the
fair value of payables and the Group recalculated the fair value as of December 31, 2022 using <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionRate" scale="-2" unitRef="pure">6</ix:nonFraction>% discount rate. Since the Affected Entity
and the Group were under common control, the Group recognized the difference between proceeds and the fair value as deemed shareholder
contribution. The payables will be subsequently carried at amortized cost.</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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_16"><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">For
the year ended December 31, 2020 and for the eight months ended August 31, 2021, account receivables and advance from Affected Entity
arouse from the goods and services provided by the Group. Revenue transaction amount were recognized in the consolidated financial statements
(Note 14).</span></p></ix:continuation><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">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.7pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 212; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- 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 24.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_MinorityInterestDisclosureTextBlock-c0_cont_1" 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">
<td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>19.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Non-controlling
                                         interests </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_MinorityInterestDisclosureTextBlock-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">In
January 2022, the Group entered into an agreement of establishing a joint venture company Beijing Xinxiang future technology development
Co., Ltd (&#8220;Xinxiang&#8221;) with Beijing Renren Intelligent Technology Co., Ltd (&#8220;Renren&#8221;) and Beijing Chuang&#8217;ao
Technology Center LLP. (&#8220;Chuangao&#8221;). The Group directly held <ix:nonFraction contextRef="c292" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DiscontinuedOperationEquityMethodInvestmentRetainedAfterDisposalOwnershipInterestPriorToDisposal" scale="-2" unitRef="pure">43</ix:nonFraction>% equity interests for a total consideration of RMB<ix:nonFraction contextRef="c292" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetAcquisitionConsiderationTransferred" scale="0" unitRef="cny">4,300,000</ix:nonFraction>.
Given that the board of directors of Xinxiang consists of five members, three of which shall be appointed by Lishui Mengxiang, the Group
controlled Xinxiang as Lishui Mengxiang holds more than half of the voting power in the board of directors of Xinxiang. The remaining
<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRatePercent" scale="-2" unitRef="pure">57</ix:nonFraction>% interests held by Renren and Chuangao were accounted for as non-controlling interest. The Group recognized non-controlling interests
of RMB<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesIssuanceOfEquityBySubsidiaryToNoncontrollingInterests" scale="0" unitRef="cny">548,631</ix:nonFraction> for the year ended December 31, 2022.</span></p></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RestrictedAssetsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:RestrictedAssetsDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>20.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Restricted
                                         net assets </b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_RestrictedAssetsDisclosureTextBlock-c0_cont_2" id="_RestrictedAssetsDisclosureTextBlock-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">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. In addition, Liandu WFOE and Lishui Mengxiang VIE are required to annually appropriate
<ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="lxeh:StatutoryGeneralReserveAppropriationPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds
have reached <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="lxeh:MaximumThresholdForStatutoryGeneralReserve" scale="-2" unitRef="pure">50</ix:nonFraction>% of their respective registered capital. In addition, for private schools such as the School, PRC laws and regulations
require that annual appropriations of at least <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="lxeh:DevelopmentFundsAnnualAppropriationPercentage" scale="-2" unitRef="pure">25</ix:nonFraction>% of after-tax income should be set aside as development funds. Under the Implementation
Rules for the Law for Promoting Private Education of the PRC for Private Education Laws, or the 2021 Implementation Rules, which took
effect on September 1, 2021, annual appropriations of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationDeductions" scale="-2" unitRef="pure">10</ix:nonFraction>% of after-tax income should be set aside prior to payments of dividend as development
fund. The sponsor of non-profit private schools shall not receive proceeds from the running of the school, and the cash surplus of the
non-profit private schools shall be retained for the running of the school development only. As a result of these and other restrictions
under PRC laws and regulations, the Group&#8217;s subsidiaries and the VIEs incorporated in the PRC are restricted in their ability to
transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. There are no significant differences
between US&#160;GAAP and PRC accounting standards in connection with the reported net assets of the legally owned subsidiary in the PRC
and the VIE. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working
capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business
conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to the shareholders.
Except for the above, there is no other restriction on use of proceeds generated by the Group&#8217;s subsidiaries and the VIEs to satisfy
any obligations of the Company.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_RestrictedAssetsDisclosureTextBlock-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">As
of December&#160;31, 2022, the total restricted net assets of the Company&#8217;s subsidiaries and VIEs incorporated in PRC subjected
to restriction, including the registered capital, the PRC statutory reserves and certain education facilities assets, exceeded the <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure">25</ix:nonFraction>&#160;percent
threshold. This restriction results in a corresponding requirement to provide the Company&#8217;s financial information.</span></p></ix:continuation><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">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>21.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Segment
                                         reporting</b></span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_2" id="_SegmentReportingDisclosureTextBlock-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">For
the year ended December 31, 2020, the Group had <ix:nonFraction contextRef="c15" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:NumberOfReportableSegments" scale="0" unitRef="pure">one</ix:nonFraction> reportable segment for the primary and middle school education business from grade
1 to grade 9, provided by Lianwai School VIE. For the year ended December 31, 2021, for continuing operations, the Group had <ix:nonFraction contextRef="c16" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:NumberOfReportableSegments" scale="0" unitRef="pure">one</ix:nonFraction> reportable
segment for the high school education business, provided by Qingtian International School VIE.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_3" id="_SegmentReportingDisclosureTextBlock-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">For
the year ended December 31, 2022, the Group has organized its operations into <ix:nonFraction contextRef="c0" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:NumberOfOperatingSegments" scale="0" unitRef="pure">two</ix:nonFraction> operating segments: (1) &#8220;Education services&#8221;
segment, (2) &#8220;Comprehensive human resources services&#8221; segment and (3) &#8220;All other&#8221; segment. The &#8220;All other&#8221;
segment consisted of the Group&#8217;s headquarters and functional departments that did not earn revenues.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SegmentReportingDisclosureTextBlock-c0_cont_4" id="_SegmentReportingDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">The
following table presents summary information by segment:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SegmentReportingDisclosureTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><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-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Education
    services</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="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
    human resources services</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="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Others</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="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Elimination
    adjustment</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="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total</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><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</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; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net revenue</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"><ix:nonFraction contextRef="c293" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">41,353,741</ix:nonFraction></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"><ix:nonFraction contextRef="c294" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">7,828,415</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-286; 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="-sec-ix-hidden: hidden-fact-287; 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"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="0" unitRef="cny">49,182,156</ix:nonFraction></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">(Loss) /income before income tax expense</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">(<ix:nonFraction contextRef="c293" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" sign="-" unitRef="cny">7,518,721</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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"><ix:nonFraction contextRef="c294" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" unitRef="cny">2,204,192</ix:nonFraction></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">(<ix:nonFraction contextRef="c295" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" sign="-" unitRef="cny">2,352,658</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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="-sec-ix-hidden: hidden-fact-288; 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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" scale="0" sign="-" unitRef="cny">7,667,187</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">Net (loss)/income</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">(<ix:nonFraction contextRef="c293" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">7,573,746</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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"><ix:nonFraction contextRef="c294" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="cny">1,835,174</ix:nonFraction></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">(<ix:nonFraction contextRef="c295" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">2,352,658</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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="-sec-ix-hidden: hidden-fact-289; 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">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">8,091,230</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">Assets</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"><ix:nonFraction contextRef="c297" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="cny">497,225,087</ix:nonFraction></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"><ix:nonFraction contextRef="c298" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="cny">8,730,595</ix:nonFraction></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"><ix:nonFraction contextRef="c299" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="cny">212,869,438</ix:nonFraction></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">(<ix:nonFraction contextRef="c300" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" sign="-" unitRef="cny">109,898,666</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssets" scale="0" unitRef="cny">608,926,454</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>


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

</div><ix:nonNumeric contextRef="c0" continuedAt="_SubsequentEventsTextBlock-c0_cont_1" escape="true" name="us-gaap:SubsequentEventsTextBlock"><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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>22.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Subsequent
                                         events</b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c0_cont_2" id="_SubsequentEventsTextBlock-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">The Group has evaluated events subsequent to the balance sheet date
of December 31, 2022 through May 1, 2023, the date on which the consolidated financial statements were issued.&#160;</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SubsequentEventsTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 6, 2023, the Group entered
into agreement as supplemental of acquisition agreement dated April 18, 2022, to confirm amount due from Beijing S.K. of RMB<ix:nonFraction contextRef="c301" decimals="0" format="ixt:num-dot-decimal" name="lxeh:ContingentConsideration" scale="0" unitRef="cny">22,850,000</ix:nonFraction>
as the return of previously transferred consideration due to the under-performance of Beijing P.X. in 2022. Pursuant to the acquisition
agreement, the performance requirements of Beijing P.X. included enrollment in Langfang School and Hainan Jiangcai, and the operating
net profit of Chuangmei Weiye in 2022.</p></ix:continuation><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">&#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>

</div><!-- Field: Page; Sequence: 213; 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">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 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock"><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"><span style="font-family: Times New Roman, Times, Serif"><b>23.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Information:
                                         Condensed financial statements of the Company </b></span></td></tr></table><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">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_2" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-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">Rules
12-04(a) and 4-08(e)&#160;(3) of Regulation S-X require condensed financial information as to the financial position, cash flows and
results of operations of a parent company as of and for the same periods for which the audited consolidated financial statements have
been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="lxeh:MinimumPercentageOfNetAssetsRequiredForConsolidatedAndUnconsolidatedSubsidiaries" scale="-2" unitRef="pure">25</ix:nonFraction>% of consolidated
net assets as of the end of the most recently completed fiscal year.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_3" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-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">The
following condensed financial statements of the Company have been prepared using the same accounting policies as set out in the Company&#8217;s
consolidated financial statements except that the Company used the equity method to account for its investment in its subsidiaries and
VIEs. Such investment is presented on the separate condensed balance sheets of the Company as &#8220;Investment in subsidiaries and VIEs&#8221;.
The Company, its subsidiaries and VIEs were included in the consolidated financial statements whereby the inter-company balances and
transactions were eliminated upon consolidation. The Company&#8217;s share of income from its subsidiaries and VIEs is reported as its
share of income from subsidiaries and VIEs in the condensed financial statements.</span></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">&#160;</span></p></ix:continuation><div>



</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_4" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-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">The
Company is a Cayman Islands company and, therefore, is not subject to income taxes for all years presented. The footnote disclosures
contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction
with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.</span></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">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_5" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-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">As
of December&#160;31, 2022, there were no material commitments or contingencies, significant provisions for long-term obligations or guarantees
of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_6" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Condensed
Financial Information of the Company </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_7" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>BALANCE
SHEETS </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;&#160;</span></p></ix:continuation><div>

</div><div>

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

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_8" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_7"><ix:nonNumeric contextRef="c0" escape="true" name="srt:ScheduleOfCondensedBalanceSheetTableTextBlock"><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-indent: -0.125in; padding-left: 0.125in; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December&#160;31,</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; 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="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; 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><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">US$<br/>
 (Note&#160;2(g))</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">ASSETS</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></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">Current assets:</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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; width: 64%">Cash</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="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">194,729,331</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">210,769,439</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">30,558,696</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Investment gain in 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-290">-</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" scale="0" unitRef="cny">84,528,603</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" scale="0" unitRef="usd">12,255,495</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-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Amounts due from subsidiaries and VIEs</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="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueFromRelatedPartiesCurrent" scale="0" unitRef="cny">644,607</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueFromRelatedPartiesCurrent" scale="0" unitRef="cny">7,686</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueFromRelatedPartiesCurrent" scale="0" unitRef="usd">1,114</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total current assets</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="cny">195,373,938</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="cny">295,305,728</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">42,815,305</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total assets</td><td style="padding-bottom: 4pt; font-weight: bold">&#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="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="cny">195,373,938</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt; font-weight: bold">&#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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="cny">295,305,728</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt; font-weight: bold">&#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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">42,815,305</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS&#8217; 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; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; 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><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; text-align: left">Accrued liabilities and other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AccruedLiabilitiesAndOtherLiabilitiesCurrent" scale="0" unitRef="cny">244,166</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="c303" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AccruedLiabilitiesAndOtherLiabilitiesCurrent" scale="0" unitRef="cny">55,717</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="c303" decimals="0" format="ixt:num-dot-decimal" name="lxeh:AccruedLiabilitiesAndOtherLiabilitiesCurrent" scale="0" unitRef="usd">8,078</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: 0.25in; text-align: left">Investment deficit in subsidiaries and VIEs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="lxeh:InvestmentDeficitInSubsidiariesAndVariableInterestEntity" scale="0" unitRef="cny">35,769,964</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">-</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 style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Amounts due to subsidiaries and VIEs</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="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="cny">40,296,870</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="cny">42,307,875</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DueToRelatedPartiesCurrent" scale="0" unitRef="usd">6,134,065</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: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total current liabilities</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="cny">76,311,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="cny">42,363,592</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">6,142,143</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total liabilities</td><td style="padding-bottom: 4pt; font-weight: bold">&#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="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="cny">76,311,000</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt; font-weight: bold">&#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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="cny">42,363,592</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt; font-weight: bold">&#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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">6,142,143</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="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Shareholders&#8217; 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; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in"><div style="-sec-ix-hidden: hidden-fact-292; -sec-ix-hidden: hidden-fact-291">Ordinary shares (USD$0.0001 par value; <ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">500,000,000</ix:nonFraction> and <ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">500,000,000</ix:nonFraction> shares authorized, <ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">66,667,000</ix:nonFraction></ix:nonFraction> and <ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">66,667,000</ix:nonFraction></ix:nonFraction> shares issued and outstanding as of December&#160;31, 2021 and 2022, respectively)</div></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="cny">45,198</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="cny">45,198</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="0" unitRef="usd">6,553</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: 0.25in; 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="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapitalCommonStock" scale="0" unitRef="cny">181,849,003</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapitalCommonStock" scale="0" unitRef="cny">305,460,907</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapitalCommonStock" scale="0" unitRef="usd">44,287,668</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Statutory reserves</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="lxeh:StatutoryReserves" scale="0" unitRef="cny">59,971,836</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="c303" decimals="0" format="ixt:num-dot-decimal" name="lxeh:StatutoryReserves" scale="0" unitRef="cny">60,201,702</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="c303" decimals="0" format="ixt:num-dot-decimal" name="lxeh:StatutoryReserves" scale="0" unitRef="usd">8,728,426</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: 0.25in; text-align: left">Accumulated other comprehensive (loss)/income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" sign="-" unitRef="cny">12,542,667</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" unitRef="cny">5,514,488</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" unitRef="usd">799,526</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.25in; text-align: left">Accumulated deficit</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="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="cny">110,260,432</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="cny">118,280,159</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="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd">17,149,011</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: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total shareholders&#8217; equity</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="cny">119,062,938</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="cny">252,942,136</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd">36,673,162</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left">Total liabilities and shareholders&#8217; equity</td><td style="padding-bottom: 4pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="cny">195,373,938</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="cny">295,305,728</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 4pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd">42,815,305</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

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

</div><!-- Field: Page; Sequence: 214; 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">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- 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: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>23.</b></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Information:
                                         Condensed financial statements of the Company (Continued)</b></span></td></tr></table><div>

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

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_9" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>STATEMENTS
OF COMPREHENSIVE INCOME/(LOSS) </b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_10" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="srt:CondensedStatementOfComprehensiveIncomeTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$<br/>
    (Note&#160;2(g))</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="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Operating expenses</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><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: 52%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">General
    and administrative expenses</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" sign="-" unitRef="cny">3,666,937</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" sign="-" unitRef="cny">1,059,294</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" sign="-" unitRef="cny">2,360,615</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" sign="-" unitRef="usd">342,257</ix:nonFraction></span></td><td style="width: 1%; 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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total operating expenses</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" sign="-" unitRef="cny">3,666,937</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" sign="-" unitRef="cny">1,059,294</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" sign="-" unitRef="cny">2,360,615</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingExpenses" scale="0" sign="-" unitRef="usd">342,257</ix:nonFraction></span></td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">Other expenses</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-293; font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; text-align: left"><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 style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-294; font-family: Times New Roman, Times, Serif">-</span></td><td style="font-weight: bold; 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">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherExpenses" scale="0" sign="-" unitRef="cny">12,107</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherExpenses" scale="0" sign="-" unitRef="usd">1,755</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Equity
    in profit/(loss) of subsidiaries and VIEs, net</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"><ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="lxeh:EquityInProfitOfSubsidiariesAndViesNet" scale="0" unitRef="cny">37,252,021</ix:nonFraction></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">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="lxeh:EquityInProfitOfSubsidiariesAndViesNet" scale="0" sign="-" unitRef="cny">242,760,667</ix:nonFraction></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">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="lxeh:EquityInProfitOfSubsidiariesAndViesNet" scale="0" sign="-" unitRef="cny">5,417,139</ix:nonFraction></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">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="lxeh:EquityInProfitOfSubsidiariesAndViesNet" scale="0" sign="-" unitRef="usd">785,412</ix:nonFraction></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; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Income/(loss)
    from subsidiaries and VIEs</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="0" unitRef="cny">37,252,021</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="0" sign="-" unitRef="cny">242,760,667</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="0" sign="-" unitRef="cny">5,429,246</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="0" sign="-" unitRef="usd">787,167</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; 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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" unitRef="cny">33,585,084</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; 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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">243,819,961</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="cny">7,789,861</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd">1,129,424</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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"><span style="font-family: Times New Roman, Times, Serif">Net
    income/(loss) attributable to the Company&#8217;s ordinary shareholders</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"><ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="0" unitRef="cny">33,585,084</ix:nonFraction></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">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="0" sign="-" unitRef="cny">243,819,961</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="0" sign="-" unitRef="cny">7,789,861</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="0" sign="-" unitRef="usd">1,129,424</ix:nonFraction></span></td><td style="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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net income/(loss)</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">&#160;</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">&#160;</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">&#160;</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">&#160;</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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Other
    comprehensive (loss)/income, net of nil tax</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">(<ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" scale="0" sign="-" unitRef="cny">7,956,640</ix:nonFraction></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">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" scale="0" sign="-" unitRef="cny">4,586,027</ix:nonFraction></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"><ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" scale="0" unitRef="cny">18,057,155</ix:nonFraction></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"><ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" scale="0" unitRef="usd">2,618,041</ix:nonFraction></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; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Comprehensive
    income/(loss)</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"><ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" unitRef="cny">25,628,444</ix:nonFraction></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">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" sign="-" unitRef="cny">248,405,988</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</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"><ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" unitRef="cny">10,267,294</ix:nonFraction></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"><ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="0" unitRef="usd">1,488,617</ix:nonFraction></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><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_11" id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>STATEMENTS
OF CASH FLOWS</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="srt:ScheduleOfCondensedCashFlowStatementTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><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="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
    the years ended December&#160;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><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><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><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">RMB</span></td><td style="font-weight: bold"><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="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">US$<br/>
    (Note&#160;2(g))</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; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash flows
    used in operating activities</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-295; font-family: Times New Roman, Times, Serif">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="cny">2,290,367</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="cny">1,900,037</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(<ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">275,479</ix:nonFraction></span></td><td style="width: 1%; 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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash flows used in investing
    activities</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">(<ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="cny">653,250</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-296; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-297; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-298; font-family: Times New Roman, Times, Serif">-</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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash flows provided
    by financing activities</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"><ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="cny">208,718,163</ix:nonFraction></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="-sec-ix-hidden: hidden-fact-299; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-300; font-family: Times New Roman, Times, Serif">-</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="-sec-ix-hidden: hidden-fact-301; font-family: Times New Roman, Times, Serif">-</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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Effect of exchange rate
    changes on cash</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">(<ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" sign="-" unitRef="cny">7,956,640</ix:nonFraction></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">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" sign="-" unitRef="cny">3,088,575</ix:nonFraction></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"><ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="cny">17,940,145</ix:nonFraction></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"><ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">2,601,077</ix:nonFraction></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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Net changes in cash</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"><ix:nonFraction contextRef="c304" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="cny">200,108,273</ix:nonFraction></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">(<ix:nonFraction contextRef="c305" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="cny">5,378,942</ix:nonFraction></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"><ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="cny">16,040,108</ix:nonFraction></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"><ix:nonFraction contextRef="c306" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="usd">2,325,597</ix:nonFraction></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="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Cash at the beginning
    of year</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="-sec-ix-hidden: hidden-fact-302; font-family: Times New Roman, Times, Serif">-</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"><ix:nonFraction contextRef="c308" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">200,108,273</ix:nonFraction></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"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">194,729,331</ix:nonFraction></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"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">28,233,099</ix:nonFraction></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="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Cash at the end of year</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c308" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">200,108,273</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c302" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">194,729,331</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="cny">210,769,439</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c303" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">30,558,696</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><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">&#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">&#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="font-family: Times New Roman, Times, Serif">F-38</span></p><div>

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

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-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 style="display: none"><ix:header>
<ix:hidden>
<ix:nonNumeric contextRef="c0" id="hidden-fact-0" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric>
<ix:nonFraction contextRef="c3" id="hidden-fact-1" name="us-gaap:AccountsReceivableNetCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-2" name="us-gaap:OperatingLeaseRightOfUseAsset" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-3" name="us-gaap:OtherShortTermBorrowings" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-4" name="us-gaap:AccountsPayableOtherCurrent" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-5" name="us-gaap:DeferredRevenueCurrent" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-6" name="us-gaap:OtherEmployeeRelatedLiabilitiesCurrent" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-7" name="us-gaap:DueToOtherRelatedPartiesClassifiedCurrent" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-8" name="us-gaap:TaxesPayableCurrentAndNoncurrent" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-9" name="lxeh:IncomeTaxPayableOfTheConsolidatedVariableInterestEntities" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-10" name="lxeh:IncomeTaxPayable" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c5" id="hidden-fact-11" name="us-gaap:OtherAccruedLiabilitiesCurrentAndNoncurrent" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-12" name="us-gaap:LongTermDebtCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-13" name="us-gaap:OtherLongTermDebtCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2" id="hidden-fact-14" name="us-gaap:OtherLongTermDebtCurrent" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-15" name="us-gaap:OperatingLeaseLiabilityCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-16" name="lxeh:OperatingLeaseLiabilitiescurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-17" name="lxeh:AmountsDueToAffectedEntityNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-18" name="lxeh:AmountDueToAffectedEntity" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-19" name="us-gaap:LongTermDebtNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-20" name="us-gaap:OtherLongTermDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-21" name="us-gaap:OperatingLeaseLiabilityNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-22" name="lxeh:OperatingLeaseLiabilitiesNoncurrentOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-23" name="us-gaap:LiabilitiesNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-24" name="us-gaap:CommitmentsAndContingencies" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2" id="hidden-fact-25" name="us-gaap:CommitmentsAndContingencies" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2" id="hidden-fact-26" name="us-gaap:CommitmentsAndContingencies" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-27" name="us-gaap:MinorityInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-28" name="us-gaap:Revenues" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-29" name="us-gaap:Revenues" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-30" name="us-gaap:SellingAndMarketingExpense" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-31" name="us-gaap:SellingAndMarketingExpense" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-32" name="us-gaap:FairValueAdjustmentOfWarrants" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-33" name="us-gaap:FairValueAdjustmentOfWarrants" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-34" name="us-gaap:IncomeTaxExpenseBenefit" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-35" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-36" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-37" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-38" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-39" name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-40" name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" decimals="2" id="hidden-fact-41" name="us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare" unitRef="cnyPershares">0.00</ix:nonFraction>
<ix:nonFraction contextRef="c0" decimals="2" id="hidden-fact-42" name="us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare" sign="-" unitRef="usdPershares">0.02</ix:nonFraction>
<ix:nonFraction contextRef="c15" decimals="2" id="hidden-fact-43" name="us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare" unitRef="cnyPershares">0.07</ix:nonFraction>
<ix:nonFraction contextRef="c0" decimals="2" id="hidden-fact-44" name="us-gaap:IncomeLossFromContinuingOperationsPerDilutedShare" sign="-" unitRef="cnyPershares">0.12</ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-45" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" unitRef="cnyPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-46" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" decimals="2" id="hidden-fact-47" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" unitRef="cnyPershares">0.55</ix:nonFraction>
<ix:nonFraction contextRef="c16" decimals="2" id="hidden-fact-48" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" sign="-" unitRef="cnyPershares">3.66</ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-49" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" unitRef="cnyPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-50" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" unitRef="usdPershares" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" decimals="0" id="hidden-fact-51" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" unitRef="shares">54166750</ix:nonFraction>
<ix:nonFraction contextRef="c16" decimals="0" id="hidden-fact-52" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" unitRef="shares">66667000</ix:nonFraction>
<ix:nonFraction contextRef="c0" decimals="0" id="hidden-fact-53" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" unitRef="shares">66667000</ix:nonFraction>
<ix:nonFraction contextRef="c0" decimals="0" id="hidden-fact-54" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" unitRef="shares">66667000</ix:nonFraction>
<ix:nonFraction contextRef="c17" id="hidden-fact-55" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c20" id="hidden-fact-56" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c24" id="hidden-fact-57" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c25" id="hidden-fact-58" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c26" id="hidden-fact-59" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c27" id="hidden-fact-60" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c26" id="hidden-fact-61" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c27" id="hidden-fact-62" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c28" id="hidden-fact-63" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c24" id="hidden-fact-64" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c25" id="hidden-fact-65" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c27" id="hidden-fact-66" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c29" id="hidden-fact-67" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c24" id="hidden-fact-68" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c25" id="hidden-fact-69" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c26" id="hidden-fact-70" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c28" id="hidden-fact-71" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c37" id="hidden-fact-72" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c38" id="hidden-fact-73" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c39" id="hidden-fact-74" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c40" id="hidden-fact-75" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c37" id="hidden-fact-76" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c38" id="hidden-fact-77" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c40" id="hidden-fact-78" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c42" id="hidden-fact-79" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c37" id="hidden-fact-80" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c38" id="hidden-fact-81" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c39" id="hidden-fact-82" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c41" id="hidden-fact-83" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c49" id="hidden-fact-84" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c50" id="hidden-fact-85" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c51" id="hidden-fact-86" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c52" id="hidden-fact-87" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c49" id="hidden-fact-88" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c50" id="hidden-fact-89" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c52" id="hidden-fact-90" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c54" id="hidden-fact-91" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c55" id="hidden-fact-92" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-93" name="us-gaap:StockIssuedDuringPeriodValueOther" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c49" id="hidden-fact-94" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c50" id="hidden-fact-95" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c51" id="hidden-fact-96" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c52" id="hidden-fact-97" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c53" id="hidden-fact-98" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c54" id="hidden-fact-99" name="us-gaap:NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c49" id="hidden-fact-100" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c50" id="hidden-fact-101" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c51" id="hidden-fact-102" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c53" id="hidden-fact-103" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c55" id="hidden-fact-104" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-105" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-106" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-107" name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-108" name="us-gaap:FinanceLeaseRightOfUseAssetAmortization" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-109" name="us-gaap:GoodwillImpairmentLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-110" name="us-gaap:GoodwillImpairmentLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-111" name="lxeh:FairValueChangeOfContingentConsideration" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-112" name="lxeh:FairValueChangeOfContingentConsideration" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-113" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-114" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-115" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-116" name="us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-117" name="us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-118" name="us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-119" name="us-gaap:IncreaseDecreaseInAccountsReceivable" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-120" name="us-gaap:IncreaseDecreaseInAccountsReceivable" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-121" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-122" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-123" name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-124" name="lxeh:IncreaseDecreaseInDueFromAffectedEntityCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-125" name="lxeh:IncreaseDecreaseInDueFromAffectedEntityCurrent" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-126" name="us-gaap:IncreaseDecreaseInDueToRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-127" name="us-gaap:IncreaseDecreaseInAccruedTaxesPayable" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-128" name="us-gaap:IncreaseDecreaseInAccruedTaxesPayable" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-129" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-130" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-131" name="us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-132" name="us-gaap:CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-133" name="lxeh:PurchaseOfPengxiangNetOfCashAcquired" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-134" name="lxeh:PurchaseOfPengxiangNetOfCashAcquired" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-135" name="us-gaap:PaymentsToFundLongtermLoansToRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-136" name="us-gaap:PaymentsToFundLongtermLoansToRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-137" name="us-gaap:PaymentsToFundLongtermLoansToRelatedParties" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-138" name="lxeh:RepaymentOfLoansByRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-139" name="lxeh:RepaymentOfLoansByRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-140" name="lxeh:RepaymentOfLoansByRelatedParties" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-141" name="us-gaap:EscrowDepositDisbursementsRelatedToPropertyAcquisition1" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-142" name="us-gaap:EscrowDepositDisbursementsRelatedToPropertyAcquisition1" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-143" name="us-gaap:EscrowDepositDisbursementsRelatedToPropertyAcquisition1" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-144" name="us-gaap:PaymentsForSoftware" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-145" name="us-gaap:PaymentsForSoftware" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-146" name="us-gaap:PaymentsForSoftware" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-147" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-148" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-149" name="us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-150" name="us-gaap:CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-151" name="us-gaap:CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-152" name="us-gaap:ProceedsFromBankDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-153" name="us-gaap:ProceedsFromBankDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-154" name="us-gaap:RepaymentsOfLongTermDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-155" name="us-gaap:RepaymentsOfLongTermDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-156" name="us-gaap:ProceedsFromMinorityShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-157" name="us-gaap:ProceedsFromMinorityShareholders" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-158" name="us-gaap:ProceedsFromIssuanceOfCommonStock" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-159" name="us-gaap:ProceedsFromIssuanceOfCommonStock" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-160" name="us-gaap:ProceedsFromIssuanceOfCommonStock" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-161" name="us-gaap:PaymentsOfFinancingCosts" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-162" name="us-gaap:PaymentsOfFinancingCosts" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-163" name="us-gaap:PaymentsOfFinancingCosts" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-164" name="us-gaap:CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-165" name="us-gaap:CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-166" name="us-gaap:InterestPaidNet" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-167" name="us-gaap:IncomeTaxesPaidNet" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-168" name="lxeh:PayablesForBusinessesAcquisition" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-169" name="lxeh:PayablesForBusinessesAcquisition" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-170" name="lxeh:PayablesForBusinessesAcquisition" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-171" name="us-gaap:LiabilitiesAssumed1" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-172" name="us-gaap:LiabilitiesAssumed1" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-173" name="lxeh:PayablesForPropertyAndEquipment" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-174" name="lxeh:PayablesForPropertyAndEquipment" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-175" name="lxeh:PayablesForPropertyAndEquipment" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-176" name="us-gaap:StockIssued1" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-177" name="us-gaap:StockIssued1" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-178" name="us-gaap:AccountsReceivableNetCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-179" name="us-gaap:InventoryNet" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-180" name="us-gaap:DeferredTaxAssetsLiabilitiesNet" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-181" name="us-gaap:OperatingLeaseRightOfUseAsset" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-182" name="lxeh:IncomeTaxPayables" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-183" name="us-gaap:LongTermDebtCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-184" name="us-gaap:OperatingLeaseLiabilityCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-185" name="us-gaap:OperatingLeaseLiabilityNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-186" name="us-gaap:LongTermDebtNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c4" id="hidden-fact-187" name="us-gaap:LiabilitiesNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c87" id="hidden-fact-188" name="us-gaap:DisposalGroupIncludingDiscontinuedOperationRevenue" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c87" id="hidden-fact-189" name="us-gaap:DisposalGroupIncludingDiscontinuedOperationRevenue" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c87" id="hidden-fact-190" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c87" id="hidden-fact-191" name="us-gaap:IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c109" id="hidden-fact-192" name="us-gaap:AccountsReceivableRelatedParties" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c110" id="hidden-fact-193" name="lxeh:CoustomerAccountsReceivables" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c113" id="hidden-fact-194" name="us-gaap:AccountsReceivableRelatedParties" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c114" id="hidden-fact-195" name="lxeh:CoustomerAccountsReceivables" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c117" id="hidden-fact-196" name="us-gaap:AccountsReceivableRelatedParties" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c118" id="hidden-fact-197" name="lxeh:CoustomerAccountsReceivables" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c121" id="hidden-fact-198" name="us-gaap:AccountsPayableOtherCurrentAndNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c121" id="hidden-fact-199" name="lxeh:AccountsPayablePercentage" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c123" id="hidden-fact-200" name="us-gaap:AccountsPayableOtherCurrentAndNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c123" id="hidden-fact-201" name="lxeh:AccountsPayablePercentage" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c125" id="hidden-fact-202" name="us-gaap:AccountsPayableOtherCurrentAndNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c125" id="hidden-fact-203" name="lxeh:AccountsPayablePercentage" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-204" name="us-gaap:GoodwillImpairmentLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-205" name="us-gaap:GoodwillImpairmentLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c92" id="hidden-fact-206" name="lxeh:ProceedsFromGovernmentGrantsReceived" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c131" id="hidden-fact-207" name="us-gaap:OtherComprehensiveIncomeLossTax" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-208" name="lxeh:ReceivablesFromThirdPartiesinDollars" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2" id="hidden-fact-209" name="us-gaap:PrepaidRent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c169" id="hidden-fact-210" name="us-gaap:GoodwillGross" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c170" id="hidden-fact-211" name="us-gaap:GoodwillGross" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c36" id="hidden-fact-212" name="us-gaap:GoodwillGross" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c172" id="hidden-fact-213" name="us-gaap:GoodwillAcquiredDuringPeriod" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-214" name="us-gaap:GoodwillAcquiredDuringPeriod" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c174" id="hidden-fact-215" name="us-gaap:GoodwillGross" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c175" id="hidden-fact-216" name="us-gaap:GoodwillAcquiredDuringPeriod" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-217" name="us-gaap:GoodwillAcquiredDuringPeriod" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-218" name="us-gaap:DepositLiabilityCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c187" id="hidden-fact-219" name="us-gaap:InterestExpenseShortTermBorrowings" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c189" id="hidden-fact-220" name="us-gaap:InterestExpenseShortTermBorrowings" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c191" id="hidden-fact-221" name="us-gaap:InterestExpenseShortTermBorrowings" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c195" id="hidden-fact-222" name="us-gaap:InterestExpenseShortTermBorrowings" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c197" id="hidden-fact-223" name="us-gaap:InterestExpenseShortTermBorrowings" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c198" id="hidden-fact-224" name="us-gaap:InterestExpenseShortTermBorrowings" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c201" id="hidden-fact-225" name="us-gaap:InterestExpenseShortTermBorrowings" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c203" id="hidden-fact-226" name="us-gaap:InterestExpenseShortTermBorrowings" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c204" id="hidden-fact-227" name="us-gaap:InterestExpenseShortTermBorrowings" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c206" id="hidden-fact-228" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c209" id="hidden-fact-229" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c210" id="hidden-fact-230" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c212" id="hidden-fact-231" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c218" id="hidden-fact-232" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c219" id="hidden-fact-233" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c226" id="hidden-fact-234" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c235" id="hidden-fact-235" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c238" id="hidden-fact-236" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c14" id="hidden-fact-237" name="us-gaap:RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-238" name="us-gaap:CurrentIncomeTaxExpenseBenefit" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-239" name="us-gaap:DeferredIncomeTaxExpenseBenefit" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-240" name="us-gaap:OtherIncomeTaxExpenseBenefitContinuingOperations" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-241" name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-242" name="us-gaap:EffectiveIncomeTaxRateReconciliationTaxExemptIncome" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-243" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-244" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-245" name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-246" name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-247" name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-248" name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" unitRef="pure" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-249" name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c36" id="hidden-fact-250" name="us-gaap:UnrecognizedTaxBenefits" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-251" name="us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-252" name="us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromAcquisition" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2" id="hidden-fact-253" name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c2" id="hidden-fact-254" name="us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-255" name="us-gaap:OperatingLossCarryforwards" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c259" id="hidden-fact-256" name="us-gaap:RentalIncomeNonoperating" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c262" id="hidden-fact-257" name="us-gaap:RentalIncomeNonoperating" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-258" name="us-gaap:OperatingLeaseRightOfUseAsset" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-259" name="us-gaap:OperatingLeaseLiabilityCurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-260" name="us-gaap:OperatingLeaseLiabilityNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-261" name="us-gaap:OperatingLeaseLiability" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-262" name="us-gaap:OperatingLeaseExpense" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-263" name="us-gaap:ShortTermLeaseCost" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-264" name="us-gaap:ShortTermLeaseCost" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c15" id="hidden-fact-265" name="us-gaap:LeaseCost" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c270" id="hidden-fact-266" name="us-gaap:RevenueFromRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c275" id="hidden-fact-267" name="lxeh:LoansLentToRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c276" id="hidden-fact-268" name="lxeh:LoansLentToRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c278" id="hidden-fact-269" name="lxeh:LoansLentToRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c279" id="hidden-fact-270" name="lxeh:LoansLentToRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-271" name="lxeh:LoansLentToRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-272" name="lxeh:LoansLentToRelatedParties" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c281" id="hidden-fact-273" name="us-gaap:RepaymentsOfRelatedPartyDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c282" id="hidden-fact-274" name="us-gaap:RepaymentsOfRelatedPartyDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c284" id="hidden-fact-275" name="us-gaap:RepaymentsOfRelatedPartyDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c285" id="hidden-fact-276" name="us-gaap:RepaymentsOfRelatedPartyDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c16" id="hidden-fact-277" name="us-gaap:RepaymentsOfRelatedPartyDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c0" id="hidden-fact-278" name="us-gaap:RepaymentsOfRelatedPartyDebt" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c3" id="hidden-fact-279" name="us-gaap:AccountsPayableRelatedPartiesNoncurrent" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c290" id="hidden-fact-280" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c291" id="hidden-fact-281" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c290" id="hidden-fact-282" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c291" id="hidden-fact-283" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c290" id="hidden-fact-284" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c291" id="hidden-fact-285" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c295" id="hidden-fact-286" name="us-gaap:Revenues" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c296" id="hidden-fact-287" name="us-gaap:Revenues" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c296" id="hidden-fact-288" name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c296" id="hidden-fact-289" name="us-gaap:ProfitLoss" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c302" id="hidden-fact-290" name="us-gaap:InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c302" decimals="4" id="hidden-fact-291" name="us-gaap:CommonStockParOrStatedValuePerShare" unitRef="cnyPershares">0.0001</ix:nonFraction>
<ix:nonFraction contextRef="c303" decimals="4" id="hidden-fact-292" name="us-gaap:CommonStockParOrStatedValuePerShare" unitRef="usdPershares">0.0001</ix:nonFraction>
<ix:nonFraction contextRef="c304" id="hidden-fact-293" name="us-gaap:OtherExpenses" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c305" id="hidden-fact-294" name="us-gaap:OtherExpenses" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c304" id="hidden-fact-295" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c305" id="hidden-fact-296" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c306" id="hidden-fact-297" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c306" id="hidden-fact-298" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c305" id="hidden-fact-299" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c306" id="hidden-fact-300" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c306" id="hidden-fact-301" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" unitRef="usd" xsi:nil="true"></ix:nonFraction>
<ix:nonFraction contextRef="c307" id="hidden-fact-302" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" unitRef="cny" xsi:nil="true"></ix:nonFraction>
<ix:nonNumeric contextRef="c0" name="dei:AmendmentFlag">false</ix:nonNumeric>
<ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalPeriodFocus">FY</ix:nonNumeric>
<ix:nonNumeric contextRef="c0" name="dei:EntityCentralIndexKey">0001814067</ix:nonNumeric>
</ix:hidden>
<ix:references><link:schemaRef xlink:href="lxeh-20221231.xsd" xlink:type="simple"></link:schemaRef></ix:references>
<ix:resources><ix:relationship fromRefs="ix_0_fact" toRefs="ix_0_footnote"></ix:relationship>
<ix:relationship fromRefs="ix_1_fact" toRefs="ix_1_footnote"></ix:relationship>
<ix:relationship fromRefs="ix_2_fact" toRefs="ix_2_footnote"></ix:relationship>
<ix:relationship fromRefs="ix_3_fact ix_4_fact" toRefs="ix_3_footnote"></ix:relationship>
<ix:relationship fromRefs="hidden-fact-208 ix_5_fact" toRefs="ix_4_footnote"></ix:relationship>
<ix:relationship fromRefs="ix_6_fact ix_7_fact" toRefs="ix_5_footnote"></ix:relationship>
<ix:relationship fromRefs="ix_8_fact ix_9_fact" toRefs="ix_6_footnote"></ix:relationship>
<ix:relationship fromRefs="hidden-fact-218 ix_10_fact" toRefs="ix_7_footnote"></ix:relationship>
<ix:relationship fromRefs="ix_11_fact ix_12_fact" toRefs="ix_8_footnote"></ix:relationship>
<ix:relationship fromRefs="ix_13_fact ix_14_fact hidden-fact-225 ix_15_fact" toRefs="ix_9_footnote"></ix:relationship>
<ix:relationship fromRefs="ix_16_fact ix_17_fact hidden-fact-235" toRefs="ix_10_footnote"></ix:relationship>
<ix:relationship fromRefs="hidden-fact-241 ix_18_fact hidden-fact-242" toRefs="ix_11_footnote"></ix:relationship>
<ix:relationship fromRefs="hidden-fact-243 hidden-fact-244 ix_19_fact" toRefs="ix_12_footnote"></ix:relationship>
<ix:relationship fromRefs="hidden-fact-249 ix_20_fact" toRefs="ix_13_footnote"></ix:relationship>
<xbrli:context id="c0">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c1">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="dei:EntityAddressesAddressTypeAxis">dei:BusinessContactMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c2">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c3">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c4">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c5">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c6">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c7">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c8">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c9">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentFromRelatedPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c10">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentFromRelatedPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c11">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentFromRelatedPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c12">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RevenueFromAffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c13">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RevenueFromAffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c14">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RevenueFromAffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c15">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c16">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c17">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c18">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c19">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">lxeh:StatutoryReservesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c20">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c21">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c22">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:ParentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c23">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c24">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c25">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c26">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">lxeh:StatutoryReservesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c27">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c28">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c29">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:ParentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c30">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c31">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c32">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">lxeh:StatutoryReservesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c33">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c34">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c35">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:ParentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c36">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c37">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c38">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c39">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">lxeh:StatutoryReservesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c40">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c41">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c42">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:ParentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c43">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c44">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c45">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">lxeh:StatutoryReservesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c46">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c47">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c48">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:ParentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c49">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c50">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c51">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">lxeh:StatutoryReservesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c52">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c53">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c54">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:ParentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c55">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c56">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c57">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c58">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">lxeh:StatutoryReservesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c59">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c60">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c61">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:ParentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c62">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c63">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:IPOMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-10-01</xbrli:startDate>
    <xbrli:endDate>2020-10-01</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c64">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:IPOMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-10-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c65">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">lxeh:QingtianInternationalSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-08-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c66">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">lxeh:QingtianInternationalSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-08-31</xbrli:startDate>
    <xbrli:endDate>2021-08-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c67">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-01-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c68">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-01-01</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c69">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:LinwaiInvestmentCompanyLimitedMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:VG</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c70">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:LinwaiInvestmentCompanyLimitedMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">lxeh:LinwaiInvestmentCompanyLimitedMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:VG</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c71">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:OwnershipAxis">lxeh:LianwaiInvestmentMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c72">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:LianwaiInvestmentMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">lxeh:LianwaiInvestmentMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c73">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:OwnershipAxis">lxeh:LianduWfoeMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c74">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:LianduWfoeMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">lxeh:LianduWfoeMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c75">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:LishuiXiankeMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:OwnershipAxis">lxeh:LianduWfoeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c76">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:LianduWfoeMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">lxeh:LianduWfoeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c77">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:LianwaiInvestmentCompanyLimitedMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c78">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:HongKongMengxiangEducationDevelopmentGroupLimitedMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c79">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:ZhejiangMengxiangConsultingServicesCoLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c80">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:ZhejiangLishuiMengxiangEducationDevelopmentCompanyLimitedMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c81">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:QingtianOverseasChineseInternationalSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c82">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:LangfangCityRailTransitTechnicalSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c83">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:HangzhouYouxiInformationTechnologyCoLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c84">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">lxeh:HainanJiangcaiVocationalSkillsTrainingSchoolCoLtdMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c85">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c86">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c87">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c88">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c89">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c90">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PublicUtilitiesInventoryAxis">lxeh:UniformsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c91">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-01-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c92">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c93">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="dei:LegalEntityAxis">lxeh:QingtianInternationalSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c94">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="dei:LegalEntityAxis">lxeh:QingtianInternationalSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c95">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="dei:LegalEntityAxis">lxeh:LangfangSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c96">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="dei:LegalEntityAxis">lxeh:ChuangmeiWeiyeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c97">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="dei:LegalEntityAxis">lxeh:LishuiMengxiangMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c98">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">lxeh:PRCMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c99">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c100">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:BuildingMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c101">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:BuildingMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c102">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:BuildingMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c103">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:ElectricGenerationEquipmentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c104">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:ElectricGenerationEquipmentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c105">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:ElectricGenerationEquipmentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c106">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:ElectricGenerationEquipmentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c107">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LeaseholdImprovementsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c108">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LeaseholdImprovementsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c109">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerAMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c110">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerAMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c111">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerAMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c112">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerAMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c113">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerBMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c114">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerBMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c115">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerBMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c116">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerBMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c117">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerCMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c118">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerCMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c119">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerCMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c120">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:CustomerCMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c121">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:SupplierAMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c122">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:SupplierAMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c123">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:SupplierBMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c124">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:SupplierBMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c125">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:SupplierCMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c126">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">lxeh:SupplierCMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c127">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">lxeh:YouxiSoftwareMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-01-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c128">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-31</xbrli:startDate>
    <xbrli:endDate>2021-01-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c129">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:AssetAcquisitionAxis">lxeh:YouxiSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-31</xbrli:startDate>
    <xbrli:endDate>2021-01-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c130">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">lxeh:YouxiSoftwareMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c131">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">lxeh:YouxiSoftwareMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c132">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-08-31</xbrli:startDate>
    <xbrli:endDate>2021-08-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c133">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">lxeh:QingtianInternationalSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c134">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c135">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-07-27</xbrli:startDate>
    <xbrli:endDate>2021-07-27</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c136">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-07-27</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c137">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">lxeh:YouxiSoftwareMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-04-18</xbrli:startDate>
    <xbrli:endDate>2022-04-18</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c138">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-04-18</xbrli:startDate>
    <xbrli:endDate>2022-04-18</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c139">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-04-18</xbrli:startDate>
    <xbrli:endDate>2022-04-18</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c140">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-02-01</xbrli:startDate>
    <xbrli:endDate>2021-02-01</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c141">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-02-01</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c142">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-08-01</xbrli:startDate>
    <xbrli:endDate>2021-08-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c143">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-08-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c144">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
<!-- [WMV5][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt/tSeJz73kx1cLt0ZFF2SK/vxBCY0vdSrb3lP9Huu6ETeA/qGTW90sFdOJkinC2gwSLFyFF/OukUQ77HhUvCS7FsGMWeazn6oWGS1QoiM95IRyefjJOpG8ZNH/oMvzx0thFHPP/9Jp+VtfqTswfGLus3g90mjVlyD0hf7uJllC4P/IAVSbpOinsiHlESVCwFGXD1jXgF8d09SZHSjJEEHfWM7TfuZzGc7490ELgKZamBXmKFUiMggPz4PF5+pjLP1uEtd7D8gI8XdB6up4jSizV] CSR-->
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">lxeh:OverseasMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c145">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c146">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c147">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">lxeh:OverseasMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c148">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c149">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c150">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="lxeh:AgreementAxis">lxeh:InvestmentCooperationAgreementMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-07-27</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c151">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="dei:LegalEntityAxis">lxeh:BeijingShanghuiHumanResourceManagementConsultingCoLTDMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c152">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="dei:LegalEntityAxis">lxeh:BeijingSKMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c153">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PledgedStatusAxis">us-gaap:AssetPledgedAsCollateralMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c154">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PledgedStatusAxis">us-gaap:AssetPledgedAsCollateralMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c155">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PledgedStatusAxis">us-gaap:AssetPledgedAsCollateralMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiSchoolsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c156">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PledgedStatusAxis">us-gaap:AssetPledgedAsCollateralMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiSchoolsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c157">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PledgedStatusAxis">us-gaap:AssetPledgedAsCollateralMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiKindergartensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c158">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PledgedStatusAxis">us-gaap:AssetPledgedAsCollateralMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiKindergartensMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c159">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:BuildingMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c160">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">lxeh:ElectronicDevicesAndOtherGeneralEquipmentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c161">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">lxeh:ElectronicDevicesAndOtherGeneralEquipmentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c162">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LeaseholdImprovementsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c163">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:LandUseRightsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c164">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:LandUseRightsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c165">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:LandUseRightsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c166">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:LandUseRightsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c167">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiSchoolsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c168">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiSchoolsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c169">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:QingtianSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c170">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:BeijingPXMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c171">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:QingtianSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c172">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:BeijingPXMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c173">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:QingtianSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c174">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:BeijingPXMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c175">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:QingtianSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c176">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:BeijingPXMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c177">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:QingtianSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c178">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">lxeh:BeijingPXMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c179">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-08-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c180">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-08-25</xbrli:startDate>
    <xbrli:endDate>2021-08-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c181">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-06-30</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c182">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:ChinaCITICBankMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c183">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:ChinaCITICBankMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c184">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:BankOfNingboMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c185">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:BankOfNingboMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c186">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:BankOfChinaMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c187">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:BankOfChinaMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c188">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:PingAnBankMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c189">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:PingAnBankMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c190">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:WebankMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c191">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:WebankMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c192">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:SubtotalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c193">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:SubtotalMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c194">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:HaierFinancialLeasingCoLTDMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c195">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:HaierFinancialLeasingCoLTDMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c196">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:TianjinJinchengBankCoLTDMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c197">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:TianjinJinchengBankCoLTDMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c198">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:SubtotalOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c199">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:SubtotalOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c200">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:HaierFinancialLeasingCoLTDOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c201">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:HaierFinancialLeasingCoLTDOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c202">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:TianjinJinchengBankCoLTDOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c203">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:TianjinJinchengBankCoLTDOneMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c204">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:SubtotalTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c205">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">lxeh:SubtotalTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c206">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:TuitionFeesRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c207">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:TuitionFeesRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c208">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:TuitionFeesRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c209">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:ComprehensiveHumanResourceServicesRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c210">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:ComprehensiveHumanResourceServicesRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c211">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:ComprehensiveHumanResourceServicesRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c212">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:AccommodationRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c213">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:AccommodationRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c214">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:AccommodationRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c215">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:UniformsLearningMaterialsAndOtherCampusNecessitiesRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c216">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:UniformsLearningMaterialsAndOtherCampusNecessitiesRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c217">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:UniformsLearningMaterialsAndOtherCampusNecessitiesRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c218">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:CourseDesignDevelopmentAndTrainingRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c219">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:CourseDesignDevelopmentAndTrainingRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c220">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:CourseDesignDevelopmentAndTrainingRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c221">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:MealsRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c222">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:MealsRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c223">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:MealsRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c224">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentalRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c225">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentalRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c226">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentalRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c227">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:OthersRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c228">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:OthersRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c229">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:OthersRevenueFromThirdPartiesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c230">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentalRevenueFromRelatedPartyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c231">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentalRevenueFromRelatedPartyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c232">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentalRevenueFromRelatedPartyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c233">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentalRevenueFromAffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c234">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentalRevenueFromAffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c235">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:RentalRevenueFromAffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c236">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:FoodProcurementServicesRevenueFromAffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c237">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:FoodProcurementServicesRevenueFromAffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c238">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:FoodProcurementServicesRevenueFromAffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c239">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c240">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c241">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c242">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:IncomeTaxAuthorityNameAxis">lxeh:EnterpriseIncomeTaxLawMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2007-03-16</xbrli:startDate>
    <xbrli:endDate>2007-03-16</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c243">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-12-25</xbrli:startDate>
    <xbrli:endDate>2022-01-02</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c244">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:IncomeTaxAuthorityNameAxis">lxeh:PRCIncomeTaxMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c245">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">lxeh:AccordingToTaxationTwoThousandNineteenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2019-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c246">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">lxeh:AccordingToTaxationTwoThousandNineteenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c247">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">lxeh:AccordingToTaxationTwoThousandNineteenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c248">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">lxeh:AccordingToTaxationTwoThousandNineteenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c249">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:StatementScenarioAxis">srt:ScenarioForecastMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2024-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c250">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">lxeh:AccordingToTaxationTwoThousandTwentyTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c251">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">lxeh:AccordingToTaxationTwoThousandTwentyTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c252">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">lxeh:AccordingToTaxationTwoThousandTwentyTwoMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c253">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">lxeh:OwnershipMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c254">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiKindergartenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c255">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiKindergartenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c256">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiKindergartenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c257">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LishuiYuanmengTrainingCompanyLimitedMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c258">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LishuiYuanmengTrainingCompanyLimitedMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c259">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LishuiYuanmengTrainingCompanyLimitedMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c260">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:GroceryStoresMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c261">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:GroceryStoresMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c262">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:GroceryStoresMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c263">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:QingtianInternationalSchoolMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c264">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MsFenYeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c265">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MsChunEYeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c266">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MrWuWeiMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c267">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LishuiYuanmengTrainingCompanyLimitedYuanmengMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c268">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RentalRevenueMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:YuanmengMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c269">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RentalRevenueMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:YuanmengMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c270">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RentalRevenueMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:YuanmengMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c271">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RentalRevenueMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiKindergartenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c272">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RentalRevenueMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiKindergartenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c273">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RentalRevenueMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiKindergartenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c274">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:LoansLentToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MrWuWeiMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c275">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:LoansLentToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MrWuWeiMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c276">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:LoansLentToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MrWuWeiMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c277">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:LoansLentToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MsChunEYeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c278">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:LoansLentToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MsChunEYeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c279">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:LoansLentToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MsChunEYeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c280">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RepaymentsOfLoansToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MrWuWeiMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c281">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RepaymentsOfLoansToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MrWuWeiMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c282">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RepaymentsOfLoansToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MrWuWeiMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c283">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RepaymentsOfLoansToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MsChunEYeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c284">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RepaymentsOfLoansToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MsChunEYeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c285">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RepaymentsOfLoansToRelatedPartiesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:MsChunEYeMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c286">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RentalAdvancesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiKindergartenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c287">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:RentalAdvancesMember</xbrldi:explicitMember>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">lxeh:LianwaiKindergartenMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c288">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:AffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c289">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:AffectedEntityMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c290">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:NominalPaymentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c291">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">lxeh:UnamortizedFinanceCostsMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c292">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-01-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c293">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:EducationServicesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c294">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:ComprehensiveHumanResourcesServicesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c295">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:OthersMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c296">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:EliminationAdjustmentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c297">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:EducationServicesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c298">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:ComprehensiveHumanResourcesServicesMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c299">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:OthersMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c300">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">lxeh:EliminationAdjustmentMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c301">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-04-10</xbrli:startDate>
    <xbrli:endDate>2022-04-18</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c302">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2021-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c303">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2022-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c304">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2020-01-01</xbrli:startDate>
    <xbrli:endDate>2020-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c305">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2021-01-01</xbrli:startDate>
    <xbrli:endDate>2021-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c306">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:startDate>2022-01-01</xbrli:startDate>
    <xbrli:endDate>2022-12-31</xbrli:endDate>
  </xbrli:period>
</xbrli:context><xbrli:context id="c307">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2019-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:context id="c308">
  <xbrli:entity>
    <xbrli:identifier scheme="http://www.sec.gov/CIK">0001814067</xbrli:identifier>
    <xbrli:segment>
      <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
    </xbrli:segment>
  </xbrli:entity>
  <xbrli:period>
    <xbrli:instant>2020-12-31</xbrli:instant>
  </xbrli:period>
</xbrli:context><xbrli:unit id="shares">
  <xbrli:measure>xbrli:shares</xbrli:measure>
</xbrli:unit><xbrli:unit id="cny">
  <xbrli:measure>iso4217:CNY</xbrli:measure>
</xbrli:unit><xbrli:unit id="usd">
  <xbrli:measure>iso4217:USD</xbrli:measure>
</xbrli:unit><xbrli:unit id="usdPershares">
  <xbrli:divide>
    <xbrli:unitNumerator>
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unitNumerator>
    <xbrli:unitDenominator>
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unitDenominator>
  </xbrli:divide>
</xbrli:unit><xbrli:unit id="cnyPershares">
  <xbrli:divide>
    <xbrli:unitNumerator>
      <xbrli:measure>iso4217:CNY</xbrli:measure>
    </xbrli:unitNumerator>
    <xbrli:unitDenominator>
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unitDenominator>
  </xbrli:divide>
</xbrli:unit><xbrli:unit id="pure">
  <xbrli:measure>xbrli:pure</xbrli:measure>
</xbrli:unit></ix:resources></ix:header>

</div></div></body>
</html>
[{"type": "20-F", "sequence": "1", "filename": "f20f2022_lixiangedu.htm", "description": "ANNUAL REPORT", "secsgml_size_bytes": 3964444}]
{"company-data": {"conformed-name": "Lixiang Education Holding Co. Ltd.", "cik": "0001814067", "assigned-sic": "8200", "irs-number": "000000000"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-39559", "film-number": "23873423"}, "business-address": {"street1": "NO. 818 HUA YUAN STREET", "street2": "LIANDU DISTRICT", "city": "LISHUI CITY. ZHEJIANG PROVINCE", "state": "F4", "zip": "323000", "phone": "86(578)2267142"}, "mail-address": {"street1": "NO. 818 HUA YUAN STREET", "street2": "LIANDU DISTRICT", "city": "LISHUI CITY. ZHEJIANG PROVINCE", "state": "F4", "zip": "323000"}, "former-company": {"former-conformed-name": "Lixiang Education Holding Co . Ltd", "date-changed": "20200603"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 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:
001-39559
Lixiang
Education Holding Co., Ltd.
(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. 818
Hua Yuan Street
Liandu
District
,
Lishui City
, Zhejiang Province,
323000
People's
Republic of
China
(Address
of principal executive offices)
Luoyuan
Ye
, Chief Financial Officer
Telephone:
+
86
-
578-2267142
Email:
irlxeh@lsmxjy.com
No. 818
Hua Yuan Street
Liandu
District
,
Lishui City
, Zhejiang Province,
323000
People's
Republic of
China
(Name,
Telephone, Email 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 five ordinary shares
LXEH
The Nasdaq Stock Market LLC
(The Nasdaq Global Market)
Ordinary shares, par value US$0.0001 per share
*
The Nasdaq Stock Market LLC
(The Nasdaq Global Market)
*
Not
                                            for trading, but only in connection with the listing on The Nasdaq Stock Market LLC of the
                                            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:
As
of December 31, 2022, there were
66,667,000
ordinary shares outstanding, par value of US$0.0001 per share.
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
☒
If
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. ☐  Yes
☒
No
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 issued
Other ☐
by the International Accounting Standards Board
☐
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
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    ☐ Yes    ☐  No
TABLE
OF CONTENTS
Page
INTRODUCTION
ii
Enforceability
    of Civil Liabilities
iv
FORWARD-LOOKING
    INFORMATION
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
7
3
ITEM
    4A.
UNRESOLVED
    STAFF COMMENTS
109
ITEM
    5.
OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS
109
ITEM
    6.
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
128
ITEM
    7.
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
135
ITEM
    8.
FINANCIAL
    INFORMATION
138
ITEM
    9.
THE
    OFFER AND LISTING
139
ITEM
    10.
ADDITIONAL
    INFORMATION
139
ITEM
    11.
QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
157
ITEM
    12.
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
157
PART
    II
159
ITEM
    13.
DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES
159
ITEM
    14.
MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
159
ITEM
    15.
CONTROLS
    AND PROCEDURES
159
ITEM
    16.
[RESERVED]
161
ITEM
    16.A.
AUDIT
    COMMITTEE FINANCIAL EXPERT
161
ITEM
    16.B.
CODE
    OF ETHICS
161
ITEM
    16.C.
PRINCIPAL
    ACCOUNTANT FEES AND SERVICES
161
ITEM
    16.D.
EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
161
ITEM
    16.E.
PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
161
ITEM
    16.F.
CHANGE
    IN REGISTRANT'S CERTIFYING ACCOUNTANT
161
ITEM
    16.G.
CORPORATE
    GOVERNANCE
162
ITEM
    16.H.
MINE
    SAFETY DISCLOSURE
162
ITEM
    16.I.
DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
162
PART
    III
163
ITEM
    17.
FINANCIAL
    STATEMENTS
163
ITEM
    18.
FINANCIAL
    STATEMENTS
163
ITEM
    19.
EXHIBITS
163
SIGNATURES
170
i
INTRODUCTION
In
this annual report on Form 20-F, unless otherwise indicated or the context otherwise requires, references to:
●
"ADRs" refer to our American depositary
    receipts that evidence our ADSs;
●
"ADSs" refer to our American depositary
    shares, each of which represents five ordinary shares;
●
"Beijing P.X."
    refers to Beijing Pengxiang Tianxia Education Technology Co., Ltd. (北京鹏翔天下教育科技有限公司),
    a company incorporated under the laws of the PRC and a wholly-owned subsidiary of Lishui Mengxiang;
●
"Beijing S.K."
    refers to Beijing Shangkun Education Technology Development Co., Ltd. (北京商鲲教育科技发展有限公司),
    a company incorporated under the laws of the PRC;
●
"Beijing Xinxiang"
    refers to Beijing Xinxiang Future Technology Development Co., Ltd. (北京心翔未来科技发展有限公司),
    a company incorporated under the laws of the PRC and in which Lishui Mengxiang holds 43% equity interests;
●
"Beijing R.R.Z."
    refers to Beijing Renrenzhen Intelligent Technology Co., Ltd. (北京人人诊智能科技有限公司),
    a company incorporated under the laws of the PRC holding 42% equity interests of Beijing Xinxiang;
●
"CAGR" refers
    to compound annual growth rate;
●
"China", "mainland
    China" or the "PRC" refers to the People's Republic of China, excluding, for the purposes of this annual
    report on Form 20-F only, the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan,
    while the legal and operational risks associated with operating in China may also apply to operations in Hong Kong;
●
"Chuangmei Weiye"
    refers to Beijing Chuangmei Weiye Enterprise Management Co., Ltd. ( 北京创美伟业企业管理有限公司)
    , a company incorporated under the laws of the PRC and a wholly-owned subsidiary of Beijing P.X.;
●
"Hainan Jiangcai"
    refers to Hainan Jiangcai Vocational Skills Training School Co., Ltd. (海南匠才职业技能培训学校有限公司),
    a company incorporated under the laws of the PRC and a wholly-owned subsidiary of Beijing P.X.;
●
"Hangzhou Youxi"
    refers to Hangzhou Youxi Information Technology Co., Ltd., a company incorporated under the laws of the PRC and a wholly-owned subsidiary
    of Liandu WFOE;
●
"Hong Kong"
    refers to Hong Kong Special Administrative Region of the People's Republic of China;
●
"Langfang School"
    refers to Langfang City Rail Transit Technical School (廊坊市城轨交通技工学校),
    a PRC school specialized in providing vocational education;
●
"Lianwai School"
    refers to Liandu Foreign Language School, comprising of Baiyun Campus and Yijing Campus—Featured Division, which was historically
    controlled and consolidated by Liandu WFOE through a series of contractual arrangements but was deconsolidated on September 1,
    2021;
●
"Liandu WFOE"
    refers to Zhejiang Mengxiang Consultancy Services Co., Ltd. (浙江梦翔咨询服务有限公司),
    a wholly foreign-owned enterprise incorporated under the laws of the PRC;
●
"Lishui Mengxiang"
    refers to Zhejiang Lishui Mengxiang Education Development Co., Ltd. (浙江丽水梦翔教育发展有限公司),
    a company incorporated under the laws of the PRC and the sponsor of Qingtian International School;
●
"Lixiang,"
    "we," "us," "our company", "the Company" and "our" refer to Lixiang Education
    Holding Co., Ltd. (formerly known as Lianwai Education Group Limited), an exempted company incorporated in the Cayman Islands with
    limited liability, and its subsidiaries;
ii
●
"Mengxiang Holdings"
    or "Controlling Shareholder" refers to, Mengxiang Holdings Limited, a British Virgin Islands company;
●
"ordinary shares"
    refer to our ordinary shares of par value US$0.0001 per share;
●
"Qingtian International
    School" refers to Qingtian Overseas Chinese International School (青田县华侨国际学校),
    a PRC private educational school specialized in providing high school education, whose name was changed to Qingtian Overseas Chinese
    Experimental High School (青田华侨实验高级中学) in February 2023;
●
"RMB" and "Renminbi" refer
    to the legal currency of China;
●
"SEC" refers
    to the United States Securities and Exchange Commission;
●
"school year"
    refers to the periods from September of each calendar year to July of the following calendar year which consists of two semesters.
    The first semester usually commences in September of each year and ends in January of the following year, while the second semester
    usually commences in March and ends in July of the following year;
●
"US$," "U.S. dollars,"
    "$" and "dollars" refer to the legal currency of the United States;
●
"Variable Interest
    Entities" or "VIEs" refer to Lishui Mengxiang, Qingtian International School, Beijing Xinxiang, Beijing P.X., Langfang
    School, Hainan Jiangcai and Chuangmei Weiye, the PRC entities of which we have power to control the management, and financial and
    operating policies and have the right to recognize and receive substantially all the economic benefits and in which we have an exclusive
    option to purchase all or part of the equity interests and all or a portion of the assets at the minimum price possible to the extent
    permitted by PRC law as of the date of the annual report;
●
"Vocational Education
    Services Providers" refer to Beijing Xinxiang, Langfang School, and Hainan Jiangcai; and
●
"Xianke" refers
    to Zhejiang Lishui Xianke Agricultural Products Distribution Co., Ltd. (浙江丽水鲜客农产品配送有限公司),
    a company incorporated under the laws of the PRC and a wholly-owned subsidiary of Liandu WFOE.
Exchange
Rate Information
Our
and the VIEs' business is conducted in China, all of our revenue is denominated in RMB and our financial records are maintained
in RMB, our functional currency. Our reporting currency is RMB and this annual report on Form 20-F contains translations of RMB into
U.S. dollars solely for the convenience of the reader. The exchange rate used for translation on December 30, 2022 was US$1.00=RMB6.8972,
representing the certificated exchange rate published by 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, or
at all. The PRC government imposes controls over its foreign currency reserves in part through direct regulation of the conversion of
RMB into foreign exchange and through restrictions on foreign trade.
iii
ENFORCEABILITY
OF CIVIL LIABILITIES
Cayman
Islands
We
are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman
Islands because of certain benefits associated with being a Cayman Islands exempted company, such as political and economic stability,
an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability
of professional and support services. However, the Cayman Islands has a less developed body of securities laws than the United States
and provides significantly less protection for investors. In addition, Cayman Islands companies may not have standing to sue before the
federal courts of the United States.
Our
assets and operations are located in China. All of our directors, namely Ms. Fen Ye, Mr. Biao Wei, Mr. Zhaoxiang Wei, Mr. Guoliang Chen,
Mr. Teck Yong Heng and Mr. Yan Kit Lee, and our officer, Mr. Luoyuan Ye, reside within the PRC and Hong Kong, and a substantial portion
of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process
upon us or these persons, or to bring actions or enforce judgments obtained in United States courts against us or them, based on the
civil liability provisions of the securities laws of the United States or any state in the United States.
We
have appointed Cogency Global Inc. as our agent upon whom process may be served in any action brought against us under the securities
laws of the United States.
Maples
and Calder (Hong Kong) LLP, or Maples, our counsel as to the laws of the Cayman Islands has advised us that there is uncertainty as to
whether the courts of the Cayman Islands would (1) recognize or enforce judgments of U.S. courts obtained against us or our directors
or officers that are predicated upon the civil liability provisions of the federal securities laws of the United States or the securities
laws of any state in the United States, or (2) entertain original actions brought in the Cayman Islands against us or our directors
or officers that are predicated upon the federal securities laws of the United States or the securities laws of any state in the United
States.
Maples
has informed us that 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),
a judgment obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without
any re-examination of the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand
Court of the Cayman Islands, provided such judgment (a) is given by a foreign court of competent jurisdiction, (b) imposes
on the judgment debtor a liability to pay a liquidated sum for which judgment has been given, (c) is final, (d) is not in respect
of taxes, a fine or a penalty; (e) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural
justice or the public policy of the Cayman Islands. However, there is uncertainty with regard to Cayman Islands law on whether judgments
of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or
the securities laws of any state will be determined by the courts of the Cayman Islands as penal or punitive in nature. If such a determination
is made, the courts of the Cayman Islands will not recognize or enforce the judgment against a Cayman Islands company, such as our company.
Because such a determination in relation to judgments obtained from U.S. courts under civil liability provisions of U.S. securities laws
has not yet been made by a court of the Cayman Islands, it is uncertain whether such judgments would be enforceable in the Cayman Islands.
A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.
PRC
There
is uncertainty as to whether the courts of China would:
●
recognize or enforce judgments
    of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities
    laws of the United States or any state in the United States; or
●
entertain original actions
    brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United
    States or any state in the United States.
As
advised by our PRC legal counsel, Beijing DeHeng Law Offices, the recognition and enforcement of foreign judgments are provided for under
the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil
Procedures Law based either on treaties between China and the jurisdiction where the judgment is made or on principles of reciprocity
between jurisdictions. China does not have any treaties or other form of reciprocity with the United States that provide for the reciprocal
recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not
enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of
PRC law or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a PRC court would
enforce a judgment rendered by a court in the United States.
iv
FORWARD-LOOKING
INFORMATION
This
annual report on Form 20-F contains forward-looking statements that reflect our current expectations and views of future events.
These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.
You can identify these forward-looking statements by terminology such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"is/are likely to," "potential," "continue" or other similar expressions. We have based these forward-looking
statements largely on our current expectations and projections about future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are
not limited to:
●
our
                                            goals and strategies;
●
our
                                            future business development, financial condition and results of operations;
●
the
                                            trends in, expected growth, market size and student enrollment in the education industry,
                                            in China;
●
expected
                                            changes in our revenue, costs or expenditures;
●
competition
                                            in our industry;
●
relevant
                                            government policies and regulations relating to our industry;
●
general
                                            economic and business conditions in China; and
●
the
                                            development of COVID-19 pandemic in the PRC and globally.
We
would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction
with the risk factors disclosed in "Item 3. Key Information—D. Risk Factors." Those risks are not exhaustive. We operate
in an evolving environment. New risks emerge from time to time and it is impossible for our management to predict all risk factors, nor
can we assess the impact of all factors on our and the VIEs' business or the extent to which any factor, or combination of factors,
may cause actual results to differ from those contained in any forward-looking statement. We do not undertake any obligation to update
or revise the forward-looking statements except as required under applicable law. You should read this annual report on Form 20-F
and the documents that we reference in this annual report on Form 20-F completely and with the understanding that our actual future
results may be materially different from what we expect.
v
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
Our
Corporate Structure and Contractual Arrangements with the Consolidated VIEs
Lixiang
Education Holding Co., Ltd. is a Cayman Islands holding company and not a Chinese operating company, and does not conduct operations
directly. The operations in China are conducted through Liandu WOFE and its subsidiaries in which Lixiang holds equity ownership interests,
and their contractual arrangements, commonly known as the VIE structure, with the VIEs incorporated in China, namely Lishui Mengxiang,
Qingtian International School, Beijing Xinxiang, Beijing P.X., Langfang School, Hainan Jiangcai and Chuangmei Weiye. The VIEs are consolidated
for accounting purpose only and Lixiang does not own any equity interest in the VIEs. Our corporate structure involves unique risks to
investors as they are purchasing equity securities in Lixiang, the Cayman Islands holding company, and are not purchasing, and may never
directly hold, equity interests in the VIEs.
PRC
laws, regulations, and rules restrict and impose conditions on direct foreign investment in certain types of business, including education
at the primary, middle school and high school levels, and operation of vocational schools. As we are a company incorporated in the Cayman
Islands, our wholly-owned subsidiary in the PRC, Liandu WFOE, is viewed as a foreign-owned enterprise, and thus is ineligible to apply
for or hold licenses to operate, or otherwise own equity interests in, primary and middle schools. Also, as neither we nor Liandu WFOE
is a foreign education institution or a foreign vocational skills training institution with relevant qualifications on education services
and operating high-quality education, we and Liandu WFOE are ineligible to independently or jointly invest in or operate high schools
or vocational schools pursuant to the relevant laws and regulations. In response to these restrictions, the Company operates these businesses
in China through the VIE structure which provides investors with exposure to foreign investment in the Chinese operating companies where
Chinese law prohibits us from direct foreign investment in the operating companies.
Contractual
Arrangements with respect to Lishui Mengxiang, its subsidiaries and Qingtian International School
On
April 20, 2022, Liandu WFOE entered into a series of contractual arrangements, or the VIE structure, with Lishui Mengxiang, Qingtian
International School, shareholders of Lishui Mengxiang and the Council Members of Qingtian International School. On January 31, 2023,
due to the change of shareholders of Lishui Mengxiang, Liandu WFOE entered into an updated series of contractual arrangements with respect
to the operation of Qingtian International School. The updated series of contractual arrangements replaced the previous ones in their
entirety and took effect on December 16, 2022, the same date when the shareholders of Lishui Mengxiang signed an equity transfer agreement.
Below is a summary of the material provisions of these contractual arrangements with Liandu WFOE and the shareholders of Lishui Mengxiang.
For more complete information you should read these agreements in their entirety. These agreements or their forms are filed as exhibits
to this annual report on Form 20-F.
1
Exclusive
Call Option Agreement.
Under the Exclusive Call Option Agreement dated January 31, 2023, Ms. Fen Ye and Ms. Hong
Ye, or the shareholders of Lishui Mengxiang have irrevocably granted Liandu WFOE or its designated purchaser the exclusive right to purchase
all or part of the direct and/or indirect equity interests of Lishui Mengxiang, or the Equity Call Option. The purchase price payable
by Liandu WFOE or its designated purchaser in respect of the transfer of Lishui Mengxiang's direct and/or indirect equity interest
or equity interests shall be at the lowest price permitted under the PRC laws and regulations. Liandu WFOE or its designated purchaser
shall have the right to purchase such proportion of Lishui Mengxiang's interest in Qingtian International School and/or other equity
interest of Lishui Mengxiang as it decides at any time. Qingtian International School provides high school education services, in which
case the foreign investors are restricted to hold equity interests of Lishui Mengxiang, Qingtian International School's sponsor,
in accordance with the current PRC laws and regulations. If and when the PRC laws and regulations allow Liandu WFOE or us to directly
hold all or part of the school sponsor interests in Qingtian International School and/or all or part of other equity interests of Lishui
Mengxiang and operate competent education business in the PRC, Liandu WFOE shall issue the notice of exercise of such equity call option
as soon as practicable, and the percentage of interests to be purchased upon exercise of such Equity Call Option shall be no less than
the maximum percentage allowed to be held by Liandu WFOE or its designated purchaser under the PRC laws and regulations. Such equity
transfer price is not expressly provided for in the current PRC laws and regulations and it is uncertain whether it may be further regulated
by future PRC laws and regulations. Pursuant to the Exclusive Call Option Agreement, all taxes and fees associated with the equity transfer
shall be paid by Lishui Mengxiang's shareholders and/or the direct equity holders of the VIEs upon the transfer. In the absence
of written consent from Liandu WFOE, except as otherwise described in the Exclusive Call Option Agreement, Lishui Mengxiang and its shareholders
shall not sell, transfer, assign or otherwise dispose of or create any encumbrance on any of Lishui Mengxiang's assets, businesses
or equity interests or procure separation or merge with any other entities. Furthermore, without written consent from Liandu WFOE, Lishui
Mengxiang may not terminate any material contracts or enter into any other contracts which may contradict such material contracts, incur
any indebtedness or provide any loan or guarantee to a third party, except as disclosed to Liandu WFOE, or alter the nature or scope
of its business. The Exclusive Call Option Agreement will remain in force during the operation term of VIEs and any periods that are
renewable pursuant to the PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercised
their options to purchase all the equities of VIEs in accordance with this agreement. In addition, unless otherwise stipulated by laws,
this agreement may not be terminated by Lishui Mengxiang or its shareholders unilaterally, but may only be terminated by Liandu WFOE
after notice in advance.
Proxy
Agreement for School's Sponsors and Council Members.
Pursuant to the Proxy Agreement for School's Sponsors and
Council Members dated January 31, 2023, Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights
as school sponsor of Qingtian International School to the extent permitted by the PRC laws. These rights include, but are not limited
to: (a) the right to appoint and/or elect of council members of Qingtian International School; (b) the right to appoint and/or
elect the supervisors of Qingtian International School; the right to put forward the School's mission and scope of operation;(c)the
right to examine or approve the Articles of Association of Qingtian International School, development planning, major projects and budget
for revenues and expenditures;(d) the right to supervise the performance of Qingtian International School and the achievement of the
objectives set out in the bylaw;(e) the right to establish the executive school council in accordance with the authority and procedures
prescribed in the bylaw of Qingtian International School and to participate in the running and management of the School;(f) the right
to access the information about the operation conditions and financial conditions of Qingtian International School;(g) the right to consult
the resolutions, records, financial and accounting statements and reports of the school council meetings in accordance with the PRC laws;(h)
the right to obtain reasonable returns from Qingtian International School's Sponsor in accordance with the PRC laws;(i) the right
to obtain the remaining property of Qingtian International School after the liquidation in accordance with the PRC laws;(j) the right
to transfer the interests of Qingtian International School's Sponsor in accordance with the PRC laws;(k) the right to select the
profitability and non-profitability of the characteristic of Qingtian International School in accordance with the PRC laws, regulations
or regulatory documents; and(l) any other rights of Qingtian International School's Sponsor provided by other applicable laws and
regulations of the PRC and the articles of association of Qingtian International School (as amended from time to time).
The
appointed Council Members of Qingtian International School from Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE
to exercise all its rights as school sponsor of Qingtian International School to the extent permitted by the PRC laws. These rights include,
but are not limited to: (a) acting as the agent of Qingtian International School's Sponsor to attend the council meeting of
Qingtian International; enjoying the right to speak, propose, vote, elect and stand for election, and the right to know, propose and
supervise council meeting and business activities carried out by Qingtian International School; (b) exercising the voting rights
on behalf of Qingtian International School's Sponsor for all matters requiring discussion and resolution of the council; (c) proposing
to convene a council meeting of Qingtian International School; (d) signing the council meeting minutes, council meeting resolutions
or other legal documents that the Appointed Council Members has the right to sign as the council member of Qingtian International School;
(e) instructing the legal representative, the financial, business and administrative chiefs, etc. of Qingtian International School
to act in accordance with the Trustee's intention; (f) exercising other rights of the council member and council members'
voting rights under the articles of association (including any other council members' voting rights as stipulated in the amended
articles of association) of Qingtian International School; (g) handling legal procedures containing registration, examination and
approval and license of schools at the competent departments of government; and (h) any other rights of the Council Member as pursuant
to the applicable PRC laws, regulations and the articles of association (as amended from time to time) of Qingtian International School.
In addition, each of Lishui Mengxiang and the Council Members of Qingtian International School have irrevocably agreed that (i) Liandu
WFOE may delegate its rights under the Proxy Agreement for School's Sponsors and Council Members to the directors of Liandu WFOE
or its designated person, without prior notice to or approval by Lishui Mengxiang and the Council Members of Qingtian International School;
and (ii) any person as successor of civil rights of Liandu WFOE or liquidator by reason of subdivision, merger, liquidation of Liandu
WFOE or other circumstances shall have authority to replace Liandu WFOE to exercise all rights under the Proxy Agreement for School's
Sponsors and Council Members.
2
Proxy
Agreement for Shareholders.
Pursuant to the Proxy Agreement for Shareholders dated January 31, 2023, each shareholder of
Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as the shareholder to the extent permitted
by the PRC laws. These rights include, but are not limited to: (a) the right to attend the shareholders' meeting of our school
acting as WFOE's nominee; (b) the right to vote on behalf of the sponsors for all matters requiring discussion and resolution
of the shareholders' meeting; (c) the right to sign the shareholders' minutes, resolutions or other legal documents;
(d) the right to indicate the directors, the legal representative, etc. to act in accordance with WFOE's intention; (e) the
right to handle legal procedures containing registration, examination and approval and license of schools at the competent departments
of governments; (f) the right to decide to transfer or otherwise dispose of the equity of our school; (g) any other shareholder
rights as pursuant to the applicable PRC laws, regulations and our school's articles of association as amended from time to time.
Business
Cooperation Agreement
.
Pursuant to the Business Cooperation Agreement dated January 31, 2023, Liandu WFOE shall provide
technical services, management support and consulting services necessary for the private education business, and in return, the VIEs
shall make payments accordingly. In particular, such services include but not limited to developing curriculum, conducting market research
and offering management and marketing advice, providing technology services, providing public relations services, providing support for
teacher hiring and training and providing other services that the VIEs may need from time to time. Without the prior consent of
Liandu WFOE, none of the VIEs may accept such services provided by any third party. As part of the business cooperative agreement, VIEs
and the shareholders of Lishui Mengxiang agree that they will not take any actions except as otherwise described in the Business Cooperation
Agreement, such as incurring indebtedness, disposing of material assets, materially changing the scope or nature of the business of the
VIEs, disposing of their equity interests in the VIEs, or paying dividends or other similar payments to the sponsors or the shareholders
VIEs in the absence of written consent from Liandu WFOE. The aforementioned agreements will terminate automatically when Liandu WFOE
and/or its designated entities fully exercised their options to purchase all the equities held by Nominee Shareholders in accordance
with the Exclusive Call Option Agreement. In addition, unless otherwise stipulated by laws, this agreement may not be terminated by VIEs
or the shareholders, but may only be terminated by Liandu WFOE after notice in advance.
Exclusive
Technical Service and Business Consulting Agreement.
Pursuant to the Exclusive Technical Service and Business Consulting
Agreement dated January 31, 2023, Liandu WFOE agreed to provide exclusive technical services to Qingtian International School and Qingtian
International School's sponsor, Lishui Mengxiang. Furthermore, Liandu WFOE agreed to provide exclusive business consultancy services
to Qingtian International School and Qingtian International School's sponsor. In consideration of the technical and business consultancy
services provided by Liandu WFOE, Qingtian International School and Qingtian International School's sponsor agreed to pay Liandu
WFOE a service fee withdrawn from their respective amount of surplus from operations after deducting all costs, expenses, taxes, losses
(if required by the law) and the legally development fund of the respective school (if required by the law) and other costs and funds
that shall be retained at Qingtian International School in accordance with applicable PRC laws. Liandu WFOE has the right (but not the
obligation) to adjust the amount of such service fee by reference to the actual services provided and the actual business operations
and needs of Qingtian International School and Qingtian International School's sponsor, provided that any adjusted amount shall
not exceed the amount mentioned above. Qingtian International School and Qingtian International School's sponsor do not have any
right to make any such adjustment. Unless otherwise prescribed under the PRC laws and regulations, Liandu WFOE shall have exclusive proprietary
rights to any technology and intellectual property developed and materials prepared in the course of the provision of research and development,
technical support and services by Liandu WFOE to Qingtian International School and Qingtian International School's sponsor, and
any intellectual property in the products developed, including any other rights derived thereunder, in the course of performance of obligations
under the Exclusive Technical Service and Business Consulting Agreement and/or any other agreements entered into between Liandu WFOE
and the VIEs.
Equity
Pledge Agreement
. Pursuant to the Equity Pledge Agreement dated January 31, 2023, the shareholders unconditionally and irrevocably
pledged all of their equity interests in Lishui Mengxiang to Liandu WFOE to guarantee performance of the obligations of the VIEs under
the Exclusive Call Option Agreement, Business Cooperation Agreement, Exclusive Technical Service and Business Consulting Agreement, Proxy
Agreement for Shareholders, Proxy Agreement for School's Sponsors and Council Members and Loan Agreement, each as described above
the shareholders of Lishui Mengxiang agreed that without prior written consent of the PRC WFOE, they shall not transfer or dispose of
the pledged equity interests, or create or allow any encumbrance on the pledged equity interests. Unless otherwise stipulated by laws,
this agreement may not be terminated by Lishui Mengxiang or the shareholders of Lishui Mengxiang unilaterally, but may only be terminated
by the Liandu WFOE after notice in advance. The equity pledge agreement remains in full force and effect until all of the obligations
under the contractual arrangements have been duly performed or the guaranteed debts are duly paid. The pledge of equity interests
in Lishui Mengxiang has been duly registered with the local branch of SAIC and is effective upon such registration.
3
Contractual
Arrangements with respect to Langfang School
On
March 28, 2023, Liandu WFOE entered into a series of contractual arrangements, or the VIE structure, with Beijing P.X. and Langfang School,
shareholders of Beijing P.X. and the Council Members of Langfang School. The series of contractual arrangements became effective on January
1, 2022. Below is a summary of the material provisions of these contractual arrangements with Liandu WFOE and the shareholders of Beijing
P.X.. For more complete information you should read these agreements in their entirety. These agreements or their forms are filed as
exhibits to this annual report on Form 20-F.
Exclusive
Call Option Agreement.
Under the Exclusive Call Option Agreement dated March 28, 2023, Ms. Fen Ye, Ms. Hong Ye,
and Lishui Mengxiang, or the shareholders of Beijing P.X. have irrevocably granted Liandu WFOE or its designated purchaser the exclusive
right to purchase all or part of the direct and/or indirect equity interests of Beijing P.X. and Langfang School, or the Equity Call
Option. The purchase price payable by Liandu WFOE or its designated purchaser in respect of the transfer of above equity interests shall
be at the lowest price permitted under the PRC laws and regulations. Liandu WFOE or its designated purchaser shall have the right to
purchase such proportion of Beijing P.X.'s interest in Langfang School and/or other equity interest of Beijing P.X. as it decides
at any time. Langfang School provides vacational school education services, in which case the foreign investors shall be a foreign education
institution or a foreign vocational skills training institution with relevant qualifications on education services and operating high-quality
education in accordance with the current PRC laws and regulations. If and when the PRC laws and regulations allow Liandu WFOE or us to
directly hold all or part of the school sponsor interests in Langfang School and/or all or part of other equity interests of Beijing
P.X. and operate competent education business in the PRC, Liandu WFOE shall issue the notice of exercise of such equity call option as
soon as practicable, and the percentage of interests to be purchased upon exercise of such Equity Call Option shall be no less than the
maximum percentage allowed to be held by Liandu WFOE or its designated purchaser under the PRC laws and regulations. Such equity transfer
price is not expressly provided for in the current PRC laws and regulations and it is uncertain whether it may be further regulated by
future PRC laws and regulations. Pursuant to the Exclusive Call Option Agreement, all taxes and fees associated with the equity transfer
shall be paid by Beijing P.X.'s shareholders upon the transfer. In the absence of written consent from Liandu WFOE, except as otherwise
described in the Exclusive Call Option Agreement, Beijing P.X. and its shareholders shall not sell, transfer, assign or otherwise dispose
of or create any encumbrance on any of Langfang School's assets, businesses or equity interests or procure separation or merge
with any other entities. Furthermore, without written consent from Liandu WFOE, Langfang School may not terminate any material contracts
or enter into any other contracts which may contradict such material contracts, incur any indebtedness or provide any loan or guarantee
to a third party, except as disclosed to Liandu WFOE, or alter the nature or scope of its business. The Exclusive Call Option Agreement
will remain in force during the operation term of Beijing P.X. and Langfang School and any periods that are renewable pursuant to the
PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercised their options to purchase
all the equities of Beijing P.X. and Langfang School in accordance with this agreement. In addition, unless otherwise stipulated by laws,
this agreement may not be terminated by Langfang School, Beijing P.X. or its shareholders unilaterally, but may only be terminated by
Liandu WFOE after notice in advance.
Proxy
Agreement for School's Sponsors and Council Members.
Pursuant to the Proxy Agreement for School's Sponsors and
Council Members dated March 28, 2023, Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as
school sponsor of Langfang School to the extent permitted by the PRC laws. These rights include, but are not limited to: (a) the
right to appoint and/or elect of council members of Langfang School; (b) the right to appoint and/or elect the supervisors of Langfang
School; the right to put forward the School's mission and scope of operation;(c)the right to examine or approve the Articles of
Association of Langfang School, development planning, major projects and budget for revenues and expenditures;(d) the right to supervise
the performance of Langfang School and the achievement of the objectives set out in the bylaw;(e) the right to establish the executive
school council in accordance with the authority and procedures prescribed in the bylaw of Langfang School and to participate in the running
and management of the School;(f) the right to access the information about the operation conditions and financial conditions of Langfang
School;(g) the right to consult the resolutions, records, financial and accounting statements and reports of the school council meetings
in accordance with the PRC laws;(h) the right to obtain reasonable returns from Langfang School's Sponsor in accordance with the
PRC laws;(i) the right to obtain the remaining property of Langfang School after the liquidation in accordance with the PRC laws;(j)
the right to transfer the interests of Langfang School's Sponsor in accordance with the PRC laws;(k) the right to select the profitability
and non-profitability of the characteristic of Langfang School in accordance with the PRC laws, regulations or regulatory documents;
and(l) any other rights of Langfang School's Sponsor provided by other applicable laws and regulations of the PRC and the articles
of association of Langfang School (as amended from time to time).
The
appointed Council Members of Langfang School from Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its
rights as school sponsor of Langfang School to the extent permitted by the PRC laws. These rights include, but are not limited to: (a) acting
as the agent of Langfang School's Sponsor to attend the council meeting of Langfang School; enjoying the right to speak, propose,
vote, elect and stand for election, and the right to know, propose and supervise council meeting and business activities carried out
by Langfang School; (b) exercising the voting rights on behalf of Langfang School's Sponsor for all matters requiring discussion
and resolution of the council; (c) proposing to convene a council meeting of Langfang School; (d) signing the council meeting
minutes, council meeting resolutions or other legal documents that the Appointed Council Members has the right to sign as the council
member of Langfang School; (e) exercising other rights of the council member and council members' voting rights under the
articles of association (including any other council members' voting rights as stipulated in the amended articles of association)
of Langfang School; (f) handling legal procedures containing registration, examination and approval and license of school at the
competent departments of government; and (g) any other rights of the Council Member as pursuant to the applicable PRC laws, regulations
and the articles of association (as amended from time to time) of Langfang School. In addition, each of Beijing P.X. and the Council
Members of Langfang School have irrevocably agreed that (i) Liandu WFOE may delegate its rights under the Proxy Agreement for School's
Sponsors and Council Members to the directors of Liandu WFOE or its designated person, without prior notice to or approval by Beijing
P.X. and the Council Members of Langfang School; and (ii) any person as successor of civil rights of Liandu WFOE or liquidator by
reason of subdivision, merger, liquidation of Liandu WFOE or other circumstances shall have authority to replace Liandu WFOE to exercise
all rights under the Proxy Agreement for School's Sponsors and Council Members.
4
Proxy
Agreement for Shareholders.
Pursuant to the Proxy Agreement for Shareholders dated March 28, 2023, Lishui Mengxiang, the
shareholder of Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as the shareholder to the
extent permitted by the PRC laws. These rights include, but are not limited to: (a) the right to attend the shareholders'
meeting of Beijing P.X. acting as WFOE's nominee; (b) the right to vote on behalf of Lishui Mengxiang for all matters requiring
discussion and resolution of the shareholders' meeting; (c) the right to sign the shareholders' minutes, resolutions
or other legal documents; (d) the right to indicate the directors, the legal representative, etc. to act in accordance with WFOE's
intention; (e) the right to handle legal procedures containing registration, examination and approval and license of Beijing P.X.
at the competent departments of governments; (f) the right to decide to transfer or otherwise dispose of the equity of Beijing P.X.;
(g) any other shareholder's rights as pursuant to the applicable PRC laws, regulations and articles of association of Beijing
P.X. as amended from time to time.
Business
Cooperation Agreement
.
Pursuant to the Business Cooperation Agreement dated March 28, 2023, Liandu WFOE shall provide technical
services, management support and consulting services necessary for the private education business, and in return, Beijing P.X. and Langfang
School shall make payments accordingly. In particular, such services include but not limited to developing curriculum, conducting market
research and offering management and marketing advice, providing technology services, providing public relations services, providing
support for teacher hiring and training and providing other services that Beijing P.X. and Langfang School may need from time to
time. Without the prior consent of Liandu WFOE, none of Beijing P.X. and Langfang School may accept such services provided by any third
party. As part of the business cooperative agreement, Beijing P.X., Langfang School and the shareholders of Beijing P.X. agree that they
will not take any actions except as otherwise described in the Business Cooperation Agreement, such as incurring indebtedness, disposing
of material assets, materially changing the scope or nature of the business of Langfang School, disposing of their equity interests in
the Langfang School, or paying dividends or other similar payments to Beijing P.X. or the shareholders of Beijing P.X. in the absence
of written consent from Liandu WFOE. The aforementioned agreements will terminate automatically when Liandu WFOE and/or its designated
entities fully exercised their options to purchase all the equities held by Nominee Shareholders in accordance with the Exclusive Call
Option Agreement. In addition, unless otherwise stipulated by laws, this agreement may not be terminated by Beijing P.X., Langfang School
or the shareholders of Beijing P.X., but may only be terminated by Liandu WFOE after notice in advance.
Exclusive
Technical Service and Business Consulting Agreement.
Pursuant to the Exclusive Technical Service and Business Consulting
Agreement dated March 28, 2023, Liandu WFOE agreed to provide exclusive technical services to Langfang School and Beijing P.X.. Furthermore,
Liandu WFOE agreed to provide exclusive business consultancy services to Langfang School and Beijing P.X.. In consideration of the technical
and business consultancy services provided by Liandu WFOE, Langfang School and Beijing P.X. agreed to pay Liandu WFOE a service fee withdrawn
from their respective amount of surplus from operations after deducting all costs, expenses, taxes, losses (if required by the law) and
the legally development fund (if required by the law) and other costs and funds that shall be retained at Langfang School in accordance
with applicable PRC laws. Liandu WFOE has the right (but not the obligation) to adjust the amount of such service fee by reference to
the actual services provided and the actual business operations and needs of Langfang School and Beijing P.X., provided that any adjusted
amount shall not exceed the amount mentioned above. Langfang School and Beijing P.X. do not have any right to make any such adjustment.
Unless otherwise prescribed under the PRC laws and regulations, Liandu WFOE shall have exclusive proprietary rights to any technology
and intellectual property developed and materials prepared in the course of the provision of research and development, technical support
and services by Liandu WFOE to Langfang School and Beijing P.X., and any intellectual property in the products developed, including any
other rights derived thereunder, in the course of performance of obligations under the Exclusive Technical Service and Business Consulting
Agreement and/or any other agreements entered into between Liandu WFOE, Langfang School and Beijing P.X..
5
Equity
Pledge Agreement
. Pursuant to the Equity Pledge Agreement dated March 28, 2023, the shareholders unconditionally and irrevocably
pledged all of their equity interests in Beijing P.X. to Liandu WFOE to guarantee performance of the obligations of Langfang School and
Beijing P.X. under the Exclusive Call Option Agreement, Business Cooperation Agreement, Exclusive Technical Service and Business Consulting
Agreement, Proxy Agreement for Shareholders, Proxy Agreement for School's Sponsors and Council Members and Loan Agreement, each
as described above the shareholders of Beijing P.X. agreed that without prior written consent of the WFOE, they shall not transfer or
dispose of the pledged equity interests, or create or allow any encumbrance on the pledged equity interests. Unless otherwise stipulated
by laws, this agreement may not be terminated by Beijing P.X. or the shareholders of Beijing P.X. unilaterally, but may only be terminated
by the Liandu WFOE after notice in advance. The equity pledge agreement remains in full force and effect until all of the obligations
under the contractual arrangements have been duly performed or the guaranteed debts are duly paid. The pledge of equity interests
in Beijing P.X. has been duly registered with the local branch of PRC State Administration of Market Regulation, or SAMR and is effective
upon such registration.
The
contractual agreements are not equivalent to equity ownership in the business of the VIEs. Our control over Lishui Mengxiang and its
subsidiaries, Qingtian International School, and Langfang School, and our position of being the primary beneficiary of Lishui Mengxiang
and its subsidiaries, Qingtian International School, and Langfang School for the accounting purposes are limited to the conditions that
we have met for consolidation of Lishui Mengxiang and its subsidiaries, Qingtian International School, and Langfang School under U.S.
GAAP. Such conditions include that (i) we have the power to govern the activities which most significantly impact the VIEs' economic
performance, (ii) we are contractually obligated to absorb losses of the VIEs that could potentially be significant to the VIEs, and
(iii) we are entitled to receive benefits from the VIEs that could potentially be significant to the VIEs. We've met such conditions
for consolidation of the VIEs under U.S. GAAP through the aforementioned contractual arrangements, and as a result, we are deemed as
the primary beneficiary of the VIEs, and the VIEs will be treated as our consolidated affiliated entities for accounting purposes. We
have consolidated the results of the VIEs in our consolidated financial statements included elsewhere in this annual report on Form 20-F
in accordance with U.S. GAAP. For a more detailed discussion of the basis of presentation of our consolidated financial statements, see
"Item 5. Operating and financial Review and Prospects—A. Operating Results—Critical Accounting Policies."
We
could face heightened risks and substantial costs in enforcing these contractual arrangements, because, although the aforementioned contractual
arrangements have been widely adopted by PRC companies listed overseas, such arrangements have not been tested in any of the PRC courts.
In addition,  there are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations,
and rules relating to the contractual arrangements and the VIE structure. If the PRC government finds these contractual arrangements
or the VIE structure non-compliant with the restrictions on direct foreign investment in the relevant industries, or if the relevant
PRC laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced
to relinquish our interests in the VIEs or forfeit our rights under the contractual arrangements. Lixiang and investors in the ADSs face
uncertainty about potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements,
consequently, significantly affect the financial condition and results of operations. If we are unable to claim our right to control
the assets of the VIEs, the ADSs may decline in value or become worthless. The PRC government could even disallow the VIE structure completely,
which would likely result in a material adverse change in our operations and the ADSs may significantly decline in value or become worthless.
See "Risk Factors—Risks Related to Corporate Structure."
6
Currently,
we and the VIEs have established an education services network consisting of one high school (Qingtian International School), three vocational
education services providers (Beijing Xinxiang, Langfang School and Hainan Jiangcai) and one comprehensive human resources services provider
(Chuangmei Weiye). Lishui Mengxiang became the sponsor of Qingtian International School in August 2021. Beijing P.X., a wholly-owned
subsidiary of Lishui Mengxiang, holds the whole sponsorship interests of Langfang School from January 1, 2022, and has two wholly-owned
subsidiaries, namely Hainan Jiangcai and Chuangmei Weiye. Prior to August 31, 2021, the VIEs primarily operated primary and secondary
school in Baiyun campus and Yijing campus—Featured Division of Lianwai School. Under the Implementation Rules for the Law for Promoting
Private Education of the PRC (《中华人民共和国民办教育促进法实施条例》)
for Private Education Laws, or the 2021 Implementation Rules, which took effect on September 1, 2021, social organizations and individuals
are prohibited from controlling a private school that provides compulsory 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 among Liandu WFOE and Lianwai School providing compulsory education. Therefore,
we re-assessed our control over Lianwai School. Based on the relevant accounting standard in accordance with U.S. GAAP, we have concluded
that we have lost control of Lianwai School since August 31, 2021, in view of the significant uncertainties and restrictions the
2021 Implementation Rules impose on our ability to direct the range of ongoing activities that would most significantly impact the returns
of Lianwai School. In light of such regulatory developments, on April 20, 2022, we entered into an acknowledgment agreement of contractual
agreements with Lianwai School and respective directors, to confirm all the terms of rights and obligations relating to Lianwai School
and the directors appointed by the sponsor under the contractual arrangements among them, and agree among the parties that such arrangements
shall have been terminated on August 31, 2021. To minimize disruptions to existing students enrolled in Lianwai School, we and the
VIEs continued to offer essential services to the students. We deconsolidated Lianwai School commencing from September 1, 2021 and
presented it as a discontinued operation in current and comparative period financial statements.
We
and the VIEs have explored and considered business opportunities beyond high school education. We and the VIEs took steps to expand into
online education and vocational education. In February 2021, Liandu WFOE completed the acquisition of 100% equity interests of Hangzhou
Youxi for the layout of online education. In January 2022, Lishui Mengxiang formed Beijing Xinxiang with Beijing R.R.Z. to provide
vocational education in the health care industry. On January 1, 2022, Lishui Mengxiang entered into definitive agreements to acquire
100% equity interests of Beijing P.X., a wholly-owned subsidiary of Beijing S.K., which in turn holds 100% equity interests of Chuangmei
Weiye and Hainan Jiangcai, and the sponsorship interests of Langfang School, to expand our and the VIEs' business into vocational
education. The acquisition was completed in May 2022. As of the date of the annual report on Form 20-F, the administrative procedures
with the PRC governmental authorities to amend the registration reflecting the result of the acquisition of Langfang School have not
been completed due to the internal procedures of the competent authorities.
On
June 30, 2020, the Standing Committee of the National People's Congress of the PRC, or the Standing Committee of the NPC,
promulgated the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative
Region, or the Law of PRC on Safeguarding National Security in Hong Kong, the interpretation of which involves a degree of uncertainty.
The PRC government has also announced recently that it would step up supervision of overseas listed PRC businesses, and check sources
of funding for securities investment and control leverage ratios. The PRC government has also opened a probe into several U.S.-listed
technology companies focusing on anti-monopoly, financial technology regulation and more recently, with the passage of the PRC Data Security
Law, how companies collect, store, process and transfer personal data. Currently these laws (other than the Law of the PRC on Safeguarding
National Security in Hong Kong) are expected to apply to China domestic businesses, rather than businesses in Hong Kong which operate
under a different set of laws from China. However, there can be no assurance that the government of Hong Kong will not enact similar
laws and regulations applicable to companies operating in Hong Kong. For example, the PRC government may pressure the government of Hong
Kong to enact similar laws and regulations to those in the PRC, which may seek to exert control over offerings conducted overseas by
Hong Kong companies. If any or all of the foregoing were to occur, and if our Hong Kong subsidiary elects to carry out substantive business
activities in the future, it could lead to a material adverse change in our operations and limit or hinder our ability to offer securities
to overseas investors or remain listed in the United States, which could cause the value of our ADSs to significantly decline or become
worthless. See "
Risk Factors—Risks Related to Doing Business in China—Implementation of the Law of the PRC on Safeguarding
National Security in Hong Kong involves uncertainty, and the recent policy pronouncements by the PRC government regarding business activities
of U.S.-listed PRC businesses may negatively impact Lixiang's existing and future operations in Hong Kong.
"
7
The
following diagram illustrates the corporate structure of us, our subsidiaries and the VIEs, as of the date of the annual report:
8
Notes:
(1)
The sponsorship registration of Qingtian International School was changed to Lishui Mengxiang in August 2021. As of the date of
the annual report, we have not received any formal notice from the competent authorities of Qingtian County requesting us to conduct
the classified registration of private schools. However, given that Qingtian International School is a non-state public institution legal
person, it may be directly classified as a non-profit private school by the competent authorities of Qingtian County and has no need
to go through additional registration procedures. On April 20, 2022, Liandu WFOE entered into a series of contractual arrangements with
respect to the operation of Qingtian International School. On January 31, 2023, due to the change of shareholders of Lishui Mengxiang,
Liandu WFOE entered into an updated series of contractual arrangements with respect to the operation of Qingtian International School.
The updated series of contractual arrangements replaced the series entered in April 2022 and took effect on December 16, 2022, the same
date when the shareholders of Lishui Mengxiang signed an equity transfer agreement.
(2)
Beijing P.X. holds the whole sponsorship interests of Langfang School. Liandu WFOE entered into a series of contractual arrangements
with respect to the operation of Langfang School on March 28, 2023. The contractual arrangements took effect on January 1, 2022. As of
the date of the annual report, Langfang City has not released any detailed rules on classification registration of private schools and
we have not received any relevant notice from the competent authorities of Langfang City since January 1, 2022 when Beijing P.X. began
to hold the whole sponsorship interests of Langfang School.
(3)
Lishui Mengxiang holds 43% equity interests of Beijing Xinxiang. Beijing R.R.Z. holds 42% equity interests of Beijing Xinxiang. The management
team of Beijing Xinxiang formed Beijing Chuang'ao Technology Center (L.P.) ("Beijing C.A."), holding 15% equity interests
of Beijing Xinxiang. Given that the board of directors of Beijing Xinxiang consists of five members, three of which shall be appointed
by Lishui Mengxiang, we are regarded as the primary beneficiary of Beijing Xinxiang through Lishui Mengxiang under U.S. GAAP as Lishui
Mengxiang holds more than half of the voting power in the board of directors of Beijing Xinxiang. Therefore, the financial statements
of Beijing Xinxiang will be consolidated in our annual report on Form 20-F for the year ending December 31, 2022.
(4)
According to PRC laws and regulations, entities and individuals who establish private schools are commonly referred to as "sponsors"
instead of "owners" or "shareholders." The economic substance of "sponsorship" with respect to private
schools is substantially similar to that of ownership with regard to legal, regulatory and tax matters. However, the differences between
sponsorship and equity ownership can be found in the specific provisions of the laws and regulations applicable to sponsors and owners,
such as provisions regarding the right to receive returns on investment and the right to the distribution of residual properties upon
termination and liquidation.
Investors
are purchasing equity interests in Lixiang, the Cayman Islands holding company, and are not purchasing, and may never directly hold,
equity interests in the VIEs.
We do not have any
equity interests in the VIEs. However, because of the contractual arrangements, we control the VIEs through our PRC subsidiary, Liandu
WFOE, and are regarded as the primary beneficiary of the VIEs for accounting purposes under U.S. GAAP. We have consolidated the results
of the VIEs in our consolidated financial statements included elsewhere in this annual report on Form 20-F in accordance with U.S. GAAP.
For a more detailed discussion of the basis of presentation of our consolidated financial statements, see "Item 5. Operating and
financial Review and Prospects—A. Operating Results—Critical Accounting Policies."
These
contractual arrangements may not be as effective in providing us with control over the VIEs as equity ownership. If we had equity ownership
of the VIEs, we would be able to exercise our rights as a direct or indirect shareholder to effect changes in the board of directors
of the VIEs, which in turn could effect changes, subject to any applicable fiduciary obligations, at the management level. However, as
these contractual arrangements stand now, if the VIEs or their shareholders fail to perform their respective obligations under these
contractual arrangements, we cannot exercise shareholders' rights to direct corporate actions as direct ownership would otherwise
entail. If the parties under such contractual arrangements refuse to carry out our directions in relation to everyday business operations,
we will be unable to maintain effective control over the operations of the VIEs in China under U.S. GAAP. Losing effective control over
the VIEs may impair our access to their cash flow from operations, which may reduce our liquidity. If the VIEs or their respective ultimate
shareholders fail to perform their obligations under our contractual arrangements, we may have to incur additional costs and expend substantial
resources to enforce our contractual arrangements, temporarily or permanently lose control over our primary operations or lose access
to our primary sources of revenue.
There
are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating
to the contractual arrangements and the VIE structure. If the PRC government finds these contractual arrangements or the VIE structure
non-compliant with the restrictions on direct foreign investment in the relevant industries, or if the relevant PRC laws, regulations,
and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our
interests in the VIEs or forfeit our rights under the contractual arrangements. Lixiang and investors in the ADSs face uncertainty about
potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements, consequently,
significantly affect the financial condition and results of operations. If we are unable to claim our right to control the assets of
the VIEs, the ADSs may decline in value or become worthless. The PRC government could even disallow the VIE structure completely, which
would likely result in a material adverse change in our operations and the ADSs may significantly decline in value or become worthless.
9
Permissions
Required for Our Operations in China
In
order to conduct our and the VIEs' business and operate schools in China, we and the VIEs are required to obtain and maintain various
approvals, licenses and permits and fulfill registration and filing requirements. For example, to establish and operate a high school
in the PRC, we are required to obtain a private school operation permit from the local education bureau and register with competent administration
authorities to obtain a business license or registration certificate. Such local regulatory authorities may also conduct annual inspection
of the schools.
After
consulting with our PRC legal counsel, Beijing DeHeng Law offices, we are of the view that, as of the date of the annual report, except
for the circumstances which would not in the aggregate have a material adverse effect on our financial conditions, Lixiang, our PRC subsidiaries
and the VIEs have received from PRC authorities requisite licenses, permissions or approvals needed to engage in the businesses
currently conducted in China. Such licenses and permissions mainly include Business License, Public Institution Legal Person Certificate,
Permit for Establishment of Privately-run Schools, Registration Certificate for Private Non-enterprise Entities, Labor Dispatch Operation
License, Human Resources Service License and Food Operation License. The following table provides details on the aforementioned licenses
and permissions held by our PRC subsidiaries and VIEs.
Company/School
License/Permission
Issuing
    Authority
Validity
Liandu WFOE
Business License
Market Supervision Administration
    of Lishui City
Until October 9, 2068
Xianke
Business License
Market Supervision Administration
    of Jingning Shezu Autonomous County
Long-term
Food Operation License
Market Supervision Administration
    of Jingning Shezu Autonomous County
Until August 24, 2025
Hangzhou Youxi
Business License
Market Supervision Administration
    of Hangzhou City
Long-term
Lishui Mengxiang
Business License
Market Supervision Administration
    of Lishui City
Until August 16, 2051
Qingtian School
Public Institution Legal 
    Person Certificate
Registration Administration
    of Public Institutions of Qingtian County
Until August 1, 2024
Permit for Establishment of
    Privately-run Schools
Qingtian Education Bureau
Until August 27, 2024
Food Operation License
Market Supervision Administration
    of Qingtian County
Until September 8, 2026
Beijing Xinxiang
Business License
Market Supervision Administration
    of Chaoyang District, Beijing
Until February 13, 2062
Beijing P.X.
Business License
Market Supervision Administration
    of Haidian District, Beijing
Until December 22, 2051
Hainan Jiangcai
Business License
Market Supervision Administration
    of Hainan Province
Long-term
Langfang School
Registration Certificate for
    Private Non-enterprise Entities
Administrative Examination
    and Approval Bureau of Langfang City
Until June 17, 2023
Permit for Establishment of
    Privately-run Schools
Department of Human Resources
    and Social Security of Hebei Province
Until August, 2025
Food Operation License
Administrative Examination
    and Approval Bureau of Anci District, Langfang City
Until October 15, 2027
Chuangmei Weiye
Business License
Market Supervision Administration
    of Dongcheng District, Beijing
Until January 4, 2042
Labor Dispatch Operation License
Human Resources and Social
    Security Bureau of Dongcheng District, Beijing
Until November 26, 2025
Human Resources Service License
Human Resources and Social
    Security Bureau of Dongcheng District, Beijing
Until March 29, 2026
10
We
cannot assure you that Lixiang, our PRC subsidiaries and the VIEs are always able to successfully update or renew the licenses or permits
required for the relevant business in a timely manner or that these licenses or permits are sufficient to conduct all of our and the
VIEs' present or future business. As advised by our PRC legal counsel, Beijing DeHeng Law Offices, if Lixiang, our PRC subsidiaries
or the VIEs (i) do not receive or maintain required permissions or approvals, (ii) inadvertently conclude that such permissions
or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and Lixiang, our PRC subsidiaries
or the VIEs are required to obtain such permissions or approvals in the future, we could be subject to fines or legal sanctions, which
may materially and adversely affect the business, financial condition and results of operations of us and the VIEs.
As
of the date of the annual report on Form 20-F, the administrative procedures for changing the sponsor of Langfang School with the PRC
governmental authorities, especially for renewing the Permit for Establishment of Privately-run Schools, have not been completed due
to the internal procedures of the competent authorities. The adjustment of the cooperation arrangement between Beijing P.X. and Hainan
Communication Senior Technical School (海南省交通高级技工学校) ("Hainan
Technical School") for compliance purposes has not been completed.
For
risks relating to permissions and approvals required for the operations of us and the VIEs in China, see
"Risk Factors—Risks
relating to our business and industry—We and the VIEs may not be able to obtain all necessary approvals, licenses and permits and
to make all necessary registrations and filings for our and the VIEs' educational and other services in China."
Regulatory
Approval from the China Securities Regulatory Commission
As
advised by our PRC legal counsel, Beijing DeHeng Law Offices, as of the date of this annual report, approvals from the China Securities
Regulatory Commission, or CSRC, are not required to maintain the listing status of our ADSs on the Nasdaq, and since we are existing
enterprises and have not been involved in refinancing or other filing matters, we are not required to fulfill the filing procedures with
the CSRC.
However,
Beijing DeHeng Law Offices, has further advised us that there remains some uncertainty as to how the Provisions on the Merger and Acquisition
of Domestic Enterprises by Foreign Investors (Revised in 2009), or the M&A Rules, will be interpreted or implemented in the context
of an overseas offering and its opinions summarized above are subject to any new laws, regulations and rules or detailed implementations
and interpretations in any form relating to the M&A Rules.
In
addition, on February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic
Enterprises, or the Trial Measures, which became effective on March 31, 2023. On the same date, the CSRC circulated No.1 to No.5 Supporting
Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic
Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of CSRC, or collectively, the Guidance Rules
and Notice. These new regulations propose to establish a new filing-based regime to regulate overseas offerings and listings by Chinese
domestic companies.
11
Under
the Trial Measures and the Guidance Rules and Notice, Chinese domestic companies conducting overseas securities offering and listing
activities, either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial
Measures within three working days following its submission of initial public offering or listing application. Since the date of effectiveness
of the Trial Measures, the domestic enterprises falling within the scope of filing that have been listed overseas or met the following
circumstances are existing enterprises: before the effectiveness of the Trial Measures, the application for indirect overseas issuance
and listing has been agreed by the overseas regulators or overseas stock exchanges (such as having passed the hearing on the Hong Kong
market or registration become effective as agreed on the U.S. market, etc.), and it is not required to perform issuance and listing supervision
procedures of the overseas regulators or overseas stock exchanges (such as rehearing on the Hong Kong market, etc.), and the overseas
issuance and listing will be completed by September 30, 2023. Existing enterprises are not required to file immediately, and filing should
be made as required if they involve refinancing and other filing matters.
If
the CSRC or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals to maintain
the listing status of our ADSs on the Nasdaq or to conduct offerings of securities in the future, we may be unable to obtain such approvals
in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance could significantly limit
or completely hinder our ability to maintain the listing status of our ADSs on the Nasdaq or continue to offer securities to investors
and cause the value of our ADSs to significantly decline or be worthless.
Regulatory
Approval from the Cyberspace Administration of China
On
December 28, 2021, thirteen PRC governmental and regulatory agencies, including the Cyberspace Administration of China, or CAC, promulgated
the Measures for Cyber Security Review, which further restates and expands the applicable scope of the cybersecurity review. Pursuant
to the Measures for Cyber Security Review, network platform operators grasping the personal information of more than 1 million users
must apply with the Cybersecurity Review Office of CAC for a cybersecurity review in order to pursue a foreign listing, and operators
of critical information infrastructure purchasing network products and services and online platform operators engaging in data processing
activities which affect or may affect national security of the PRC are also obligated to apply for a cybersecurity review. However, the
Measures for Cyber Security Review provide no further explanation on the extent of "network platform operator", "affect
or may affect national security" or "foreign" listing.
We
currently have less than 100 subscribers on our digital platform such as WeChat public account. We have no registered users on our website.
We only require and obtain user information after users register with us. As advised by our PRC legal counsel, Beijing DeHeng Law Offices,
as of the date of this annual report, we do not need to apply for a cybersecurity review pursuant to the above regulation to maintain
the listing status of our ADSs on the Nasdaq, given that (i) we are not in possession of personal information of over one million users
and it is also very unlikely that it will reach such threshold in the near future; and (ii) as of the date of the annual report, we have
not received any notice or determination from applicable PRC governmental authorities identifying us as a critical information infrastructure
operator or an online platform operator engaging in relevant data processing activities which affect or may affect national security
of the PRC.
12
Considering
that the Measures for Cyber Security Review empower the cybersecurity review office to initiate cybersecurity review when they believe
any particular data processing activities "affect or may affect national security", it is uncertain whether the competent
government authorities will deem that our data processing activities may affect national security and thus initiate the cybersecurity
review against our business. Although we believe we currently are not required to obtain clearance from the CAC in order to maintain
the listing status of our ADSs on the Nasdaq under the Measures for Cyber Security Review or the Opinions on Strictly Cracking Down on
Illegal Securities Activities, we face uncertainties as to the interpretation or implementation of such regulations or rules, and if
required, whether such clearance can be timely obtained, or at all. If we were to subject to such review in order to maintain the listing
status of our ADSs on the Nasdaq, during such review, we may be required to suspend our operation and experience other disruptions to
our operations. Cybersecurity review could also result in negative publicity with respect to our company and diversion of our managerial
and financial resources. Further, failure of cybersecurity, data privacy and data security compliance could subject us to penalties,
damage our reputation and brand, and adversely harm our business and results of operations.
The
Holding Foreign Companies Accountable Act
Pursuant
to the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been
subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our shares or ADSs from being traded on a national
securities exchange or in the over-the-counter trading market in the United States.
Our
financial statements contained in this annual report on Form 20-F for the fiscal year ended December 31, 2022 have been audited
by WWC Professional Corporation Limited, or WWC, P.C., an independent registered public accounting firm headquartered in the United States
and is among the public accounting firms that are registered with the Public Company Accounting Oversight Board of the United States,
or the PCAOB. Such PCAOB-registered accounting firm is subject to laws in the United States pursuant to which the PCAOB conducts regular
inspections to assess its compliance with the applicable professional standards. On December 16, 2021, the PCAOB issued its determination
that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China
and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions, and the PCAOB included in the report of its determination
a list of the accounting firms that are headquartered in the PRC or Hong Kong. This list does not include our auditor, WWC, P.C. As of
the date of the annual report, our listing is not affected by the Holding Foreign Companies Accountable Act, or the HFCAA, and related
regulations. However, the recent developments would add uncertainties to our listing and we cannot assure you whether Nasdaq or regulatory
authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit
procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience
as related to the audit of our financial statements. While our auditor is based in the U.S. and is registered with PCAOB and subject
to PCAOB inspection, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor because
of a position taken by an authority in a foreign jurisdiction, then such lack of inspection could cause our securities to be delisted
from the stock exchange. If, in the future, we have been identified by the SEC for two consecutive years as a commission-identified
issuer whose registered public accounting firm is determined by the PCAOB that it is unable to inspect or investigate completely because
of a position taken by one or more authorities in China, the SEC may prohibit our shares or ADSs from being traded on a national
securities exchange or in the over the counter trading market in the United States, and this ultimately could result in our ADSs being
delisted.
On
August 26, 2022, the PCAOB signed a statement of protocol agreement with the CSRC and the PRC Ministry of Finance, or the "Cooperative
Agreement." According to the fact sheets published by the PCAOB, the PCAOB has the sole discretion in selecting the subject of
its inspections and investigations without input from the Chinese authorities, and that procedures are in place to allow PCAOB inspectors
and investigators to review complete audit working papers of accounting firms located in mainland China and Hong Kong.
On
December 15, 2022, the PCAOB determined that it was able to secure complete access to inspect and investigate registered public accounting
firms headquartered in mainland China and Hong Kong and vacated its previous determinations to the contrary. However, should PRC authorities
obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB may consider the need to issue a new determination.
13
Risk
Factors Summary
An
investment in our ADSs is subject to a number of risks, including risks related to our business and industry, risks related to our corporate
structure, risks related to doing business in China and risks related to our ADSs. The following list summarizes some, but not all, of
these risks. Please read the information in the section entitled "Risk Factors" for a more thorough description of these
and other risks.
Risks
relating to our business and industry
●
Significant
                                            uncertainties exist in relation to the interpretation and implementation of, or proposed
                                            changes to, the PRC laws, regulations and policies regarding the private education industry.
                                            See
"Risk Factors—Risks relating to our business and industry—Significant
                                            uncertainties exist in relation to the interpretation and implementation of, or proposed
                                            changes to, the PRC laws, regulations and policies regarding the private education industry.
                                            In particular, our compliance with the 2021 Implementation Rules for Private Education Laws
                                            has materially and adversely affected and may materially and adversely affect our and the
                                            VIEs' business, financial condition, results of operations and prospect."
●
We
                                            are in the process of filing the relevant application pursuant to the national and local
                                            regulations. See
"Risk Factors—Risks relating to our business and industry—We
                                            and the VIEs are in the process of filing the relevant application pursuant to the national
                                            and local regulations (including Zhejiang Province and Lishui City, as well as Hebei Province)
                                            of classification registration of private schools. Loss of taxes and fees may incur in the
                                            process, which may have an adverse impact on Qingtian International School's and Langfang
                                            School's operations."
●
We
                                            may not be able to successfully integrate businesses operated by Qingtian International School,
                                            Vocational Education Services Providers Chuangmei Weiye that we acquired. See
"Risk
                                            Factors—Risks relating to our business and industry—We may not be able to successfully
                                            integrate businesses operated by Qingtian International School, Vocational Education Services
                                            Providers and Chuangmei Weiye that we acquired, which may cause us to lose the anticipated
                                            benefits from such acquisitions and to incur significant additional expenses."
●
Our
                                            ADSs may be prohibited from trading in the United States under the HFCAA in the future if
                                            the PCAOB is unable to inspect or investigate completely our auditor 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. As of the date of the annual report, our auditor,
                                            WWC, P.C., is not determined by the PCAOB that it is unable to inspect or investigate completely
                                            and our listing is not affected by the Holding Foreign Companies Accountable Act and related
                                            regulations. However, we cannot assure you whether Nasdaq or regulatory authorities would
                                            apply additional and more stringent criteria to us after considering the effectiveness of
                                            our auditor's audit of our financial statements. See
"Risk Factors—Risks
                                            relating to our business and industry—Our ADSs may be prohibited from trading in the
                                            United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate
                                            completely our auditor 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."
14
Risks
relating to our corporate structure
●
We
                                            may be subject to severe penalties if the PRC government finds that the agreements that establish
                                            the structure for operating our and the VIEs' business in China do not comply with
                                            applicable PRC laws and regulations. See
"Risk Factors—Risks relating to our
                                            corporate structure—Our and the VIEs' private education service business is subject
                                            to extensive regulation in China. We may be subject to severe penalties if the PRC government
                                            finds that the agreements that establish the structure for operating our and the VIEs'
                                            business in China do not comply with applicable PRC laws and regulations."
●
Our
                                            contractual arrangements may not be as effective in providing control over the VIEs as equity
                                            ownership. See
"Risk Factors—Risks relating to our corporate structure—Our
                                            contractual arrangements may not be as effective in providing control over the VIEs as equity
                                            ownership"
and
"Risk Factors—Risks relating to our corporate structure—If
                                            the PRC government determines that the contractual arrangements constituting part of the
                                            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 our ADSs or ordinary shares may decline in value or become worthless."
●
We
                                            may have to incur additional costs and expend substantial resources to enforce our contractual
                                            arrangements. Our contractual arrangements are governed by PRC law and provide for the resolution
                                            of disputes through arbitration in China. In the event that we are unable to enforce these
                                            contractual arrangements, we may not be able to exert effective control over the VIEs for
                                            an extended period of time or we may be permanently unable to exert control over the VIEs.
                                            See
"Risk Factors—Risks relating to our corporate structure—We may have
                                            to incur additional costs and expend substantial resources to enforce our contractual arrangements,
                                            temporarily or permanently lose control over our primary operations or lose access to our
                                            primary sources of revenue, if the VIEs or their respective ultimate shareholders fail to
                                            perform their obligations under our contractual arrangements."
●
We
                                            rely on dividends and other payments from Liandu WFOE to pay dividends and other cash distributions
                                            to our shareholders. See
"Risk Factors—Risks relating to our corporate structure—We
                                            rely on dividends and other payments from Liandu WFOE to pay dividends and other cash distributions
                                            to our shareholders."
●
Qingtian
                                            International School may be subject to limitations on their ability to operate private education
                                            or make payments to related parties. See
"Risk Factors—Risks relating to our
                                            corporate structure—Qingtian International School may be subject to limitations on
                                            their ability to operate private education or make payments to related parties."
15
Risks
relating to doing business in China
●
The
                                            inherent uncertainties in the PRC legal system could materially and adversely affect us.
                                            The PRC legal system continues to evolve rapidly. The interpretations of such laws and regulations
                                            may not always be consistent, and enforcement of these laws and regulations involves significant
                                            uncertainties and can change quickly with little advance notice, any of which could limit
                                            the available legal protections. See "Risk Factors — Risks Relating to doing
                                            business in China — The inherent uncertainties in the PRC legal system could materially
                                            and adversely affect us."
●
Investors
                                            in the ADSs and the business of us and the VIEs face potential uncertainty from the PRC government's
                                            policy. Adverse changes in the PRC economic, political and social conditions as well as laws
                                            and government policies, may materially and adversely affect our and the VIEs' business,
                                            financial condition, results of operations and growth prospects. See "Risk Factors—Risks
                                            relating to doing business in China—Adverse changes in the PRC economic, political
                                            and social conditions as well as laws and government policies, may materially and adversely
                                            affect our and the VIEs' business, financial condition, results of operations and growth
                                            prospects."
●
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 initial public offering to make loans
                                            or additional capital contributions to our PRC subsidiaries or VIEs. See
"Risk Factors—Risks
                                            relating to doing business in China—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 initial public offering to make loans or additional capital contributions to our PRC
                                            subsidiaries or VIEs, which could materially and adversely affect our liquidity and our ability
                                            to fund and expand our and the VIEs' business."
●
Any
                                            actions by the Chinese government to exert more oversight and control over offerings that
                                            are conducted overseas and/or foreign investment in China-based issuers 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 be worthless. See
"Risk
                                            Factors—Risks relating to doing business in China—Any actions by the Chinese
                                            government, including any decision to intervene or influence the operations of our PRC subsidiaries
                                            or the VIE or to exert control over any offering of securities conducted overseas and/or
                                            foreign investment in China-based issuers, may cause us to make material changes to the operations
                                            of our PRC subsidiaries or the VIE, may limit or completely hinder our ability to offer or
                                            continue to offer securities to investors, and may cause the value of such securities to
                                            significantly decline or be worthless.
●
There
                                            is significant uncertainty about the application and interpretation of the Law on the Promotion
                                            of Private Education, the 2021 Implementation Rules and their detailed implementation rules
                                            and regulations. See
"Risk Factors—Risks relating to doing business in China—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 2021 Implementation
                                            Rules and their detailed implementation rules and regulations. We may be subject to 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."
●
To
                                            the extent cash is generated in our PRC Subsidiaries or the VIEs, and may need to be used
                                            to fund operations outside of mainland China, such funds may not be available due to limitations
                                            placed by the PRC government. Furthermore, to the extent assets (other than cash) in our
                                            or the VIEs' business are located in the PRC or held by a PRC entity, the assets may
                                            not be available to fund operations or for other use outside of the PRC due to interventions
                                            in or the imposition of restrictions and limitations on the ability of us and our subsidiaries
                                            and the VIEs to transfer assets by the PRC government. If certain PRC laws and regulations,
                                            including existing laws and regulations and those enacted or promulgated in the future were
                                            to become applicable to our Hong Kong subsidiary in the future, and to the extent cash is
                                            generated in our Hong Kong subsidiary, and to the extent assets (other than cash) in our
                                            business are located in Hong Kong or held by a Hong Kong entity and may need to be used to
                                            fund operations outside of Hong Kong, such funds or assets may not be available due to interventions
                                            in or the imposition of restrictions and limitations on the ability of us and our subsidiaries
                                            and the VIEs to transfer funds or assets by the PRC government. Furthermore, there can be
                                            no assurance that the PRC government will not intervene or impose restrictions or limitations
                                            on our ability to transfer or distribute cash within its organization, which could result
                                            in an inability or prohibition on making transfers or distributions to entities outside of
                                            mainland China and Hong Kong and adversely affect its business. See "
Risk Factors—Risks
                                            Related to Doing Business in China— Restrictions on currency exchange under PRC laws
                                            may limit our ability to convert cash derived from our operating activities into foreign
                                            currencies and may materially and adversely affect the value of your investment
."
16
Risks
relating to our ADSs
●
The
                                            trading price of our ADSs may be volatile and the voting rights of holders of our ADSs are
                                            limited by the terms of the deposit agreement. See
"Risk Factors—Risks relating
                                            to our ADSs—The trading price of our ADSs may be volatile, which could result in substantial
                                            losses to you," "Risk Factors—Risks relating to our ADSs—The voting
                                            rights of holders of our ADSs are limited by the terms of the deposit agreement, and you
                                            may not be able to exercise your right to direct how the ordinary shares represented by your
                                            ADSs are voted,"
and
"Risk Factors—Risks relating to our ADSs—The
                                            depositary shall deem you to have instructed the depositary to give us a discretionary proxy
                                            to vote the ordinary shares underlying your ADSs if you do not give timely voting instructions
                                            to the depositary to direct how the ordinary shares underlying your ADSs are voted, except
                                            in limited circumstances, which could adversely affect your interests."
Financial
Information Related to the VIEs
The
following table presents the condensed consolidating schedule of financial position of our parent company, VIEs and their consolidated
subsidiaries, Liandu WFOE that is the primary beneficiary of the VIEs, and other subsidiaries as of the December 31, 2021 and 2022.
As of December 31, 2022
Condensed Consolidating Schedule of Financial Position
Parent
VIEs and their consolidated subsidiaries
Liandu WFOE which is the primary beneficiary of the VIEs
Other subsidiaries
Elimination adjustment
Total
RMB
Assets
Cash and cash equivalents
210,769,439
33,364,634
1,026,430
1,601,045
-
246,761,548
Inter-group balance due from VIEs and subsidiaries of continuing operation
7,686
57,331,944
16,855,664
50,350,000
(124,545,294
)
-
Prepayments and other current assets
-
79,871,947
27,594
1,298,263
-
81,197,804
Investment gain in subsidiaries and VIEs
84,528,603
-
-
-
(84,528,603
)
-
Others
-
438,108
1,156,628
-
-
1,594,736
Total current assets
295,305,728
171,006,633
19,066,316
53,249,308
(209,073,897
)
329,554,088
Property and equipment, net
-
159,247,545
-
882,112
-
160,129,657
Land use right
-
35,820,632
-
-
-
35,820,632
Goodwill
-
70,369,837
-
-
-
70,369,837
Other non-current assets
-
9,931,493
-
318,656
2,802,091
13,052,240
Investments in subsidiaries
-
-
4,044,636
898,684
(4,943,320
)
-
Total non-current assets
-
275,369,507
4,044,636
2,099,452
(2,141,229
)
279,372,366
Total assets
295,305,728
446,376,140
23,110,952
55,348,760
(211,215,126
)
608,926,454
Short-term borrowings
-
67,500,000
-
-
-
67,500,000
Inter-group balance due to VIEs and subsidiaries of continuing operation
42,307,875
35,000,000
34,000,406
7,687
(111,315,968
)
-
Accrued liabilities and other current liabilities
-
17,694,499
567,687
-
-
18,262,186
Other current liabilities
55,717
21,602,475
1,537,396
1,228,414
-
24,424,002
Amounts due to related party
-
323,400
-
-
-
323,400
Amounts due to Affected Entity, current
-
21,225,707
16,531
2,342,668
-
23,584,906
Total current liabilities
42,363,592
163,346,081
36,122,020
3,578,769
(111,315,968
)
134,094,494
Amounts due to Affected Entity, non-current
-
194,552,414
151,519
21,472,630
-
216,176,563
Other non-current liabilities
-
5,164,630
-
-
-
5,164,630
Total non-current liabilities
-
199,717,044
151,519
21,472,630
-
221,341,193
Total liabilities
42,363,592
363,063,125
36,273,539
25,051,399
(111,315,968
)
355,435,687
Non-controlling interests
-
548,631
-
-
-
548,631
Total shareholders' equity (deficit)
252,942,136
83,313,015
(13,162,587
)
30,297,361
(99,899,158
)
253,490,767
17
As
    of December 31, 2021
Condensed
    Consolidating Schedule of Financial Position
Parent
VIEs
    and
their
consolidated
subsidiaries
Liandu
WFOE which
is the primary
beneficiary of
the VIEs
Other
subsidiaries
Elimination
adjustments
Total
RMB
Assets
Cash
194,729,331
1,453,323
1,059,179
2,169,990
—
199,411,823
Inter-group
    balance due from VIEs and subsidiaries of continuing operations
644,607
51,536,540
9,960,476
25,850,000
(87,991,623
)
—
Prepayments
    and other current assets
—
100,990,604
265,219
212,101
—
101,467,924
Others
—
—
227,600
—
—
227,600
Total
    current assets
195,373,938
153,980,467
11,512,474
28,232,091
(87,991,623
)
301,107,347
Property
    and equipment, net
—
164,037,622
—
1,021,241
—
165,058,863
Land
    use right
—
36,767,329
—
—
—
36,767,329
Goodwill
—
26,644,407
—
—
—
26,644,407
Other
    non-current assets
—
6,667
—
339,059
2,802,091
3,147,817
Investments
    in subsidiaries
—
—
4,373,753
1,501,165
(5,874,918
)
—
Total
    non-current assets
—
227,456,025
4,373,753
2,861,465
(3,072,827
)
231,618,416
Total
    assets
195,373,938
381,436,492
15,886,227
31,093,556
(91,064,450
)
532,725,763
Short-term
    borrowings
—
77,000,000
—
—
—
77,000,000
Inter-group
    balance due to VIEs and subsidiaries of continuing operations
40,296,870
16,754,595
28,805,002
644,607
(86,501,074
)
—
Accrued
    liabilities and other current liabilities
16,708,810
642,925
40,481
—
17,392,216
Investment
    deficit in subsidiaries and VIEs
35,769,964
—
—
—
(35,769,964
)
—
Others
244,166
4,904,517
681,412
4,657,539
—
10,487,634
Amounts
    due to Lianwai School, current
—
288,261,447
—
20,521,528
—
308,782,975
Total
    current liabilities
76,311,000
403,629,369
30,129,339
25,864,155
(122,271,038
)
413,662,825
Total
    liabilities
76,311,000
403,629,369
30,129,339
25,864,155
(122,271,038
)
413,662,825
Total
    shareholders' equity/(deficit)
119,062,938
(22,192,877
)
(14,243,112
)
5,229,401
31,206,588
119,062,938
18
The
following table presents the condensed consolidating schedule of results of operations and cash flows of our parent company, VIEs and
their consolidated subsidiaries, Liandu WFOE that is the primary beneficiary of the VIEs, and other subsidiaries for the years ended
December 31, 2020, 2021 and 2022.
For
    the year ended December 31, 2022
Condensed
    Consolidating Schedule of Results of Operations
Parent
VIEs
                                            and
their
consolidated subsidiaries
Liandu
    WFOE which is the primary beneficiary of the VIEs
Other
    subsidiaries
Elimination
    adjustments
Total
RMB
Continuing
    operation
Revenue
-
45,924,957
3,257,199
-
-
49,182,156
Cost of revenue
-
(39,868,888
)
(1,397,604
)
(19,073
)
-
(41,285,565
)
General
    and administrative expenses
(2,360,615
)
(27,112,349
)
(553,351
)
(467,924
)
-
(30,494,239
)
Sales
    and marketing expenses
-
(1,974,299
)
-
-
-
(1,974,299
)
Impairment loss on goodwill
-
(18,842,000
)
-
-
-
(18,842,000
)
Income
    from operations
(2,360,615
)
(41,872,579
)
1,306,244
(486,997
)
-
(43,413,947
)
Other
    income, net
12,107
35,715,789
16,757
2,107
-
35,746,760
Equity
    in loss of subsidiaries and VIEs, net
(5,417,139
)
-
(470,467
)
(852,534
)
6,740,140
-
Income
    before income tax expenses
(7,765,647
)
(6,156,790
)
852,534
(1,337,424
)
6,740,140
(7,667,187
)
Income
    tax expense
-
(434,317
)
-
10,274
-
(424,043
)
Income
    from continuing operations, net of tax
(7,765,647
)
(6,591,107
)
852,534
(1,327,150
)
6,740,140
(8,091,230
)
Net
    (loss)/income
(7,765,647
)
(6,591,107
)
852,534
(1,327,150
)
6,740,140
(8,091,230
)
Condensed
    Consolidating Schedule of Cash Flows
Net
    cash (used in)/provided by operating activities
(1,900,037
)
43,586,442
(32,749
)
(685,955
)
-
40,967,701
Net
    cash used in investing activities
-
(456,381
)
-
-
-
(456,381
)
Net
    cash used in financing activities
-
(11,218,750
)
-
-
-
(11,218,750
)
Effect
    of exchange rate changes on cash
17,940,145
-
-
117,010
-
18,057,155
Net
    increase in cash
16,040,108
31,911,311
(32,749
)
(568,945
)
-
47,349,725
Cash at the beginning of year
194,729,331
1,453,323
1,059,179
2,169,990
-
199,411,823
Cash at the end of year
210,769,439
33,364,634
1,026,430
1,601,045
-
246,761,548
19
For
    the year ended December 31, 2021
Condensed
    Consolidating Schedule of Results of
Operations
Parent
VIEs
    and
their
consolidated
subsidiaries
Liandu
WFOE which
is the primary
beneficiary of
the VIEs
Other
subsidiaries
Elimination
adjustments
Total
RMB
Continuing operations
Revenue
—
20,112,033
3,459,777
10,864,732
230
34,436,772
Cost of revenue
—
(10,419,986
)
(2,210,487
)
(4,725,977
)
—
(17,356,450
)
General
    and administrative expenses
(1,059,294
)
(9,601,120
)
(6,327,602
)
(1,384,517
)
(230
)
(18,372,763
)
(Loss)/Income
    from operations
(1,059,294
)
90,927
(5,078,312
)
4,754,238
—
(1,292,441
)
Other
    expense, net
—
(558,309
)
(14,640
)
(38,445
)
2,823,630
2,212,236
Equity
    in (loss)/profit of subsidiaries and VIEs, net
(242,760,667
)
—
4,045,103
1,047,849
237,667,715
—
(Loss)/Income
    before income tax expenses
(243,819,961
)
(467,382
)
(1,047,849
)
5,763,642
240,491,345
919,795
Income
    tax expense
—
—
—
(670,976
)
—
(670,976
)
(Loss)/Income
    from continuing operations, net of tax
(243,819,961
)
(467,382
)
(1,047,849
)
5,092,666
240,491,345
248,819
Loss
    from discontinued operation, net of tax
—
(244,068,780
)
—
—
(244,068,780
)
Net
    (loss)/income
(243,819,961
)
(244,536,162
)
(1,047,849
)
5,092,666
240,491,345
(243,819,961
)
Condensed
    Consolidating Schedule of Cash Flows
Net cash
    (used in)/provided by operating activities
(2,290,367
)
29,764,431
(1,397,532
)
3,040,518
1,490,550
30,607,600
Net cash
    used in investing activities
—
(153,593,942
)
(423,550
)
(1,153,024
)
120,000
(155,050,516
)
Net cash
    provided by financing activities
—
115,671,061
—
120,000
(120,000
)
115,671,061
Effect
    of exchange rate changes on cash and cash equivalents
(3,088,575
)
—
—
(6,903
)
(1,490,550
)
(4,586,028
)
Net changes
    in cash and cash equivalents
(5,378,942
)
(8,158,450
)
(1,821,082
)
2,000,591
—
(13,357,883
)
Cash
    and cash equivalents at the beginning of year
200,108,273
9,611,773
2,880,261
169,399
—
212,769,706
Cash
    and cash equivalents at the end of year
194,729,331
1,453,323
1,059,179
2,169,990
—
199,411,823
20
For
    the year ended December 31, 2020
Condensed
    Consolidating Schedule of Results of
Operations
Parent
VIEs
    and their
consolidated
subsidiaries
Liandu
WFOE which
is the primary
beneficiary of
the VIEs
Other
subsidiaries
Elimination
adjustment
Total
RMB
Continuing operations
Revenue
—
17,070,602
4,926,295
5,341,720
(1,633,663
)
25,704,954
Cost of revenue
—
(4,839,390
)
(2,115,841
)
(3,796,721
)
—
(10,751,952
)
General
    and administrative expenses
(3,666,937
)
(3,460,323
)
(2,855,352
)
(1,775,479
)
1,633,663
(10,124,428
)
(Loss)/Income
    from operations
(3,666,937
)
8,770,889
(44,898
)
(230,480
)
—
4,828,574
Other
    expense, net
—
(876,596
)
(4,331
)
(1,263
)
—
(882,190
)
Equity
    in profit /(loss) of subsidiaries and VIEs, net
37,252,021
—
(141,350
)
(190,579
)
(36,920,092
)
—
Income/(loss)
    before income tax expenses
33,585,084
7,894,293
(190,579
)
(422,322
)
(36,920,092
)
3,946,384
Income
    tax expense
—
—
—
—
—
—
Income/(loss)
    from continuing operations, net of tax
33,585,084
7,894,293
(190,579
)
(422,322
)
(36,920,092
)
3,946,384
Income
    from discontinued operation, net of tax
—
29,638,700
—
—
—
29,638,700
Net
    income/(loss)
33,585,084
37,532,993
(190,579
)
(422,322
)
(36,920,092
)
33,585,084
Condensed
    Consolidating Schedule of Cash Flows
Net cash
    provided by operating activities
—
47,477,961
1,198,900
779,125
—
49,455,986
Net cash
    (used in)/provided by investing activities
(653,250
)
19,424,757
936,529
(659,726
)
709,326
19,757,636
Net cash
    provided by/(used in) financing activities
208,718,163
(81,928,356
)
659,326
50,000
(709,326
)
126,789,807
Effect
    of exchange rate changes on cash and cash equivalents
(7,956,640
)
—
—
—
—
(7,956,640
)
Net changes
    in cash and cash equivalents
200,108,273
(15,025,638
)
2,794,755
169,399
—
188,046,789
Cash
    and cash equivalents at the beginning of year
—
24,637,411
85,506
—
—
24,722,917
Cash
    and cash equivalents at the end of year
200,108,273
9,611,773
2,880,261
169,399
—
212,769,706
21
Cash
and Asset Flows through Our Organization
The
Company may (i) transfer the net proceeds into Liandu WFOE to pay in their initially subscribed registered capital, and (ii) provide
loans to Liandu WFOE and the VIEs. The Company and Liandu WFOE may also establish and/or acquire new foreign-invested enterprises in
China in order to facilitate our business expansion and make additional investments by the way of paying in their registered capital
and providing loans to them. However, we cannot assure you that our intended investments in these entities will always succeed as we
planned, or at all. According to the dividend policy, our board of directors has discretion on whether to distribute dividends, subject
to certain requirements of Cayman Islands law. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend
may exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under
Cayman Islands law, namely that our company may only pay dividends out of profits or share premium, and provided always that in no circumstances
may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.
Even if we decide 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 the board of directors may deem relevant. See
"Item 8. Financial Information—Dividend Policy."
To
the extent cash is generated in our PRC Subsidiaries, and may need to be used to fund operations outside of mainland China, such funds
may not be available due to limitations placed by the PRC government. Furthermore, to the extent assets (other than cash) in our business
are located in the PRC or held by a PRC entity, the assets may not be available to fund operations or for other use outside of the PRC
due to interventions in or the imposition of restrictions and limitations on the ability of us and our subsidiaries to transfer assets
by the PRC government. See
"Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—
Restrictions on currency exchange under PRC laws may limit our ability to convert cash derived from our operating activities into foreign
currencies and may materially and adversely affect the value of your investment."
The
cash management policies are a part of the Company's internal control procedures. The cash management policies enable the Company
to formalize the procedures on the handling, depositing, receiving, safeguarding and recording of cash transfers. The cash management
policies provide reasonable assurance for the consolidated financial statements, rather than imposing any restrictions or limitations
on the cash transferred among the Company, its subsidiaries, the consolidated VIEs and its shareholders, as the case may be. Each cash
transfer requires approval of the financial manager. Cash transfer in excess of RMB0.5 million (US$0.08 million) but less than RMB1 million
(US$0.16 million) shall be reviewed and approved by the Chief Financial Officer of the Company. Cash transfer in excess of RMB1 million
(US$0.16 million) shall be reviewed and approved by both Chief Financial Officer and Chief Executive Officer of the Company. For the
condensed consolidating schedule and the consolidated financial statement, see "
Item 3. Key Information—Financial Information
Related to the VIEs
."
The
Company may plan to utilize part of the proceeds from our initial public offering by way of paying in the initially subscribed registered
capital of Liandu WFOE. The amount of funds in the form of capital contribution into Liandu WFOE and other PRC subsidiaries the Company
or Liandu WFOE may establish in the future is subject to the amount of their initially subscribed registered capital. Currently, the
initially subscribed registered capital of Liandu WFOE is US$1 million which will be fully paid before the deadline prescribed in
its articles of association. If the initially subscribed registered capital is not sufficient to allow our intended capital injection,
under the current PRC laws and regulation, Liandu WFOE may increase the registered capital and complete the relevant procedures which
include (i) altering our registration with local branch of the State Administration for Industry and Commerce of the PRC, or the
SAIC, and (ii) filing the alteration report to local counterparts of the Ministry of Commerce of the PRC, or the MOFCOM. In addition,
capital contribution to the schools must be approved by the Ministry of Civil Affairs of the PRC or the MCA or their respective local
counterparts.
The
Company may also plan to provide loans to Liandu WFOE and Lishui Mengxiang. According to the current PRC laws and regulations, the maximum
amount of the loans provided to a PRC enterprise is up to 2 times (or the prevailing statutory multiples) of the borrower's net
assets set out in its latest audited financial statement. As a result, the loans that the Company may provide to Liandu WFOE and Lishui
Mengxiang are in an amount of up to 2 times (or the prevailing statutory multiples) of their respective net assets set out in their latest
audited financial statements. Liandu WFOE and Lishui Mengxiang are required to file the information of their cross-border financing arrangements
with local branch of the State Administration of Foreign Exchange of the PRC, or the SAFE, after the loan agreements are signed and before
three working days prior to the fund withdrawal. In addition, for loans carrying a term of more than one year, Liandu WFOE and Lishui
Mengxiang may be required to complete the relevant filing and registration formalities to the National Development and Reform Commission
of the PRC, or the NDRC. Currently, the Company's business operation is conducted through Liandu WFOE's contractual arrangements
with the VIEs and Liandu WFOE does not engage in its own business. As such, Liandu WFOE's current net assets are in close approximation
to its paid-up registered capital. Pursuant to the relevant PRC laws and regulations, the estimated amount of loans the Company will
provide to Liandu WFOE will be approximately US$30 million which is 2 times of its current enlarged registered capital, assuming
that Liandu WFOE's net assets set out in its latest audited financial statements equals to its paid-up registered capital at the
time when the loans are made.
22
For
the years ended December 31, 2020, 2021 and 2022, the cash flows that have occurred between the Company, the VIEs and their consolidated
subsidiaries, Liandu WFOE which is the primary beneficiary of the VIEs, and other subsidiaries are summarized as the following:
For
    the years ended December 31,
2020
2021
2022
RMB
Cash paid by Lianwai School to
    other subsidiaries for food procurement service
150,000
16,056,452
—
Cash transfer from Liandu WFOE to other subsidiaries
—
—
600,000
Cash transfer from Liandu WFOE to VIEs and
    their consolidated subsidiaries
7,000,000
46,860,000
17,350,000
Cash transfer from VIEs and their consolidated
    subsidiaries to Liandu WFOE
15,900,000
33,601,578
18,788,590
Cash transfer from other subsidiaries to Liandu
    WFOE
—
17,600,000
—
Cash transfer from other subsidiaries to VIEs
    and their consolidated subsidiaries
—
9,900,000
45,000,000
Cash transfer from VIEs and their consolidated
    subsidiaries to other subsidiaries
—
15,110,752
—
From
                                            January 1, 2023 to the date of this annual report, cash is transferred among the Company,
                                            Liandu WFOE, the VIEs and their consolidated subsidiaries, in the following manners: (i) Liandu
                                            WFOE provided a total of RMB300,000 in cash to VIEs and their consolidated subsidiaries;
                                            (ii) VIEs and their consolidated subsidiaries provided a total of RMB100,000 in cash
                                            to Liandu WFOE; (iii) Other subsidiaries provided a total of RMB150,000 in cash to VIEs
                                            and their consolidated subsidiaries. The aforementioned cash transfers were generally for
                                            working capital purpose among the Liandu WFOE, VIEs and their consolidated subsidiaries,
                                            and other subsidiaries.
As
of the date of the annual report, other than the cash transfer described hereto, there were no transfer of other assets between the Company,
Liandu WFOE, VIEs and their consolidated subsidiaries have never made any dividends or distributions to Lixiang. Similarly, the Company
has not declared or made any dividend or other distribution to its shareholders, including U.S. investors to date. Furthermore, the Company,
Liandu WFOE, the VIEs and their consolidated subsidiaries have not any plan to pay any dividends in cash in the foreseeable future. The
service fees and expenses owed under the VIEs agreements would be settled by VIEs to Liandu WFOE through negotiation.
23
The
Company, Liandu WFOE, the VIEs and their consolidated subsidiaries maintained cash management policies that dictate the purpose, amount,
appropriate internal control procedures on the handling, depositing, receiving, transferring, safeguarding, and documentation and recording
of cash transfers. Subject to the amounts of cash transfer and the nature of the use of funds, requisite internal approval shall be obtained
prior to each cash transfer. Specifically, all transactions require the approval of the financial manager. As for the large quantity
transactions, the Chief Financial Officer and Chief Executive Officer are required to conduct regular review and approve.
In
considering any distribution of the earnings of the subsidiaries to their respective holding companies, we must consider their respective
financial conditions before making a decision. There are no other significant restrictions and limitations on our ability to distribute
earnings from our businesses, including our subsidiaries and the VIEs, to the holding company and U.S. investors or our ability to settle
amounts owed. Except the aforementioned restrictions on our PRC Subsidiaries, there are no significant restrictions on foreign exchange
or our ability to transfer cash between entities within our group, across borders, or to U.S. investors.
Restrictions
and Limitations on Transfer of Cash and dividend distribution
The
PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency
out of China. The majority of our and the VIEs' income is received in Renminbi and shortages in foreign currencies may restrict
our ability to pay dividends or other payments, or otherwise satisfy our foreign currency denominated obligations, if any. Under existing
PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures
from trade-related transactions, can be made in foreign currencies without prior approval from SAFE as long as certain procedural
requirements are met. Approval from appropriate government authorities is required if Renminbi is converted into foreign currency and
remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may,
at its discretion, impose restrictions on access to foreign currencies for current account transactions and if this occurs in the future,
we may not be able to pay dividends in foreign currencies to our shareholders.
Our
cash dividends, if any, will be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes, any dividends
we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax.
Relevant
PRC laws and regulations permit the PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance
with PRC accounting standards and regulations. Additionally, the Company's PRC subsidiaries and the VIEs can only distribute dividends
upon approval of the shareholders after they have met the PRC requirements for appropriation to the statutory reserves, subject to further
restrictions applicable to non-profit private schools. Under PRC laws, rules and regulations, each of our subsidiaries incorporated in
China is required to set aside at least 10% of its after-tax profits each year, after making up for previous years' accumulated
losses, if any, to fund certain statutory reserves, until the aggregate amount of such fund reaches 50% of its registered capital.
As
a result of these and other restrictions under the PRC laws and regulations, the PRC subsidiaries and the VIEs are restricted to transfer
a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company currently does
not require any such dividends, loans or advances from the PRC subsidiaries and the VIEs for working capital and other funding purposes,
the Company may in the future require additional cash resources from its PRC subsidiaries and the VIEs due to changes in business conditions,
to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company's shareholders.
There are currently no restrictions on foreign exchange and our ability to transfer cash among our Company and our principal subsidiaries
and the consolidated VIEs, as applicable, or to investors.
24
In
addition, in recent years, the PRC government has adopted a number of policies to regulate the collection of education fees and related
party transactions by private education institutions. If, in the future, the relevant PRC government authorities tighten control on fee
collection and related party transactions or promulgate stricter laws and regulations governing private education, the VIEs' ability
to negotiate service prices and make payment of service fees to the Liandu WFOE may be affected.
A.
Selected
                                            Financial Data
The
following summary consolidated statements of comprehensive loss for the fiscal years ended December 31, 2020, 2021 and 2022 and
summary consolidated balance sheets as of December 31, 2021 and 2022 have been derived from our audited consolidated financial statements
included in this annual report on Form 20-F beginning on page F-1. Our consolidated financial statements are prepared and presented
in accordance with the generally accepted accounting principles in the United States of America, or US GAAP. Our historical results
are not necessarily indicative of results expected for future periods. The selected consolidated financial data should be read in conjunction
with, and are qualified in their entirety by reference to, our audited consolidated financial statements and the related notes and "Item
5. Operating and Financial Review and Prospects" below.
The
following table presents our summary consolidated statements of comprehensive loss for the fiscal years ended December 31, 2020,
2021 and 2022.
For
    the years ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
Net
    revenues:
Revenue
    from third parties
3,410,091
8,512,992
48,427,871
7,021,381
Revenue
    from related party
1,668,572
906,667
754,285
109,361
Revenue
    from Affected Entity
20,626,291
25,017,113
-
-
Total
    net revenue
25,704,954
34,436,772
49,182,156
7,130,742
Cost
    of revenues
(10,751,952
)
(17,356,450
)
(41,285,565
)
(5,985,844
)
Gross
    profit
14,953,002
17,080,322
7,896,591
1,144,898
Operating
    expenses:
General
    and administrative expenses
(10,124,428
)
(18,372,763
)
(30,494,239
)
(4,421,249
)
Sales
    and marketing expenses
-
-
(1,974,299
)
(286,246
)
Impairment
    loss on goodwill
(18,842,000
)
(2,731,833
)
Total
    operating expenses
(10,124,428
)
(18,372,763
)
(51,310,538
)
(7,439,328
)
Operating
    income/(loss)
4,828,574
(1,292,441
)
(43,413,947
)
(6,294,430
)
Interest
    expense
(897,398
)
(2,393,178
)
(4,707,952
)
(682,589
)
Interest
    income
16,634
14,834
77,315
11,210
Fair
    value change gain of contingent consideration
-
-
22,850,000
3,312,939
Other
    (loss)/income, net
(1,426
)
4,590,580
17,527,397
2,541,234
Income/(loss)
    before income tax expense
3,946,384
919,795
(7,667,187
)
(1,111,636
)
Income
    tax expense
-
(670,976
)
(424,043
)
(61,480
)
Income/(loss)
    from continuing operations, net of tax
3,946,384
248,819
(8,091,230
)
(1,173,116
)
Income/(loss)
    from discontinued operation, net of tax
29,638,700
(244,068,780
)
-
-
Net
    income/(loss)
33,585,084
(243,819,961
)
(8,091,230
)
(1,173,116
)
Net
    income/(loss) attributable to the Company's ordinary shareholders
33,585,084
(243,819,961
)
(7,789,861
)
(1,129,424
)
Net
    loss attributable to non-controlling interests
-
-
(301,369
)
(43,694
)
Other
    comprehensive (loss)/income:
Foreign
    currency translation adjustment, net of nil tax
(7,956,640
)
(4,586,027
)
18,057,155
2,618,041
Comprehensive
    income/(loss)
25,628,444
(248,405,988
)
9,965,925
1,444,923
Total
    comprehensive loss attributable to non-controlling interests
-
-
(301,369
)
(43,694
)
Total
    comprehensive income/(loss) attributable to the Company's ordinary shareholders
25,628,444
(248,405,988
)
10,267,294
1,488,617
Earnings/(loss)
    per share from continuing operations
—Basic
    and diluted
0.07
0.00
(0.12
)
(0.02
)
Earnings/(loss)
    per share from discontinued operation
—Basic
    and diluted
0.55
(3.66
)
-
-
Weighted
    average number of ordinary shares used in per share calculation
—Basic
    and diluted
54,166,750
66,667,000
66,667,000
66,667,000
25
The
following table presents our summary consolidated balance sheet data as of December 31, 2021 and 2022.
As of December 31,
2021
2022
RMB
RMB
US$
Selected Consolidated Balance Sheet Data
Cash
199,411,823
246,761,548
35,777,061
TOTAL ASSETS
532,725,763
608,926,454
88,286,038
TOTAL LIABILITIES
413,662,825
355,435,687
51,533,332
Ordinary shares (US$0.0001 par value; 500,000,000 shares authorized, 66,667,000 and 66,667,000 shares issued and outstanding as of December 31, 2021 and 2022, respectively)
45,198
45,198
6,553
TOTAL SHAREHOLDERS' EQUITY
119,062,938
252,942,136
36,673,162
B.
Capitalization
                                            and Indebtedness
Not
applicable.
C.
Reasons
                                            for the Offer and Use of Proceeds
Not
applicable.
D.
Risk
                                            Factors
An
investment in our ADSs involves a number of risks, including risks relating to our business and industry, risks relating to our corporate
structure, risks relating to doing business in China and risks relating to our ADSs. A description of factors that could materially affect
our and the VIEs' business, financial condition or operating results is provided below.
Risks
Relating to Our Business and Industry
Significant
uncertainties exist in relation to the interpretation and implementation of, or proposed changes to, the PRC laws, regulations and policies
regarding the private education industry. In particular, our compliance with the 2021 Implementation Rules for Private Education Laws
has materially and adversely affected and may materially and adversely affect our and the VIEs' business, financial condition,
results of operations and prospect.
The
private education industry in the PRC is subject to various laws and regulations including among others the amended Law for Promoting
Private Education of the PRC, or the Promotion Law, promulgated in December 2002, which are subject to changes to accommodate the development
of the education industry, in particular, the private education industry from time to time. On November 7, 2016, the Decision of
the Standing Committee of the National People's Congress on Amending the Private Education Promotion Law of the PRC, or the Decision,
amended the Promotion Law. On December 29, 2018, the Promotion Law was further amended. Under the Decision and the current Promotion
Law, private schools may be established as non-profit or for-profit entities. The sponsor of a non-profit private
school shall not receive proceeds from the running of the school and the cash surplus of the school shall be retained for the running
of the school, while the sponsor of a for-profit private school may gain proceeds from the running of the school, and the cash
surplus of the school may be distributed in accordance with applicable PRC laws.
The
Opinions on Further Strengthening and Regulating the Administration of Education Fees, or the Opinions, which were issued on August 17,
2020 by the relevant authorities, reiterate the provision from the Decision that the sponsors of non-profit privately-run schools shall
not gain proceeds from the running of schools. The Opinions further underline that the sponsors of non-profit privately-run schools and
non-profit privately-run sino-foreign cooperative educators shall be prohibited from obtaining proceeds from the running of schools such
as tuition income, distributing school balances (residual assets) or transferring proceeds from the running of schools through related-party
transactions or affiliated parties or other means.
On
May 14, 2021, the State Council promulgated the 2021 Implementation Rules for Private Education Laws, which became effective on
September 1, 2021. The 2021 Implementation Rules impose restrictions on the operation and management of private schools and the
capital operation of private education. Pursuant to the 2021 Implementation Rules, (i) 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; (ii) 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.; (iii) private schools providing compulsory education shall not conduct any transaction with any interested
related party; and (iv) for any change of school sponsor of a private school, an alteration agreement shall be entered into but
shall not involve the legal property of the school, nor shall it affect the development of the school, or damage the rights and interests
of teachers and students; the existing school sponsor may, in accordance with its lawful rights and interests, enter into agreements
with the successional school sponsor to stipulate the income from the alteration.
26
The
2021 Implementation Rules have had significant impacts on our and the VIEs' business operations and our results of operations.
As a result of the effectiveness of the 2021 Implementation Rules, we have lost control over Lianwai School which primarily provides
primary and middle education to the students. We had ceased to recognize revenues for all activities related to Lianwai School and had
discontinued all business activities with Lianwai School by August 31, 2021. We deconsolidated Lianwai School commencing from September 1,
2021 and presented it as a discontinued operation in current and comparative period financial statements. To minimize disruptions to
existing students enrolled in Lianwai School, we and the VIEs continued to offer essential services to the students. As a result, our
and the VIEs' 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 and the VIEs'
business, prospects, results of operations and financial condition. In November 2021, Lishui Mengxiang completed the acquisition of 100%
of the sponsorship interest of Qingtian International School from Qingtian Zhongyi Education Investment Co., Ltd. (青田众亿教育投资有限公司),
a company incorporated under the laws of the PRC, or Qingtian Zhongyi Education Investment. In January 2022, Lishui Mengxiang formed
Beijing Xinxiang with Beijing R.R.Z. to provide vocational education in the health care industry. On January 1, 2022, Lishui Mengxiang
entered into definitive agreements to acquire 100% equity interests of Beijing P.X., a wholly-owned subsidiary of Beijing S.K., which
in turn holds 100% equity interests of Chuangmei Weiye and Hainan Jiangcai, and the sponsorship interests of Langfang School, to expand
our and the VIEs' business into vocational education. The acquisition was completed in May 2022. We expect that the acquisitions
and investment will strengthen our competitiveness in the private education and vocational education sector.
There
are substantial uncertainties regarding the interpretation and application of the Decision, the current Promotion Law, the Opinions and
the 2021 Implementation Rules, which affect or may affect our industry as a whole or the schools, including Lianwai School and its subsidiaries,
Qingtian International School, and Langfang School. Such uncertainties include, among others:
●
Uncertainties
                                            with respect to liquidation
According
to the Decision, upon liquidation of for-profit private schools, school sponsors can obtain the schools' remaining assets
after the settlement of the schools' indebtedness. The Decision also states that, a private school established before the promulgation
of this Decision registered as non-profit, shall give appropriate compensation out of the remains to the sponsors after its
property is liquidated, at its termination, based on their applications and by taking into full account of the circumstances. After that,
the remaining assets shall be used for the operation of other non-profit private schools. The Decision is silent on how or by whom the
aforesaid rest of the remaining assets of a liquidated non-profit private school shall be dominated or disposed of. Accordingly, we may
not be able to transfer all or part of the remaining assets and residual interests of our school to Liandu WFOE upon their liquidation.
As a result, our and the VIEs' business, our financial position and the market price of our shares may be materially and adversely
affected.
●
Uncertainties
                                            with respect to school fees
According
to the Decision, the fees charged by private schools shall be determined in accordance with costs and market demand. The level of fees
charged by for-profit private schools is determined by the schools at their discretion, while the level of fees charged by non-profit private
schools shall be regulated by the relevant local government authorities. The 2021 Implementation Rules state that the people's
governments of provinces, autonomous regions and municipalities directly under the Central Government may set a ceiling for the fees
charged by non-profit private schools that the government-run schools participate in the establishment thereof, that use state-owned
assets, or that receive government subsidies per student. There is uncertainty as to whether there will be any material adverse impact
on the fees charged by non-profit private schools generally or our school. We and the VIEs may not be able to maintain our
current tuition and boarding fees, and may not be able to raise any of such fees at our desired rates, times and places or at all in
the future. As a result, our and the VIEs' business, our financial position and the market price of our shares may be materially
and adversely affected.
●
Uncertainties
                                            with respect to supporting measures
According
to the Decision and the 2021 Implementation Rules, additional supportive measures will be provided for private schools. Non-profit private
schools will enjoy more supportive measures than for-profit private schools, such as government subsidies, fund awards and
incentive donations. Non-profit private schools will enjoy the same preferential tax policies as public schools, while for-profit private
schools will not be expected to enjoy the same preferential tax policies as public schools or non-profit private schools. The Decision
does not specify whether and how existing schools that choose to become for-profit private schools will be required to pay
additional taxes during the transition process. As the relevant PRC tax laws have not been amended to distinguish between non-profit and for-profit private
schools, there is currently uncertainty as to whether the tax treatments will change after the 2021 Implementation Rules became effective.
According to the Decision and the 2021 Implementation Rules, non-profit private schools will enjoy the same treatment as public
schools with respect to the supply of land, which will be supplied by the government through allocation or other means, and for-profit
private schools are not expected to enjoy the same treatment as public schools and non-profit private schools. There is uncertainty
as to whether and how our schools will be able to benefit from any of such additional supporting measures as contemplated or at all.
We cannot assure you that the tax and other treatments will not change or that they apply or continue to apply to our school after the
2021 Implementation Rules became effective.
27
●
Uncertainties
                                            with respect to transactions with related parties
According
to the 2021 Implementation Rules, private schools providing compulsory education shall not conduct any transaction with any interested
related party. Where any other private schools conducts any transaction with any interested related party, it shall follow the principles
of openness, fairness and impartiality, fix the price reasonably and regulate the decision-making, and shall not damage the state interests,
the interests of the school or the rights and interests of the teachers and students. Private schools shall establish an information
disclosure system for their transactions with interested related parties. The departments of education, human resources and social security,
finance and other relevant departments shall strengthen the supervision over the agreements entered into by and between non-profit private
schools and their interested related parties and review related-party transactions on an annual basis. The interested related parties
as mentioned in the preceding paragraph refer to the founder, actual controller, principal, members of the council, director, supervisor,
financial person-in-charge and other persons of a private school, and any organization or individual that has the relationship of mutual
control and influence with the above-mentioned organization or individual, which may lead to the transfer of the interests of the private
school.
Further,
the founder or actual controller, any member of the decision-making body or supervisory body of a private school conducting related-party
transactions with a private school providing compulsory education, or conducting related-party transactions with any other private school,
thus damaging the interests of the State, of the school or of the teachers and students, shall be ordered by the relevant authorities
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 offender shall not become the founder or actual controller, a member of the decision-making body or
supervisory body of another private school within one to five years; if the circumstances are especially serious with adverse social
impact, the offender shall not become the founder, actual controller or a member of the decision-making body or supervisory body of another
private school permanently.
After
the 2021 Implementation Rules took effect, we have terminated the contractual arrangements with Lianwai School. To minimize disruptions
to existing students enrolled in Lianwai School, we and the VIEs continued to offer essential services to Lianwai School without recognizing
any revenue. Meanwhile, we deconsolidated Lianwai School commencing from September 1, 2021 and presented it as a discontinued operation
in current and comparative period financial statements. We have not received income from such transactions since September 1, 2021,
which had a material adverse impact on our income. In order to support the daily operation of Lianwai School, we and the VIEs continue
to provide Lianwai School with premises and other related facilities and services. The estimated annual expenses for providing these
premises, facilities and services are approximately RMB 30 million. We have been unable to receive any revenue for providing these
premises, facilities and services since the 2021 Implementation Rules came into effect. Lishui Mengxiang is no longer defined as an affiliated
entity of Lianwai School.
Furthermore,
our contractual arrangements may be regarded as related party transactions of Qingtian International School and Langfang School, and
we may incur substantial compliance costs for establishing disclosure mechanisms and undergoing review by the relevant government authorities.
Such process may not be in our control and may be highly complicated and burdensome and may divert management attention. Government authorities
may, during their review process, compel us to make modifications to our contractual arrangements for whatever reason, which may in turn
adversely affect the operation of our contractual arrangements. Government authorities may find that one or more agreements underlying
our contractual arrangements do not comply with applicable PRC laws and regulations and may subject us to severe penalties, resulting
in material adverse impact on our operation and financial condition.
Tuition
and boarding fees are a significant part of our schools' revenue whilst we rely on contractual arrangements to obtain further related
service revenue from the school. If any law and regulation that may be promulgated in the future further defines the contractual arrangements,
including ours, as related-party transactions transferring proceeds from the running of schools, we may not obtain the service revenue
under our contractual arrangements that is funded by proceeds from the running of schools. As of the date of the annual report, however,
we are not aware of any official administrative or judicial declaration on, or interpretation of, the Opinions, especially as applied
to contractual or other similar arrangements under which we operate. We are also not aware of when official administrative or judicial
declaration or interpretation on that matter will be released, if at all, and we cannot assure you that the Opinions will not be interpreted,
or further laws and regulations will not be promulgated, in a way that would affect or impair our ability to retain the tuition and boarding
fees under the contractual arrangements in the future. Our and the VIEs' business, financial condition and results of operations
would be materially and adversely affected if we are unable to obtain any or all of the tuition and boarding fees to be paid by our schools
under the contractual arrangements.
The
local governments and their education authorities will generally issue detailed rules, guidelines or opinions on the interpretation,
application and implementation of the upper-level laws after they come into effect, and the local government and education authorities
in Zhejiang Province (in the case of Qingtian International School) and Hebei Province (in the case of Langfang School) have not yet
issued such rules, guidelines or opinions on the interpretation, application and implementation of the 2021 Implementation Rules as of
the date of this annual report on Form 20-F. We've been closely monitoring the developments of the 2021 Implementation Rules and
are carefully evaluating the possible impact of the 2021 Implementation Rules on our and the VIEs' business development and financial
performance. There is no expected timeline for the local government and education authorities to release such rules, guidelines or opinions.
We are also proactively seeking guidance from and cooperating with the local governments and their education authorities in connection
with our efforts to comply with the 2021 Implementation Rules and any related rules and regulations.
We
cannot assure you that we will always be deemed to be in compliance with the new laws and regulations, interpretation of which may remain
uncertain and relevant PRC government authorities may take a different view or change their policy in the future, or that we will be
able to efficiently change our and the VIEs' business practice in line with the new regulatory environment. Any such failure could
materially and adversely affect our and the VIEs' business, financial condition and results of operations.
28
We
and the VIEs are in the process of filing the relevant application pursuant to the national and local regulations (including Zhejiang
Province and Lishui City, as well as Hebei Province) of classification registration of private schools. Loss of taxes and fees may incur
in the process, which may have an adverse impact on Qingtian International School's and Langfang School's operations.
According
to the Implementation Rules on Classification Registration of Private Schools (the "Classification Registration Rules"),
which was issued jointly by the MOE, the Ministry of Human Resources and Social Security of the People's Republic of China or the
MOHRSS, the MCA, the State Commission Office of Public Sectors Reform and the SAMR, and became effective on December 30, 2016, if
an existing private school chooses to register as a non-profit private school, it shall amend its articles of association in accordance
with laws, continue its school operation, and complete the new registration formalities. If an existing private school chooses to register
as a for-profit private school, it shall make financial settlement, clarify the ownership of the schools' land, buildings and accumulations
with the consent of the relevant departments of the people's governments at or below the provincial level, pay relevant taxes and
fees, obtain new school permits, carry out their re-registration and continue their school operation. The provincial people's government
is responsible for formulating the detailed measures on the alteration registration of the private schools in accordance with national
laws and the local situation.
On
April 4, 2018, eight departments of Zhejiang Province including the Department of Education of Zhejiang Province promulgated the
Implementation Measures for Existing Private Schools to Change Registration Status, or the Zhejiang Implementation Measures, which took
effect on June 1, 2018 and applies to all private schools established before November 7, 2016. According to the Zhejiang Implementation
Measures, (i) any existing private school which chooses to register as a non-profit private school shall amend and file its articles
of association and complete the corresponding registration accordingly, and (ii) any existing private school that chooses to register
as a for-profit private school, shall obtain a new Permit for Operating a Private School and be re-registered so as to continue its operation
after completing its financial clearance and settlement, clarifying its ownership of assets, and paying relevant taxes and fees.
On
June 16, 2021, Lishui Municipal Education Bureau, Lishui Municipal Human Resources and Social Security Bureau, Office for Public
Sector Reform Commission of Lishui, Lishui Municipal Civil Affairs Bureau and Lishui Municipal Market Supervision Administration jointly
promulgated the Administrative Measures for Classification Registration of Private Schools in Lishui, which took effect on the same day.
According to the Administrative Measures, where an existing private school opts to be registered as a for-profit private school, it shall
make financial settlement, and the ownership of the land, school buildings, school-running accumulation and other property shall be clarified
by the relevant departments of the government of the jurisdiction and the relevant agencies according to law. The school shall pay the
relevant taxes and fees, go through the formalities for a new permit for the establishment of the school and make a new registration.
The school may continue running during the process of the liquidation, re-handling of the permit for the establishment of the school
and registration as a legal person.
On
November 22, 2021, Lishui Education Bureau promulgated the Work Plan for Classified Registration and Administration of Existing
Private Schools (Kindergartens) of Lishui City, which stipulates that they shall adhere to the principles of voluntary selection, smooth
classification, public welfare orientation, and compliance with laws and regulations, and strive to complete the classified registration
of existing private schools by December 30, 2022. The Plan also provides a schedule for arranging the classified registration tasks,
from January to October in 2022, the classified registration of the existing private schools providing compulsory education, private
kindergartens and private schools providing senior high school education shall be completed.
29
The
main registration procedures for non-profit private schools are selected as follows: (i) schools shall file an application for classified
registration; (ii) the approval authority shall conduct verification and replacement of the certificate; (iii) the articles
of association shall be ratified (filed for the record); and (iv) schools shall apply for registration as a legal person. In addition,
the main registration procedures for for-profit private schools are selected as follows: (i) sponsors make a pre-application for
classified registration; (ii) schools make financial settlement; (iii) sponsors apply for the pre-registration of corporate
names; (iv) sponsors make a formal application for classified registration; (v) certificates are replaced upon the approval
authorities; (vi) schools apply for the registration of legal persons; (vii) schools complete the amendment registration of
assets; (viii) private non-enterprise entities apply for deregistration with the original registration authorities. See "Item
4. Information on the Company—B. Business Overview—Regulation—Implementing Rules on Classification Registration of
Private Schools" for details.
With
the approval of Education Bureau of Qingtian County, Qingtian International School is a non-state public institution providing non-profit
social welfare services for senior high school education with the status of an independent legal person, whose sponsor is Lishui Mengxiang
after the acquisition. In accordance with the Circular of the Lishui Municipal People's Government on Carrying out Pilot Programs
for Unified Registration Administration of Various Public Institutions, except that funds are not guaranteed and personnel are not supported
by financial resources, Qingtian International School shall enjoy the same treatment as the public institutions of the same category,
and enjoy the supportive policies of the government for private social undertakings.
As
of the date of the annual report, we have not received any formal notice from the competent authorities of Qingtian County requesting
us to conduct the classified registration of private schools. However, given that Qingtian International School is a non-state public
institution legal person, it may be directly classified as a non-profit private school by the competent authorities of Qingtian County
and has no need to go through additional registration procedures.
On
January 9, 2018, five departments of Hebei Province including the Department of Education of Hebei Province issued the Implementation
Measures for the Classification Registration of Private Schools in Hebei Province, which came into effect on the same day. The measures
provide that (i) private schools can choose to be registered as non-private schools or for-profit schools, and those engaging in compulsory
education shall not be registered as for-profit schools; (ii) if a private school has chosen to be classified and registered as a non-profit
private school, it shall no longer be converted to a for-profit private school; while if it has chosen to be classified and registered
as a for-profit private school, it may be converted to a non-profit private school by application by its sponsor(s) and changing the
registration of its legal entity; (iii) existing private schools shall complete the classification and registration within a five-year
transition period ending on September 1, 2022, and before the classification and registration, they shall be managed as their originally-registered
legal entity; (iv) if an existing private school chooses to be classified and registered as a non-profit private school, it shall amend
its constitution in accordance with the laws, continue its operation, and re-register with the appropriate authorities or civil affairs
department; and (v) if an existing private school chooses to be classified and registered as a for-profit private school, it shall conduct
financial liquidation, clarify the property rights for land(s), school building(s), school accumulation and pay relevant taxes and fees,
renew the Permit for Establishment of Privately-run Schools, re-register with the appropriate authorities, and continue its operation.
As
of the date of the annual report, Langfang City has not released any detailed rules on classification registration of private schools
and we have not received any relevant notice from the competent authorities of Langfang City since January 1, 2022 when Beijing P.X.
began to hold the whole sponsorship interests of Langfang School.
We
and the VIEs may be unable to maintain or raise the tuition, meal and accommodation service fees as planned.
We
derive the majority of our revenue from tuition, meal and accommodation service fees. We determine the rates of the tuition or other
fees for our schools primarily based on limits, guidelines and requirements set by the authorities and commercial considerations such
as the demand for our and the VIEs' educational programs, cost of revenues, the tuition charged by our competitors, our pricing
strategy, the economic conditions of Lishui City, Zhejiang Province (in the case of Qingtian International School) and Langfang City,
Hebei Province (in the case of Langfang School), and the general economic conditions in China.
Any
increase in the tuition and accommodation service fees charged at our schools are subject to regulatory approval. Moreover, the Decision
sets out certain specific requirements with respect to the level of fees charged by non-profit private schools. Therefore,
we may face the risks that we can only maintain our current tuition and accommodation service fees, and may not be able to raise any
of such fees for our schools at our desired rates, times and places or at all in the future.
30
Even
if our intended rates of tuition and other fees are approved by the authority, we may fail to attract sufficient prospective students
to apply for our schools at those levels. As a result, our and the VIEs' business, financial condition and results of operations
may be materially and adversely affected.
Our
and the VIEs' business depends on the market recognition of our brand and reputation that we and the VIEs may not be able to maintain.
The
success of our and the VIEs' business has depended and will continue to depend on our and the VIEs' brand and reputation.
Our and the VIEs' brand and reputation may be affected by a number of factors, including student and parent satisfaction rates,
teaching quality, our students' academic performances and test scores, campus accidents, scandals involving our schools, negative
publicity and failure to pass governmental inspections. Some of these factors are beyond our control. In addition, as we and the VIEs
continue to grow in size, expand our programs and extend our geographic reach, it may become difficult to maintain quality and consistency
in the services we and the VIEs offer, which may lead to diminishing confidence in our and the VIEs' brand name and negatively
affect our reputation. If our brand or reputation is damaged or negatively affected, students' and parents' interest in our
schools may decrease and our and the VIEs' business, financial condition and results of operations could be materially and adversely
affected.
We
have developed our student base primarily through word-of-mouth referrals. However, we cannot assure you that our marketing
efforts will be successful or sufficient in further promoting our brand and reputation to help us maintain or increase student enrollment.
Moreover, there can be no assurance that our brand and reputation will hold sufficient market recognition in the geographic areas where
we plan to acquire or establish schools. If we and the VIEs are unable to further enhance the market recognition of our brand and reputation,
or if we are required to incur excessive marketing expenses to promote our brand and reputation, our and the VIEs' business, financial
condition and results of operations may be materially and adversely affected.
We
may fail to continue to recruit and retain students in our school.
The
success of our and the VIEs' business depends on the number of students enrolled in our school and in any school we and the VIEs
may acquire or establish in the future. Our ability to attract and retain students depends on several factors, including the ability
to:
●
enhance
                                            existing programs to respond to market changes and the demands of students and parents;
●
develop
                                            new programs or schools that appeal to students;
●
maintain
                                            and improve our reputation for providing high quality private education;
●
maintain
                                            and improve the academic and non-academic performance of our students;
●
recruit
                                            and retain qualified teachers;
●
manage
                                            our growth while maintaining the consistency of our teaching quality;
●
expand
                                            our student capacity;
●
effectively
                                            market our schools and programs to prospective students; and
●
respond
                                            to the increasing competition in the market.
On
August 18, 2021, Lishui Mengxiang entered into a sponsorship interests transfer agreement with Qingtian Zhongyi Education Investment
in respect of the acquisition of 100% of the sponsorship interests of Qingtian International School, with a total consideration of RMB
23 million. The alteration registration of Qingtian International School was completed on August 24, 2021. Qingtian International
School is an educational institution specialized in providing high school education to returned overseas Chinese students, and the transaction
was closed in November 2021. Qingtian International School had 501 students enrolled and recorded a utilization rate of 61.4% as of September 1,
2022. Langfang School is a provincial private vocational school approved by the Human Resources and Social Security Department of Hebei
Province, integrating academic education and vocational education. Langfang School was acquired by Lishui Mengxiang in January 2022.
Langfang School had 838 students enrolled and it recorded a utilization rate of approximately 98.4% as of September 1, 2022. If
Qingtian International School and Langfang School are unable to attract and retain students to fully utilize the campuses, they may record
lower operation efficiency and we may be unable to benefit from the acquisitions. As a result, our and the VIEs' business, financial
condition and results of operations may be materially and adversely affected.
31
Our
students' academic performance may fall and satisfaction with our and the VIEs' educational services may otherwise decline.
Our
students' academic performance may be affected by various factors, including teaching method and materials, personal efforts, learning
environment, pressure and family influence, some of which may be beyond our control. If their academic performance fall or do not improve
as expected, our students may be unable to achieve the test scores necessary for their desired progressions and satisfaction with our
and the VIEs' educational services may decline. Satisfaction with our and the VIEs' educational services may also decline
due to negative publicity on our schools, directors or management, lack of qualified teachers, unsatisfactory learning environment or
other factors, which may result in, among others, a decrease in word-of-mouth referrals and reputation, students' withdrawal
from our schools and decreased application for our schools. If our student retention rate decreases substantially or if we otherwise
fail to continue to attract and admit students due to decreased students' or parents' satisfaction with our and the VIEs'
educational services, our and the VIEs' business, financial condition and results of operations may be materially and adversely
affected.
We
and the VIEs may fail to continue to attract and retain qualified and committed teachers and other school personnel.
We
and the VIEs rely substantially on our teachers for the provision of educational services to our students. The teachers are critical
to maintaining the quality of our programs and upholding our brand and reputation. We must continue to attract qualified teachers who
are committed to teaching. We and the VIEs face competition from public schools, other private education providers and other institutions
for high quality candidates and may have to incur additional costs for our recruitment efforts. We and the VIEs may not be able to recruit
enough teachers to keep pace with the growth of our student enrollment while maintaining consistent teaching quality and the overall
quality of our and the VIEs' education programs. In addition, criteria such as dedication, capability and loyalty are difficult
to ascertain during the recruitment process and we and the VIEs may fail to identify and select the desired candidates.
Furthermore,
we and the VIEs may be unable to retain high quality teachers or have to incur significant expenditures for our retention efforts. Teachers
may be dissatisfied with their workload, compensation, benefits, career path or working environment, which may disrupt our school operations
and teaching activities, adversely affect our reputation and damage our ability to attract and retain teachers and students. Similarly,
other school personnel such as administrators, counselors and financial staff also play an important role in the efficient and smooth
running of our schools. There is no guarantee that we and the VIEs can recruit and retain quality personnel to perform these functions
in the future without incurring significant costs or at all. If we and the VIEs are unable to attract and retain qualified and committed
teachers and other school personnel at reasonable costs or at all, or if there is a significant decrease in teaching quality or educational
experiences in our schools due to lack of qualified teachers or other school personnel, or if our teachers or other school personnel
take disruptive actions to express their dissatisfaction with our school or us, our and the VIEs' business, financial condition
and results of operations may be materially and adversely affected.
We
and the VIEs face intense competition in the education industry and we and the VIEs may fail to compete effectively.
The
education sector in China is rapidly evolving, highly fragmented and competitive and we expect competition in this sector to persist
and intensify. In the geographic market in which we and the VIEs operate the schools, we and the VIEs compete with public schools and
other private schools that offer high school education and vocational eduction. We and the VIEs compete with these schools across a range
of factors, including program and curriculum offerings, tuition level, school location and premises, qualified teachers and other key
personnel.
Our
competitors that are private schools may offer similar or superior educational programs, with different pricing and service packages
that are more appealing than those offered at our school. Some of our competitors that are private schools may have more resources than
us and may be able to devote greater resources than we and the VIEs can to the development and promotion of their schools and respond
more quickly than we and the VIEs can to changes in student demands, testing materials, admissions standards, market needs or new technology.
Our competitors that are public schools may have access to resources that may not be available to private schools and may be able to
offer quality educational programs at lower prices than Qingtian International School and Langfang School. According to the Frost &
Sullivan report, tuition charged by public schools is generally lower than tuition charged by private schools, especially premium private
schools. In addition, the PRC public education system continues to improve in terms of resources, admission policies and teaching quality
and approaches. If public schools relax their admission limitations, offer more diversified curriculum, upgrade their campus facilities
or reforms the exam-oriented education approach, they may become more attractive to students, which may lead to increased competition
in the education industry.
As
a result, we and the VIEs may be required to reduce tuition or increase spending in order to retain or attract students or pursue new
market opportunities. If we and the VIEs are unable to successfully retain and attract students, maintain or increase our tuition level,
recruit and retain qualified teachers or other key personnel, enhance the quality of our and the VIEs' educational services or
control competition costs, our and the VIEs' business, financial condition and results of operations may be materially and adversely
affected.
32
We
and the VIEs may not be able to obtain all necessary approvals, licenses and permits and to make all necessary registrations and filings
for our and the VIEs' educational and other services in China.
In
                                            order to conduct our and the VIEs' business and operate schools in China, we and the
                                            VIEs are required to obtain and maintain various approvals, licenses and permits and fulfill
                                            registration and filing requirements. For example, to establish and operate a high school
                                            or a vocational school in the PRC, we are required to obtain a private school operation permit
                                            from the local departments of education, human resources and social security, and register
                                            with competent administration authorities to obtain a business license or registration certificate.
                                            Such local regulatory authorities may also conduct annual inspection of the schools. After
                                            consulting with our PRC legal counsel, Beijing DeHeng Law offices, we are of the view that,
                                            as of the date of the annual report, except for the circumstances which would not in the
                                            aggregate have a material adverse effect on our financial conditions, Lixiang, our PRC subsidiaries
                                            and the VIEs have received from PRC authorities requisite licenses, permissions or approvals
                                            needed to engage in the businesses currently conducted in China.
We
cannot assure you that Lixiang, our PRC subsidiaries and the VIEs are always able to successfully update or renew the licenses or permits
required for the relevant business in a timely manner or that these licenses or permits are sufficient to conduct all of our and the
VIEs' present or future business. As advised by our PRC legal counsel, Beijing DeHeng Law Offices, if Lixiang, our PRC subsidiaries
or the VIEs (i) do not receive or maintain required permissions or approvals, (ii) inadvertently conclude that such permissions
or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and Lixiang, our PRC subsidiaries
or the VIEs are required to obtain such permissions or approvals in the future, we could be subject to fines or legal sanctions, which
may materially and adversely affect the business, financial condition and results of operations of us and the VIEs.
As
                                            of the date of the annual report on Form 20-F, the administrative procedures for changing
                                            the sponsor of Langfang School with the PRC governmental authorities, especially for renewing
                                            the Permit for Establishment of Privately-run Schools, have not been completed due to the
                                            internal procedures of the competent authorities. If the above administrative procedures
                                            cannot be completed, Langfang School might be determined as changing its sponsor without
                                            authorization according to the Promotion Law and the 2021 Implementation Rules by the competent
                                            authorities, and thus Langfang School, the sponsor and actual controller and members of decision-making
                                            institution or supervisory institution of Langfang School shall be subject to administrative
                                            punishment. For Langfang School, any unlawful earning shall be confiscated, and if the circumstances
                                            are serious, it shall be ordered to stop enrolling students and its business license shall
                                            be revoked. In addition, since the former sponsor is still a Langfang School's registered
                                            sponsor with the relevant authorities, if it exercises the rights and interests of sponsor
                                            in accordance with relevant laws, regulations and the filed articles of association of Langfang
                                            School, the normal operation and management of Langfang School may be affected. The aforesaid
                                            rights and interests of the registered sponsor include knowing the operation and financial
                                            status of Langfang School, recommending council members and supervisors, and consulting the
                                            meeting minutes of the council and the financial/accounting statements of Langfang School.
                                            Although we believe that we can currently exert sufficient control over Langfang School,
                                            however, if the above situation occurs, we will have to spend additional time and cost to
                                            eliminate the relevant adverse effects.
33
As
of the date of this annual report, the adjustment of the cooperation arrangement between Beijing P.X. and Hainan Technical School for
compliance purposes has not been completed. We and the VIEs cooperate with Hainan Technical School, a reputable vocational education
school in Haikou City, Hainan Province, through Hainan Jiangcai, a subsidiary of Beijing P.X., to jointly design and develop curriculum
programs based on the prevalent market trends and employer preferences. According to the cooperation arrangement made prior to the acquisition
of Beijing P.X., Hainan Jiangcai would designate their staffs to teach courses in Hainan Technical School, and the tuition, accommodation
and miscellaneous fees paid by the students would be charged by Beijing P.X. on behalf of Hainan Technical School and then transferred
back to Hainan Technical School after deducting the service fees payable to Beijing P.X. However, as stipulated in relevant regulations,
teachers shall be directly recruited by Hainan Technical School, and the tuition, accommodation and miscellaneous fees shall also be
directly charged by Hainan Technical School. To comply with the relevant regulations, Beijing P.X. has deliberated with Hainan Technical
School for the adjustment of the cooperation, while the parties have not yet agreed on any specific and detailed adjustment plans as
of the date of this annual report. Beijing P.X. and Hainan Technical School may be ordered to return the tuition, accommodation and miscellaneous
fees and be imposed fines, and the revenue from the cooperation may be adversely affected.
We
and the VIEs may not be able to successfully integrate businesses operated by Qingtian International School, Vocational Education Services
Providers and Chuangmei Weiye that we and the VIEs acquired, which may cause us to lose the anticipated benefits from such acquisitions
and to incur significant additional expenses.
We
and the VIEs plan to expand the business and school network by entering into cooperation with third-party school sponsors to establish
new schools, in addition to establishing new schools ourselves or acquiring existing schools. We believe we will face challenges in integrating
business operations and management philosophies of the schools we and the VIEs may acquire. We consider the benefits of our prospective
acquisitions will mainly hinge on our ability to effectively and timely integrate the management, operations and personnel of these schools.
The integration of the schools we and the VIEs acquire may be a complex, time-consuming and costly process that without proper arrangement
and implementation, could seriously interfere with our and the VIEs' business operations and damage our reputation. Our Directors
consider the main challenges involved in integrating acquired entities to include the following:
●
retaining
                                            qualified teaching staff of any acquired school;
●
consolidating
                                            the educational services offered by the acquired school;
●
complying
                                            with the regulatory requirements;
●
the
                                            acquired schools having a culture that may be adverse to change and may not be receptive
                                            to our and the VIEs' educational values and methods;
●
integrating
                                            educational and administrative systems;
●
minimizing
                                            disruptions to existing students' curricula and ensuring their ability to progress
                                            through the applicable education programs is not hindered as a result of the acquisition;
●
ensuring
                                            and illustrating to our students and their parents that the new acquisitions will not result
                                            in any adverse changes to our established brand image, reputation, service quality or standards;
                                            and
●
minimizing
                                            the diversion of our management's attention from its on-going business concerns
We
and the VIEs may not be able to successfully integrate our operations and the operations of the schools such as Qingtian International
School, Vocational Education Services Providers and Chuangmei Weiye we and the VIEs acquire in a timely manner, or at all, and we may
not realize the expected benefits or synergies of the acquisitions to the extent, or in the timeframe we anticipated, which may have
a material adverse effect on our and the VIEs' business, financial condition and results of operations.
34
The
operation of Qingtian International School is subject to general conditions and the education industry of Qingtian County, Lishui City
and/or Zhejiang Province, while the operation of Langfang School is subject to general conditions and the education industry of Langfang
City and/or Hebei Province.
Qingtian
International School and its operations are currently located in Qingtian County, Lishui City, Zhejiang Province. According to the latest
census report of Zhejiang Province, the population of Lishui City and Zhejiang Province in 2022 was 2.5 million and 65.8 million,
respectively. If Lishui City or Zhejiang Province experiences an event that materially and adversely affects its education industry,
such as an economic downturn, a natural disaster or an outbreak of a contagious disease, or if any governmental authorities governing
Lishui City or Zhejiang Province adopt regulations that place additional restrictions or burdens on Qingtian International School or
on the education industry in general, our and the VIEs' business, financial condition and results of operations may be materially
and adversely affected.
Langfang
School and its operations are currently located in Langfang City, Hebei Province. As of the date of the annual report, according to the
latest census report of Hebei Province, the population of Langfang City and Hebei Province in 2022 was 5.5 million and 74.2 million,
respectively. If Langfang City or Hebei Province experiences an event that materially and adversely affects its education industry, such
as an economic downturn, a natural disaster or an outbreak of a contagious disease, or if any governmental authorities governing Langfang
City or Hebei Province adopt regulations that place additional restrictions or burdens on Langfang School or on the education industry
in general, our and the VIEs' business, financial condition and results of operations may be materially and adversely affected.
In
addition, given that we and the VIEs mainly offer the education services at Qingtian International school and Langfang School, any material
negative development with respect to Qingtian International school or Langfang School could have a material adverse effect on our and
the VIEs' business, financial condition and results of operations as a whole.
Misconduct
of students and employees and improper activities and any negative publicity concerning our schools, our Company, our Controlling Shareholder,
our directors or our employees may adversely affect us.
Misconduct
of students and employees and improper activities may adversely affect our brand image, business and results of operations. In addition,
any negative publicity concerning our school, our Company, our controlling shareholder, our directors, our employees or any of them,
even if untrue, may damage our brand image and reputation, deter prospective students and teachers and take up excessive time of our
management and other resources. As a result, our and the VIEs' business, financial condition and results of operations may be materially
and adversely affected.
Qingtian
International School's operation depends on its ability to promptly and adequately respond to changes in admission requirements
for higher-level education, testing materials and technologies.
Our
high school students in Qingtian International School are subject to the National Joint Entrance Examination for overseas Chinese students.
The admission scores for the various college schools in China usually change from year to year and so do the admission requirements for
overseas universities. Testing materials may also change in terms of focus areas, format and the manner in which such tests are administered.
The new examination syllabus implemented in 2021 has greatly reduced the difficulty of the examination. These changes require us to continually
update and enhance the courses we and the VIEs offer and to continually train our students to take standardized tests so as to maximize
their performance on these tests. In order to enable our students get admission to the prestigious colleges in China, Qingtian International
School is required to offer not only the ordinary PRC high school curriculum program but also the courses designed for the National Joint
Entrance Examination for overseas Chinese students. If Qingtian International School fails to adequately prepare its students for admission
tests in the everyday classroom teaching and any test preparation courses it offers, its students' admissions rates to PRC colleges
may decrease and its programs and services may become less attractive to students. Furthermore, if we and the VIEs fail to timely develop
and introduce new education services and programs in Qingtian International School based on the changing education and test standards
in China and abroad, our ability to attract and retain students may decrease. As a result, our reputation, business, financial condition
and results of operations may be materially and adversely affected.
If
we are not able to continually tailor our vocational education programs to market demand and enhance our courses to adequately and promptly
respond to developments in the labor market, our courses may become less attractive to students.
New
trends in the economy of China and rapid developments in the industries may change the type of skills required for vocational school
graduates in the labor market. This requires us to continually develop, update and enhance our vocational education programs and course
materials to adapt to the needs of the labor market in China. We may be unable to update our courses in a timely and cost-effective manner,
or at all, to keep pace with changes in market requirements. Any inability to track and respond to these changes in a cost-effective
and timely manner or to tailor our vocational education programs to the market demand in China would render our programs less attractive
to students, which may materially and adversely affect our reputation and ability to continue to attract students and cause us to lose
market share.
35
We
and the VIEs may not be able to successfully implement our business strategies.
Our
business strategies include organic growth, strategic alliance with reputable education institutes, acquiring and establishing schools.
We may not succeed in implementing our business strategies due to a number of factors, including the following:
●
we
                                            may lose government support in Zhejiang Province, Hebei Province, Hainan Province or other
                                            places to which we plan to expand our operation;
●
we
                                            may not be able to admit all qualified students who would like to enroll in our schools due
                                            to the capacity constraints of our school facilities;
●
we
                                            may fail to identify cities with sufficient growth potential in which to acquire or establish
                                            schools;
●
we
                                            may have limited access to capital resources or may have to rely on the shareholders'
                                            guarantee in obtaining bank facilities;
●
we
                                            may fail to acquire or lease suitable land sites in the cities to which we plan to expand
                                            our operations;
●
we
                                            may fail to effectively market our schools or brand in new markets or promote ourselves in
                                            existing markets;
●
we
                                            may not be able to replicate our successful growth model in new markets;
●
we
                                            may not be able to effectively integrate any future acquisitions into our operations;
●
we
                                            may fail to obtain the requisite licenses and permits from the authorities necessary to acquire
                                            or establish schools at our desired locations;
●
we
                                            may not be able to continue to enhance our course materials or adapt our course materials
                                            to changing student needs and teaching methods;
●
we
                                            may fail to follow the expected timetable with respect to the development of our schools;
                                            and
●
we
                                            may fail to achieve the benefits we expect from our expansion.
If
we fail to successfully execute our growth strategies, we may not be able to maintain our growth rate and our and the VIEs' business,
financial condition and results of operations may be materially and adversely affected.
We
recorded net current liabilities as of December 31, 2021.
As of December 31, 2021 and 2022, we had net current liabilities
of RMB113 million and net current assets of RMB195 million, respectively. The net current liabilities as of December 31, 2021
was primarily due to the amounts due to Lianwai School.  In 2022, to both parties' consensus, the amounts due to Lianwai School
would not be settled within one year, and thus, it was classified as non-current liabilities. 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 continue to 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 and the VIEs' business. There can be no assurance 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 finance our capital commitments. If we fail to meet our financial obligations, our and the VIEs' business, liquidity, financial
position and prospects could be materially and adversely affected.
36
We
face risks related to health epidemics, natural disasters or terrorist attacks in China.
We
and the VIEs offer accommodation service to our students of Qingtian International School and Langfang School. Qingtian International
School also provides on-campus or nearby off-site accommodation to our teachers and staff. The boarding and accommodation
arrangements make our students, teachers and staff vulnerable to outbreaks of health epidemics such as the COVID-19 virus, H1N1 flu virus,
avian influenza and severe acute respiratory syndrome, or SARS, and Influenza A virus, such as H5N1 subtype and H5N2 subtype flu viruses,
natural disasters, such as earthquakes, floods, landslides, as well as terrorist attacks, other acts of violence or war or social instability,
especially when such health epidemics, natural disasters or terrorist attacks take place in our schools or in or near the regions where
our schools are located. As a result, our and the VIEs' business, financial condition and results of operations may be materially
and adversely affected.
Since
the worldwide outbreak of the COVID-19 pandemic in early 2020, all sectors have been severely affected with no exception to the education
industry. In early 2021, WHO announced the variants of the coronavirus causing COVID-19 were discovered in Denmark, the United Kingdom,
South Africa and Japan subsequently, which is considered highly contagious and may pose a serious public health threat. To respond to
the continuing impact and recurrence of COVID-19 pandemic, the PRC government has imposed various strict measures with the aim to contain
the virus and restore the business operation in an orderly manner including, but not limited to, mandatory vaccination requirements,
travel restrictions, mandatory quarantine requirements, and postponed resumption of business operations. However, the relaxation of the
restrictions on economic and social life may lead to development of new cases, which may result in the reimposition of further restrictions.
The Baiyun Campus, Yijing Campus—Featured Division resumed normal operation from April 2020. No students withdrew from our schools
due to the COVID-19 outbreak. We and the VIEs have taken a series of measures in response to the outbreak to protect our employees, students
and teachers in the reopened campuses after the closedown in early 2020, including, among others, checking the temperature of our students,
procurement and provision of hand sanitizers and other protective equipment for our employees. The campuses remained in normal operation
during 2021, and the students and teachers continued with their on-campus courses in 2021. In 2022, the pandemic situation and the COVID-19
policies in China was changing. In December 2022, the PRC government shifted its COVID-19 policies and eased the pandemic restrictions,
which was companioned with a large number of people getting infected of COVID in a short time. To cope with the policy shift and to protect
our students and teachers' health, Qingtian International School stopped on-campus teaching activities and provided off-campus
online courses for two weeks in December 2022. Besides, Langfang School provided online courses from March 7, 2022 to June 24, 2022 in
the spring semester, and continued the online courses from September 2, 2022 to December 23, 2022 in the fall semester. During the online
courses periods, the campus of Langfang School was insulated from the outside and adopted daily disinfection measures. The above online
courses are conducted through certain online courses platforms, and are the substitute for on-campus courses in the pandemic situation.
Thus, the online courses are distinguished from the online education service which shall be defined as a value-added telecom service,
and therefore do not need extra permissions for its operation. Nevertheless, as the students' enrollment is conducted and the tuition
is charged on a semester basis, the COVID-19 outbreak did not have a material long-term impact on our and the VIEs' financial condition
and operation. Any future outbreak of public health epidemics may restrict economic activities in affected regions, resulting in reduced
business volume, disrupt our and the VIEs' business operations and adversely affect our results of operations.
We
and the VIEs are subject to extensive governmental approvals and compliance requirements for the construction and development of school
and in relation to the land and buildings that we and the VIEs own.
For
campuses and school facilities constructed and developed for our school, we and the VIEs must obtain various permits, certificates and
other approvals from the relevant authorities at various stages of property development, including the land use right certificates, planning
permits, construction permits, certificates for passing environmental assessments, certificates for passing fire control assessments,
certificates for passing construction completion inspections and building ownership certificates.
In
the event that if we and the VIEs lose the rights to any of our land or buildings, uses of such land or buildings may be limited, or
we may be forced to relocate and incur additional costs, which may result in disruptions to the operations of our schools and materially
and adversely affect our and the VIEs' business, financial condition and results of operations. In addition, we and the VIEs may
in the future encounter problems in obtaining the relevant permits, certificates and approvals for the construction and development of
our schools, which may negatively affect our growth strategies. As a result, our and the VIEs' business, financial condition and
results of operations may be materially and adversely affected.
37
Capacity
constraints of our school facilities could cause us to lose students to our competitors.
The
educational facilities of our school are limited in space and size which is also subject to regulatory approval from the competent departments
in charge of urban and rural planning. We and the VIEs may not be able to admit all qualified students who would like to enroll
in our school due to the capacity constraints of our current school facilities. Qingtian International School's capacity was 816
as of September 1, 2022 and it recorded a utilization rate of approximately 61.4% as of September 1, 2022. Langfang School's
capacity was 852 as of September 1, 2022 and it recorded a utilization rate of approximately 98.4% as of September 1, 2022.
Hainan Technical School, which is the cooperator of Hainan Jiangcai, has a capacity for enrolling 300 students as of September 1,
2022 and it recorded a utilization rate of approximately 80.3% as of September 1, 2022. We and the VIEs may not be able to expand
our capacity at our current campus unless we and the VIEs relocate to other facilities in the local area with more space. If we and the
VIEs fail to expand our capacity as quickly as the demand for our services grows, or if we and the VIEs otherwise fail to grow by acquiring
or establishing schools and campuses, we and the VIEs could lose potential students to competitors, and our and the VIEs' business,
financial condition and results of operations may be materially and adversely affected.
Our
historical financial and operating results may not be indicative of our future performance and our financial and operating results may
be difficult to forecast.
Our
financial and operating results may not meet the expectations of public market analysts or investors, which could cause the price of
our ADSs to decline. Our revenue, expenses and operating results may vary from year to year in response to a variety of factors beyond
our control, including:
●
our
                                            ability to increase student enrollment in our schools and raise tuitions fees;
●
general
                                            economic conditions and regulations or government actions pertaining to the provision of
                                            private educational services in China;
●
shifts
                                            in consumer attitude toward private secondary education and vocational education in China;
●
our
                                            ability to control cost of revenues, in particular salary and welfare relating to teachers
                                            and other costs; and
●
non-recurring charges
                                            incurred in connection with acquisitions or other extraordinary transactions or unexpected
                                            circumstances.
Due
to these factors, we believe that year-to-year comparisons of our operating results may not be indicative of our future performance
and you should not rely on them to predict the future performance of our ADSs.
Accidents
or injuries suffered by our students, employees or other people at our schools may adversely affect our reputation and subject us to
liability.
There
are inherent risks of accidents or injuries in schools. We and the VIEs could be held liable in the event of personal injuries, disease,
fires or other accidents suffered by students, employees or other people that occur at our school. Although we and the VIEs designate
certain staff members in each of our and the VIEs' campuses to be in charge of student health and security, in the event of personal
injuries, disease, food poisoning, fires or other accidents suffered by our students, employees or other people on our campuses, we and
the VIEs may face claims for damages and our school may be perceived unsafe by prospective parents and students.
Claims
against us arising from injuries incurred or claimed to have incurred on our campuses may adversely affect our reputation, subject us
to significant amounts of damages, divert management's attention and other resources or increase our insurance costs. As a result,
our and the VIEs' business, financial condition and results of operations may be materially and adversely affected.
We
and the VIEs may be involved in legal and other disputes and claims from time to time arising out of our operations.
We
and the VIEs may, in the future, be involved in disputes with and subject to claims by parents and students, teachers and other school
personnel, our suppliers, construction companies, third-party sub-contractors and other parties involved in our and the VIEs'
business. Legal or other proceedings involving us may, among others, incur significant costs, divert management's attention and
other resources, negatively affect our and the VIEs' business operations, cause negative publicity against us or damage our reputation.
As a result, our and the VIEs' business, financial condition and results of operations may be materially and adversely affected.
38
We
and the VIEs may lose the services of our executive directors, officers and other key personnel.
Our
future success depends heavily upon the continuing services of our executive directors and officers and in particular, Mr. Biao
Wei and Ms. Fen Ye, who have been our leaders since our inception. If one or more of our executive directors, officers or other
key personnel are unable or unwilling to continue in their present positions, we and the VIEs may not be able to replace them easily
or at all and our and the VIEs' business may be disrupted and our financial condition and results of operations may be materially
and adversely affected. Competition for experienced executive directors or management personnel in the private education sector is intense,
the pool of qualified candidates is very limited and we and the VIEs may not be able to retain the services of our executive directors
or officers or key personnel, or attract and retain high-quality executive directors or officers or key personnel in the future. In addition,
if any member of our executive directors or officers or any other key personnel joins a competitor or forms a competing company, we and
the VIEs may lose teachers, students and staff members. As a result, our and the VIEs' business, financial condition and results
of operations may be materially and adversely affected.
Each
of our executive officers has entered into an employment contract and certain executive officers and/or key employees have entered into
confidentiality agreements with us. The employment contracts and confidentiality agreements are governed by PRC laws and any disputes
would be resolved in accordance with PRC legal procedures. The legal environment in the PRC is not as developed as in other jurisdictions
such as the United States and uncertainties in the PRC legal system could limit our ability to enforce these agreements. For example,
prior court decisions may be cited for reference but not necessary and have limited precedential value in the PRC and the PRC arbitration
tribunals and courts have significant discretion in interpreting, implementing or enforcing relevant PRC laws. It is thus difficult to
predict the outcome of any arbitration awards or court proceedings or gage the level of legal protection that such awards or proceedings
may provide. Accordingly, if any disputes arise between any of our senior executives or key personnel and us, it may be difficult to
enforce these agreements against these individuals. As a result, our and the VIEs' business, financial condition and results of
operations may be materially and adversely affected.
If
we and the VIEs fail to implement and maintain an effective system of internal controls, we may be unable to accurately report our results
of operations, meet our reporting obligations 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 the U.S. securities laws. Section 404 of the Sarbanes-Oxley Act of 2002 requires that
we include a management report on such company's internal control over financial reporting in our annual report on Form 20-F beginning
with our annual report for the fiscal year ended December 31, 2021. Our management has concluded that the material weaknesses identified
during the fiscal years ended December 31, 2019 and 2020 have been remediated, the internal control over financial reporting was
effective as of December 31, 2021 and 2022. See "Item 15. Controls and Procedures."
As
defined in the standards established by the PCAOB, a "material weakness" is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual
or interim financial statements will not be prevented or detected on a timely basis. The material weakness identified during the fiscal
years ended December 31, 2019 and 2020 is our lack of sufficient financial reporting and accounting personnel with appropriate understanding
of accounting principles generally accepted in U.S. GAAP, to design and implement formal period-end financial reporting policies and
procedures, to address complex U.S. GAAP technical accounting issues and to prepare and review our consolidated financial statements
and related disclosures in accordance with U.S. GAAP and financial reporting requirements set forth by the SEC. We have implemented a
number of measures to address the material weakness. See "Item 15. Controls and Procedures—Internal Control over Financial
Reporting." However, we cannot assure you that these measures may fully address the material weaknesses and deficiencies in our
internal control over financial reporting or that we may conclude that they have been fully remediated.
Neither
we nor our independent registered public accounting firm undertook a comprehensive assessment of our internal control for purposes of
identifying and reporting material weaknesses and other control deficiencies in our internal control over financial reporting. Had we
performed a formal assessment of our internal control over financial reporting or had our independent registered public accounting firm
performed an audit of our internal control over financial reporting, additional deficiencies may have been identified.
39
We
are now a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Section 404 of this Act requires that we
include a report of management on our internal control over financial reporting in our annual report on Form 20-F beginning with our
annual report for the fiscal year ending December 31, 2021. In addition, once we cease to be an "emerging growth company,"
as such term is defined in the JOBS 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, after conducting its own independent testing, 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. In addition, being a public company, our reporting obligations may place a significant strain
on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our
evaluation testing and any required remediation.
During
the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may
identify other weaknesses and deficiencies in our internal control over financial reporting. In addition, if we fail to maintain the
adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time,
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. 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 our 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.
Failure
to develop appropriate internal control and management structures in line with our rapid growth could result in a material adverse effect
on our and the VIEs' business, prospects, financial condition and results of operations.
Our
and the VIEs' business and operations have been expanding rapidly. Significant management resources must be expanded to develop
and implement appropriate and effective internal control, risk monitoring and management systems which are in line with our growth. These
systems are critical to ensure our compliance with the relevant laws and regulations on an on-going basis, effective business operations
and our future development. Historically, our and the VIEs' business operations were subject to certain legal risks due to insufficient
internal control measures. These miscellaneous fees were mainly fees incurred from medical care and purchase of learning materials. The
teachers then immediately transferred all amounts collected to our schools' accounts. Since June 2020, we have ceased such payment
collection arrangement through teachers and no warnings or penalties were imposed upon us by the relevant authorities. However, if we
fail to effectively implement our internal control measures and if we fail to allocate appropriate management resources, we may not be
able to identify compliance issues, administrative oversight, unfavorable business trends or other risks that could materially and adversely
affect our and the VIEs' business, prospects, financial condition and results of operations.
40
Our
ADSs may be prohibited from trading in the United States under the HFCAA in the future if the PCAOB is unable to inspect or investigate
completely our auditor 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.
Pursuant
to the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been
subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our shares or ADSs from being traded on a national
securities exchange or in the over-the-counter trading market in the United States.
On
December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the PCAOB was unable to inspect or investigate
completely registered public accounting firms headquartered in mainland China and Hong Kong (the "2021 Determination").
In
March 2022, the SEC issued its first "Conclusive list of issuers identified under the HFCAA". The identified issuers in the
list are subject to the delisting provisions if they remain on the list for two consecutive years.
On
December 15, 2022, the PCAOB removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or
investigate completely registered public accounting firms.
Even
so, the SEC still included the issuers to the "Conclusive list of issuers identified under the HFCAA" if the issuers filed
an annual report with an audit report issued by a registered public accounting firm headquartered in mainland China and Hong Kong prior
to the PCAOB's decision to vacate its 2021 Determination. Additionally, each identified issuer that is on the conclusive list must
comply with the HFCAA's submission and disclosure requirements for the year that it is identified. As of the date of this prospectus,
more than 170 public companies have been listed in as issuers identified under the HFCAA.
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. Any lack of
access to the PCAOB inspection in China may prevent the PCAOB from fully evaluating audits and quality control procedures of the auditors
based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspection.
Our
auditor, WWC P.C., the independent registered public accounting firm that issues the audit report included elsewhere in this form, is
headquartered in San Mateo, California and registered with the PCAOB. Our auditor is subject to laws in the United States pursuant to
which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards. As
such, as of the date of the annual report, our auditor is not subject to the 2021 Determinations announced by the PCAOB and our listing
is not affected by the HFCAA and related regulations. While our auditor is based in the U.S. and is registered with PCAOB and subject
to PCAOB inspection as of the date of this annual report, if, in the future, we have been identified by the SEC for two consecutive years
as a commission-identified issuer whose registered public accounting firm is determined by the PCAOB that it is unable to inspect or
investigate completely because of a position taken by one or more authorities in China, the SEC may prohibit our shares or ADSs from
being traded on a national securities exchange or in the over the counter trading market in the United States, and this ultimately could
result in our ADSs being delisted.
41
Our
and the VIEs' business, financial performance and results of operations could be adversely affected by the deterioration of the
relation between China and the United States.
The
relation between China and the United States is constantly changing. There was a "trade war" between the two countries in
during 2020, 2021 and 2022, the United States imposed additional import tariffs on specified products imported from China. As a result,
China has responded by imposing retaliatory tariffs on goods exported from the United States. Tensions exist in other areas such
as political, social and health issues, including the disagreements in relation to the COVID-19 pandemic. In light of the ongoing tensions
between China and the United States, there is a risk that our and the VIEs' business and our listing status may be adversely affected
by trade restrictions, sanctions and other policies that may be implemented. As we and the VIEs operate in China, any deterioration in
political or trade relations might cause a public perception in the United States or elsewhere that might cause our and the VIEs'
education services to become less attractive. The United States lawmakers have introduced several bills intended to protect American
investments in Chinese companies. The PWG criticized China's failure to uphold international commitment to transparency and called
for recommendations to protect U.S. investors from China's failure to allow audits of U.S.-listed Chinese companies. The PWG may
impact U.S.-listed Chinese companies if strict compliance with audit requirements and U.S. law or new listing rules or governance standards
were imposed. 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, the resulting legislation
may have a material and adverse impact on the performance of the stocks of the China-based issuers listed in the United States.
In
addition, political tensions between the United States and China have escalated due to, among other things, trade disputes, the COVID-19
outbreak, tensions over Taiwan, legislation passed by the U.S. Senate banning all imports from Xinjiang, sanctions imposed by the U.S.
Department of Treasury on certain officials of Xinjiang's regional government, the Hong Kong Special Administrative Region and
the central government of the PRC and the new executive orders issued by U.S. President Joe Biden in June 2021 that barring American
investment into Chinese firms with purported ties to defense or surveillance technology sectors, which was expanded on an earlier investment
blacklist issued by former U.S. President Donald J. Trump. Under President Joe Biden's administration, causes of US-China friction
remains. Ongoing 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 and the VIEs' business, prospects, financial
condition and results of operations.
Changes
in political conditions and changes in the state of China-U.S. relations are difficult to predict and could adversely affect our and
the VIEs' business, operating results and financial condition. We cannot predict what effect any changes in China-U.S. relations
may have on our ability to access capital or effectively operate our and the VIEs' business in China. Moreover, any political or
trade controversies between the United States and China, whether or not directly related to our and the VIEs' business, could cause
investors to be unwilling to hold or buy our ADSs and consequently cause the trading price of our ADSs to decline.
The
enforcement of the PRC Labor Contract Law and other labor-related regulations in the PRC may adversely affect our and the VIEs'
business and results of operations.
The
Standing Committee of the National People's Congress enacted the Labor Contract Law in 2008, and amended it on December 28,
2012. The Labor Contract Law introduced specific provisions related to fixed-term employment contracts, part-time employment, probationary
periods, consultation with labor unions and employee assemblies, employment without a written contract, dismissal of employees, severance,
and collective bargaining to enhance previous PRC labor laws. Under the Labor Contract Law, except where an employee under a fixed-term
labor contract, an employer is obligated to sign a permanent labor contract with any employee who has worked for the employer for more
than ten consecutive years. Further, if an employee requests or agrees to renew a fixed-term labor contract that has already been entered
into twice consecutively, the resulting contract, with certain exceptions, must have an unlimited term, subject to certain exceptions.
In addition, the PRC governmental authorities have continued to introduce various new labor-related regulations since the effectiveness
of the Labor Contract Law.
42
Under
the PRC Social Insurance Law and the Administrative Measures on Housing Fund, employees are required to participate in pension insurance,
work-related injury insurance, medical insurance, unemployment insurance, maternity insurance, and housing funds and employers are required,
together with their employees or separately, to pay the social insurance premiums and housing funds for their employees. As of December 31,
2022, we and the VIEs had made social insurance contribution for the PRC-based employees based on the relevant PRC laws and regulations
and practical measures. If we and the VIEs fail to, or are deemed to have failed to, make adequate social insurance and housing fund
contributions in the future, we and the VIEs may be required to make supplemental contributions and/or subject to overdue fees and/or
fines and our and the VIEs' business, financial condition and results of operations may be adversely affected. See "Item
4. Information on the Company—B. Business Overview—Regulation—PRC Laws and Regulations Relating to Labor Protection."
These
laws designed to enhance labor protection tend to increase our labor costs. In addition, as the interpretation and implementation of
these regulations are still evolving, our and the VIEs' employment practices may not be at all times be deemed in compliance with
the regulations. As a result, we and the VIEs could be subject to penalties or incur significant liabilities in connection with labor
disputes or investigations.
The
increases in labor costs in the PRC may adversely affect our and the VIEs' business and results of operations and we may face labor
and employment related disputes and regulatory penalties.
China's
economy has experienced increases in labor costs in recent years and the overall economy and the average wages in China are expected
to continue to grow. The average wage level for our employees has also increased in recent years. We expect that our employee costs,
including salaries and welfare, will continue to increase. Unless we are able to pass on these increased labor costs to our students
and their parents by increasing tuition, meal and accommodation service fees, our profitability and results of operations may be materially
and adversely affected.
In
addition, we have been subject to stricter regulatory requirements in terms of entering into labor contracts with our employees and paying
various statutory employee benefits to designated government agencies for the benefit of our employees. Compared with its predecessors,
the current Labor Contract Law of the PRC imposes stricter requirements on employers in terms of signing labor contracts, minimum wages,
paying remuneration, determining the term of employees' probation and unilaterally terminating labor contracts, further increasing
our labor-related costs such as limiting our ability to terminate employment of some of our employees or otherwise change our employment
or labor practices in a cost-effective manner. In addition, as the interpretation and implementation of labor-related laws and regulations
are still developing, we cannot assure you that our employment practices have been or will at all times be deemed in compliance with
the labor-related laws and regulations in China. If we are subject to severe penalties in connection with labor disputes or government
investigations, our and the VIEs' business, financial condition and results of operations will be adversely affected.
Seasonal
and other fluctuations in our results of operations could adversely affect the trading price of the ADSs.
Our
net revenue and results of operations normally fluctuate from quarter to quarter as a result of seasonal variations in our and the VIEs'
business. Our students 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 the semester. The fluctuations may result in volatility
or have an adverse effect on the market price of the ADSs. In addition, comparisons of our operating results between different periods
within a single financial year, or between the same periods in different financial years, may not be meaningful and should not be relied
upon as good indicators of our performance.
We
have limited insurance coverage.
We
maintain various insurance policies to safeguard against certain risks and unexpected events, such as school liability insurance, student
personal accident insurance and property insurance for vehicles. However, our insurance may not be sufficient in terms of amounts and
scope. If we were held liable for amounts and claims exceeding the scope or amounts covered by our insurance policies, or suffered losses
from incidents for which we do not currently maintain any insurance, we may be required to pay significant damages or suffer significant
loss without being able to recover all or part of the amounts from insurance companies, and our and the VIEs' business, results
of operations and financial condition may be materially and adversely affected. In addition, we do not have any business disruption insurances
to cover losses caused by natural disasters or catastrophic events, which may significantly disrupt our and the VIEs' business
operations and incur substantial costs on us, and may materially and adversely affect our and the VIEs' business, financial condition
and results of operations.
43
We
and the VIEs may not be able to adequately protect our intellectual property rights.
As
of December 31, 2022, we had 46 and two registered trademarks in the PRC and Hong Kong, respectively. As of December 31, 2022,
we and the VIEs had no trademarks pending registration in the PRC or Hong Kong. We and the VIEs obtained five computer software copyrights
through the acquisition of Hangzhou Youxi by Liandu WFOE in February 2021. We believe our and the VIEs' trademarks and other intellectual
properties are competitive advantages and are important to our success to date and our future prospects. We have been investing resources
to develop our own intellectual properties and we take prudent steps to protect our intellectual properties and know-how. However, the
steps we have taken to protect our intellectual property rights may not prevent the misappropriation of our proprietary information or
deter independent development of similar technologies by others and halt any copycat attempts.
In
addition, the legal regime governing intellectual property in China is still evolving and the level of protection of intellectual property
rights and know-how in China may differ from those in other more developed jurisdictions. Accordingly, protection of intellectual property
rights in China might not be as effective as in the United States or other western countries. Furthermore, policing unauthorized use
of proprietary technology is difficult and expensive, and we might need to resort to litigation to enforce or defend our intellectual
property rights or to determine the enforceability, scope and validity of our proprietary rights or those of others. Such litigation
and an adverse determination in any such litigation, if any, could result in substantial costs and the diversion of resources and management's
attention.
We
and the VIEs may be subject to intellectual property infringement claims and our brand and reputation may be negatively affected.
From
time to time, we and the VIEs could face allegations of trademark, copyright, patent and other intellectual property rights infringement
of third parties. Such allegations of intellectual property right infringements could come from our competitors and third parties which
operate in other industries. In the event that we or the VIEs are sued by the intellectual property owners or licensees, or we or the
VIEs receive a cease and desist letter or a court order regarding alleged infringements, we and the VIEs may have to discontinue to use
the brand name and may be subject to claims or other financial losses. In the event that any lawsuit is filed against us and the VIEs
and such claims were to prevail, it could have an adverse effect on our and the VIEs' business, financial conditions and results
of operations. In addition, we and the VIEs will have to invest in additional resources in establishing new brand names, which may take
time and cause us significant costs and efforts, which in turn affects our ability to develop and grow.
Capacity
constraints or system disruptions to our computers or network, any cybersecurity incidents, or any unauthorized disclosure or manipulation
of sensitive information relating to our students and teachers may expose us to litigation and damages or may adversely affect the reputation
of our schools.
We
and the VIEs possess sensitive and private information about our students and teachers, such as names, addresses, contact numbers, ID
numbers and exam scores of our students. We and the VIEs store these sensitive data primarily in computers located in our school offices.
If any sensitive and private data about our students and teachers was lost, damaged or leaked due to capacity constraints or system disruptions
to our computers or network, was obtained, disclosed or manipulated by unauthorized third parties through cybersecurity breaches to the
computers or network of our schools or our providers, or was negligently misappropriated or disclosed by our staff, we and the VIEs may
be sued and held liable for damages, which may incur significant costs, negatively affect our reputation and divert management attention
and other resources. As a result, our and the VIEs' business, financial condition and results of operations may be materially and
adversely affected.
44
Risks
Relating to Our Corporate Structure
Our
and the VIEs' private education service business is subject to extensive regulation in China. We and the VIEs may be subject to
severe penalties if the PRC government finds that the agreements that establish the structure for operating our and the VIEs' business
in China do not comply with applicable PRC laws and regulations.
Our
and the VIEs' private education service business is subject to extensive regulations in China. The PRC government regulates various
aspects of our and the VIEs' 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 changes, and new laws and regulations may be adopted, some of which may have a negative effect on our and the VIEs'
business, either retrospectively or prospectively.
We
are a Cayman Islands company and thus, we are classified as a foreign enterprise under the PRC laws. Foreign investment in the education
industry in China is extensively regulated and subject to various restrictions. Under the Special Administrative Measures for Foreign
Investment Access (Negative List) (2021), or the 2021 Special Administrative Measures, high school is restricted industries for foreign
investors, and foreign investors are only allowed to invest in such industries in cooperative ways with domestic investors, provided
that domestic investors play a dominant role in such cooperation. Furthermore, under the Implementation Opinions of the MOE on Encouraging
and Guiding the Entry of Private Capital in the Field of Education and Promoting the Healthy Development of Private Education, which
was issued by the MOE on June 18, 2012, the foreign portion of the total investment in a Sino-foreign joint venture high school
should be below 50%. According to Regulations of the People's Republic of China on Establishment and Operation of Sino-Foreign
Cooperative Educational Institutions issued by the State Council on March 2, 2019, the foreign investor that participates in the
establishment of a Sino-foreign cooperative educational institution shall be a foreign educational institution that possesses the relevant
credentials and teaching quality. In addition, pursuant to the Sino-foreign Vocational Skills Training Measures, the foreign investor
in a Sino-foreign technical school must be a foreign education institution or a foreign vocational skills training institution with relevant
qualifications on education services and operating high-quality education. See "Item 4. Information on the Company—B. Business
Overview—Regulation—Regulations on Sino-Foreign Cooperation in operating school" for details.
Although
foreign investment in high schools and vocational schools is not prohibited, based on the operation experience, our subsidiary Liandu
WFOE in China is still ineligible to independently or jointly invest and operate high schools and vocational schools, including Qingtian
International School and Langfang School.To comply with PRC laws and regulations, our wholly-owned subsidiary, Liandu WFOE, has entered
into a series of contractual arrangements with the VIEs, pursuant to which we are regarded as the primary beneficiary of the VIEs in
accordance with U.S. GAAP. For a description of these contractual arrangements, see "Item 4. Information on the Company—C.
Organizational Structure—Contractual Arrangements". If the contractual arrangements that establish the structure for operating
our and the VIEs' business in China are found to violate any PRC laws or regulations in the future or fail to obtain or maintain
any of the required permits or approvals, the relevant PRC regulatory authorities, including the Ministry of Education of People's
Republic of China, or the MOE, which regulates the education industry, the Ministry of Commerce, or MOFCOM, which regulates the foreign
investment in China, and the Civil Affairs Bureau, which regulates the registration of schools in China, would have broad discretion
in dealing with such violations, including:
●
revoking
                                            the business and operating licenses of our PRC subsidiaries or VIEs;
●
discontinuing
                                            or restricting the operations of any related-party transactions among Liandu WFOE or VIEs;
●
imposing
                                            fines or other requirements with which we or Liandu WFOE or VIEs may not be able to comply;
●
requiring
                                            us to restructure our operations in such a way as to compel us to establish new entities, re-apply for
                                            the necessary licenses or relocate our and the VIEs' businesses, staff and assets;
●
imposing
                                            additional conditions or requirements with which we may not be able to comply; or
●
restricting
                                            the use of proceeds from our additional public offering or financing to finance our and the
                                            VIEs' business and operations in China.
As
of the date of the annual report, 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 and the VIEs' 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.
45
Uncertainties
exist with respect to the interpretation and implementation of the newly enacted Foreign Investment Law of the People's Republic
of China and how it may affect the viability of our current corporate structure, corporate governance, business, financial condition
and results of operations.
On
March 15, 2019, the National People's Congress promulgated the Foreign Investment Law of PRC or the Foreign Investment Law,
which came into effect on January 1, 2020 and replaced the Law of the PRC on Chinese-Foreign Equity Joint Ventures, the Law of the
PRC on Chinese-Foreign Contractual Joint Ventures, and the Wholly Foreign-invested Enterprise Law. The Foreign Investment Law embodies
an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice
and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. For instance, the Foreign
Investment Law does not explicitly classify contractual arrangements as a form of foreign investment.
Conducting
operations through contractual arrangements has been adopted by many PRC-based companies, and has been adopted by our Company
to establish control of the VIEs. Since the Foreign Investment Law is relatively new, uncertainties still exist in relation to its interpretation
and implementation, and failure to take timely and appropriate measures to cope with the regulatory-compliance challenges could result
in material and adverse effect on us. For instance, although the Foreign Investment Law does not explicitly classify contractual arrangement
as a form of foreign investment, it still leaves a leeway for future laws and if future laws, administrative regulations or provisions
stipulates contractual arrangements as a way of foreign investment, then whether our contractual arrangements will be recognized as foreign
investment, whether our contractual arrangements will be deemed to be in violation of the foreign investment access requirements and
how our contractual arrangements will be handled are uncertain. In the extreme case-scenario, we may be required to unwind the contractual
arrangements and/or dispose relevant business operations, which could have a material and adverse effect on our and the VIEs' business,
financial condition and result of operations.
Our
contractual arrangements may not be as effective in providing control over the VIEs as equity ownership
We
have relied and expect to continue to rely on our contractual arrangements to operate private education businesses in China. These contractual
arrangements may not be as effective in providing us with control over the VIEs as equity ownership. If we had equity ownership of the
VIEs, we would be able to exercise our rights as a direct or indirect shareholder to effect changes in the board of directors of the
VIEs, which in turn could effect changes, subject to any applicable fiduciary obligations, at the management level. However, as these
contractual arrangements stand now, if the VIEs or their shareholders fail to perform their respective obligations under these contractual
arrangements, we cannot exercise shareholders' rights to direct corporate actions as direct ownership would otherwise entail. If
the parties under such contractual arrangements refuse to carry out our directions in relation to everyday business operations, we will
be unable to maintain effective control over the operations of our schools in China. If we were to lose effective control over the VIEs,
certain negative consequences would result, including our being unable to consolidate the financial results of the VIEs with our financial
results. Given that we derived substantially all of our revenue from the VIEs for 2020, 2021 and 2022 and substantially all of our assets
are held by the VIEs (including our permits and licenses, real estate leases, buildings and other educational facilities related to our
schools), our financial position would be materially and adversely affected if we were to lose effective control over the VIEs or if
our contractual arrangements are invalidated or nullified. In addition, losing effective control over the VIEs may negatively affect
our operational efficiency and brand image. Further, losing effective control over the VIEs may impair our access to their cash flow
from operations, which may reduce our liquidity.
In
addition, if the legal structure and the contractual arrangements were found to be in violation of any existing or future PRC laws and
regulations, we may be subject to fines or other legal or administrative sanctions. If government actions cause us to lose our right
to direct the activities of our affiliated entities or our right to receive substantially all the economic benefits and residual returns
from our affiliated entities 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 our affiliated entities.
Furthermore,
we are a holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct
a substantial majority of our operations through our subsidiaries established in China, the VIEs, and its subsidiaries in China. We entered
into certain contractual arrangements with the VIEs through Liandu WFOE, pursuant to which we are regarded as the primary beneficiary
of the VIEs in accordance with U.S. GAAP. Our ADSs listed on Nasdaq Global Market represents shares of our offshore holding company instead
of shares of the VIEs or its subsidiaries in China. We may not be able to continue to satisfy the applicable requirements and rules with
respect to such structure. If we are unable to satisfy the Nasdaq Capital Market criteria for maintaining our listing, our securities
could be subject to delisting.
46
If
the PRC government determines that the contractual arrangements constituting part of the 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 our 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 all 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.
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 the 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
our ADSs or ordinary shares may decline in value or become worthless.
Prior
to August 31, 2021, we and the VIEs primarily operated primary and secondary school in Baiyun campus and Yijing campus—Featured
Division of Lianwai School through a series of contractual arrangements with the VIEs. Under the 2021 Implementation Rules which took
effect on September 1, 2021, social organizations and individuals are prohibited from controlling a private school that provides
compulsory 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 among Liandu WFOE
and Lianwai School providing compulsory education. Therefore, we re-assessed our control over Lianwai School. Based on the relevant accounting
standard in accordance with U.S. GAAP, we have concluded that we have lost control of Lianwai School since August 31, 2021, in view
of the significant uncertainties and restrictions the 2021 Implementation Rules impose on our ability to direct the range of ongoing
activities that would most significantly impact the returns of Lianwai School. In light of such regulatory developments, on April 20,
2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai School and respective directors, to confirm
all the terms of rights and obligations relating to Lianwai School and the directors appointed by the sponsor under the contractual arrangements
among them, and agree among the parties that such arrangements shall have been terminated on August 31, 2021. To minimize disruptions
to existing students enrolled in Lianwai School, we and the VIEs continued to offer essential services to the students. We deconsolidated
Lianwai School commencing from September 1, 2021 and presented it as a discontinued operation in current and comparative period
financial statements.
Meanwhile,
we and the VIEs have entered into a series of contractual arrangements with Qingtian International School and Langfang School. The contractual
arrangements enable us to: (i) exercise effective control over the VIEs; (ii) receive substantially all of the economic benefits
of the VIEs in consideration for the services provided by us; and (iii) 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 in accordance with U.S. GAAP. However, as there are substantial uncertainties regarding the interpretation
and application of PRC laws and regulations, 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.
If
such regulations change or are interpreted differently, it may result in our inability to assert contractual control over the assets
of our PRC subsidiaries or the VIEs that conduct all or substantially all of our operations. In the event we are unable to enforce the
Contractual Arrangements or we experience significant delays or other obstacles in the process of enforcing these Contractual Arrangements,
we may not be able to exert control over the VIEs and may lose control over the assets owned by the VIEs.
47
The
owners of the VIEs may have conflicts of interest with us, which may materially and adversely affect our and the VIEs' business,
financial condition and results of operations.
Our
control over the VIEs is based upon the contractual arrangements with the VIEs. The beneficial owners of the VIEs and the registered
shareholders are also our controlling shareholders. Any of them may potentially have conflicts of interest with us and breach any of
their contracts or undertakings with us if it would further any of their own interests or if any of them otherwise acts in bad faith.
We cannot assure you that when conflicts of interest arise between our Company and the beneficial owners of the VIEs, any of them will
act completely in our interest or that the conflicts of interest will be resolved in our favor. In the event that such conflict of interest
cannot be resolved in our favor, we may have to rely on legal proceedings which may disrupt our and the VIEs' business operations
and subject us to uncertainties as to the outcome of such legal proceedings. As a result, our and the VIEs' business, financial
condition and results of operations may be materially and adversely affected.
We
may have to incur additional costs and expend substantial resources to enforce our contractual arrangements, temporarily or permanently
lose control over our primary operations or lose access to our primary sources of revenue, if the VIEs or their respective ultimate shareholders
fail to perform their obligations under our contractual arrangements.
Under
the current contractual arrangements, if any of the VIEs or their ultimate shareholders fails to perform its or her respective obligations
under these contractual arrangements, we may incur substantial costs and resources to enforce such arrangements and relying on legal
remedies under PRC laws, including seeking specific performance or injunctive relief and claiming damages.
Since
our contractual arrangements are governed by PRC law and provide for the resolution of disputes through arbitration in China, these contracts
would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. Under PRC
laws, rulings by arbitration tribunals are final and the parties to a dispute cannot appeal the arbitration award in any court based
on the substance of the case. The prevailing party may enforce the arbitration award by instituting arbitration award recognition proceedings
with the competent PRC court. In addition, uncertainties in the PRC legal system could limit our ability to enforce these contractual
arrangements. In the event that we are unable to enforce these contractual arrangements, we may not be able to exert effective control
over the VIEs for an extended period of time or we may be permanently unable to exert control over the VIEs.
In
addition to the enforcement costs outlined above, during the course of disputes regarding such enforcement action, we may temporarily
lose effective control over our schools in China, which may lead to loss of revenue or potentially lead to our having to incur additional
costs and expend substantial resources to operate our and the VIEs' business in the absence of effective enforcement of these contractual
arrangements. If this were to occur, our and the VIEs' business, financial condition and results of operations may be materially
and adversely affected and the value of our Shareholders' investments in our Company may therefore decrease.
Certain
terms of our contractual arrangements may not be enforceable under PRC laws.
Our
contractual arrangements provide for the resolution of disputes through arbitration in accordance with the arbitration rules of the China
International Economic and Trade Arbitration Commission in Beijing. Our contractual arrangements contain provisions to the effect that
the arbitral body may award remedies over the shares and/or assets of the VIEs, injunctive relief and/or winding up of the VIEs. In addition,
our contractual arrangements contain provisions to the effect that courts in the Cayman Islands are empowered to grant interim remedies
in support of the arbitration pending the formation of an arbitral tribunal. Under PRC laws, an arbitral body granting any injunctive
relief or provisional or final liquidation order to preserve the assets of or any equity interest in Chinese legal entities in case of
disputes must submit the application to the court in China. Therefore, such remedies may not be available to us, notwithstanding the
relevant contractual provisions contained in our contractual arrangements. PRC laws allow an arbitral body to award the transfer of assets
of or an equity interest in China in favor of an aggrieved party. In the event of non-compliance with such award, enforcement
measures may be sought from the court. However, the court may or may not support the award of an arbitral body when deciding whether
to take enforcement measures. Under PRC laws, courts of judicial authorities in the PRC generally would not grant injunctive relief or the winding-up order
against an entity as interim remedies to preserve the assets or shares in favor of any aggrieved party. As a result, in the event that
the VIEs or any of the registered shareholders breaches any of the contractual arrangements, we may not be able to obtain sufficient
remedies in a timely manner, and our ability to exert effective control over the VIEs and conduct the education business could be materially
and adversely affected.
48
Our
exercise of the option to acquire school sponsor's interests in Qingtian International School and Langfang School may be subject
to certain limitations and we may incur substantial costs and spend significant resources to enforce the option under the contractual
arrangements.
We
may incur substantial costs on our part to exercise the option to acquire the school sponsor's interests in Qingtian International
School and Langfang School. Pursuant to the Exclusive Call Option Agreements, if and when the PRC laws and regulations permit foreign
investors to directly hold part or all of the equity interests of the VIEs and to engage in the restricted and prohibited business, Liandu
WFOE or its designated purchaser may, at its discretion, purchase all or part of the direct and/or indirect equity interests (including
the interests in Qingtian International School) held by Lishui Mengxiang's shareholders, or purchase all or part of the direct
and/or indirect equity interests (including the interests in Langfang School) held by Beijing P.X.'s shareholders at the minimum
price permitted by PRC laws and regulations, and the percentage of equity interests to be purchased by Liandu WFOE or its designated
purchaser shall be no less than the maximum limit permitted by the PRC laws and regulations in relation to the equity held by foreign
investors. Such equity transfer price is not expressly provided for in the current PRC laws and regulations and it is uncertain whether
it may be further regulated by future PRC laws and regulations. As a result, the estimated costs associated with the purchase of the
equity interests in the VIEs cannot be ascertained as of the date of the annual report.
Pursuant
to the Exclusive Call Option Agreement with respect to Qingtian International School, Lishui Mengxiang's shareholders have irrevocably
undertaken that if the purchase price is determined at an amount exceeding RMB0, the difference shall be compensated fully by Lishui
Mengxiang's shareholders to Liandu WFOE or its designated entity. In the event that Liandu WFOE or its designated party acquires
the equity interests of Lishui Mengxiang or Qingtian International School and the relevant PRC authorities determine that the purchase
price for acquiring such interests in Qingtian International School is below market value, the respective equity holder(s), Lishui Mengxiang's
shareholders or Lishui Mengxiang, may be required to pay taxes with reference to the market value such that the amount of tax may be
substantial. However, pursuant to the Exclusive Call Option Agreement, all taxes and fees associated with the equity transfer shall be
paid by Lishui Mengxiang's shareholders and/or the direct equity holders of the VIEs upon the transfer. We will determine the purchase
target after due consideration of the said tax duties and fees before exercising the call option. In the event that Lishui Mengxiang
is deemed as the direct interest holder, it may be subject to such tax. Furthermore, the PRC tax authorities may impose late payment
penalties on Lishui Mengxiang for the adjusted but unpaid taxes according to the applicable regulations. Our financial position could
be materially and adversely affected if Lishui Mengxiang's tax liabilities increase or if it is required to pay late payment fees
and other penalties.
Pursuant
to the Exclusive Call Option Agreement with respect to Langfang School, Beijing P.X.'s shareholders have irrevocably undertaken
that if the purchase price is determined at an amount exceeding RMB0, the difference shall be compensated fully by Beijing P.X.'s
shareholders to Liandu WFOE or its designated entity. In the event that Liandu WFOE or its designated party acquires the equity interests
of Beijing P.X. or Langfang School and the relevant PRC authorities determine that the purchase price for acquiring such interests in
Langfang School is below market value, the respective equity holder(s), Beijing P.X.'s shareholders or Beijing P.X., may be required
to pay taxes with reference to the market value such that the amount of tax may be substantial. However, pursuant to the Exclusive Call
Option Agreement, all taxes and fees associated with the equity transfer shall be paid by Beijing P.X.'s shareholders and/or the
direct equity holders of Beijing P.X. and Langfang School upon the transfer. We will determine the purchase target after due consideration
of the said tax duties and fees before exercising the call option. In the event that Beijing P.X. is deemed as the direct interest holder,
it may be subject to such tax. Furthermore, the PRC tax authorities may impose late payment penalties on Beijing P.X. for the adjusted
but unpaid taxes according to the applicable regulations. Our financial position could be materially and adversely affected if Beijing
P.X.'s tax liabilities increase or if it is required to pay late payment fees and other penalties.
Our
contractual arrangements may be subject to scrutiny by the PRC tax authorities, which may impose late payment fees and other penalties
on us.
Under
PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by the PRC tax authorities.
We and the VIEs could face material and adverse tax consequences if the PRC tax authorities determine that the Business Cooperation Agreement
and Exclusive Technical Service and Business Consulting Agreement entered into, among others, the VIEs and Liandu WFOE does not represent
an arm's-length price and adjust any of those entities' income in the form of a transfer pricing adjustment. A
transfer pricing adjustment could increase our tax liabilities. In addition, PRC tax authorities may form the view that our subsidiaries
or the VIEs have improperly minimized their tax obligations and we and the VIEs may not be able to rectify any such incident within the
limited timeline required by PRC tax authorities. As a result, PRC tax authorities may impose late payment fees and other penalties on
us for under-paid taxes, which may materially and adversely affect our and the VIEs' business, financial condition and results
of operations.
49
Certain
lease agreements of our leased properties have not been registered with the relevant PRC government authorities as required by PRC law,
which may expose us to potential fines.
According
to the applicable PRC laws, parties to a lease agreement are required to file the lease agreements for registration and obtain property
leasing filing certificates for their leases. As of the date of the annual report, we and the VIEs have entered into seven lease agreements
with third-party landlords for using the school buildings, facilities and dormitories and failed to register seven lease agreements under
which we and the VIEs are tenant. The failure to register the lease agreements will not affect the validity of such agreements. However,
we and the VIEs may be required by relevant government authorities to file the lease agreements to complete the registration formalities
and may be subject to a fine for non-registration within the prescribed time limit, which may range from RMB1,000 to RMB10,000 per lease
agreement. The imposition of the above fines could require us to make additional efforts and/or incur additional expenses, any of which
could adversely affect our and the VIEs' business, financial condition and results of operations. The registration of these lease
agreements to which we and the VIEs are a party requires additional steps to be taken by the respective other parties to the lease agreement
which are beyond our control. We and the VIEs cannot assure you that the other parties to our lease agreements will be cooperative or
that we and the VIEs can complete the registration of these lease agreements and any other lease agreements that we and the VIEs may
enter into in the future.
We
rely on dividends and other payments from Liandu WFOE to pay dividends and other cash distributions to our shareholders
Our
Company is a holding company and our ability to pay dividends and other cash distributions to our Shareholders, service any debt we may
incur and meet our other cash requirements depends significantly on our ability to receive dividends and other distributions from Liandu
WFOE. The amount of dividends paid to us by Liandu WFOE depends solely on the service fees paid to Liandu WFOE from the VIEs. However,
there are restrictions under PRC laws for the payment of dividends to us by Liandu WFOE. For example, relevant PRC laws and regulations
permit payments of dividends by Liandu WFOE only out of its retained earnings, if any, as determined in accordance with PRC accounting
standards and regulations. Under PRC laws and regulations, Liandu WFOE is required to set aside at least 10% of its after-tax profits
based on the PRC accounting standards each year to fund a statutory reserve, until the accumulated amount of such reserve has exceeded
50% of its registered capital. Consequently, Liandu WFOE is restricted in its ability to transfer a portion of its net assets to us or
any of our other subsidiaries in the form of dividends, loans or advances. The foregoing restrictions on the ability of Liandu WFOE to
pay dividends to us and the limitations on the ability of VIEs to pay service fees to Liandu WFOE could materially and adversely limit
our ability to borrow money outside of China or pay dividends to holders of our shares.
Qingtian
International School and Langfang School may be subject to limitations on their ability to operate private education or make payments
to related parties.
Before
the promulgation of the Decision in 2016, the principal regulations governing private education in China are the Promotion Law and the
Regulations on the Implementation of the Non-State Education Promotion Law of the PRC. Under these regulations, a private school may
elect to be a school that does not require reasonable returns or a school that requires reasonable returns. A private school that does
not require reasonable returns cannot distribute dividends to its school sponsors. A private school whose school sponsor requires reasonable
returns must consider factors such as items and criteria for the school's fees, the ratio of the funds used for education-related
activities to the total fees collected, the school's operational level and educational quality when determining the percentage
of the school's net income that would be distributed as reasonable returns. However, the Promotion Law in force at the time did
not provide a formula or guidelines for determining what constitutes a "reasonable return". PRC laws and regulations require
a private school the school sponsor of which requires reasonable returns to make an annual appropriation of 25% of its after-tax income
to its development fund prior to payments of reasonable returns, while in the case of a private school that does not require reasonable
returns, this amount is at least 25% of the annual increase in the net assets of the school, if any. Such appropriations are required
to be used for the construction or maintenance of the school or for the procurement or upgrading of educational equipment. Furthermore,
none of the current PRC laws and regulations set forth any requirements or restrictions on a private school's ability to operate
its education business that differ based on whether such school's sponsor requires reasonable returns.
On
September 1, 2017, the Decision became effective. According to the Decision, private schools can be established as non-profit or
for-profit entities, with the exception of schools providing compulsory education, which can only be established as non-profit entities.
According to the Decision, it will no longer make a distinction between schools the school sponsors of which require reasonable returns
and schools the school sponsors of which do not require reasonable returns. The sponsor of a non-profit private-run school shall not
gain proceeds from school running, and the cash surplus of the school shall be used for school running. There are uncertainties involved
in interpreting and implementing the Decision with respect to various aspects of the operations of a private school. Therefore, we cannot
assure that the detailed rules and regulations to be promulgated by local governmental authorities would not impose restrictions on the
VIEs' ability to operate private schools or to make payments to Liandu WFOE under the contractual arrangements, which may have
a material adverse impact on our and the VIEs' business operations and prospects.
50
We
may lose the ability to use and enjoy certain important assets, which could reduce the size of our operations, impair our ability to
generate revenue and materially affect the market price of our shares, if any of the VIEs becomes the subject of a bankruptcy or liquidation
proceeding.
We
and the VIEs currently operate in China through the contractual arrangements. As part of these arrangements, the VIEs hold a majority
of the assets that are important to the operation of our and the VIEs' business, including operating permits and licenses and other
educational facilities related to our schools. Under the contractual arrangements, Ms. Fen Ye and Ms. Hong Ye may not unilaterally,
without our consent, decide to voluntarily liquidate 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 and
the VIEs may be unable to continue some or all of the business activities, which could materially and adversely affect our and the VIEs'
business, financial condition, results of operations and price of our shares. If any of the VIEs undergoes a voluntary or involuntary
liquidation proceeding, its shareholders or unrelated third-party creditors may claim rights to some or all of these assets, thereby
hindering our ability to operate our and the VIEs' business.
Risks
Relating to Doing Business in China
Adverse
changes in the PRC economic, political and social conditions as well as laws and government policies, may materially and adversely affect
our and the VIEs' business, financial condition, results of operations and growth prospects.
COVID-19
pandemic had a severe and negative impact on the Chinese and the global economy in 2022. Whether this will lead to a prolonged downturn
in the economy is still unknown. Even before the outbreak of the COVID-19, the global macroeconomic environment was facing numerous challenges.
The
economic, political and social conditions in the PRC differ from those in more developed countries in many respects, including structure,
government involvement, level of development, growth rate, control of foreign exchange, capital reinvestment, allocation of resources,
rate of inflation and trade balance position. Before the adoption of its reform and opening up policies in 1978, the PRC was primarily
a planned economy. In recent years, the PRC government has been reforming the PRC economic system and government structure. For example,
the PRC government has implemented economic reform and measures emphasizing the utilization of market forces in the development of the
PRC economy in the past four decades. These reforms have resulted in significant economic growth and social prospects. Economic reform
measures, however, may be adjusted, modified or applied inconsistently from industry to industry or across different regions of the country.
We
cannot predict whether the resulting changes will have any adverse effect on our current or future business, financial condition or results
of operations and the VIEs'. Despite these economic reforms and measures, the PRC government continues to play a significant role
in regulating industrial development, allocation of natural and other resources, production, pricing and management of currency, and
there can be no assurance that the PRC government will continue to pursue a policy of economic reform or that the direction of reform
will continue to be market friendly.
Our
ability to successfully expand our and the VIEs' business operations in the PRC depends on a number of factors, including macro-economic
and other market conditions, and credit availability from lending institutions. Stricter credit or lending policies in the PRC may affect
our customers' consumer credit or consumer banking business, and may also affect our ability to obtain external financing, which
may reduce our ability to implement our expansion strategies. We cannot assure you that the PRC government will not implement any additional
measures to tighten credit or lending standards, or that, if any such measure is implemented, it will not adversely affect our future
results of operations or profitability.
51
Demand
for our and the VIEs' services and our business, financial condition and results of operations may be materially and adversely
affected by the following factors:
●
political
                                            instability or changes in social conditions of the PRC;
●
changes
                                            in laws, regulations, and administrative directives or the interpretation thereof;
●
measures
                                            which may be introduced to control inflation or deflation; and
●
changes
                                            in the rate or method of taxation.
These
factors are affected by a number of variables which are beyond our control.
The
inherent uncertainties in the PRC legal system could materially and adversely affect 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 interest relating to foreign investments in China. However, since these laws and regulations are relatively
new and the PRC legal system continues to evolve rapidly, the interpretations of such laws and regulations may not always be consistent,
and enforcement of these laws and regulations involves significant uncertainties and can change quickly with little advance notice, any
of which could limit the available legal protections.
In
addition, the PRC administrative and judicial authorities have significant discretion in interpreting, implementing or enforcing statutory
rules and contractual terms, and it may be more difficult to predict the outcome of administrative and judicial proceedings and the level
of legal protection we and the VIEs may enjoy 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
in an attempt to extract payments or benefits from us. Such uncertainties may therefore increase our operating expenses and costs, and
materially and adversely affect our and the VIEs' business and results of operations.
In
particular, PRC laws and regulations regarding the private fundamental education industry have been rapidly evolving in recent years.
The relevant PRC government authorities may promulgate new laws and regulations or materialize draft laws and regulations or consultation
papers regulating the private fundamental education industry in the future which may impose limitations and restrictions on our and the
VIEs' business operation. Moreover, developments in the private fundamental education industry may lead to changes in PRC laws,
regulations and policies or in the interpretation and application of existing laws, regulations and policies that may impose limitations
and restrictions on the private fundamental education market players, including us, which could materially and adversely affect our and
the VIEs' business and operations.
You
may face difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our
management named in this annual report on Form 20-F based on foreign laws.
We
are an exempted company incorporated under the laws of the Cayman Islands. We and the VIEs conduct business in China, and our assets
are located in China. In addition, most of our senior executive officers are PRC nationals and they have lived in China for a significant
portion of time. As a result, it may be difficult or impossible for you to bring an action against us or against our management named
in this annual report on Form 20-F 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 as it may be difficult for our shareholders to effect service of process upon us or those persons
inside China. Furthermore, China does not have treaties providing for the reciprocal recognition and enforcement of judgments of courts
with the Cayman Islands and many other countries and regions. Therefore, recognition and enforcement in China of judgments of a court
in any of these non-PRC jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult
or impossible. Even if you are successful in bringing an action of this kind, the laws of China may render you unable to enforce
a judgment against our assets or the assets of our directors and officers.
52
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), a judgment obtained
in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of
the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided
such judgment (a) is given by a foreign court of competent jurisdiction, (b) imposes on the judgment debtor a liability to
pay a liquidated sum for which judgment has been given, (c) is final, (d) is not in respect of taxes, a fine or a penalty,
(e) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy
of the Cayman Islands. However, there is uncertainty with regard to Cayman Islands law on whether judgments of courts of the United States
predicated upon the civil liability provisions of the securities laws of the United States or any State will be determined by the courts
of the Cayman Islands as penal or punitive in nature. If such a determination is made, the courts of the Cayman Islands will not recognize
or enforce the judgment against a Cayman Islands company, such as our company. Because such a determination in relation to judgments
obtained from U.S. courts under civil liability provisions of U.S. securities laws has not yet been made by a court of the Cayman Islands,
it is uncertain whether such judgments would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement proceedings
if concurrent proceedings are being brought elsewhere.
The
recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce
foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the
country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other form
of reciprocity with the United States or the Cayman Islands that provide for the reciprocal recognition and enforcement of foreign judgments.
In addition, according to the PRC Civil Procedures Law, courts in the PRC will not ratify and enforce a foreign judgment or ruling against
us or our directors and officers if they deemed that the basic principle of the laws of the PRC or the sovereignty, security or public
interest of the State is violated. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered
by a court in the United States or the Cayman Islands.
Furthermore,
as a matter of law or practicality, it is generally difficult to pursue shareholder claims including securities law class actions and
fraud claims in China, which are contrarily common in the United States. For example, you may experience significant legal and practical
obstacles to obtaining necessary information for shareholder investigations or litigations outside China or with respect to foreign entities.
Although the local 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, so far no such cooperation has been established with
the United States securities regulatory authorities. In addition, Article 177 of the PRC Securities Law which became effective in March
2020 promulgated that no overseas securities regulator is allowed to conduct investigation or evidence collection activities directly
in the PRC. Therefore, without approval from the competent PRC securities regulators and relevant authorities, no organization or individual
may provide documents and materials relating to the securities activities to overseas entities. While detailed interpretation of or implementation
rules under Article 177 has yet to be promulgated, the inability for an overseas securities regulator to directly conduct investigation
or evidence collection activities within China may further increase the difficulties you face in protecting your interests.
53
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 initial public offering to make loans or additional capital contributions to our PRC subsidiaries or VIEs, which could materially
and adversely affect our liquidity and our ability to fund and expand our and the VIEs' business.
We
may (i) transfer the net proceeds into Liandu WFOE to pay in their initially subscribed registered capital, and (ii) provide
loans to Liandu WFOE and the VIEs. We may also establish and/or acquire new foreign-invested enterprises in China, pay in their registered
capital and provide loans to them.
We
plan to utilize part of the proceeds from our initial public offering by way of paying in the initially subscribed registered capital
of Liandu WFOE. The amount of funds in the form of capital contribution into Liandu WFOE and other PRC subsidiaries we establish in the
future is subject to the amount of their initially subscribed registered capital. Currently, the initially subscribed registered capital
of Liandu WFOE is US$1 million which will be fully paid before the deadline prescribed in its articles of association. If the initially
subscribed registered capital is not sufficient to allow our intended capital injection, under the current PRC laws and regulation, we
may increase the registered capital and complete the relevant procedures which include (i) altering our registration with local
SAIC, and (ii) filing the alteration report to local counterparts of the Ministry of Commerce of the PRC, or the MOFCOM. In addition,
capital contribution to our schools must be approved by the Ministry of Civil Affairs of the PRC or the MCA or their respective local
counterparts. As of the date of the annual report, we have not increased, and plan to increase, the registered capital of Liandu WFOE
to approximately US$15 million.
We
also plan to provide loans to Liandu WFOE and Lishui Mengxiang. According to the current PRC laws and regulations, the maximum amount
of the loans provided to a PRC enterprise is up to 2 times (or the prevailing statutory multiples) of the borrower's net assets
set out in its latest audited financial statement. As a result, the loans we may provide to Liandu WFOE and Lishui Mengxiang are in an
amount of up to 2 times (or the prevailing statutory multiples) of their respective net assets set out in their latest audited financial
statements. Liandu WFOE and Lishui Mengxiang are required to file the information of their cross-border financing arrangements with local
SAFE after the loan agreements are signed and before three working days prior to the fund withdrawal. In addition, for loans carrying
a term of more than one year, Liandu WFOE and Lishui Mengxiang may be required to complete the relevant filing and registration formalities
to the NDRC. Currently, the Company's business operation is conducted through Liandu WFOE's contractual arrangements with
the VIEs and Liandu WFOE does not engage in its own business. As such, Liandu WFOE's current net assets are in close approximation
to its paid-up registered capital. Pursuant to the relevant PRC laws and regulations, the estimated amount of loans we will provide to
Liandu WFOE will be approximately US$30 million which is 2 times of its current enlarged registered capital, assuming that Liandu
WFOE's net assets set out in its latest audited financial statements equals to its paid-up registered capital at the time when
the loans are made.
Moreover,
we intend to establish new foreign-invested enterprises in order to facilitate our and the VIEs' business expansion and make additional
investments in the manners described above. However, we cannot assure you that our intended investments to these entities will always
succeed as we planned, or at all.
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. Circular 19 stipulates that the use of capital by foreign-invested enterprises
shall follow the principles of authenticity and self-use within the business scope of enterprises. According to the Notice of the State
Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment, or Circular 28, promulgated
on October 23, 2019 by SAFE, restrictions on the domestic equity investment by non-investment foreign-funded enterprises with their
capital funds have been canceled. Non-investment foreign-funded enterprises are allowed to make domestic equity investment with their
capital funds in accordance with the law on the premise that the existing Negative List for foreign investment access are not violated
and the projects invested thereby in China are true and compliant. However, SAFE and competent banks may have different interpretations
of SAFE Circular 28, resulting in uncertainties in practice.
54
The
aforementioned existing restrictions and future restrictions may significantly limit our ability to transfer the net proceeds from our
initial public offering or any other offering of additional equity securities to Liandu WFOE or the VIEs or invest in or acquire any
other companies in the PRC.
Restrictions
on currency exchange under PRC laws may limit our ability to convert cash derived from our operating activities into foreign currencies
and may materially and adversely affect the value of your investment.
The
PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency
out of China. We and the VIEs receive our revenue in Renminbi. Under our current corporate structure, our income is primarily derived
from dividend payments from Liandu WFOE. Shortages in the availability of foreign currency may restrict the ability of Liandu WFOE to
remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations,
if any. Under existing PRC foreign exchange regulations, conversion of Renminbi is permitted, without prior approval from the SAFE, for
current account transactions, including profit distributions, interest payments and expenditures from trade-related transactions, as
long as certain procedural requirements are complied with. However, any existing and future restrictions on currency exchange in China
may limit our ability to convert cash derived from our operating activities into foreign currencies to fund expenditures denominated
in foreign currencies. If the foreign exchange restrictions in China prevent us from obtaining U.S. dollars or other foreign currencies
as required, we may not be able to pay dividends in U.S. dollars or other foreign currencies to our Shareholders.
To
the extent cash is generated in our PRC Subsidiaries or the VIEs, and may need to be used to fund operations outside of mainland China,
such funds may not be available due to limitations placed by the PRC government. Furthermore, to the extent assets (other than cash)
in our or the VIEs' business are located in the PRC or held by a PRC entity, the assets may not be available to fund operations
or for other use outside of the PRC due to interventions in or the imposition of restrictions and limitations on the ability of us and
our subsidiaries and the VIEs to transfer assets by the PRC government. If certain PRC laws and regulations, including existing laws
and regulations and those enacted or promulgated in the future were to become applicable to our Hong Kong Subsidiary in the future, and
to the extent cash is generated in our Hong Kong Subsidiary, and to the extent assets (other than cash) in our business are located in
Hong Kong or held by a Hong Kong entity and may need to be used to fund operations outside of Hong Kong, such funds or assets may not
be available due to interventions in or the imposition of restrictions and limitations on the ability of us and our subsidiaries and
the VIEs to transfer funds or assets by the PRC government. Furthermore, there can be no assurance that the PRC government will not intervene
or impose restrictions or limitations on our ability to transfer or distribute cash within its organization, which could result in an
inability or prohibition on making transfers or distributions to entities outside of mainland China and Hong Kong and adversely affect
its business. Saved as the foregoing limitations imposed by the PRC government as described hereto, there are currently no limitations
on our or our subsidiaries' ability to transfer cash to investors.
55
If
we are classified as a PRC resident enterprise for PRC income tax purpose, holders of our shares may be subject to a PRC withholding
tax upon the dividends payable by us and upon gain from the sale of our shares.
Under
the PRC Enterprise Income Tax Law and its implementing regulations, an enterprise established outside China with its "de facto
management body" within China is considered a "resident enterprise" in China and will be subject to the PRC enterprise
income tax at the rate of 25% on its worldwide income. The tax authority will normally review factors such as the routine operation of
the organizational body that effectively manages the enterprise's production and business operations, locations of personnel holding
decision-making power, location of finance and accounting functions and properties of the enterprise. The Enterprise Income Tax Law's
implementation regulations define the term "de facto management bodies" as "establishments that carry out substantial
and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc. of an enterprise."
The State Administration of Taxation issued the Notice of the State Administration of Taxation on Issues about the Determination of Chinese-Controlled
Enterprises Registered Abroad as Resident Enterprises on the Basis of Their Body of Actual Management, or the SAT Circular 82, on April 22,
2009. SAT Circular 82 provides certain specific criteria for determining whether the "de facto management body" of a Chinese-controlled
offshore incorporated enterprise is located inside China, stating that only a company meeting all the criteria would be deemed having
its de factor management body inside China.
One
of the criteria is that a company's major assets, accounting books and minutes and files of its board and shareholders' meetings
are located or kept in the PRC. In addition, the SAT issued a bulletin on July 27, 2011, effective on September 1, 2011, providing
more guidance on the implementation of SAT Circular 82. This bulletin clarifies matters including residence status determination, post
determination administration and competent tax authorities. Although both SAT Circular 82 and the bulletin only apply to offshore enterprises
controlled by PRC enterprises and there are currently no further detailed rules or precedents applicable to us governing the procedures
and specific criteria for determining "de facto management body" for companies like ours, the determination criteria set
forth in SAT Circular 82 and the bulletin may reflect the SAT's general position on how the "de facto management body"
test should be applied in determining the tax residency status of offshore enterprises and how the administration measures should be
implemented with respect to such enterprises, regardless of whether they are controlled by PRC enterprises or PRC individuals.
As
all of our management members are based in China, it remains unclear how the tax residency rule will apply to our case. We do not believe
that our Company, or any of our offshore subsidiaries, should be qualified as a "resident enterprise" as each of our offshore
holding entities is a company incorporated outside the PRC and we are not an offshore enterprise controlled by PRC domestic enterprises.
As holding companies, each of these entities' corporate documents, minutes and files of the board and shareholders' meetings
are located and kept outside of the PRC. Therefore, we believe that none of our offshore holding entities should be treated as a "resident
enterprise" with its "de facto management bodies" located within China as defined by the relevant regulations for PRC
EIT purposes. However, as the tax resident status of an enterprise is subject to determination by the PRC tax authorities, there are
uncertainties and risks associated with this issue.
Under
the Enterprise Income Tax Law and the Regulation on the Implementation of the Enterprise Income Tax Law, the non-resident enterprise
as the shareholder of the PRC resident enterprise will be subject to a 10% (or 20% for an individual shareholder pursuant to the Individual
Income Tax Law) withholding tax upon dividends received from the PRC resident enterprise and on gain recognized with respect to the sale
of shares of the resident enterprise. Accordingly, if we are treated as a PRC resident enterprise, our shareholders that are non-resident
enterprises, including the holders of the ADSs, may be subject to a 10% withholding tax upon dividends received from us and on gain recognized
with respect to the sale of our shares, unless such withholding tax is reduced by an applicable income tax treaty between China and the
jurisdiction of the shareholder. Any such tax may reduce the returns on your investment in our shares.
56
We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.
On
February 3, 2015, the SAT issued the Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties
by Non-Tax Resident Enterprises, or SAT Bulletin 7. SAT Bulletin 7 extends its tax jurisdiction to transactions involving the transfer
of PRC taxable assets through offshore transfer of a foreign intermediate holding company. In addition, SAT Bulletin 7 has introduced
safe harbors for internal group restructurings and the purchase and sale of equity through a public securities market. SAT Bulletin 7
also brings challenges to both foreign transferor and transferee, or other person who is obligated to pay for the transfer, of taxable
assets. On October 17, 2017, the SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding
at Source of Income Tax of Non-resident Enterprise, or SAT Bulletin 37, which came into effect on December 1, 2017. The SAT Bulletin
37 further clarifies the practice and procedure of the withholding of non-resident enterprise income tax. Where a non-resident enterprise
transfers its taxable assets indirectly by disposing of the equity interests of an overseas holding company, which is an Indirect Transfer,
the non-resident enterprise as either transferor or transferee, or the PRC entity that directly owns the taxable assets, may report such
Indirect Transfer to the relevant tax authority. Using a "substance over form" principle, the PRC tax authority may disregard
the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and
the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes which is not related
to a PRC establishment or place of business of a non-resident enterprise, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise. Both the transferor and the transferee may be subject to penalties under PRC tax laws if the transferee
fails to withhold the taxes and the transferor fails to pay the taxes.
We
and the VIEs face uncertainties as to the reporting and other implications of certain future transactions where PRC taxable assets are
involved, such as offshore restructuring, sale of the shares in our offshore subsidiaries and investments. Our company may be subject
to filing obligations or taxed if our company is transferor in such transactions, and may be subject to withholding obligations if our
company is transferee in such transactions, under SAT Bulletin 7 and/or SAT Bulletin 37. For transfer of shares in our company by investors
who are non-PRC resident enterprises, our PRC subsidiaries may be requested to assist in the filing under SAT Bulletin 7 and/or SAT Bulletin
37. As a result, we and the VIEs may be required to expend valuable resources to comply with SAT Bulletin 7 and/or SAT Bulletin 37 or
to request the relevant transferors from whom we and the VIEs purchase taxable assets to comply with these circulars, or to establish
that our company should not be taxed under these circulars, which may have a material adverse effect on our financial condition and results
of operations.
Fluctuations
in exchange rates may result in foreign currency exchange losses and may have a material adverse effect on your investment.
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 China's foreign exchange policies, among other things. In 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 halted and the exchange rate between Renminbi and the U.S.
dollar remained within a narrow band. Since June 2010, Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably.
With the development of the foreign exchange market and progress towards interest rate liberalization and Renminbi internationalization,
the PRC government may in the future announce further changes to the exchange rate system and we cannot assure you that Renminbi will
not appreciate or depreciate significantly in value against the U.S. dollar in the future. It is difficult to predict how market forces
or PRC or U.S. government policy may affect the exchange rate between Renminbi and the U.S. dollar in the future.
Significant
revaluation of the Renminbi may have a material and adverse effect on your investment. For example, 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 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 the 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.
Very
limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into
any material 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.
57
The
preferential tax and other treatments contemplated by us may change or may become unavailable.
The
2021 Implementation Rules state that private schools enjoy preferential taxation policies, in particular, non-profit private schools
enjoy the same preferential taxation policies with those for government-run schools. However, Qingtian International School and Langfang
School no longer enjoy the previous preferential policies on enterprise income tax since 2022, and the other preferential taxation policies
shall remain unchanged for the time being. We cannot assure you that the preferential tax and other treatments contemplated by us will
not change or that they will apply or continue to apply to Qingtian International School and Langfang School. The uncertainty in securing
such preferential tax treatments could affect our results of operations. See "Item 10. Additional Information—E. Taxation—People's
Republic of China Taxation."
PRC
regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial
owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries, limit our PRC
subsidiaries' ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us.
The
SAFE promulgated the Circular on the Management of Offshore Investment and Financing and Round Trip Investment By Domestic Residents
through Special Purpose Vehicles, or SAFE Circular 37, in July 2014 that requires PRC residents or entities to register with SAFE or
its local branch prior to making capital contribution in a special purpose vehicle in connection with their establishment or control
of an offshore entity established for the purpose of overseas investment or financing with such PRC residents or entities' legally
owned assets or equity interests in domestic enterprises or offshore assets or interests. On February 13, 2015, SAFE issued 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 took effect on June 1, 2015, pursuant to which, the power to accept SAFE registration was delegated
from local SAFE to local qualified banks where the assets or interest in the domestic entity was located. In addition, such PRC residents
or entities must update such registrations when the offshore special purpose vehicle undergoes material events relating to any change
of basic information (including change of such PRC citizens or residents, name and operation term), increases or decreases in investment
amount, transfers or exchanges of shares, or mergers or divisions. Chinese residents may undertake subsequent operations (including repatriation
of profits and dividends) upon completion of such registration change formalities.
Ms.
Fen Ye, Ms. Hong Ye and Ms. Fang Ye who are known to us as being PRC residents have completed the initial foreign exchange registrations
as required by SAFE Circular 37 and Circular 13. The formalities for updating the registration to reflect the share transfer from Ms.
Fang Ye to Ms. Fen Ye has been submitted to the qualified bank, but the amendment registration has not been completed as of the date
of this annual report. However, we cannot assure you that all existing and future shareholders or beneficial owners of ours who are PRC
residents or entities will be able to update and/or obtain any applicable registrations or approvals required by SAFE regulations. Failure
by such shareholders or beneficial owners to comply with SAFE regulations, or failure by us to amend the foreign exchange registrations
of Liandu WFOE, could subject us to fines or legal sanctions, restrict our overseas or cross-border investment activities, limit Liandu
WFOE's ability to make distributions or pay dividends to us or affect our ownership structure, which could adversely affect our
and the VIEs' business and prospects.
If
there are any failures in complying with PRC regulations with respect to the registration requirements for employee stock incentive plans,
the PRC plan participants or we may be subject to fines and other legal or administrative sanctions.
We,
the VIEs and our and the VIEs' directors, senior management and other employees who are PRC residents that have been granted options
will be subject to the Notice on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock
Incentive Plan of Overseas Publicly Listed Company, or SAFE Circular 7, issued by SAFE in February 2012, according to which, employees,
directors, supervisors and other management members participating in any stock incentive plan of an overseas publicly listed company
who are PRC residents are required to register with SAFE through a domestic qualified agent, which could be a PRC subsidiary of such
overseas listed company, and complete certain other procedures. See "Item 4. Information on the Company—B. Business Overview—Regulation—PRC
Laws and Regulations Relating to Foreign Investment in Education—Regulations on Stock Incentive Plans."
We
will try our best efforts to comply with these requirements upon the granting of the options under our 2020 Equity Incentive Plan. However,
we cannot assure you that they can successfully register with SAFE in full compliance with the rules. If the participants or we fail
to complete the SAFE registrations, the participants or we may be subject to fines and legal sanctions. It will adversely affect our
ability to pay under the share incentive plans or receive dividends or sales proceeds related thereto, or our ability to contribute additional
capital into our wholly-foreign owned enterprises in China and limit our wholly-foreign owned enterprises' ability to distribute
dividends to us. Uncertainties also exist in our ability to adopt additional share incentive plans for our directors and employees under
PRC law because of the regulatory restrictions.
58
Any
actions by the Chinese government, including any decision to intervene or influence the operations of our PRC subsidiaries or the VIE
or to exert control over any offering of securities conducted overseas and/or foreign investment in China-based issuers, may cause us
to make material changes to the operations of our PRC subsidiaries or the VIE, may limit or completely hinder our ability to offer or
continue to offer securities to investors, and may cause the value of such securities to significantly decline or be worthless.
The
Chinese 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.
The
central or local governments of China may impose new, stricter regulations or interpretations of existing regulations that would require
additional expenditures and efforts on our part to ensure that our PRC subsidiaries and the VIEs comply with such regulations or interpretations.
As such, our PRC subsidiaries and the VIEs may be subject to various government actions and regulatory interference in the provinces
in which they operate. They could be subject to regulation by various political and regulatory entities, including various local and
municipal agencies and government sub-divisions. They may incur increased costs necessary to comply with existing and newly adopted laws
and regulations or penalties for any failure to comply.
On
February 17, 2023, the CSRC issued the Trial Measures, which became effective on March 31, 2023. On the same date, the CSRC circulated
the Guidance Rules and Notice. These new regulations propose to establish a new filing-based regime to regulate overseas offerings and
listings by Chinese domestic companies.
Under
the Trial Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities,
either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures
within three working days following its submission of initial public offerings or listing application. Since the date of effectiveness
of the Trial Measures, the domestic enterprises falling within the scope of filing that have been listed overseas or met the following
circumstances are existing enterprises: before the effectiveness of the Trial Measures, the application for indirect overseas issuance
and listing has been agreed by the overseas regulators or overseas stock exchanges (such as having passed the hearing on the Hong Kong
market or registration become effective as agreed on the U.S. market, etc.), and it is not required to perform issuance and listing supervision
procedures of the overseas regulators or overseas stock exchanges (such as rehearing on the Hong Kong market, etc.), and the overseas
issuance and listing will be completed by September 30, 2023. Existing enterprises are not required to file immediately, and filing should
be made as required if they involve refinancing and other filing matters. In such cases, where an existing enterprise issues securities
in the same overseas market after its initial public offering and listing overseas, it shall file with the CSRC within three working
days of completion of issuance; where an existing enterprise issues securities in other overseas markets after its initial public offering
and listing overseas, it shall file with the CSRC within three working days of submission of application documents for initial public
offering and listing overseas.
As
advised by our PRC legal counsel, Beijing DeHeng Law Offices, since we are existing enterprises and have not been involved refinancing
or other filing matters, we are not required to fulfill the filing procedures.
If
the CSRC or any other PRC regulatory body subsequently implements rules that would require us to file with or obtain approvals of the
CSRC or other governmental bodies for our initial public offering in 2020, we may face adverse actions or sanctions by the CSRC or other
PRC regulatory agencies, which may include fines and penalties on our operations in China, limitations on our operating privileges in
China, delays in or restrictions on the repatriation of the proceeds from any such offering into the PRC, restrictions on or prohibition
of the payments or remittance of dividends by our subsidiaries in China, or other actions that could have a material and adverse effect
on our and the VIEs' business, reputation, financial condition, results of operations, prospects, as well as the trading price
of the ADSs.
59
Accordingly,
government actions in the future, including any decision to intervene or influence the operations of our PRC subsidiaries or the VIEs
at any time, or to exert control over an offering of securities conducted overseas and/or foreign investment in China-based issuers,
may cause us to make material changes to the operations of our PRC subsidiaries or the VIEs, may limit or completely hinder our ability
to offer or continue to offer securities to investors, and/or may cause the value of such securities to significantly decline or be worthless.
Implementation
of the Law of the PRC on Safeguarding National Security in Hong Kong involves uncertainty, and the recent policy pronouncements by the
PRC government regarding business activities of U.S.-listed PRC businesses may negatively impact Lixiang's existing and future
operations in Hong Kong.
On
June 30, 2020, the Standing Committee of the NPC promulgated the Law of the PRC on Safeguarding National Security in Hong Kong.
The interpretation of the Law of the PRC on Safeguarding National Security in Hong Kong involves a degree of uncertainty. Recently, the
PRC government announced that it would step up supervision of overseas listed PRC businesses. Under the new measures, the PRC government
will enhance regulation of cross-border data flows and security, crack down on illegal activity in the securities market and punish fraudulent
securities issuance, market manipulation and insider trading. The PRC government will also check sources of funding for securities investment
and control leverage ratios. The PRC government has also opened a probe into several U.S.-listed technology companies focusing on anti-monopoly,
financial technology regulation and more recently, with the passage of the PRC Data Security Law, how companies collect, store, process
and transfer personal data. Currently these laws (other than the Law of the PRC on Safeguarding National Security in Hong Kong) are expected
to apply to China domestic businesses, rather than businesses in Hong Kong which operate under a different set of laws from China. However,
there can be no assurance that the government of Hong Kong will not enact similar laws and regulations applicable to companies operating
in Hong Kong.
We
and the VIEs conduct business operations in the PRC although we have established a subsidiary in Hong Kong, Hong Kong Mengxiang Education
Development Group Limited, as a holding company to facilitate overseas securities offering. Although none of our or the VIEs' business
activities appears to be within the current targeted areas of concern mentioned above by the PRC government as our Hong Kong subsidiary
is a holding company with no business operations as of the date of the annual report, given the PRC government's significant oversight
over the conduct of business operations in China and in Hong Kong, and in light of the PRC government's recent extension of authority
not only in China but into Hong Kong, there are risks and uncertainties which we cannot foresee for the time being, and rules and regulations
in the PRC can change quickly with little or no advance notice. For example, the PRC government may pressure the government of Hong Kong
to enact similar laws and regulations to those in the PRC, which may seek to exert control over offerings conducted overseas by Hong
Kong companies. If any or all of the foregoing were to occur, and if our Hong Kong subsidiary elects to carry out substantive business
activities in the future, it could lead to a material adverse change in Lixiang's operations and limit or hinder our ability to
offer securities to overseas investors or remain listed in the U.S., which could cause the value of our ADSs to significantly decline
or become worthless.
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 2021 Implementation Rules and their detailed implementation rules and regulations. We and the VIEs may be subject
to 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. 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.
As
a holding company, our ability to generate profits, pay dividends and other cash distributions to our shareholders under the Law on the
Promotion of Private Education, the 2021 Implementation Rules and other relevant laws and regulations are affected by many factors, including
whether our schools are characterized as for-profit or non-profit schools, the profitability of our schools, and our ability to receive
dividends and other distributions from our PRC subsidiary, Liandu WFOE, which in turn depends on the service fees paid to Liandu WFOE
from the VIEs. Liandu WFOE has respectively entered into exclusive management services and business cooperation agreements with each
of the VIEs, Ms. Fen Ye and Ms. Hong Ye, as the shareholders of the VIEs, pursuant to which Liandu WFOE has the exclusive right
to provide comprehensive technical and business support services to the VIEs. As of August 2021, our right to receive the service fees
from Lianwai School and other affiliated entities did not, to our knowledge, contravene any PRC laws and 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.
60
However,
according to the 2021 Implementation Rules, private schools providing compulsory education shall not conduct any transaction with any
related party. As a result, the clauses or provisions of the exclusive management services and business cooperation agreements, in relation
to related party transactions between Lianwai School and Liandu WFOE, are not legally enforceable since September 1, 2021. Therefore,
we executed an acknowledgment agreement on April 20, 2022 to confirm all the terms of rights and obligations relating to Lianwai
School and the directors appointed by the sponsor under the contractual arrangements in relation to Lianwai School, which shall be terminated
on August 31, 2021. Since September 1, 2021, we have stopped transacting with Lianwai School. However, to keep Lianwai School
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 it. As of the date of the annual report, schools providing compulsory education to which we continue to provide services have not
received any further rectification requirements or penalty notices from the relevant competent authorities, and 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 and
the VIEs' business and making necessary measures and efforts to comply with the requirements under these regulations and implementations.
Furthermore,
we and the VIEs entered into a series of contractual arrangements with respect to the operation of Qingtian International School and
Langfang School. The contractual arrangements enable us to receive substantially all of the economic benefits of the VIEs in consideration
for the services provided by us. However, 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.
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 and the VIEs'
business expansion and may further adversely affect our and the VIEs' business operations and results of operations. See "—Risks
Related to Our Corporate Structure—Our and the VIEs' private education service business is subject to extensive regulation
in China. We and the VIEs may be subject to severe penalties if the PRC government finds that the agreements that establish the structure
for operating our and the VIEs' business in China do not comply with applicable PRC laws and regulations."
Our
subsidiaries and affiliated entities in China are subject to restrictions on making dividends and other payments to us.
We
are a holding company and rely principally 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 and the VIEs may incur and paying
our operating expenses. The income for our PRC subsidiaries, especially Liandu WFOE, 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 and all revenue must be used for the operation of the schools. According to 2021 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 specific Implementation
Rules of the Law on the Promotion of Private Education being promulgated by the State Council and other relevant regulations promulgated
by other local and regional governments, at the end of each fiscal year, each of our schools that are 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 schools that require reasonable returns must allocate no less than 25.0% of their annual net
income, and our schools that do not require reasonable returns must allocate no less than 25.0% of their annual increase in the net assets
of the school for such purposes. However, the relevant authorities have yet to promulgate any detailed implementation rules and regulations
under the 2021 Implementation Rules. We remain uncertain as to the timing and substance of the rules under the Law on the Promotion of
Private Education and the 2021 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 and the VIEs' business,
financial condition and results of operations.
61
Failure
to comply with governmental regulations and other legal obligations concerning data protection and cybersecurity may materially and adversely
affect our and the VIEs' business, as we and the VIEs routinely collect, store and use data during the conduct of the business.
We
and the VIEs routinely collect, store and use data during our operations. We and the VIEs 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.
The
PRC Cybersecurity Law which promulgated in November 7, 2016 and became effective in June 1, 2017 provides that personal information
and important data collected and generated by operators of critical information infrastructure in the course of their operations in the
PRC should be stored in the PRC, and the law imposes heightened regulation and additional security obligations on operators of critical
information infrastructure.
On
June 10, 2021, the Standing Committee of the National People's Congress of China promulgated the Data Security Law which took
effect in September 1, 2021. The Data Security Law provides for data security and privacy obligations of entities and individuals
carrying out data activities, prohibits entities and individuals in China from providing any foreign judicial or law enforcement authority
with any data stored in China without approval from competent PRC authority, and sets forth the legal liabilities of entities and individuals
found to be in violation of their data protection obligations, including rectification order, warning, fines of up to RMB10 million,
suspension of relevant business, and revocation of business permits or licenses.
On
August 20, 2021, the Standing Committee of the National People's Congress adopted the Personal Information Protection Law,
which came into force as of November 1, 2021. The Personal Information Protection Law includes the basic rules for personal information
processing, the rules for cross-border provision of personal information, the rights of individuals in personal information processing
activities, the obligations of personal information processors, and the legal responsibilities for illegal collection, processing, and
use of personal information.
On
December 28, 2021, thirteen PRC governmental and regulatory agencies, including the CAC published the Measures for Cyber Security
Review which further restates and expands the applicable scope of the cybersecurity review. Pursuant to the Measures for Cyber Security
Review, network platform operators grasping the personal information of more than 1 million users must apply with the Cybersecurity
Review Office of CAC for a cybersecurity review in order to pursue a foreign listing, and operators of critical information infrastructure
purchasing network products and services and online platform operators engaging in data processing activities which affect or may affect
national security of the PRC are also obligated to apply for a cybersecurity review. Although the Measures for Cyber Security Review
provides no further explanation on the extent of "network platform operator", "affect or may affect national security"
or "foreign" listing, as advised by our PRC legal counsel, Beijing DeHeng Law Offices, as of the date of this annual report,
we do not need to apply for a cybersecurity review pursuant to the above regulation to maintain the listing status of our ADSs on the
Nasdaq, given that (i) we are not in possession of personal information of over one million users and it is also very unlikely that
it will reach such threshold in the near future; and (ii) as of the date of the annual report, we have not received any notice or
determination from applicable PRC governmental authorities identifying us as a critical information infrastructure operator or an online
platform operator engaging in relevant data processing activities which affect or may affect national security of the PRC. However, we
cannot guarantee that we will not be subject to cybersecurity review in the future. During such review, we and the VIEs may be required
to suspend our operation experience other disruptions to our operations. Cybersecurity review could also result in negative publicity
with respect to our company and diversion of our managerial and financial resources.
We
and the VIEs currently have less than 100 subscribers on our digital platform such as WeChat public account. We and the VIEs have no
registered users on our website. We and the VIEs only require and obtain user information after users register with us. Although we believe
we and the VIEs currently are not required to obtain clearance from the CAC for our offering under the Measures for Cyber Security Review
or the Opinions on Strictly Cracking Down on Illegal Securities Activities, we and the VIEs face uncertainties as to the interpretation
or implementation of such regulations or rules, and if required, whether such clearance can be timely obtained, or at all.
62
The
opinions recently issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the
State Council may subject us to additional compliance requirement in the future.
The
General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the
"Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or the "Opinions," which
were made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal
securities activities and the supervision on overseas listings by China-based companies. These Opinions proposed to take effective measures,
such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed
companies and the demand for cybersecurity and data privacy protection. The aforementioned policies and any related implementation rules
to be enacted may subject us to additional compliance requirement in the future. As the Opinions were recently issued, official guidance
to act upon, and interpretation of the Opinions, remain unclear in several respects at this time. Therefore, we cannot assure you that
we and the VIEs will remain fully compliant with all new regulatory requirements of the Opinions or any future implementation rules on
a timely basis, or at all.
Risks
Relating to Our ADSs
The
trading price of our ADSs may be volatile, which could result in substantial losses to you.
The
trading prices of our ADSs has ranged from US$1.82 to US$9.95 in 2022. The trading prices of our ADSs are likely to be volatile and could
fluctuate widely due to factors beyond our control. This may happen due to broad market and industry factors, such as performance and
fluctuation in the market prices or under performance or deteriorating financial results of other listed companies based in China. The
securities of some of these companies have experienced significant volatility since their initial public offerings, including, in some
cases, substantial price declines in the trading prices of their securities. The trading performances of other Chinese companies'
securities may affect the attitudes of investors towards China-based and U.S.-listed companies, which consequently may affect the trading
performance of our 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 matters of other Chinese companies may also negatively
affect the attitudes of investors towards Chinese companies in general, including us, regardless of whether we and the VIEs have conducted
any inappropriate activities. Furthermore, securities markets may from time to time experience significant price and volume fluctuations
that are not related to our operating performance, which may have a material and adverse effect on the trading price of our ADSs.
In
addition to the above factors, the price and trading volume of our ADSs may be highly volatile due to multiple factors, including the
following:
●
regulatory
    developments affecting us or our industry;
●
variations in our revenue,
    profit, and cash flow;
●
changes in the economic
    performance or market valuations of other education service providers;
●
actual or anticipated fluctuations
    in our quarterly results of operations and changes or revisions of our expected results;
●
changes in financial estimates
    by securities research analysts;
●
detrimental negative publicity
    about us, our services, our officers, directors, Controlling Shareholder, or our industry;
●
announcements by us or
    our competitors of new service offerings, acquisitions, strategic relationships, joint ventures, capital raisings or capital commitments;
●
additions to or departures
    of our senior management;
●
potential litigation or
    regulatory proceedings involving us, our officers, directors, or controlling shareholder;
●
negative publicity on our
    direct and indirect shareholders;
●
release or expiry of lock-up or
    other transfer restrictions on our outstanding shares or our ADSs; and
●
sales or perceived potential
    sales of additional ordinary shares or ADSs.
Any
of these factors may result in large and sudden changes in the volume and price at which our ADSs will trade.
63
In
the past, shareholders of public companies have often brought securities class action suits against those companies following periods
of instability in the market price of their securities. If we and the VIEs were involved in a class action suit, it could divert a significant
amount of our management's attention and other resources from our and the VIEs' business and operations and require us to
incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not
successful, 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 and the VIEs may be required to pay significant damages, which could have a material adverse effect on our financial
condition and results of operations.
If
securities or industry analysts do not publish or publish inaccurate or unfavorable research about our and the VIEs' business,
or if they adversely change their recommendations regarding our ADSs, the market price for our ADSs and trading volume could decline.
The
trading market for our ADSs will depend in part on the research and reports that securities or industry analysts publish about us or
our and the VIEs' business. If research analysts do not establish and maintain adequate research coverage or if one or more of
the analysts who covers us downgrades our ADSs or publishes inaccurate or unfavorable research about our and the VIEs' business,
the market price for our ADSs would likely decline. If one or more of these analysts cease coverage of our company or fail to publish
reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume
for our ADSs to decline.
The
sale or availability for sale of substantial amounts of our ADSs in the public market could adversely affect their market price.
Sales
of substantial amounts of our ADSs in the public market, or the perception that these sales could occur, could adversely affect the market
price of our ADSs and could materially impair our ability to raise capital through equity offerings in the future. We cannot predict
what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of
these securities for future sale will have on the market price of our ADSs.
Because
the amount, timing, and whether or not we distribute dividends at all is entirely at the discretion of our board of directors, you must
rely on price appreciation of our ADSs for return on your investment.
Although
we currently intend to distribute dividends in the future, the amount, timing, and whether or not we actually distribute dividends at
all is entirely at the discretion of our board of directors. Our board of directors has complete discretion as to whether to distribute
dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended
by our board of directors. In either case, all dividends are subject to certain restrictions under the Cayman Islands law, namely that
our company may only pay dividends out of profits or share premium account, and provided always that in no circumstances may a dividend
be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. 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 our ADSs will likely depend entirely upon any future price appreciation
of our ADSs. We cannot assure you that our 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 our ADSs and you may even lose your entire investment in our ADSs.
64
The
voting rights of holders of our ADSs are limited by the terms of the deposit agreement, and you may not be able to exercise your right
to direct how the ordinary shares represented by your ADSs are voted.
Holders
of our ADSs do not have the same rights as our registered shareholders. As a holder of ADSs, you will not have any direct right to attend
general meetings of our shareholders or to cast any votes at such meetings. You will only be able to exercise the voting rights that
are carried by the underlying ordinary shares represented by your ADSs indirectly by giving voting instructions to the depositary in
accordance with the provisions of the deposit agreement. If we instruct the depositary to ask for your instructions, then upon timely
receipt of your voting instructions, the depositary will try, as far as practicable, to vote the underlying ordinary shares represented
by your ADSs in accordance with your instructions. If we do not instruct the depositary to ask for your instructions, the depositary
may still vote in accordance with instructions you give, but it is not required to do so. You will not be able to directly exercise your
right to vote with respect to the underlying ordinary shares represented by your ADSs unless you withdraw the shares and become the registered
holder of such shares prior to the record date for the general meeting. Under our memorandum and articles of association, the minimum
notice period required to be given by our company to our registered shareholders for convening a general meeting is 10 calendar days.
When
a general meeting is convened, you may not receive sufficient advance notice of the meeting to withdraw the ordinary shares underlying
your ADSs and become the registered holder of such shares to allow you to vote directly with respect to any specific matter or resolution
to be considered and voted upon at the general meeting. In addition, under our memorandum and articles of association, for the purposes
of determining those shareholders who are entitled to attend and vote at any general meeting, our directors may close our register of
members and fix in advance a record date for such meeting, and such closure of our register of members or the setting of such a record
date may prevent you from withdrawing the ordinary shares underlying your ADSs and becoming the registered holder of such shares prior
to the record date, so that you would not be able to attend the general meeting or to vote directly. 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 have agreed to give the
depositary at least thirty (30) days' prior notice of shareholder meetings. Nevertheless, we cannot assure you that you will
receive the voting materials in time to ensure that you can instruct the depositary to vote the underlying ordinary shares represented
by your ADSs. 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 direct how the ordinary
shares underlying your ADSs are voted and you may have no legal remedy if the ordinary shares underlying your ADSs are not voted as you
requested.
The
depositary shall deem you to have instructed the depositary to give us a discretionary proxy to vote the ordinary shares underlying your
ADSs if you do not give timely voting instructions to the depositary to direct how the ordinary shares underlying your ADSs are voted,
except in limited circumstances, which could adversely affect your interests.
Under
the deposit agreement for the ADSs, if you do not give timely voting instructions to the depositary to direct how the ordinary shares
underlying your ADSs are voted, the depositary shall deem you to have instructed the depositary to give us a discretionary proxy to vote
the ordinary shares underlying your ADSs at shareholders' meetings unless:
●
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;
●
a matter to be voted on
    at the meeting would have a material adverse impact on shareholders; or
●
the voting at the meeting
    is to be made on a show of hands.
The
effect of this discretionary proxy is that if you do not give timely voting instructions to the depositary to direct how the ordinary
shares underlying your ADSs are voted, you cannot prevent the ordinary shares underlying your ADSs from being voted, except under 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.
Your
right to participate in any future rights offerings may be limited, which may cause dilution to your holdings.
We
may from time to time distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make rights
available to you in the United States unless we register both the rights and the securities to which the rights relate under the Securities
Act or an exemption from the registration requirement is available. Under the deposit agreement, the depositary will not make rights
available to you unless both the rights and the underlying securities to be distributed to ADS holders are either registered under the
Securities Act or exempt from the registration requirement under the Securities Act. We are under no obligation to file a registration
statement with respect to any such rights or securities or to endeavor to cause such a registration statement to be declared effective
and we may not be able to establish a necessary exemption from registration under the Securities Act. Accordingly, you may be unable
to participate in our rights offerings in the future and may experience dilution in your holdings.
65
Techniques
employed by short sellers may drive down the market price of the ADSs.
Short
selling is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention
of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline 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 that have substantially all 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. As a result, many of these companies are now conducting internal and external investigations into the allegations and, in the
interim, are subject to shareholder lawsuits and/or SEC enforcement actions.
It
is not clear what effect such negative publicity could have on us. If we were to become the subject of any unfavorable allegations, whether
such allegations are proven to be true or untrue, we could have to expend a significant amount of resources 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 against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial
confidentiality. Such a situation could be costly and time-consuming, and could distract our management from growing our and the VIEs'
business. Even if such allegations are ultimately proven to be groundless, allegations against us could severely impact our and the VIEs'
business operations, and any investment in the ADSs could be greatly reduced or even rendered worthless.
You
may not receive cash dividends if the depositary decides it is impractical to make them available to you.
The
depositary will pay cash distributions on the ADSs only to the extent that we decide to distribute dividends on our ordinary shares or
other deposited securities. To the extent that there is a distribution, the depositary has agreed to pay you the cash dividends or other
distributions it or the custodian receives on our ordinary shares or other deposited securities after deducting its fees and expenses.
You will receive these distributions in proportion to the number of ordinary shares your ADSs represent. However, the depositary may,
at its discretion, decide that it is inequitable or impractical to make a distribution available to any holders of ADSs. For example,
the depositary may determine that it is not practicable to distribute certain property through the mail, or that the value of certain
distributions may be less than the cost of mailing them. In these cases, the depositary may decide not to distribute such property to
you.
We
and the depository are entitled to amend the deposit agreement and to change the rights of ADS holders under the terms of such agreement,
and we may terminate the deposit agreement, without the prior consent of the ADS holders.
We
and the depository are entitled to amend the deposit agreement and to change the rights of the ADS holders under the terms of such agreement,
without the prior consent of the ADS holders. We and the depositary may agree to amend the deposit agreement in any way we decide is
necessary or advantageous to us. Amendments may reflect, among other things, operational changes in the ADS program, legal developments
affecting ADSs or changes in the terms of our business relationship with the depositary. In the event that the terms of an amendment
are disadvantageous to ADS holders, ADS holders will only receive days' advance notice of the amendment, and no prior consent of
the ADS holders is required under the deposit agreement. Furthermore, we may decide to terminate the ADS facility at any time for any
reason. For example, terminations may occur when we decide to list our shares on a non-U.S. securities exchange and determine
not to continue to sponsor an ADS facility or when we become the subject of a takeover or a going-private transaction. If the ADS facility
will terminate, ADS holders will receive at least thirty (30) days' prior notice, but no prior consent is required from them.
Under the circumstances that we decide to make an amendment to the deposit agreement that is disadvantageous to ADS holders or terminate
the deposit agreement, the ADS holders may choose to sell their ADSs or surrender their ADSs and become direct holders of the underlying
shares, but will have no right to any compensation whatsoever.
66
ADS
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
outcomes to the plaintiff(s) in any such action.
The
deposit agreement governing the ADSs representing our ordinary shares provides that, to the fullest extent permitted by applicable law,
holders and beneficial owners of ADSs irrevocably waive the right to a jury trial of any claim that they may have against us or the depositary
arising from or relating to our ordinary shares, our ADSs or the deposit agreement, including any claim under the U.S. federal securities
laws. The waiver continues to apply to claims that arise during the period when a holder holds the ADSs, even if the ADS holder subsequently
withdraws the underlying ordinary shares. However, you will not be deemed, by agreeing to the terms of the deposit agreement, to have
waived our or the depositary's compliance with U.S. federal securities laws and the rules and regulations promulgated thereunder.
In fact, you cannot waive our or the depositary's compliance with U.S. federal securities laws and the rules and regulations promulgated
thereunder.
If
we or the depositary opposed a demand for jury trial relying on above-mentioned jury trial waiver, it is up to the court to determine
whether such waiver was enforceable considering the facts and circumstances of that case in accordance with the applicable state and
federal law.
If
this jury trial waiver provision is prohibited by applicable law, an action could nevertheless proceed under the terms of the deposit
agreement with a jury trial. To our knowledge, the enforceability of a jury trial waiver under the federal securities laws has not
been finally adjudicated by a federal court or by the United States Supreme Court. Nonetheless, we believe that a jury trial waiver provision
is generally enforceable under the laws of the State of New York, which govern the deposit agreement, by a federal or state court
in the City of New York. In determining whether to enforce a jury trial waiver provision, New York courts will consider whether the visibility
of the jury trial waiver provision within the agreement is sufficiently prominent such that a party has knowingly waived any right to
trial by jury. We believe that this is the case with respect to the deposit agreement and the ADSs. In addition, New York courts will
not enforce a jury trial waiver provision in order to bar a viable setoff or counterclaim sounding in fraud or one which is based upon
a creditor's negligence in failing to liquidate collateral upon a guarantor's demand, or in the case of an intentional tort
claim, none of which we believe are applicable in the case of the deposit agreement or the ADSs. If you or any other holders or beneficial
owners of ADSs bring a claim against us or the depositary relating to the matters arising under the deposit agreement or our ADSs, including
claims under federal securities laws, you or such other holder or beneficial owner may not have the right to a jury trial regarding such
claims, which may limit and discourage lawsuits against us or the depositary. If a lawsuit is brought against us or the depositary according
to the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according
to different civil procedures and may have different outcomes compared to that of a jury trial, including results that could be less
favorable to the plaintiff(s) in any such action.
Moreover,
as the jury trial waiver relates to claims arising out of or relating to the ADSs or the deposit agreement, we believe that, as a matter
of construction of the clause, the waiver would likely continue to apply to ADS holders who withdraw the ordinary shares from the ADS
facility with respect to claims arising before the cancelation of the ADSs and the withdrawal of the ordinary shares, and the waiver
would most likely not apply to ADS holders who subsequently withdraw the ordinary shares represented by ADSs from the ADS facility with
respect to claims arising after the withdrawal. However, to our knowledge, there has been no case law on the applicability of the jury
trial waiver to ADS holders who withdraw the ordinary shares represented by the ADSs from the ADS facility.
ADS
holders have limited choice of forum, which could limit your ability to obtain a favorable judicial forum for complaints against us,
the depositary or our or the depositary's respective directors, officers or employees.
The
deposit agreement governing our ADSs provides that, (i) the deposit agreement and the ADSs will be interpreted in accordance with
the laws of the State of New York, and (ii) as an owner of ADSs, you irrevocably agree that any legal action arising out of the
deposit agreement and the ADSs involving us or the depositary may only be instituted in a state or federal court in the city of New York.
Any person or entity purchasing or otherwise acquiring any our ADSs, whether by transfer, sale, operation of law or otherwise, shall
be deemed to have notice of and have irrevocably agreed and consented to these provisions. This choice of forum provision may increase
your cost and limit your ability to bring a claim in a judicial forum that you find favorable for disputes with us, the depositary or
our and the depositary's respective directors, officers or employees, which may discourage such lawsuits against us, the depositary
and our and the depositary's respective directors, officers or employees. However, it is possible that a court could find
such choice of forum provisions to be inapplicable or unenforceable. The enforceability of similar choice of forum provisions has been
challenged in legal proceedings. It is possible that a court could find this type of provisions to be inapplicable or unenforceable.
67
To
the extent that any such claims may be based upon federal law claims, Section 27 of the Exchange Act creates exclusive federal jurisdiction
over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. Furthermore,
Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce
any duty or liability created by the Securities Act or the rules and regulations thereunder. Accordingly, actions by our ADS holders
to enforce any duty or liability created by the Exchange Act, the Securities Act or the respective rules and regulations thereunder must
also be brought in federal court. Our ADS holders will not be deemed to have waived our compliance with the federal securities laws and
the regulations promulgated thereunder.
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 it expedient in connection with the performance of 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 rights offering, during which time 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 our 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.
You
may experience difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited
as we are incorporated under the Cayman Islands law.
As
an exempted company incorporated under the laws of the Cayman Islands, our corporate affairs are governed by our memorandum and articles
of association, together with the Companies Act (As Revised) of the Cayman Islands and the common law of the Cayman Islands. The rights
of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary duties of our directors
to us under the Cayman Islands law are largely governed by the common law of the Cayman Islands. The common law of the Cayman Islands
is derived partly from the comparatively limited judicial precedent in the Cayman Islands and also the common law of England and Wales,
whose precedents are only of persuasive but not binding authority on a court in the Cayman Islands. The rights of our shareholders and
the fiduciary duties of our directors under the Cayman Islands law are not as clearly established as they would be under statutes or
judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities
laws compared to that of 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. Moreover, a company incorporated in the Cayman Islands may not have standing to initiate
a shareholder derivative action in a federal court of the United States. In addition, controlling shareholders owe a fiduciary duty to
the companies they control and the minority shareholders under Delaware laws, while our Controlling Shareholder do not owe any such fiduciary
duties to our company or to our minority shareholders under the Cayman Island laws. As a result, our Controlling Shareholder may exercise
their powers, including the voting rights in respect of their shares, as shareholders in a manner as they think fit.
Shareholders
of Cayman Islands companies like us have no general rights under the Cayman Islands law to inspect corporate records, other than the
memorandum and articles of association and any special resolutions passed by such companies, and the registers of mortgages and charges
of such companies. Our directors have discretion under our memorandum and 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 our home country, the Cayman Islands are significantly different from the requirements for companies
incorporated in other jurisdictions such as the United States. Currently, we will rely on home country practice with respect to our corporate
governance subject to the applicable Nasdaq listing standards and the U.S. securities law, our shareholders may be afforded less protection
than they otherwise would under rules and regulations applicable to the domestic issuers in the United States.
68
In
light of the above, public shareholders may experience more difficulties in protecting their interests in the face of actions taken by
our management, members of our board of directors, or our Controlling Shareholder than they would as public shareholders of a company
incorporated in the United States. For a discussion of the significant differences between the provisions applicable to companies incorporated
in the Cayman Islands and their shareholders, and the Companies and the relevant provision in laws of the United States, see also "Item
10. Additional Information—B. Memorandum and Articles of Association—Differences in Corporate Law."
Our
memorandum and articles of association provides that the courts of the Cayman Islands will be the sole and exclusive forum for a claim
arising under the internal affairs doctrine, and that the U.S. federal district courts will be the exclusive forum within the United
States of America for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended,
which could limit investors' ability to obtain a favorable judicial forum for disputes with us.
We
have adopted a forum selection provision under our memorandum and articles of association that provides that, unless we consent in writing
to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum within
the United States of America for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933,
as amended. This forum selection clause does not apply to claims under the Securities Exchange Act of 1934, which are subject to the
exclusive jurisdiction of U.S. federal district courts, and it does not require investors to waive the requirements of the U.S. federal
securities laws.
In
addition, the forum selection provision in our memorandum and articles of association provides that the courts of the Cayman Islands
shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any
action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company
or its members, (iii) any action asserting a claim arising pursuant to any provision of the Companies Act (As Revised) of the Cayman
Islands or the memorandum and articles of association including but not limited to any purchase or acquisition of Shares, security or
guarantee provided in consideration thereof, or (iv) any action asserting a claim against the Company which if brought in the United
States of America would be a claim arising under the internal affairs doctrine (as such concept is recognized under the laws of the United
States of America from time to time).
This
forum selection provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes
with us or our directors, officers or other employees, which may discourage such lawsuits. Our forum selection provision seeks to reduce
litigation costs and increase outcome predictability. While forum selection provisions in corporate charters and by-laws are becoming
more commonplace for public companies in the United States and have been upheld by courts in certain states, it is possible that in connection
with any action a court could find the forum selection provision contained in our memorandum and articles of association to be inapplicable
or unenforceable in such action. If a court were to find our forum selection by-law inapplicable to, or unenforceable in respect of,
one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in
other jurisdictions and we may not obtain the benefits of limiting jurisdiction to the courts selected. If a court were to find the forum
selection provision to be inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings,
the Company may incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our
and the VIEs' business, financial condition and results of operations.
69
Our
memorandum and articles of association contain anti-takeover provisions that could discourage a third party from acquiring us, which
could limit our shareholders' opportunity to sell their ordinary shares, including ordinary shares represented by the ADSs, at
a premium.
Our
memorandum and articles of association contain provisions to limit the ability of others to acquire control of our company or cause us
to engage in change-of-control transactions. These provisions could have the effect of depriving our shareholders of an 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, without further action by our shareholders,
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 ordinary
shares, in the form of ADSs or otherwise. Preferred shares could be issued quickly with terms calculated to delay or prevent a change
in control of our company or make removal of management more difficult. If our board of directors decides to issue preferred shares,
the price of our ADSs may fall and the voting and other rights of the holders of our ordinary shares and our ADSs may be materially and
adversely affected.
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 U.S. domestic public companies.
Because
we qualify as 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 with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;
●
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 half-year basis as press releases, distributed pursuant to the rules and regulations of the Nasdaq Global
Market. 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 will be less extensive and less timely compared to that required to
be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be
made available to you were you investing in a U.S. domestic issuer.
We
are a "controlled company" within the meaning of the Nasdaq Stock Market Rules and as a result, we are entitled to, and do,
rely on the exemption from certain corporate governance requirement that provide protection to shareholders of other companies.
Under
the Nasdaq Stock Market Rules, 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 is permitted to phase in its compliance with the corporate governance
requirements. Following our initial public offering, Ms. Fen Ye, our chairlady and director and Mr. Wei, our director and the
spouse of Ms. Fen Ye, together beneficially own 45,000,000 ordinary shares issued, representing more than 50% of our aggregate voting
power and have the power to appoint a majority of the board of directors. As a result, we will be a "controlled company"
under the Nasdaq Stock Market Rules and entitled to elect not to comply with certain corporate governance requirements of the Nasdaq
Global Market, including the requirement that a majority of our directors to be independent. A majority of the members of our board of
directors will not be independent directors as we choose to rely on the "controlled companies" exemption and do not intend
to meet that requirement voluntarily.
70
Ms.
Fen Ye and Mr. Wei will have the power to control the Company in all material aspects, in consideration of the following:
●
our memorandum and articles
    of association authorizes the board of directors to issue additional ordinary shares from time to time as the board of directors
    shall determine, to the extent of available authorized but unissued shares. Our memorandum and articles also authorizes the board
    of directors, subject to certain conditions, to establish from time to time one or more series of preferred shares and to determine,
    with respect to any series of preferred shares, the terms and rights of that series. The board of directors may issue preferred shares
    without action by our shareholders to the extent authorized but unissued;
●
our memorandum and articles
    of association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable;
    and
●
the board of directors
    has all the powers necessary for managing, and for directing and supervising, our and the VIEs' business affairs, including
    among others (i) declaring dividends and distributions; (ii) exercising our borrowing powers and our mortgaging the property;
    and (iii) approving the transfer of shares in the Company, including the registration of such shares in our register of members.
See
"Item 6. Directors, Senior Management and Employees—C. Board Practices—Duties of Directors" and "Item 10.
Additional Information—B. Memorandum and Articles of Association."
Accordingly,
during the period we remain a controlled company relying on the exemption and during any transition period following a time when we are
no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all
of the 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 the Nasdaq Global Market listing standards; these practices may afford less protection to shareholders
than they would enjoy if we complied fully with the Nasdaq Global Market listing standards.
As
a Cayman Islands company listed on the Nasdaq Global Market, we are subject to the Nasdaq Global Market listing standards. However, the
Nasdaq Global Market 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 the Nasdaq Global
Market listing standards. We have relied on and intend to continue to rely on some of these exemptions. For instance, upon our listing
in October 2020, we will not:
●
have a majority of the
    board be independent (although all of the members of the audit committee must be independent under the Exchange Act within one year
    of the initial public offering);
●
have a compensation committee
    or a nominating and corporate governance committee consisting entirely of independent directors; or
●
have regularly scheduled
    executive sessions with only independent directors each year.
As
a result, you may not be provided with the benefits of certain corporate governance requirements of the Nasdaq Global Market.
There
can be no assurance that we will not be a passive foreign investment company, or PFIC, for United States federal income tax purposes
for any taxable year, which could subject United States investors in the ADSs or ordinary shares to significant adverse United States
federal income tax consequences.
We
will be classified as a passive foreign investment company, or PFIC, for any taxable year if either (i) 75% or more of our gross income
for such year consists of certain types of "passive" income, or (ii) 50% or more of the value of our assets (determined on
the basis of a quarterly average) during such year produce or are held for the production of passive income, or the asset test. Although
the law in this regard is not entirely clear, we treat the consolidated VIEs as being owned by us for U.S. federal income tax purposes
because we control their management decisions and are entitled to substantially all of the economic benefits associated with them. As
a result, we consolidate their results of operations in our consolidated U.S. GAAP financial statements. If it were determined, however,
that we are not the owner of the consolidated VIEs for U.S. federal income tax purposes, we may be treated as a PFIC for the current
taxable year and any subsequent taxable year.
Assuming
that we are the owner of the consolidated VIEs for U.S. federal income tax purposes, and based upon our current and expected income and
assets, including goodwill, we do not presently expect to be classified as a PFIC for the current taxable year and/or the foreseeable
future.
71
While
we do not expect to be a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market
price of our ADSs, fluctuations in the market price of our ADSs may cause us to become a PFIC for the current or subsequent taxable years.
The determination of whether we will be or become a PFIC will also depend, in part, on the composition and classification of our income.
Because there are uncertainties in the application of the relevant rules, it is possible that the IRS may challenge our classification
of certain income and assets as non-passive which may result in our being or becoming a PFIC in the current or subsequent years.
In addition, the composition of our income and assets will also be affected by how, and how quickly, we use our liquid assets and the
cash in our initial public offering. If we determine not to deploy significant amounts of cash for active purposes, our risk of being
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, there can be no assurance that we will not be a PFIC for the current
taxable year or any future taxable year.
If
we are a PFIC in any taxable year, a U.S. Holder (as defined in "Item 10. Additional Information—E. Taxation—United
States Federal Income Taxation") may incur significantly increased United States income tax on gain recognized on the sale or other
disposition of our ADSs or ordinary shares and on the receipt of distributions on our 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 holder
may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. Holder holds our ADSs
or our ordinary shares, we will generally continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds
our ADSs or our ordinary shares. For more information, see "Item 10. Additional Information—E. Taxation—United States
Federal Income Taxation—Passive Foreign Investment Company Rules."
We
are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
We
are an "emerging growth company", as defined in the JOBS Act, and we may take advantage of certain exemptions from requirements
applicable to other public companies that are not emerging growth companies including, most significantly, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we remain an emerging growth company.
As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information
they may deem important.
The
JOBS Act also provides that for so long as a registrant qualifies as an emerging growth company it does not need to comply with any new
or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised
accounting standards. Pursuant to the JOBS Act, we have elected to take advantage of the benefits of this extended transition period
for complying with new or revised accounting standards as required when they are adopted for public companies. As a result, our operating
results and financial statements may not be comparable to the operating results and financial statements of other companies who have
adopted the new or revised accounting standards.
We
incur increased costs because of being a public company, particularly after we cease to qualify as an emerging growth company.
We
are a public company and we incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley
Act of 2002 and the rules subsequently implemented by the SEC and the Nasdaq Global Market detailed requirements concerning corporate
governance practices of public companies. As a company with less than US$1.07 billion in net revenues for our last fiscal year,
we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified
reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption
from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2012 relating to internal controls over
financial reporting.
We
expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming
and costly. After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial
management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other
rules and regulations of the SEC. Our management will be required to devote substantial time and attention to our public company reporting
obligations and other compliance matters. For example, as a result of becoming a public company, we need to increase the number of independent
directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public
company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required
to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition,
we incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified
persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect
to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may
incur or the timing of such costs.
72
ITEM 4.
INFORMATION ON THE COMPANY
A.
History and Development of the Company
Lixiang
Education Holding Co., Ltd. was incorporated as an exempted company under the laws of the Cayman Islands with limited liability in September
2018, to be our holding company. We conduct business through our PRC subsidiaries and the VIEs with which we have a series of contractual
arrangements. On October 1, 2020, our ADSs commenced trading on the NASDAQ Global Market under the symbol "LXEH." We
raised from our initial public offering approximately US$26.2 million in net proceeds after deducting underwriting commission and
related costs and expenses.
Prior
to August 31, 2021, we and the VIEs primarily operated primary and secondary school in Baiyun campus and Yijing campus—Featured
Division of Lianwai School through a series of contractual arrangements between us and the VIEs. Under the 2021 Implementation Rules
which took effect on September 1, 2021, social organizations and individuals are prohibited from controlling a private school that
provides compulsory 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 among
Liandu WFOE and Lianwai School providing compulsory education. Therefore, we re-assessed our control over Lianwai School. Based on the
relevant accounting standard in accordance with U.S. GAAP, we have concluded that we have lost control of Lianwai School since August 31,
2021, in view of the significant uncertainties and restrictions the 2021 Implementation Rules impose on our ability to direct the range
of ongoing activities that would most significantly impact the returns of Lianwai School. In light of such regulatory developments, on
April 20, 2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai School and respective directors,
to confirm all the terms of rights and obligations relating to Lianwai School and the directors appointed by the sponsor under the contractual
arrangements in relation to Lianwai School, and agree among the parties that such arrangements shall have been terminated on August 31,
2021. To minimize disruptions to existing students enrolled in Lianwai School, we and the VIEs continued to offer essential services
to the students. We deconsolidated Lianwai School commencing from September 1, 2021 and presented it as a discontinued operation
in current and comparative period financial statements.
On
August 18, 2021, Lishui Mengxiang entered into a sponsorship interests transfer agreement with Qingtian Zhongyi Education Investment
in respect of the acquisition of 100% of the sponsorship interests of Qingtian International School, Lishui City, Zhejiang Province,
with a total consideration of RMB23 million, and closed the transaction in November 2021. The alteration registration of the sponsorship
of Qingtian International School was completed on August 24, 2021. Qingtian International School is an educational institution specialized
in providing high school education to returned overseas Chinese students. We believe there is significant market potential for the growth
of private higher education in the PRC. As a private provider of higher education, we are well-positioned to capture on the growth opportunities
in the PRC higher education sector.
We
have explored and considered business opportunities beyond high school education. We took steps to expand into online education and vocational
education.
In
February 2021, Liandu WFOE completed the acquisition of 100% equity stake in Hangzhou Youxi, developer of five software with computer
software copyright, including among others live streaming supervision system, Android live streaming system, and Apple live streaming
system, etc., for the layout of online education. The total consideration of the acquisition was RMB300,000 in cash.
In
January 2022, we formed Beijing Xinxiang with Beijing R.R.Z. to provide vocational education in the healthcare industry. Lishui Mengxiang
will make an equity capital contribution of RMB4,300,000 to Beijing Xinxiang in exchange for 43% equity interests in Beijing Xinxiang.
Given that the board of directors of Beijing Xinxiang consists of five members, three of which shall be appointed by Lishui Mengxiang,
we are regarded as the primary beneficiary of Beijing Xinxiang through Lishui Mengxiang under U.S. GAAP as Lishui Mengxiang holds more
than half of the voting power in the board of directors of Beijing Xinxiang. Therefore, the financial statements of Beijing Xinxiang
is consolidated in our annual report for the year ending December 31, 2022. We plan to provide high-quality vocational education
in the health care industry to help students achieve success in the fields of nursing, emergency rescue and rehabilitation care.
On
January 1, 2022, Lishui Mengxiang entered into definitive agreements to acquire 100% equity interests of Beijing P.X., a wholly-owned
subsidiary of Beijing S.K., which in turn holds 100% equity interests of Chuangmei Weiye and Hainan Jiangcai, and the sponsorship interests
of Langfang School, to expand our and the VIEs' business into vocational education. The acquisition was completed in May 2022.
As of the date of the annual report on Form 20-F, the administrative procedures with the PRC governmental authorities to amend the registration
reflecting the result of the acquisition of Langfang School have not been completed due to the internal procedures of the competent authorities.
73
B. Business
Overview
Our
and the VIEs' private education services used to primarily include primary and middle school education, while now turn to high
school education and vocational education. We and the VIEs have established an education services network consisting of one high school,
three vocational education services providers and one comprehensive human resources services provider, covering Zhejiang Province, Hebei
Province, and Hainan Province in mainland China. The entities engaging in our main business include:
●
Qingtian
                                            International School, an educational institution specialized in providing high school education
                                            to students from overseas Chinese families returning to China who are commonly known as the
                                            overseas Chinese returnees;
●
Beijing
                                            Xinxiang, Langfang School and Hainan Jiangcai, vocational education services providers offering
                                            a variety of vocational education programs with the aim to help students to equip with practical
                                            vocational skill sets; and
●
Chuangmei
                                            Weiye, a professional comprehensive human resources service provider connecting enterprises
                                            and vocational school students, providing talents to enterprises and assisting vocational
                                            schools to provide internship opportunities to their students.
Deconsolidated
Primary and Middle School
In
2003, Lianwai School was launched in Lishui City, Zhejiang Province with two campuses offering primary and middle school private education:
●
Baiyun
                                            Campus offering standard PRC curriculum programs; and
●
Yijing
                                            Campus—Featured Division offering featured PRC curriculum programs.
Under
the 2021 Implementation Rules which took effect on September 1, 2021, social organizations and individuals are prohibited from controlling
a private school that provides compulsory 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 among Liandu WFOE and Lianwai School providing compulsory education. Therefore, we re-assessed our control over
Lianwai School. Based on the relevant accounting standard in accordance with U.S. GAAP, we have concluded that we have lost control of
Lianwai School since August 31, 2021, in view of the significant uncertainties and restrictions the 2021 Implementation Rules impose
on our ability to direct the range of ongoing activities that would most significantly impact the returns of Lianwai School. In light
of such regulatory developments, on April 20, 2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai
School and respective directors, to confirm all the terms of rights and obligations relating to Lianwai School and the directors appointed
by the sponsor under the contractual arrangements in relation to Lianwai School, and agree among the parties that such arrangements shall
have been terminated on August 31, 2021. To minimize disruptions to existing students enrolled in Lianwai School, we and the VIEs
continued to offer essential services to Lianwai School without recognizing any revenue. Meanwhile, we deconsolidated Lianwai School
commencing from September 1, 2021 and presented it as a discontinued operation in current and comparative period financial statements.
See "Item 5. Operating and financial Review and Prospects—A. Operating Results."
Qingtian
International School
Our
high school curriculum programs offered at Qingtian International School are designed for students from overseas Chinese families returning
to China who are commonly known as the overseas Chinese returnees.
74
The
increasing population of overseas Chinese returnees and their immediate relatives in Zhejiang Province provide a growing opportunity
in the private education industry. According to the Frost & Sullivan report, the population of overseas Chinese returnees (including
Chinese returnees from Hong Kong and Macau) and their relatives residing in Zhejiang Province has increased from 1.2 million in
2014 to 1.5 million in 2019, representing a CAGR of 4.5%. It is expected that this number would continue to grow steadily at a CAGR
of 4.0% from 2019 to 2024. Compared with local students, overseas Chinese returnees are afforded the opportunity to attend the PRC Joint
Recruitment Examination for overseas Chinese returnees and students in Hong Kong, Macau and Taiwan as a parallel track. As a result,
we believe our graduates who are overseas Chinese returnees have a better opportunity to attend China's top universities, which
in turn enhances our and the VIEs' schools' reputation in the industry and improves our prospects.
As
a boarding school specialized in providing high school education to overseas Chinese returnees, Qingtian International School provides
high school education by small-class teaching method and semi-military management, enabling its students to gain admission to the most
prestigious colleges and universities. Qingtian International School offers ordinary PRC high school curriculum program combined with
the courses designed for the PRC Joint Recruitment Examination for overseas Chinese returnees.
As
of September 1, 2022, there were 501 students in 15 classes enrolled in Qingtian International School with approximately 77% of the students
living on-campus. The school recorded a utilization rate of 61.4% with the capacity of 816 as of September 1, 2022. The school has on-campus canteen
and provide dormitories for boarding students who live on-campus Sunday through Friday during school terms. The student dormitories
implement comprehensive boarding rules and are under the dual supervision of teachers and counselors. The school also cooperated with
Qingtian High School of Zhejiang Province ("Qingtian High School") by allowing the medical staff and mental-health counselors
of Qingtian High School to handle routine medical treatments and psychological counseling for its students, and the medical staff
and mental-health counselors will promptly send the students to hospitals when necessary. Students usually wear school uniforms during
school year. The school arranges third-party suppliers to provide school uniform purchasing service for the convenience of parents.
Major
decisions and policies concerning our school, such as principal nomination and budget planning (including tuition levels, construction
of material new facilities and use of significant funds), are determined by our directors. At the same time, our finance team monitors
the financial activities of our school through periodic audits from time to time. The school principal reports to our directors on school
developments and major issues at least annually.
To
facilitate parent-school communication and to timely obtain feedback from the students' parents, Qingtian International School
sets up parents committee comprising parent-representatives from each class; and maintain active social media groups on a class-wide,
grade-wide and school-wide basis. The parents committees and social media groups act as a liaison between the management of the school
and parents, and encourage parents to voice their opinions about the school. The school also organizes a variety of events and activities
for the students' parents. We believe these events and activities strengthened the relationship between the school and the students'
parents and contributed to creating a harmonious learning environment. The school also from time to time conducts parent satisfaction
survey to obtain feedback on our teaching quality.
We
believe teachers are the key to the education programs and the reputation of the school. Qingtian International School employs a team
of professional teachers, which enables the school to offer a variety of mandatory and elective courses and provide moral guidance to
students. As of September 1, 2022, Qingtian International School had 76 teachers, with a teacher-student ratio of 1.5:10.
The
teachers are employed through different channels and methods, including campus recruitment, general public recruitment, candidate self-nominations
and the use of online recruiting websites. The school determines the recruitment demands before advertising for recruitment. The school
screens resumes received and select appropriate candidates. The hiring decision is made based on the candidates' professional qualifications,
moral qualities, professional skills, performance during trial lectures. The deliberation process involves our principals, teachers and
administrative staff.
75
The
school typically enters into one-year contracts with the newly hired teachers and will renew their contracts with longer terms
only if they deliver satisfactory performance on a selective basis based on the evaluation. To uphold the school's reputation for
providing high-quality education and maintain the consistency of the teaching standards, Qingtian International School monitors teaching
quality through a comprehensive evaluation system. The school performs the teacher evaluations annually. The evaluations assess attendance,
classroom preparation, classroom performance, teaching quality, continuing education coursework, publications and honors and awards.
The school also regularly engages external consultants specializing in education to evaluate the in-class performance of the teachers
as well as the curriculum taught at school. We believe the external consultants are able to provide the teachers with meaningful feedback
that enable them to improve their teaching quality.
As
of the date of this annual report, some teachers in Qingtian International School have not obtained the teacher's qualification
license in accordance with relevant regulations. We have not received any notice of warning or been subject to any penalties or disciplinary
action from the government authorities due to the lack of the teacher's qualification license. All teachers without the teacher's
qualification license are required to obtain the license within certain limited time, otherwise they will be advised to transfer to other
non-teaching positions.
Vocational
Education Services Providers
We
and the VIEs offer vocational education services at the Vocational Education Services Providers, namely Beijing Xinxiang, Langfang School
and Hainan Jiangcai. Beijing Xinxiang was formed in January 2022 by Lishui Mengxiang and Beijing R.R.Z. Langfang School. Hainan Jiangcai
and Chuangmei Weiye were acquired by Lishui Mengxiang in January 2022.
We
and the VIEs take advantage of the school-operating experience and high-quality resources that the Vocational Education Services Providers
accumulated in the vocational education industry in the past to teach students career-focused skill sets. We and the VIEs are moving
towards the goal of becoming a leading vocational training leader and offer high-quality vocational courses to enhance students'
professional skills and improve their abilities to use their knowledge in practice.
Beijing
Xinxiang
Beijing
                                            Xinxiang is a vocational education service provider in the healthcare industry, formed in
                                            January 2022 by Lishui Mengxiang and Beijing R.R.Z. The healthcare industry in China has
                                            significant unmet demand for vocational training education to bridge the supply and demand
                                            gap between employers and students. Beijing Xinxiang intends to cooperate with two vocational
                                            schools in Henan Province and Shandong Province, with a goal to enroll 1,000 students in
                                            2023.
Langfang
School
Langfang
                                            School is a provincial private vocational school approved by the Human Resources and Social
                                            Security Department of Hebei Province, integrating academic education and vocational education.
                                            Langfang School was acquired by Lishui Mengxiang in January 2022. As of the date of the annual
                                            report, the administrative procedures with the PRC governmental authorities to amend the
                                            registration reflecting the result of the acquisition of Langfang School have not been completed
                                            due to the internal procedures of the competent authorities.
76
Langfang
                                            School provides two parallel options for students to achieve their vocational goals or progression
                                            goals. Students can either choose the employment-oriented track to study in one of the vocational
                                            education programs and land on a job recommended by the school, or choose the progression-oriented
                                            track to study in the progression classes of the vocational education programs and attend
                                            the vocational college entrance exam.
The
following table sets out the vocational education programs and the corresponding numbers of the enrolled students in Langfang School
as of September 1, 2022:
Vocational
    Education Programs in Langfang School
Number
                                            of
Student
Enrolled
as
                                            of
September 1,
2022
3D Printing Technology Operation
257
Urban Rail Transportation Management
139
Nursing
25
Computer Operation, Maintenance and Repairment
591
Cross-border E-commerce
17
Graphic Design
103
Automobile Maintenance and Repairment
124
Railway Attendant Training
619
Unmanned Aerial Vehicle Operation
92
Preschool Teacher Training
275
Total
2242
Langfang
School hires a number of qualified and dedicated teachers. As of September 1, 2022, Langfang School had 122 teachers, with a teacher-student
ratio of 1:18.
As
of the date of this annual report, some of the teachers in Langfang School have not obtained the teacher's qualification license
(教师资格证) issued by the local administrative department of education, or the vocational school teacher's
license (教师上岗证) issued by the local administrative department of human resources and social security.
As far as we know, the competent authorities no longer compulsorily require vocational school teachers to hold the vocational school
teacher's license. We have not received any notice of warning or been subject to any penalties or disciplinary action from government
authorities due to the lack of the teacher's qualification license or the vocational school teacher's license.
As
of December 31, 2022, 222 students registered to sit for the vocational college entrance exam held in April 2023. Langfang School provides
intensive training for these students to help them prepare for the exam. In 2022, 220 students have graduated from Langfang School, with
148 graduates employed and 55 students pursuing college education.
Hainan
Jiangcai
We
and the VIEs cooperate with Hainan Technical School, a reputable vocational education school in Haikou City, Hainan Province, through
Hainan Jiangcai, a subsidiary of Beijing P.X., to jointly design and develop curriculum programs based on the prevalent market trends
and employer preferences.
The
                                            following table sets out the programs and the corresponding numbers of the students enrolled
                                            in the programs of Hainan Jiangcai as of September 1, 2022:
Vocational
    Education Programs of Hainan Jiangcai
Number
                                            of
Student
Enrolled
as of
September 1,
2022
Transportation Attendant Training
456
Unmanned Aerial Vehicle
    (Computer Operation)
67
Total
523
Hainan
                                            Jiangcai hires a number of qualified and dedicated teachers. As of September 1, 2022, Hainan
                                            Jiangcai had 16 teachers.
As
of December 31, 2022, the cooperative vocational education programs of Hainan Jiangcai have no graduates because Hainan Jiangcai just
launched the programs and accepted students enrollment starting from 2021.
77
Comprehensive
Human Resources Services Provider
Chuangmei
Weiye
Chuangmei
                                            Weiye is a professional comprehensive education and human resources service provider, covering
                                            human resources (including labor dispatch, human education, agency recruitment), outsourcing
                                            vocational services, recruitment process outsourcing service, comprehensive services for
                                            flexible employment (including the services for the part-time employment, retirement re-employment,
                                            internships, and other short-term or temporary employment methods) and vocational education.
                                            Through Chuangmei Weiye, we aim to assist talents with practical skills in obtaining internship
                                            opportunities and positions in well-known companies so as to bridge the supply and demand
                                            gap between the employers and talents.
Chuangmei
Weiye has 5 branches in Henan Province, Guangdong Province, Hainan Province, Gansu Province and Xinjiang Province, and reached strategic
cooperation with many reputable companies in the industries, and has a talent pool consisting of the graduates from its cooperative vocational
schools. For the fiscal year of 2022, Chuangmei Weiye has provided human resources services to over 30 companies and over 10 schools,
and assisted the vocational schools in providing internship and employment opportunities for over 1,000 students.
Intellectual
Property
As
of December 31, 2022, we and the VIEs had 46 and two registered trademarks in the PRC and Hong Kong, respectively. As of December 31,
2022, we and the VIEs had no trademarks pending registration in the PRC. We obtained five computer software copyrights through the acquisition
of Hangzhou Youxi by Liandu WFOE in February 2021. As our brand name is of material importance to our and the VIEs' business, we
and the VIEs are working to increase, maintain and enforce our rights in our intellectual property portfolio.
Seasonality
Our
financial performance is subject to seasonality as each of the school years includes a winter holiday between December and January and
a summer holiday between July and August. Our net income and results of operations normally fluctuate from quarter to quarter as a result
of seasonal variations in our and the VIEs' education operations. See "Item 5. Operating and financial Review and Prospects—A.
Operating Results—Seasonality."
Marketing
We
and the VIEs rely primarily on our reputation as one of the leading providers of education services in Lishui City to attract high-quality
students to apply for Qingtian International School and do not engage in marketing and recruitment methods that require additional cost.
We and the VIEs also take advantage of the school-operating experience and high-quality resources of the newly-acquired Vocational Education
Services Providers in the vocational education industry to attract students. In addition, we and the VIEs enhance the public awareness
of our brand name and education service offerings through word-of-mouth advertising, award and campus tours which are useful
channels for prospective students and their family to learn more about our and the VIEs' capabilities and education service offerings.
We and the VIEs also from time to time formulate and implement our marketing and student recruiting plans suitable for the market to
promote our school, programs and us.
Competition
The
education sector in China is growing, rapidly evolving, highly fragmented and competitive. We and the VIEs face competition for students
in the geographic market in which we operate.
78
According
to the Frost & Sullivan report, Lianwai School was one of the top ten providers of private primary and secondary school education
in Zhejiang Province and the largest private primary and middle school education in Lishui City as measured by students enrolled on a
monthly average basis for the 2019/2020 school year. As of the date of the annual report, we and the VIEs are still one of the pioneers
in the industry to provide education services in Zhejiang Province. With a successful track record of operation, Qingtian International
School has gained a strong reputation in Zhejiang Province, especially in Lishui City, which in turn attracts more high-quality students
and teachers and helps forming a virtuous cycle. Besides, with the acquisition of the Vocational Education Services Providers and Chuangmwei
Weiye, we extended out business layout to the vocational education services in Hebei province and Hainan province and also to the comprehensive
human resources services. We could take advantage of the school-operating experience and high-quality resources that the Vocational Education
Services Providers and Chuangmei Weiye accumulated in the vocational education industry and human resources services industry to attract
students and help them achieve their progression and career goals.
We
believe that the principal competitive factors in our relevant markets include academic performance of students, student placement and
employer satisfaction with our graduates, brand and reputation, quality of educational programs, operating experience, types of educational
programs, tuition, students and parent satisfaction rate, student progression rate and employment rate, and ability to attract and retain
high quality teachers and staff.
See "Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and
Industry— We face intense competition in the education industry and we may fail to compete effectively."
Regulation
This
section sets forth a summary of the most significant rules and regulations that affect our and the VIEs' business activities
in China.
PRC
Laws and Regulations Relating to Foreign Investment in Education
Regulations
on Stock Incentive Plans
Pursuant
to the Notice on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan
of an Overseas Publicly Listed Company, or SAFE Circular 7, issued by SAFE in February 2012, directors, supervisors, senior managers
and other employees participating in any stock incentive plan of an overseas listed company who are PRC citizens or who are non-PRC citizens
residing in China for a continuous period of not less than one year, subject to a few exceptions, are required to register with SAFE
through a domestic qualified agent, which could be a PRC subsidiary of such overseas listed company, and complete certain other procedures.
If we fail to complete the SAFE registrations, such failure may subject us to fines and legal sanctions and may also limit our ability
to contribute additional capital into our wholly foreign-owned subsidiary in China and limit such subsidiary's ability to distribute
dividends to us.
In
addition, the State Administration for Taxation has issued certain circulars concerning employee share options or restricted shares.
Under these circulars, the employees working in the PRC who exercise share options or are granted restricted shares will be subject to
PRC individual income tax. The PRC subsidiaries of such overseas listed company have obligations to file documents related to employee
share options or restricted shares with relevant tax authorities and to withhold individual income taxes of those employees who exercise
their share options. If the employees fail to pay or the PRC subsidiaries fail to withhold their income taxes according to relevant laws
and regulations, the PRC subsidiaries may face sanctions imposed by the competent PRC government authorities.
The
Negative List and the Encouraging Catalogue
On
June 23, 2020, the NDRC and the MOFCOM jointly issued the Special Administrative Measures for the Access of Foreign Investment (Negative
List) (the "2020 Negative List") with effect from July 23, 2020. Pursuant to the 2020 Negative List, ordinary high school
education are restricted industries for foreign investors, and foreign investments are only allowed to invest in ordinary high school
education in cooperative ways and the domestic party shall play a dominant role in the cooperation, which means the principal or other
chief executive officer of the schools shall be a PRC national and the representative of the domestic party shall account for no less
than half of the total members of the board of directors, the executive council or the joint administration committee of the Sino-foreign
cooperative educational institution. In addition, foreign investors are prohibited from investing in compulsory education, namely primary
school to middle school. Industries not listed in these two categories are generally deemed "permitted" for foreign investment
unless specifically restricted by other PRC laws.
79
Furthermore,
On December 27, 2021, the NDRC and the MOFCOM jointly issued the Special Administrative Measures for the Access of Foreign Investment
(Negative List) (the "2021 Negative List") with effect from January 1, 2022 and replaced the 2020 Negative List. The
Negative List sets out the areas where foreign investment is prohibited, and the areas where foreign investment is restricted. Prior
to investing in the restricted fields in the Negative List, foreign investor shall obtain foreign investment access permit. Unless otherwise
provided in other laws, a foreign investment in areas not listed on the Negative List is unconditionally permitted and shall be treated
in the same manner as domestic investment. 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.
On
June 30, 2019, MOFCOM and NDRC jointly issued the Catalogue of Industries for Encouraging Foreign Investment (Edition 2019), or the Encouraging
Catalogue (Edition 2019). On December 27, 2020, MOFCOM and NDRC jointly promulgated the Catalogue of Industries for Encouraging Foreign
Investment (Edition 2020), or the Encouraging Catalogue (Edition 2020), which replaced the Encouraging Catalogue (Edition 2019). The
latest version of the Encouraging Catalogue (Edition 2022) was issued on October 26, 2022, which took effect on January 1, 2023 and superseded
the previous lists. Pursuant to the Encouraging Catalogue (Edition 2022), vocational school (including technical training schools) are
encouraged industries for foreign investors.
Regulations
on Foreign Investment
On
March 15, 2019, the Foreign Investment Law of the People's Republic of China, or the Foreign Investment Law, was formally
passed by the 13th NPC and took effect as on January 1, 2020. The Foreign Investment Law has replaced the Chinese-Foreign Equity
Joint Ventures Law, the Chinese-Foreign Contractual Joint Ventures Law and the Wholly Foreign-owned Enterprise Law to become the legal
foundation for foreign investment in the PRC. To implement the Foreign Investment Law, the State Council promulgated the Implementing
Regulations of the Foreign Investment Law, and Ministry of Commerce of the PRC, or the MOFCOM, and the State Administration for Market
Regulation, or the SAMR further promulgated the Measures for Reporting of Information on Foreign Investment.
The
Foreign Investment Law establishes the administration systems for foreign investment, which mainly consists of pre-establishment national
treatment plus negative list, foreign investment information report system and security review system. The aforesaid systems, together
with other administrative measures stipulated under the Foreign Investment Law, constitute the frame of foreign investment administration.
The pre-establishment national treatment refers to granting to foreign investors and their investments, in the stage of investment access,
the treatment no less favorable than that granted to domestic investors and their investments. The negative list refers to special administrative
measures for access of foreign investment in specific fields as stipulated by the State and the State will give national treatment to
foreign investments outside the negative list. The Foreign Investment Law further provides that foreign-invested enterprises established
before the Foreign Investment Law coming into effect may retain their original form of organizations within five years after the Foreign
Investment Law comes into effect.
Pursuant
to the Foreign Investment Law of the PRC which took effect as on January 1, 2020, foreign investors' capital contribution,
profits, capital gains, assets disposal income, intellectual property license fees, legally obtained damages or compensation, liquidation
proceeds, etc., may be freely remitted into or out of China in RMB or foreign exchange according to PRC laws. Accordingly, the Company
has the ability to repatriate revenues generated by the VIE businesses. However, there are restrictions under PRC laws for the payment
of dividends to us by Liandu WFOE. See "—Regulation—Regulations on Taxation in the PRC—Income Tax in relation
to Dividend Distribution" and "—Regulation—PRC Laws and Regulations relating to Foreign Exchange."
As
of the date of the annual report, our and the VIEs' high school education services fall within restricted industries for foreign
investors, and the VIEs' vocational school education services fall within encouraged industries for foreign investors. Although
foreign investment in high schools and vocational school is not prohibited, we or Liandu WFOE is not a foreign education institution
or a foreign vocational skills training institution with relevant qualifications on education services and operating high-quality education.
Therefore, we conduct business operations through the Variable Interest Entities. See "Item 3. Key Information—D. Risk Factors—Risks
Relating to Our Corporate Structure" and "Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business
in China" for details.
80
Regulations
on Sino-Foreign Cooperation in operating school
Pursuant
to the 2021 Negative List, ordinary high school education are restricted industries for foreign investors, and foreign investments are
only allowed to invest in ordinary high school education in cooperative ways and the domestic party shall play a dominant role in the
cooperation, which means the principal or other chief executive officer of the schools shall be a PRC national and the representative
of the domestic party shall account for no less than half of the total members of the board of directors, the executive council or the
joint administration committee of the Sino-foreign cooperative educational institution.
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, took effect from September 1, 2003 and recently amended on March 2, 2019, and the
Implementing Rules for the Regulations on Operating Sino-foreign Schools of the PRC, or the Implementing Rules, which were issued by
the Ministry of Education of the PRC, or the MOE on June 2, 2004 and became effective on July 1, 2004.
The
Regulation on Operating Sino-foreign Schools of the PRC and the Implementing Rules apply to the activities of educational institutes
established in the PRC jointly by foreign educational institutes and Chinese educational institutes, the students of which are to be
recruited primarily from PRC citizens and encourage substantial cooperation between overseas educational organizations with relevant
qualifications and experience in providing high-quality education, and PRC educational organizations to jointly operate various types
of schools in the PRC, with such cooperation in the areas of higher education and occupational education being encouraged. The overseas
educational organization must be a foreign educational institution with relevant qualification and experience at the same level and in
the same category of education. It is uncertain as to what type of information (including the length and type of experience) a foreign
investor must provide to the competent PRC government authority to demonstrate that it meets the qualification requirement. Sino-foreign
cooperative schools are not permitted, however, to engage in compulsory education and military, police, political or other kinds of education
that are of a special nature in the PRC. Any Sino-foreign cooperative school and cooperation program shall be approved by the relevant
education authorities of provinces, autonomous regions or municipalities directly under PRC central governmental where the institute
locates and obtain an Operation Permit for Sino-foreign Cooperation School, and a Sino-foreign cooperation school established without
the above approval or permit may be prohibited by the relevant authorities, be ordered to refund the fees collected from its students
and be subject to a fine of no more than RMB100,000, while a Sino-foreign cooperation program established without such approval or permit
may also be banned and be ordered to refund the fees collected from its students.
The
Administrative Measures for the Sino-foreign Cooperative Education on Vocational Skills Training was promulgated by the Ministry of Labor
and Social Security (currently known as the MHRSS) on July 26, 2006 and came into effect on October 1, 2006 and then was amended on April
30, 2015 by the MHRSS. The Sino-foreign Vocational Skills Training Measures shall apply to the establishment, activities and management
of vocational skills training institutions and educational projects initiated by Chinese educational institutions and foreign educational
institutions (including vocational skills training institutions) by cooperation. Foreign educational institutions, other organizations
or individuals may not independently establish the vocational skills training institutions with Chinese citizens as the main enrollment
targets in the PRC, and can only establish the vocational skills training institutions in cooperation with Chinese cooperators in the
form of Sino-foreign cooperation, and the cooperators of the Sino-foreign vocational skills training institutions shall meet the requirements
and conditions stipulated in the Sino-Foreign Cooperation Regulation. The establishment of a Sino-foreign vocational skills training
institution shall be examined and approved by the local MHRSS of the people's government of the province, autonomous region or
municipality directly under the Central Government where the proposed institution is located.
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 Sino-foreign education institute shall
be less than 50%.
As
                                            of the date of the annual report, no implementation measures or specific guidelines are promulgated
                                            in accordance with the Regulation on Operating Sino-foreign Schools of the PRC and Implementing
                                            Rules. Further, as far as we know, relevant authorities in Zhejiang Province or Hebei Province
                                            have not approved any establishment of Sino-foreign cooperative high school or vocational
                                            school in at least past five years. Therefore, we can only consolidate Qingtian International
                                            School and Langfang School through the contractual arrangements in accordance with U.S. GAAP.
81
Regulations
on Private Education in the PRC
Education
Law of the PRC
On
March 18, 1995, the National People's Congress of PRC, or the NPC enacted the Education Law of the PRC, or the Education Law,
which was amended on August 27, 2009, December 27, 2015 and April 29, 2021, respectively. The Education Law sets forth
provisions relating to the fundamental education systems of the PRC, including a school education system comprising pre-school 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 educational institution. Furthermore, it provides that in principle, enterprises,
social organizations and individuals are encouraged to establish and operate schools and other types of educational institutes in accordance
with PRC laws and regulations. Meanwhile, schools and other educational institutes sponsored by all or part of government financial funds
and donated assets are forbidden to be established as for-profit organizations.
The
Law for Promoting Private Education and the Implementation Rules for the Law for Promoting Private Education
The
Law for Promoting Private Education of the PRC became effective on September 1, 2003 and was amended on November 7, 2016 by
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 Decision and amended on June 29, 2013 and December 29, 2018. The Implementation Rules for the Law for Promoting
Private Education of the PRC, or the 2004 Implementation Rules became effective on April 1, 2004 and recently amended on April 7,
2021. The Law for Promoting Private Education of the PRC shall be applicable to activities conducted by public organizations or individuals,
other than the organs of the state, to establish and operate schools and other institutions of education with non-governmental financial
funds, which are geared to the need of society. The establishment of a private school shall meet the local need for educational development
and the requirements of the Education Law and the relevant laws and regulations. A duly approved private school will be granted a Permit
for Operating a Private School, after which the private school can apply for registration as a legal person and the registration authority
shall handle the matter in accordance with relevant laws and regulations.
The
Law for Promoting Private Education of the PRC mainly stipulates as follows:
(i)
The sponsors of privately-run
    schools may establish non-profit or for-profit privately-run schools at their own discretion. However, they shall not establish for-profit
    privately-run schools providing compulsory education.
(ii)
The sponsor of a non-profit
    privately-run school shall not gain proceeds from school running, and the cash surplus of the school shall be used for school running,
    while the sponsor of a for-profit privately-run school may gain proceeds from school running, and the cash surplus of the school
    shall be disposed of in accordance with relevant PRC laws and regulations.
(iii)
The measures for the collection
    of fees by non-profit privately-run schools shall be formulated by the people's governments of various provinces, autonomous
    regions and centrally-administered municipalities.
However,
the charging criteria of for-profit privately-run schools are subject to market regulation and shall be determined by
the schools themselves.
(iv)
Privately-run schools may
    enjoy the preferential taxation policies, and non-profit privately-run schools may enjoy the same preferential taxation policies
    with that for publicly-run schools.
(v)
Additional supportive measures
    are provided for private schools. Non-profit private schools will enjoy additional supportive measures, such as government subsidies,
    fund awards and donations.
Furthermore,
if a private school established before the promulgation of this Decision chooses to be registered as a non-profit privately-run school
and when the privately-run school is terminated, if there are remains after its property is liquidated, appropriate compensation
or rewards shall be given to capital contributors based on their applications and by taking into full account the factors such as the
capital contributed before the implementation of this Decision, reasonable return gained and benefits from school running, and the other
property may continue to be used for the running of other non-profit schools.
82
The
2021 Implementation Rules was promulgated by the State Council on May 14, 2021, and came into effect on September 1, 2021.
The 2021 Implementation Rules contain stricter provisions than the Draft Revision of the Regulations on the Implementation of the Law
for Promoting Private Education of the PRC (the Draft for Comments) issued by the Ministry of Education of the PRC in April 2018 and
the Draft Revision of the Regulations on the Implementation of the Law for Promoting Private Education of the PRC (the Draft for Examination
and Approval) issued by the Ministry of Justice of the PRC on August 10, 2018. The 2021 Implementation Rules address the operation
and management of private schools, especially non-profit private primary and middle schools, including: (i) 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, (ii) 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 (iii) private schools providing compulsory education shall not conduct any transaction with
any interested related party.
As
disclosed in our prospectus dated September 30, 2020, our wholly-owned PRC subsidiary, Liandu WFOE, entered into a series of contractual
arrangements for our operation in the PRC, pursuant to which we had the power to control the management and the financial and operating
policies of Lishui Mengxiang and Lianwai School, the right to recognize and receive substantially all the economic benefits of Lishui
Mengxiang and Lianwai School, and an exclusive option to purchase all or part of the equity interests and all or a portion of the assets
in Lishui Mengxiang and Lianwai School at the minimum price possible to the extent permitted by the PRC laws. Accordingly, we were regarded
as the primary beneficiary of Lishui Mengxiang and Lianwai School in accordance with U.S. GAAP. We understand that the 2021 Implementation
Rules may have a retrospective effect, such that the aforesaid contractual arrangements may be deemed to violate the 2021 Implementation
Rules or any related rules or regulations, which may lead to certain adverse outcomes, including, among others, the loss of the Company's
rights to direct the activities of Lianwai School and to receive economic benefits from it and therefore the inability to consolidate
the financial results of Lianwai School into the Company's consolidated financial statements in accordance with U.S. GAAP. As a
result, we concluded that we lost the ability to control Lianwai School at the end of August 31, 2021, and immediately before September 1,
2021, when the 2021 Implementation Rules became effective and the financial results and the net assets of Lianwai School would no longer
be consolidated into the Company's consolidated financial statements.
Nevertheless,
the local governments and their education authorities will generally issue detailed rules, guidelines or opinions on the interpretation,
application and implementation of the upper-level laws after they come into effect, and the local government and education authorities
in Zhejiang Province have not yet issued such rules, guidelines or opinions on the interpretation, application and implementation of
the Implementation Rules as of the date hereof. We and the VIEs are closely monitoring the developments of the Implementation Rules and
is carefully evaluating the possible impact of the 2021 Implementation Rules on its business development and financial performance. We
and the VIEs are also proactively seeking guidance from and cooperating with government authorities in connection with its efforts to
comply with the 2021 Implementation Rules and any related rules and regulations.
In
                                            addition, the 2021 Implementation Rules also stipulate the change of school's sponsor.
                                            Where the sponsor of a privately-run school is altered, an agreement for alteration shall
                                            be concluded, but the agreement may not involve the property of the legal person of the school,
                                            affect the development of the school or damage the rights and interests of the teachers and
                                            students. The sponsor shall, according to the lawful rights and interests enjoyed by the
                                            sponsor according to law, conclude an agreement with the successor sponsor to agree on the
                                            benefits from the alteration. The alteration of the sponsor shall be subject to the consent
                                            of two-thirds or more of the members of the executive council, the board of directors or
                                            a decision-making institution of other forms for the privately-run school. Where the sponsor
                                            and actual controller of a privately-run school or any of the members of the decision-making
                                            institution or supervision institution alters the sponsor without authorization, they shall
                                            be subject to administrative punishment by the administrative department of education, the
                                            administrative department of human resources and social security or other relevant departments
                                            of the people's government at or above the county level. For a privately-run school,
                                            any unlawful earning shall be confiscated, and if the circumstances are serious, it shall
                                            be ordered to stop enrolling students and its business license shall be revoked.
On
December 29, 2016, the State Council issued the Several Rules of the State Council on Encouraging the Operation of Education by Social
Forces and Promoting the Healthy Development of Private Education, which aims to ease the access to the operation of private schools
and encourages social forces to enter the education industry. The rules also provide that each level of the PRC government shall increase
their support for the private schools in terms of financial investment, financial support, funding policy, preferential tax treatments,
land policies, fee policies, autonomy operation, protection of the rights of teachers and students, etc.
83
On
August 17, 2020, MOE, NDRC, the Ministry of Finance, and the State Administration for Industry and Commerce or the SAMR, and the
General Administration of Press and Publication jointly released the Opinions on Further Strengthening and Regulating the Administration
of Education Fees, or the Opinions, effective as of the same date. The Opinions mainly stipulate the basic principles of education fee
charging, modification of the policies and the management systems of education fee charging, including the legal consequences of charging
in violation of the provisions. In particular, the part of provisions on improving the governance mechanism for education fee charges
stipulate that "efforts shall be made to explore the establishment of a special audit system for school fees, with the focus on
the audit of non-profit privately-run schools, and the sponsors of non-profit privately-run schools and non-profit privately-run sino-foreign
cooperative educators shall be prohibited from obtaining proceeds from school-running such as tuition income, distributing school balances
(residual assets) or transferring proceeds from school running through related-party transactions or affiliated parties or other means."
The Opinions have not specified whether the contractual arrangements fall within the activities of transferring the school-running proceeds
through related-party transactions and affiliated parties, and the Opinions have not specified the relevant legal consequences of such
activities.
For
a detailed discussion on how the above laws and regulations will affect our school, see "Item 3. Key Information—D. Risk
Factors."
Implementing
Rules on Classification Registration of Private Schools
According
to the Implementation Rules on Classification Registration of Private Schools (the "Classification Registration Rules"),
which was issued jointly by the MOE, the Ministry of Human Resources and Social Security of the People's Republic of China or the
MOHRSS, the MCA, the State Commission Office of Public Sectors Reform and the SAMR, and became effective on December 30, 2016, if
an existing private school chooses to register as a non-profit private school, it shall amend its articles of association in
accordance with laws, continue its school operation, and complete the new registration formalities. If an existing private school chooses
to register as a for-profit private school, it shall make financial settlement, clarify the ownership of the schools'
lands, buildings and accumulations with the consent of the relevant departments of the people's governments at or below the provincial
level, pay relevant taxes and fees, obtain new school permits, carry out their re-registration and continue their school operation.
The provincial people's government is responsible for formulating the detailed measures on the alteration registration of the private
schools in accordance with national laws and the local situation.
On
December 26, 2017, the People's Government of Zhejiang Province promulgated the Implementation Opinions of the People's
Government of Zhejiang Province on Encouraging Individual Persons or Entities to Conduct Education and Promote the Healthy Development
of Private Education, or the Zhejiang Implementation Opinions, to establish a classification management system on private school. According
to Zhejiang Implementation Opinions, existing private schools, which were established before November 7, 2016, shall finish the
registration as non-profit or for-profit private schools by the end of 2022.
On
April 4, 2018, eight departments of Zhejiang Province including the Department of Education of Zhejiang Province promulgated the
Implementation Measures for Existing Private Schools to Change Registration Status, or the Zhejiang Implementation Measures, which took
effect on June 1, 2018 and applies to all private schools established before November 7, 2016. According to the Zhejiang Implementation
Measures, (i) any existing private school which chooses to register as a non-profit private school shall amend and file
its articles of association and complete the corresponding registration accordingly, and (ii) any existing private school that chooses
to register as a for-profit private school, shall obtain a new Permit for Operating a Private School and be re-registered so
as to continue its operation after completing its financial clearance and settlement, clarifying its ownership of assets, and paying
relevant taxes and fees.
On
June 16, 2021, Lishui Municipal Education Bureau, Lishui Municipal Human Resources and Social Security Bureau, Office for Public
Sector Reform Commission of Lishui, Lishui Municipal Civil Affairs Bureau and Lishui Municipal Market Supervision Administration jointly
promulgated the Administrative Measures for Classification Registration of Private Schools in Lishui, which came effect on the same day.
84
According
to the Administrative Measures, (i) the existing private schools shall continue running according to the status quo before completing
the classified registration, and shall complete the classified registration according to laws and regulations by the end of 2022. Private
schools providing non-diploma education and training, private schools providing pre-school education and diploma education for full-time
primary and secondary schools and secondary vocational education shall, in principle, submit a written application for selection of the
legal person nature of schools to the approval authority by September 31, 2021. After the approval authority receives the written
application of the school, the private school that meets the statutory conditions and relevant provisions shall complete the classified
registration within one year; (ii) Where an existing private school opts to be registered as a non-profit private school, its articles
of association shall be amended in accordance with the law, the school may continue its running, obtain a new license for establishment
of the school and complete new registration formalities; (iii) An existing private school at the non-compulsory education stage
and a training institution may opt to be registered as a for-profit private school. Where a school running under the consistent system
on the same campus applies for registration as a for-profit private school in the non-compulsory education stage, the school assets shall
be divided for registration and the corresponding conditions for independent school running shall be met. Otherwise, the school shall
be registered as a non-profit private school; (iv) Where an existing private school opts to be registered as a for-profit private
school, it shall make financial settlement, and the ownership of the land, school buildings, school-running accumulation and other property
shall be clarified by the relevant departments of the government of the jurisdiction and the relevant agencies according to law. The
school shall pay the relevant taxes and fees, go through the formalities for a new permit for the establishment of the school and make
a new registration. The school may continue running during the process of the liquidation, re-handling of the permit for the establishment
of the school and registration as a legal person; and (v) When an existing private school is terminated, if there is surplus property
after repayment in accordance with the Law of the People's Republic of China on the Promotion of Private Schools, the Implementation
Measures for Existing Private Schools to Change Registration Status, the Measures for the Financial Settlement of Private Schools in
Zhejiang Province and other regulations, certain compensation or reward (the proportion and standard shall be determined by local authorities
according to relevant laws and regulations and in combination with local actual conditions) shall be given to the capital contributors
according to the application of the capital contributors and in comprehensive consideration of factors such as the capital contribution
made before August 31, 2017, reasonable returns obtained and school-running benefits; the remaining property shall continue to be
used for running other non-profit schools.
On
November 22, 2021, Lishui Education Bureau has promulgated the Work Plan for Classified Registration and Administration of Existing
Private Schools (Kindergartens) of Lishui City, which stipulates that they shall adhere to the principles of voluntary selection, smooth
classification, public welfare orientation, and compliance with laws and regulations, and strive to complete the classified registration
of existing private schools by December 30, 2022. The Plan also provides a schedule for arranging the classified registration tasks,
from January to October in 2022, the classified registration of the existing private schools providing compulsory education, private
kindergartens and private schools providing senior high school education shall be completed. The main registration procedures for non-profit
private schools are selected as follows: (i) schools shall file an application for classified registration; (ii) the approval
authority shall conduct verification and replacement of the certificate; (iii) the articles of association shall be ratified (filed
for the record); and (iv) schools shall apply for registration as a legal person. In addition, the main registration procedures
for for-profit private schools are selected as follows: (i) sponsors make a pre-application for classified registration; (ii) schools
make financial settlement; (iii) sponsors apply for the pre-registration of corporate names; (iv) sponsors make a formal application
for classified registration; (v) certificates are replaced upon the approval authorities; (vi) schools apply for the registration
of legal persons; (vii) schools complete the amendment registration of assets; (viii) private non-enterprise entities apply
for deregistration with the original registration authorities.
As
                                            of the date of the annual report, we have not received any formal notice from the competent
                                            authorities of Qingtian County requesting us to conduct the classified registration of private
                                            schools. However, given that Qingtian International School is a non-state public institution
                                            legal person, it may be directly classified as a non-profit private school by the competent
                                            authorities of Qingtian County and has no need to go through additional registration procedures.
On
January 9, 2018, five departments of Hebei Province including the Department of Education of Hebei Province issued the Implementation
Measures for the Classification Registration of Private Schools in Hebei Province, which came into effect on the same day. The measures
provide that (i) private schools can choose to be registered as non-private schools or for-profit schools, and those engaging in compulsory
education shall not be registered as for-profit schools; (ii) if a private school has chosen to be classified and registered as a non-profit
private school, it shall no longer be converted to a for-profit private school; while if it has chosen to be classified and registered
as a for-profit private school, it may be converted to a non-profit private school by application by its sponsor(s) and changing the
registration of its legal entity; (iii) existing private schools shall complete the classification and registration within a five-year
transition period ending on September 1, 2022, and before the classification and registration, they shall be managed as their originally-registered
legal entity; (iv) if an existing private school chooses to be classified and registered as a non-profit private school, it shall amend
its constitution in accordance with the laws, continue its operation, and re-register with the appropriate authorities or civil affairs
department; and (v) if an existing private school chooses to be classified and registered as a for-profit private school, it shall conduct
financial liquidation, clarify the property rights for land(s), school building(s), school accumulation and pay relevant taxes and fees,
renew the Permit for Establishment of Privately-run Schools, re-register with the appropriate authorities, and continue its operation..
As
of the date of the annual report, Langfang City has not released any detailed rules on classification registration of private schools
and we have not received any relevant notice from the competent authorities of Langfang City since January 1, 2022 when Beijing P.X.
began to hold the whole sponsorship interests of Langfang School.
85
Guidelines
for Further Easing the Burden of Excessive Homework and Off-campus Tutoring for Students at the Stage of Compulsory Education.
On
July 24, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council
jointly released the Guidelines for Further Easing the Burden of Excessive Homework and Off-campus Tutoring for Students at the Stage
of Compulsory Education. The guidelines stipulate a series of measures on education sector reforms designed to improve education quality,
ease homework burdens for students, and restrict private investment in the industry. According to the guidelines, the reforms aim to
promote the healthy development of students, improve education quality, alleviate financial burdens on parents, and institute law-based
governance of the education sector. They concentrate on education in core subjects, or compulsory education, which refers to grades K-9,
covering the ages of approximately 6-15 years.
Pursuant
to the guidelines, regional governments are no longer permitted to approve new off-campus tutoring centers providing core or compulsory
education. Existing off-campus tutoring centers must be registered as non-profit institutions. Local governments must distinguish between
training centers in sports, culture and art, and science and technology, and consult relevant departments to set standards for each category.
The guidelines specifically ban foreign investment in such firms via mergers and acquisitions, franchise development, and variable interest
entities, which are investment vehicles frequently used by foreign investors to bypass restrictions in China's education sector.
Additionally,
the guidelines prohibit tutoring on weekends, public holidays, and winter and summer vacations, which are popular times for off-campus
education. Tutoring centers in core education cannot go public or be listed for financing. The guidelines call for the excessive capital
in training centers to be controlled, and to ensure that financing is primarily used for operational costs. The hiring of foreign teachers
and other staff must be according to relevant regulations, and firms cannot hire staff based outside of the country to carry out tutoring
activities.
Given
that the guidelines aim at the education service providers for students at the stage of compulsory education, Qingtian International
School and Vocational Education Services Providers are not involved.
Regulations
on Non-state Public Institution
In
accordance with the provisions of the Tentative Regulations for the Registration of Public Institutions as revised by the State Council
on June 27, 2004, for the purposes of these Regulations, "public institutions" refer to national social service organizations
established by state organs or other organizations using state-owned assets for social welfare purposes, and engaged in education, science
and technology, culture, health and other activities.
According
to the Notice on Carrying out the Pilot Program for Unified Registration and Administration of Various Public Institutions issued by
the Lishui People's Government on December 31, 2015, (i) all non-profit public welfare institutions with state-owned assets
that comply with the provisions of the Interim Regulations on the Administration of the Registration of Public Institutions, which are
established with social forces and engaged in education, culture, sports, medical treatment, elderly care (health preservation) and other
activities are allowed to be registered as public institutions and shall be collectively referred to as non-state public institutions,
and the registration and administration of non-state public institutions shall be temporarily conducted in education and medical services;
(ii) the registered non-state public institutions shall enjoy the same treatment as the public institutions of the same category
except for those in which the funds are not guaranteed and the staff are not supported by the financial resources; and (iii) the
founders of the non-state public institutions shall have the property ownership of the actual capital contributions (including the amount
of capital added during the existence) and assume the corresponding liability for debts; during the existence of the non-state public
institutions, the assets invested in them shall not be transferred by any means; the surplus income of the non-state public institutions
shall not be distributed, but the corresponding investment incentive system may be established and the specific incentive standards shall
be formulated by the competent departments of the industry.
86
In
                                            accordance with the Interim Rules of Lishui Municipality on the Administration of Registration
                                            of Public Institutions by Non-Profit Schools Run by Social Capital issued by Lishui Municipal
                                            Education Bureau, Lishui Municipal Human Resources and Social Security Bureau and Office
                                            for Public Sector Reform Commission of Lishui on December 29, 2015, (i) a private school
                                            that is registered as a public institution shall establish a sound and effective financial
                                            supervision system and maintain normal teaching order; (ii) a public institution risk
                                            fund system shall be established for private schools, which is earmarked for the relevant
                                            expenses for returning fees, refunding fees and compensation at the time of termination (closure)
                                            of the private school; (iii) after the school reserves development fund and withdraws
                                            other relevant expenses, the school may, on the premise that there is balance of non-fiscal
                                            funds in school running, withdraw a certain proportion of funds from the balance of non-fiscal
                                            funds to reward the contributors upon research and decision made by the decision-making body
                                            of the school and approval by the administrative department of education or the administrative
                                            department of human resources and social security. The amount of annual reward shall be calculated
                                            at a rate of not more than three times of the benchmark one-year loan interest rate of banks
                                            with the accumulative capital contributions of the contributors as the base. The assessment
                                            of the accumulative capital contributions of the contributors shall be based on the capital
                                            verification certificate issued by a statutory capital verification institution.
Regulations
on Vocational Education
According
to the Vocational Education Law of the PRC, which was promulgated by the SCNPC on May 15, 1996 and came into effect on September 1,
1996, the state encourages institutional organizations, social organizations and other social groups and individuals to operate vocational
schools and vocational training institutions according to relevant provisions of the state.
Vocational
school education includes primary, secondary and higher vocational school education. Primary and secondary vocational school education
shall be conducted respectively by primary and secondary vocational schools. Higher vocational school education shall be conducted by
higher vocational schools or by common institutions of higher learning in accordance with the actual needs and conditions. Other schools
may implement vocational school education at corresponding levels in accordance with the overall planning by the education administrative
department. Vocational training includes pre-employment training, training to facilitate change of occupations, apprenticeship training,
on-the-job training, job-transfer training and other vocational training. All these categories of training may, in light of actual conditions,
be divided into three levels: primary, secondary and higher vocational training. Vocational training is carried out by the corresponding
vocational training institutions and/or vocational schools. Other schools or educational institutions may, depending on their own capabilities,
carry out various forms of vocational training to meet social needs.
The
MOE issued the Rules on Management of Secondary Vocational Schools on May 13, 2010, according to which, the establishment of secondary
vocational schools shall be based on the standards issued by the national and provincial education administrative departments and its
establishment, change and termination shall be approved by or filled with the provincial education authorities. Secondary vocational
schools provide a combination of academic education and vocational training, and offer full time and part time programs. The education
administrative department, the labor administrative department and other relevant departments of the State Council shall each be responsible
for the work relating to vocational education within the scope of their functions and duties as specified by the State Council.
At
a national conference on vocational education held in April 2021, important instructions were delivered by Xi Jinping, general secretary
of the Communist Party of China (CPC) Central Committee, Chinese President and chairman of the Central Military Commission, on the development
of vocational education that vocational education has a promising future and great potential as China journeys toward socialist modernization.
It was emphasized that more efforts will be made to optimize the positioning of vocational education, to promote integration between
industry and education and cooperation between schools and enterprises, to reform training and schooling modes as well as management
and support mechanisms, to promote bachelor-level vocational education and bring about a number of quality vocational education institutions
and programs, to promote the integration of vocational education and regular education, to improve the adaptability of vocational education
and speed up the development of the modern vocational education system so as to cultivate more high-quality technical professionals.
In
May 2021, the State Council promulgated 2021 Implementation Rules, pursuant to which, various policies have been introduced to encourage
the development vocational education, such as "public schools implementing vocational education can attract the capital, technology,
management and other elements of enterprises to establish or participate in the establishment of for-profit private schools that implement
vocational education" and "enterprises are encouraged to establish or participate in the establishment of private schools
that implement vocational education in various forms, such as sole proprietorship, joint venture and cooperation".
87
In
October 2021, the General Office of the Central Committee of CPC and the General Office of the State Council issued the Opinions (the
"Opinions") on Promoting the High-Quality Development of Modern Vocational Education. The Opinions has put forward that vocational
education, an important part of the national education system and human resource development, shoulders the important responsibility
of training diversified talents, inheriting technical skills, and promoting employment and entrepreneurship. The Opinions urged that
a batch of excellent secondary vocational schools and high-quality majors shall be established by greatly improving the quality of secondary
vocational education, carrying out the projects of reaching the standards for secondary vocational schools, and taking such measures
as consolidation, cooperation, trusteeship and group school-running. The Opinions also encouraged various enterprises to participate
in the vocational education in line with law, vocational schools to cooperate with social capitals in jointly constructing vocational
education infrastructures and practical training bases, as well as jointly constructing and sharing public practical training bases.
Vocational schools shall actively attract industrial leading enterprises to be deeply involved in the specialty planning, curriculum
provision, teaching material development, teaching design and teaching implementation of vocational education, to cooperate in jointly
constructing new majors, developing new courses and carrying out order-to-order training.
On
April 20, 2022, the SCNPC issued the revised Vocational Education Law of the PRC, which came into effect on May 1, 2022 and
further encourages the development of vocational education from four aspects. Firstly, it clarifies for the first time that vocational
education is of equal importance as general education; secondly, it focuses on improving the recognition of vocational education, including
enhancing the social status and treatment of talents in technology and skills, and organizing vocational skills competitions and other
activities; thirdly, it deepens industry-education integration and school-enterprise cooperation, including that the State encourages
the development of vocational education at all levels and in all forms, promotes the diversified schooling and supports the extensive
and equal participation of social forces in the vocational education, the State promotes enterprises' vital role in running vocational
education, advances the in-depth participation of enterprises in vocational education, encourages enterprises to run high-quality vocational
education, the implementation of enterprises' vocational education shall be included in the corporate social responsibility report,
an enterprise may, by making use of its capital, technology, knowledge, facilities, equipment, place, management and other factors, sponsor
or jointly sponsor vocational schools or vocational training agencies, the State encourages, guides and supports enterprises and other
non-governmental sectors to sponsor vocational schools and vocational training agencies in accordance with law; and fourthly, it improves
the vocational education guarantee system and measures, including that the State takes measures according to the industrial layout and
the requirements of industry development, vigorously develops emerging majors required by industries such as advanced manufacturing,
supports the construction of high-level vocational schools and majors, optimizes the structure of educational expenditures, adapts the
vocational education expenditures to the requirements of vocational education development, and encourages fund-raising through various
channels for the development of vocational education in accordance with the law.
Notices
on Management of the Charge of Schools
According
to the Notice regarding Cancelation of the Fee Charge Permit System and Strengthening the Supervision in process and afterwards, which
was issued jointly by the NDRC and the Ministry of Finance on January 9, 2015, the fee charge permit system shall be canceled nationwide
from January 1, 2016. Furthermore, Zhejiang Provincial Price Bureau and Zhejiang Provincial Department of Finance issued Circular
on Strengthen Supervision Cancelation of the Fee Charge Permit System in Process and afterwards on February 26, 2015, which provided
more detailed supervision rules in accordance with Notice regarding Cancelation of the Fee Charge Permit System and Strengthening the
Supervision in process and afterwards.
Pursuant
to the Notice on Regulations Applicable to Service Charges and Fees Collected-on-behalf in the Primary and Middle Schools jointly
promulgated by the NDRC and the MOE on July 23, 2010, services charges and fees collected-on-behalf should be publicly
disclosed and paid on a voluntary and non-profit basis.
On
January 21, 2020, the Zhejiang Provincial Development and Reform Commission, Zhejiang Provincial Department of Education, Zhejiang
Provincial Department of Human Resources and Social Security and Zhejiang Provincial Market Supervision Administration promulgated the
Administrative Measures for Private Education Fees, which applies to non-profit private schools for academic education in Zhejiang province.
The Administrative Measures for Private Education Fees stipulate, among other provisions, that: (1) the fee policy for private primary
and secondary schools is determined by governments in accordance with the direction of marketization; (2) for the convenience of
students' study and life and under the precondition of students' willingness, private schools can provide services and charge
service fees, or collect and pay related services fees for the third service provider, who provide services. In addition, the service
fee must be charged according to the fact, be settled timely and be published regularly.
88
On
August 17, 2020, the MOE and other four ministries and commissions promulgated the Opinions on Further Standardization of Education
Fee, which stipulate, among other provisions, that:
(i)
The measures for the collection of fees by non-profit private schools shall be formulated by the people's governments of various
provinces, autonomous regions and centrally-administered municipalities; the charging criteria of for-profit private schools are subject
to market regulation and shall be determined by the schools themselves. The private schools established before November 7, 2016
which have not complete their registration procedures of their for-profit or non-profit statuses must be managed according to the non-profit
private schools' charging policy;
(ii)
In addition to completing education and teaching tasks, private schools can provide related convenient services for students, and organize
research trips, after-school services, social practice and other activities, but the parts of service fees borne by the students or parents
must be charged based on voluntary and non-profit principles. If related services are provided by the third party outside the school,
the school may collect and pay related services fees for the third service provider;
(iii)
Private schools must publicize the charging items and standards in a prominent location in the school and indicate the charging items
and standards in the admissions brochure and admission notice. If fees that should be publicized were actually not publicized, or the
contents of the publicity are not in compliance with the related policies, students are entitled to refuse the payment of the fees;
(iv)
Strengthen the audit for non-profit private schools, and strictly prohibit the sponsor of a non-profit private school from gaining proceeds
from school running in any way.
The
2021 Implementation Rules for Private Education Laws, stipulates that a private school or the founder thereof shall not, under sponsor
fee or any other item, collect or collect in disguised form any fees related to the enrollment from students or their parents. Private
schools shall establish a cost accounting system for running schools, and reasonably determine the charging items and standards on the
basis of the school operational costs, market demands and other factors, in compliance with the principles of fairness, lawfulness and
good faith and in consideration of the economic benefits and social benefits. The people's governments of provinces, autonomous
regions and municipalities directly under the Central Government may set a ceiling for the fees charged by non-profit private schools
that the government-run schools participate in the establishment thereof, that use state-owned assets, or that receive government subsidies
per student. Non-profit private schools shall use the account filed with the relevant competent authorities for the record when collecting
fees or carrying out activities. The relevant competent authorities shall supervise the account. All the income of for-profit private
schools shall be incorporated into the bank settlement account opened by the schools, and the distribution of school operating balance
shall be made after the annual financial settlement. Moreover, it stipulates that a private school providing compulsory education shall
not conduct any transaction with any related party. Where any other private school conducts any transaction with any related party, it
shall follow the principles of openness, fairness and impartiality, fix the price reasonably and regulate the decision-making, and shall
not damage the state interests, the interests of the school or the rights and interests of the teachers and students. Private school
shall establish an information disclosure system for their transactions with interested related parties.
On
December 5, 2022, the Development and Reform Commission of Hebei Province, the Department of Education of Hebei Province, the Department
of Human Resources and Social Security of Hebei Province and the Market Supervision Administration of Hebei Province promulgated the
Administrative Measures for Non-profit Private School Fees. The Measures further clarifies the service charges and in lieu of fees, standardizes
the independent pricing behavior of schools, improves the refund policy of schools, and formulates fee supervision measures.
As
such, these rules and regulations will impact our operation and business model from the perspective of tuition and other education-related
fees.
89
Regulations
on Safety and Health Protection of Schools
Pursuant
to the Food Safety Law of the PRC, which was amended on April 29, 2021, collective canteens of schools shall obtain licenses in
accordance with the laws and strictly abide by the laws, regulations and food safety standards. Schools should only order meals from off-site providers
that have obtained the relevant food production licenses and should conduct regular inspections on the meal provided.
Pursuant
to Administrative Measures for Food Operation Licensing promulgated on August 31, 2015 and amended on November 17, 2017 with
effect from the same day, a food operation license shall be obtained in accordance with the law to engage in food selling and catering
services within the territory of the PRC. The principle of one license for one site shall apply to the licensing for food operation,
and classified licensing for food operation according to food operators' types of operation and the degree of risk of their operation
projects is implemented.
In
accordance with the Provisions on Food Safety and Nutrition and Health Management in Schools, which was promulgated on February 20,
2019 and became effective on April 1, 2019, schools shall, in accordance with the provisions of food safety laws and regulations
and the requirements of the healthy China strategy, establish and improve relevant systems, implement the campus food safety responsibility,
and carry out publicity and education on food safety, nutrition and health. The principal (director) responsibility system shall be practiced
in the work of school food safety.
According
to the Circular on Strengthening Hygiene and Epidemic Prevention and Food Hygiene and Safety of Private Schools, which was promulgated
on April 29, 2006, private schools should pay high attention to and strengthen the school hygiene and epidemic prevention and the
food hygiene and safety.
According
to the Administrative Measures of Safety of Kindergartens, Primary and Middle School, which was promulgated on June 30, 2006 and
became effective on September 1, 2006, in order to ensure the hygiene and safety of food and drink of teachers and students, schools
should (i) establish a system of procurement of canteen supplies from designated suppliers, (ii) establish a system of demanding
for certificate and keeping record during procurement, (iii) establish a system of retention of food for checkup and record, and
(iv) examine the situation of hygiene and safety of drinking water.
Pursuant
to the Circular on Further Strengthening Food Safety of School Canteens issued on August 11, 2011, school canteens are comprehensively
required to carry out food safety self-inspection. Local food and drug administration at all levels are required to comprehensively strengthen
supervision and inspection on food safety of school canteens before commencement of each term, and, before the commencement of every
spring term and every autumn term, should consider school canteens as key point of supervision and strengthen the supervision and inspection.
School food safety responsibility system should be comprehensively carried out.
According
to the Law on the Protection of Minors of the PRC, which was amended on October 17, 2020 and became effective on June 1, 2021,
schools shall establish safety system, improve safety education among the minors and adopt measures to guarantee their personal safety.
In
accordance with the Regulation on Safety Management of Middle, Primary Schools and Kindergartens, which was promulgated on June 30,
2006 and became effective on September 1, 2006, schools shall be responsible for safety management and education, establish and
improve internal safety management system and safety emergency response mechanism, incorporate safety education into its teaching content
and carry out safety education among students.
According
to the Regulation on Sanitary Work of Schools, which was promulgated on June 4, 1990 and became effective on the same day, schools
shall carry out sanitary work. The main tasks of the sanitary work include monitoring health conditions of students, carrying out health
education among students, helping students develop good health habits, improving health environment and health conditions for teachers
and enhancing prevention and treatment of infectious disease and common diseases among students.
90
On
January 8, 2012, the Department of Education of Zhejiang Province promulgated Opinions on Further Strengthening the Management of
Primary, Middle and High School Canteens (the "Opinion"). In accordance with the Opinion, all primary schools, middle schools
and high schools shall regulate the school canteens management and guarantee the food quality, health and safety of school canteens.
Pursuant
to Regulations on Administration of Security Services, which issued by State Council on October 13, 2009 and became effective on
January 1, 2010, which was amended on November 29, 2020 and March 29, 2022, enterprises hiring security personnel shall file
with the local public security administration.
As
of the date of the annual report, the schools' canteens have acquired the applicable food operation licenses. In addition, we and
the VIEs have submitted the recruitment of security personnel with competent authority for record.
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 educational 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 educational authorities, the high schools may adopt their own unique curriculum system.
The
MOE issued the Regulations on Disciplinary Measures for Primary and Secondary School Education (Trial) on December 23, 2020 and
the regulations came into effect on March 1, 2021. It stipulates the attributes, the scope of educational disciplinary measures,
and corresponding rules, and requires schools and teachers to follow the legality and appropriateness when implementing educational disciplinary
measures.
Regulations
on Human Resources Services
On
June 29, 2018, the State Council promulgated the Interim Regulation on Human Resources Market, which became effective on October 1, 2018.
The Interim Regulation on Human Resources Market applies to job seeking, recruitment and provision of human resources services through
the human resources market in the PRC, which provides that human resources service include public human resources service institutions
established by the governments and for-profit human resources service institutions engaging in business activities of human resources
services. A for-profit human resources service organisation engaging in employment agency activities shall apply to the human resources
and social security administrative authorities for administrative licensing pursuant to the law, and obtain a Human Resources Service
License. For-profit human resources service institutions engaging in collection and dissemination of human resources supply and demand
information, employment and entrepreneurship guidance, human resources management consulting, human resources evaluation, human resources
training, undertaking outsourcing contracts of human resources services etc. shall complete filing formalities with the human resources
and social security administrative authorities within 15 days from commencement of business. Where a profit-making human resource service
institution establishes a branch, it shall, within 15 days from the date of completion of the industrial and commercial registration,
report in writing to the administrative department of human resources and social security where the branch office locates. For-profit
human resources service institutions engaging in labor dispatch business shall comply with the relevant labor dispatch provisions of
the State.
91
Regulations
on Labor Dispatch Services
The
Measures for the Implementation of Administrative License for Labor Dispatch promulgated by the MHRSS on June 20, 2013 and became effective
on July 1, 2013. Under the Measures for the Implementation of Administrative License for Labor Dispatch, the labor dispatch service provider
shall apply to the human resources and social security administrative department at its domicile (hereinafter referred to as the licensing
authority) for an administrative license according to law. Where a labor dispatch service provider establishes a subsidiary to operate
the labor dispatch services, the subsidiary shall apply to the local licensing authority for an administrative license; if the labor
dispatch service provider establishes a branch to operate the labor dispatch services, it shall report the licensing authority in writing,
and the branch shall file with the local human resources and social security administrative department.
The
Interim Provisions on Labor Dispatch promulgated by the MHRSS on January 24, 2014 and took effect on March 1, 2014. Under the Interim
Provisions on Labor Dispatch, the labor dispatch service provider shall:(i) truthfully inform the dispatched laborer of the provisions
of Article 8 of the Labor Contract Law, the rules and regulations to be observed, and the contents of the labor dispatch agreement; (ii)
establish a training system to conduct onboarding knowledge and safety education training for dispatched workers; (iii) pay the labor
remuneration and conduct the related treatment of the dispatched laborers in accordance with the state regulations and the labor dispatch
agreement; (iv) in accordance with the provisions of the State and the labor dispatch agreement, pay social insurance premiums for the
dispatched workers in accordance with the law, and handle the relevant procedures for social insurance; (v) urge the institutions that
accept employment in the form of labor dispatch to provide labor protection and labor safety and sanitation conditions for the dispatched
workers according to law; (vi) issue the relevant proof regarding dissolving or terminating the labor contract according to law; (vii)
assist in handling disputes between dispatched laborers and the institutions that accept employment in the form of labor dispatch; (viii)
conduct other matters as stipulated by laws, regulations and rules.
PRC
Laws and Regulations Relating to Property in the PRC
Pursuant
to the Property Law of the PRC, or the Property Law, which was promulgated on March 16, 2007 and became effective on October 1,
2007, educational, medical and health and other public welfare facilities and other properties of institutions and social groups with
the aim of benefiting the public such as schools and hospitals are not allowed to be mortgaged.
On
May 28, 2020, the PRC Civil Code was approved by the NPC and became effective on January 1, 2021. Upon the effective date,
it abolished, among other laws, the Property Law, but the PRC Civil Code follows the current regulatory principles of the Property Law
of the PRC in material respects. The Civil Code provides that non-profit legal persons established for public welfare such as schools,
kindergartens and medical institutions shall not mortgage their educational facilities, health care facilities and other public welfare
facilities.
According
to the Civil Code, transferable fund units and equity, property right in intellectual property rights of transferable exclusive trademark
rights, patent rights, copyrights, etc., existing and future accounts receivable and other property rights that can be pledged as stipulated
by any law or administrative regulation may be pledged.
As
of the date of the annual report, we and the VIEs have the land-use rights of eight (8) pieces of land and the property
ownership of twenty-five (25) buildings legally.
Regulations
on Lease of Property
Pursuant
to the Administrative Measures for Commodity Housing Leasing promulgated on December 1, 2010 and effective as of February 1,
2011, the parties to a real estate lease shall apply for lease registration with the competent construction (real estate) departments
of the municipalities directly under the Central Government, cities and counties where the housing is located within 30 days after the
lease contract is signed. There will be a fine below RMB1,000 on individuals who fail to make corrections within the specified time limit,
and a fine between RMB1,000 and RMB10,000 on enterprises when fail to make corrections within the specified time limit.
92
Laws
and regulations related to the protection of cyber security, data and privacy
The
Cyber Security Law of the PRC, which was promulgated on November 7, 2016 and came into effect on June 1, 2017, requires that
when constructing and operating a network, or providing services through a network, technical measures and other necessary measures shall
be taken in accordance with laws, administrative regulations and the compulsory requirements set forth in national standards to ensure
the secure and stable operation of the network, to effectively cope with cyber security events, to prevent criminal activities committed
on the network, and to protect the integrity, confidentiality and availability of network data. The Cyber Security Law emphasizes that
any individuals and organizations that use networks must not endanger network security or use networks to engage in unlawful activities
such as those endangering national security, economic order and social order or infringing the reputation, privacy, intellectual property
rights and other lawful rights and interests of others. The Cyber Security Law has also reaffirmed certain basic principles and requirements
on personal information protection previously specified in other existing laws and regulations. Any violation of the provisions and requirements
under the Cyber Security Law may subject an internet service provider to rectifications, warnings, fines, confiscation of illegal gains,
revocation of licenses, cancellation of qualifications, closedown of websites or even criminal liabilities.
The
Data Security Law of the PRC was passed by the Standing Committee of the 13th NPC at the 29
th
Session on June 10, 2021
and came into effect on September 1, 2021. The Data Security Law requires the data processor to establish and improve a whole-process
data security management system, organize data security education and training, and take corresponding technical measures and other necessary
measures to safeguard data security. In conducting data processing activities by using the Internet or any other information network,
the data processor shall perform the above data security protection obligations on the basis of the hierarchical cybersecurity protection
system. Any violation of the provisions and requirements under the Data Security Law may subject a data processor to rectifications,
warnings, fines, suspension of the related business, revocation of licenses or even criminal liabilities.
The
Personal Information Protection Law of the PRC was passed by the Standing Committee of the 13th NPC at the 30th Session on August 20,
2021 and has come into effect on November 1, 2021. The Personal Information Protection Law reiterates the circumstances under which
a personal information processor could process personal information and the requirements for such circumstances, such as when (i) the
individual's consent has been obtained; (ii) the processing is necessary for the conclusion or performance of a contract to
which the individual is a party; (iii) the processing is necessary to fulfill statutory duties and statutory obligations; (iv) the
processing is necessary to respond to public health emergencies or protect natural persons' life, health and property safety under
emergency circumstances; (v) the personal information that has been made public is processed within a reasonable scope in accordance
with this Law; (vi) personal information is processed within a reasonable scope to conduct news reporting, public opinion-based
supervision, and other activities in the public interest; or (vii) under any other circumstance as provided by any law or regulation.
It also stipulates the obligations of a personal information processor. Any violation of the provisions and requirements under the Personal
Information Protection Law may subject a personal information processor to rectifications, warnings, fines, suspension of the related
business, revocation of licenses, being entered into the relevant credit record or even criminal liabilities.
On
December 28, 2021, thirteen PRC governmental and regulatory agencies, including the CAC, promulgated the Measures for Cyber Security
Review, which came into effect on February 15, 2022. The Measures for Cyber Security Review specifies that the procurement of network
products and services by operator of critical information infrastructure and the activities of data process carried out by Internet platform
operator that raise or may raise "national security" concerns are subject to strict cyber security review by Cybersecurity
Review Office of CAC. Before critical information infrastructure operator purchases internet products and services, it should assess
the potential risk of national security that may be caused by the use of such products and services. If such use of products and services
may give raise to national security concerns, it should apply for a cyber security review by the Cyber Security Review Office and a report
of analysis of the potential effect on national security shall be submitted when the application is made. In addition, Internet platform
operators that possess the personal data of over one million users must apply for a review by the Cyber Security Review Office, if they
plan listing of companies in foreign countries. The CAC may voluntarily conduct cyber security review if any network products and services
and activities of data process affects or may affect national security. The cyber security review focuses on the assessment of risk factors
include (i) the risk of critical information infrastructure being illegally controlled, interfered or destroyed as a result of the
use of the products or services; (ii) the continuous harm to the business of critical information infrastructure by the interruption
of provision of products or services; (iii) the security, openness, transparency, diversity of sources, reliability of supply and
potential supply interruptions of products and services due to political, diplomatic or international trade issues; (iv) whether
the products and services provider comply with PRC laws and regulations; (v) the risk of core data, important data or a large amount
of personal information being stolen, leaked, destroyed, illegally utilized or exited the country; (vi) regarding to listing, there
are risks of critical information infrastructure, core data, important data or a large amount of personal information being influenced,
controlled or maliciously used by foreign governments, as well as network information security risks; and (vii) other factors that
may endanger the security of critical information infrastructure, cyber security and data security. It may take approximately 70 business
days in maximum for the general cybersecurity review upon the delivery of their applications, which may be subject to extensions for
a special review.
93
Legal
Regulations over Intellectual Property in the PRC
Copyright
Pursuant
to the Copyright Law of the PRC, or the Copyright Law which last amended on November 11, 2020 with the effective date of June 1,
2021. Copyrights include personal rights such as the right of publication and that of attribution as well as property rights such as
the right of production and that of distribution. Reproducing, distributing, performing, projecting, broadcasting or compiling a work
or communicating the same to the public via an information network without permission from the owner of the copyright therein, unless
otherwise provided in the Copyright Law, shall constitute infringements of copyrights. The infringer shall, according to the circumstances
of the case, undertake to cease the infringement, take remedial action, and offer an apology, pay damages, etc.
Furthermore,
the Implementation Regulations for the Copyright Law, which was latest amended on January 30, 2013 by State Council, provides more
detailed implementation guidance for copyright legal regime.
As
of the date of the annual report, we have five software with computer software copyright which are relevant to our future business through
the ownership of Hangzhou Youxi by our wholly-owned subsidiary Liandu WFOE, including among others live streaming supervision system,
Android live streaming system, and Apple live streaming system, etc.
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, the right to exclusive use of a registered trademark shall be limited to trademarks which have been approved for registration and
to goods for which the use of trademark has been approved. The period of validity of a registered trademark shall be ten years, counted
from the day the registration is approved. According to the Trademark Law, usage of a trademark that is identical with or similar to
a registered trademark in connection with the same or similar goods without authorization of the owner of the registered trademark constitutes
an infringement of the exclusive right to use a registered trademark. The infringer shall, in accordance with the regulations, undertake
to cease the infringement, take remedial action, and pay damages, etc.
On
August 3, 2002, the State Council promulgated the Implementation Regulations for the Trademark Law of the PRC, which was lately
amended on April 29, 2014 and was issued to providing practical implementation rules of trademarks.
As
of the date of the annual report, we and the VIEs lawfully hold 46 registered trademarks in the PRC.
Patent
Pursuant
to the Patent Law of the PRC, or the Patent Law, which was last revised on October 17, 2020 with the effective date of June 1,
2021, after the grant of the patent right for an invention or utility model, except where otherwise provided for in the Patent Law, no
entity or individual may, without the authorization of the patent owner, exploit the patent, that is, make, use, offer to sell, sell
or import the patented product, or use the patented process, or use, offer to sell, sell or import any product which is a direct result
of the use of the patented process, for production or business purposes. And after a patent right is granted for a design, no entity
or individual shall, without the permission of the patent owner, exploit the patent, that is, for production or business purposes, manufacture,
offer to sell, sell, or import any product containing the patented design. Where the infringement of patent is decided, the infringer
shall, in accordance with the regulations, undertake to cease the infringement, take remedial action, and pay damages, etc.
Domain
Name
Pursuant
to the Administrative Measures for Internet Domain Names, 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 registrations are handled through domain name service agencies established under the relevant regulations, and the applicants
become domain name holders upon successful registration.
PRC
Laws and Regulations Relating to Labor Protection
Employment
According
to the Labor Law of the PRC, or the Labor Law, which was promulgated by the Standing Committee of the NPC on July 5, 1994 and became
effective on January 1, 1995 and was amended on December 29, 2018, an employer shall establish a comprehensive management system
to safeguard the rights of its employees, including developing and improving its labor safety and health system, stringently implementing
national protocols and standards on labor safety and health, conducting labor safety and health education for workers, guarding against
labor accidents and reducing occupational hazards.
94
The
Labor Contract Law, which was promulgated by the Standing Committee of the NPC on June 29, 2007 and became effective on January 1,
2008, and was amended on December 28, 2012, and the Implementation Regulations on Labor Contract Law, which was promulgated and
became effective on September 18, 2008, regulate employer and employee relations and contain specific provisions on the terms of
the labor contract. Labor contracts must be made in writing. An employer and an employee may enter into a fixed-term labor contract,
an un-fixed term labor contract, or a labor contract that concludes upon the completion of certain work assignments, after
reaching due negotiations. An employer may legally terminate a labor contract and dismiss its employees after reaching agreement upon
due negotiations with the employee or by fulfilling the statutory conditions. Labor contracts concluded prior to the enactment of the
Labor Law and subsisting within the validity period thereof shall continue to be honored.
As
of the date of the annual report, we and the VIEs have executed labor contracts with all of our employees in accordance with applicable
PRC laws.
Social
Insurance
The
Social Insurance Law, which was promulgated on October 28, 2010 and became effective on July 1, 2011, and was amended on December 29,
2018, has included pertinent provisions for basic pension insurance, unemployment insurance, maternity insurance, work injury insurance
and basic medical insurance, and has elaborated in detail the legal obligations and liabilities of employers who do not comply with the
relevant laws and regulations on social insurance.
According
to the Interim Measures for Participation in the Social Insurance System by Foreigners Working within the Territory of China, which was
promulgated by the MOHRSS on September 6, 2011 and became effective on October 15, 2011, employers who employ foreigners shall
participate in the basic pension insurance, unemployment insurance, basic medical insurance, occupational injury insurance, and maternity
leave insurance in accordance with the law, with the social insurance premiums to be contributed respectively by the employers and foreigner
employees as required. In accordance with such Interim Measures, the social insurance administrative agencies shall supervise and examine
the legal compliance of foreign employees and employers and the employers who do not pay social insurance premium in conformity with
the laws shall be subject to the administrative provisions provided in the Social Insurance Law and the relevant regulations and rules
mentioned above. On July 20, 2018, the General Offices of the CPC Central Committee and the General Office of the State Council
issued the Plan for Reforming the State and Local Tax Collection and Administration Systems, which stipulated that the State Administration
of Taxation of the PRC, or the SAT will become solely responsible for collecting social insurance premiums.
In
accordance with the Interim Measures for Participation in the Social Insurance System by Foreigners Working within the Territory of China,
employers who employ foreigners shall participate in the basic pension insurance, unemployment insurance, basic medical insurance, occupational
injury insurance, and maternity leave insurance in accordance with the law, with the social insurance premiums to be contributed respectively
by the employers and foreigner employees as required. The employers who do not pay social insurance premium in conformity with the laws
shall be subject to the administrative provisions provided in the Social Insurance Law and the relevant regulations and rules mentioned
above.
As
of December 31, 2022, we and the VIEs had made social insurance contribution for the PRC-based employees based on the relevant PRC
laws and regulations and practical measures.
Housing
Fund
According
to the Regulations on the Administration of Housing Provident Fund, which was promulgated and became effective on April 3, 1999,
and was amended on March 24, 2019, employers are required to contribute, on behalf of their employees, to housing provident funds.
The employer shall process housing provident fund payment and deposit registrations with the housing provident fund administration center.
The employer shall timely pay up and deposit housing provident fund contributions in full amount, any employer who violates the above
regulations shall be fined and ordered to make good the deficit within a designed period. Those who fail to process their registrations
within the designated period shall be subject to a fine ranging from RMB10,000 to RMB50,000. When companies breach these regulations
and fail to pay up housing provident fund contributions in full amount as due, the housing provident fund administration center shall
order such companies to pay up within a designated period, and may further apply to the People's Court for mandatory enforcement
against those who still fail to comply with such order after the expiry of such period.
As
of December 31, 2022, we and the VIEs had made housing fund contribution for the PRC-based employees based on the relevant PRC laws
and regulations and practical measures.
95
Regulations
on Taxation in the PRC
Income
Tax
In
accordance with the PRC Enterprise Income Tax Law, or the EIT Law, which was promulgated on March 16, 2007 and amended and became
effective on December 29, 2018, and the Regulation on the Implementation of Enterprise Income Tax Law of the PRC, which was promulgated
on December 6, 2007 and last amended on April 23, 2019 by the State Council of PRC, enterprises are classified as either "resident
enterprises" or "non-resident enterprises". A resident enterprise shall pay enterprise income tax on its
income deriving from both inside and outside China at the rate of enterprise income tax of 25%. A non-resident enterprise that
has an establishment or place of business in the PRC shall pay enterprise income tax on its income deriving from inside China and obtained
by such establishment or place of business, and on its income which derives from outside China but has actual relationship with such
establishment or place of business, at the rate of enterprise income tax of 25%. A non-resident enterprise that does not have
an establishment or place of business in China, or has an establishment or place of business in China but the income has no actual relationship
with such establishment or place of business, shall pay enterprise income tax on its income deriving from inside China at the reduced
rate of enterprise income tax of 10%.
According
to Notice of the Ministry of Finance and the State Administration of Taxation on Tax Policies Relating to Education, or the Circular
39, promulgated in February 2004, and Notice of the Ministry of Finance and the State Administration of Taxation on Issues Concerning
Strengthening the Administration over the Collection of Business Tax on Educational Services, or the Circular 3, issued in January 2006,
schools shall be exempt from enterprise income tax on fees they have collected upon approval and have incorporated under the fiscal budget
management or the special account management of the funds outside the fiscal budget. Schools shall be exempt from enterprise income tax
on the financial allocations they have received and special subsidies they have obtained from their administrative departments or institutions
at higher levels.
According
to the Law for Promoting Private Education and the 2021 Implementation Rules, private schools enjoy the state preferential tax policies,
while non-profit private schools enjoy the same preferential tax treatment as public schools. In February 2015, the SAT issued
the Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises, or the SAT
Bulletin 7 as amended in 2017. Pursuant to this bulletin, 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 such 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 the SAT Bulletin 7, "PRC taxable assets" include assets attributed to an establishment in China, immovable properties
located in China, and equity investments in PRC resident enterprises, in respect of which gains from their transfer by a direct holder,
being a non-PRC resident enterprise, would be subject to PRC enterprise income taxes.
Income
Tax in relation to Dividend Distribution
The
PRC and the government of Hong Kong entered into the Arrangement between the Mainland of the PRC and Hong Kong for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, or the Double Tax Avoidance Arrangement on August 21,
2006. According to the Double Tax Avoidance Arrangement, if the beneficiary of the dividends is a Hong Kong resident enterprise, which
directly holds no less than 25% equity interests in the aforesaid enterprise, the tax levied shall be 5% of the distributed dividends.
The 10% withholding tax rate applies to dividends paid by a PRC company to a Hong Kong resident if such Hong Kong resident holds less
than 25% of the equity interests in such PRC company. Pursuant to the Circular of the State Administration of Taxation on Relevant Issues
relating to the Implementation of Dividend Clauses in Tax Agreements promulgated by the SAT and became effective on February 20,
2009, recipients of dividends paid by PRC resident enterprises must satisfy certain requirements in order to obtain a preferential income
tax rate pursuant to a tax treaty. One such requirement is that the taxpayer must be the "beneficiary owner" of relevant
dividends. In order for a corporate recipient of dividends paid by a PRC enterprise to enjoy preferential tax treatment pursuant to a
tax treaty, such recipient must be the direct owner of a certain proportion of the share capital of the PRC enterprise at all times during
the 12 months preceding its receipt of the dividends. Pursuant to the Announcement of State Taxation Administration on Promulgation of
the Administrative Measures on Non-resident Taxpayers Enjoying Treaty Benefits, which was promulgated on October 14, 2019
and became effective on January 1, 2020, non-resident taxpayers making their own declaration shall self-assess whether
they are entitled to treaty benefits and need to claim such benefits, and shall submit an "Information Report on Non-resident Taxpayers
Claiming Treaty Benefits" at the time of declaration, gather and retain the relevant materials pursuant to the provisions of Article
7 of these Measures for future inspection. Furthermore, all levels of tax authorities shall, through strengthening follow-up administration
for non-resident taxpayers enjoying treaty benefits, implement treaties accurately, and prevent abuse of tax treaties and tax
avoidance risks.
Value-added
Tax, or the VAT
According
to the Temporary Regulations on Value-added Tax, which was amended on November 10, 2008, February 6, 2016 and November 19,
2017 and the Detailed Implementing Rules of the Temporary Regulations on Value-added Tax, which was amended on October 28, 2011
and became effective on November 11, 2011, or collectively, the VAT Law, all taxpayers selling goods or labor services of processing,
repairing and replacement, selling services, intangible assets, immovable and importation of goods within the PRC shall pay value-added
tax. For general VAT taxpayer selling or importing goods other than those specifically listed in the VAT Law, the value-added tax rate
is 17%. On April 4, 2018, the MOF and the SAT promulgated the Notice on Adjusting Value-added Tax Rates, which reduced the tax rates
for sale, import, and export of goods.
96
Furthermore,
according to the Trial Scheme for the Conversion of Business Tax to Value-added Tax, which was promulgated by the MOF and the SAT, the
State began to launch taxation reforms in a gradual manner with effect from January 1, 2012, whereby the collection of VAT in lieu
of business tax items was implemented on a trial basis in regions showing significant radiating effects in economic development and providing
outstanding reform examples, beginning with production service industries such as transportation and certain modern service industries.
In
accordance with Circular on Comprehensively Promoting the Pilot Program of the Collection of Value-added Tax in Lieu of Business Tax,
which was promulgated on March 23, 2016 and came into effect on May 1, 2016 and amended on March 20, 2019, upon approval
of the State Council, the pilot program of the collection of VAT in lieu of business tax shall be promoted nationwide in a comprehensive
manner starting from May 1, 2016, and all business tax payers engaged in the building industry, the real estate industry, the financial
industry and the life service industry shall be included in the scope of the pilot program with regard to payment of value added tax
instead of business tax. For general service income, the applicable VAT rate is 6%. Schools engaged in academic education are exempted
from VAT on their education service.
Other
Tax Exemptions
According
to Circular 39 and Circular 3, the real properties and land used by schools established by enterprises shall be exempt from house property
tax and urban land use tax. Schools which expropriate arable land upon approval shall be exempt from arable land use tax.
PRC
Laws and Regulations Relating to Companies
The
establishment, operation and management of corporate entities in the PRC are governed by the Company Law of the PRC, or the Company Law,
which was promulgated on December 29, 1993 and amended on December 25, 1999, August 28, 2004, October 27, 2005, December 28,
2013, and October 26, 2018, respectively. Under the Company Law, companies are generally classified into two categories: limited
liability companies and limited companies by shares. The Company Law also applies to foreign-invested limited liability companies but
where other relevant laws regarding foreign investment have provided otherwise, such other laws shall prevail. There is no longer a prescribed
timeframe for the shareholders to make full capital contribution to a company, except otherwise provided in other relevant laws, administrative
regulations and State Council decisions. However, shareholders are only required to state the capital amount that they commit to subscribe
in the articles of association of the company. Furthermore, the initial payment of a company's registered capital is no longer
subject to a minimum amount requirement and the business license of a company will not show its paid-up capital. In addition,
shareholders' contribution of the registered capital is no longer required to be verified by capital verification agencies.
PRC
Laws and Regulations Relating to Securities
The
revised Securities Law of the PRC, or the Securities law was passed by the 13th NPC on December 28, 2019 and took effect from March 1,
2020. The Securities Law further improves the investor protection and the information disclosure measures. According to the Securities
law, the securities regulatory authority of the State Council, namely the China Securities Regulatory Commission, or the CSRC, may establish
a regulatory cooperation mechanism with the securities regulatory authorities of another country or region, to implement cross-border
supervision and administration. Moreover, the Securities law also provides that the offering and trading of securities outside the People's
Republic of China which disrupt the domestic market order of the People's Republic of China and harm the legitimate rights and
interests of domestic investors shall be dealt with pursuant to the relevant provisions of this Law, and legal liability shall be pursued.
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, or the Foreign
Exchange Administration Rules. The Foreign Exchange Administration Rules 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 State Administration of Foreign Exchange of the PRC, or the SAFE or its local counterparts
is obtained.
97
Under
the Foreign Exchange Administration Rules, foreign-invested enterprises in the PRC may, without the approval of the SAFE, make a payment
from their foreign exchange accounts at designated foreign exchange banks for paying dividends with certain evidencing documents (board
resolutions, tax certificates, etc.), 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 the 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 the 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 4, 2014 and with effect from the same day, the domestic resident
shall be required to register with the local branch of the 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, i.e. 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 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, implemented on June 1, 2015 and
amended on December 30, 2019, 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 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.
The
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 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 nonaffiliated entities.
As the SAFE has not provided detailed guidelines with respect to its interpretation or implementations, it is uncertain how these rules
will be interpreted and implemented.
As
of the date of the annual report, Ms. Fen Ye, Ms. Hong Ye and Ms. Fang Ye have completed the initial foreign exchange registrations as
required by SAFE Circular 37 and Circular 13. The formalities for updating the registration to reflect the share transfer from Ms. Fang
Ye to Ms. Fen Ye has been submitted to the qualified bank, but the amendment registration has not been completed as of the date of this
annual report.
98
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 the SAFE on
September 24, 1997 and the Interim Provisions on the Management of Foreign Debts promulgated by the SAFE, the NDRC and the MOF which
became effective from March 1, 2003 and was amended on July 26, 2022, 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.
On
January 11, 2017, the PBOC issued and implemented Notice of People's Bank of China on Matters Concerning Macro-Prudential
Management on All-round Cross-border Financing, or the Circular 9. A one-year transitional period was set for foreign-invested enterprises
and foreign financial institutions from the date of issuance, within which the foreign-invested enterprises may choose a mode between
the existing cross-border financing management mode and that prescribed in the Circular 9, and no specific new notification or rules
has been issued yet regarding the selection of the two modes. According to Circular 9, the calculation of the upper limit of the risk-weighted
balance for cross-border financing =the capital or the net assets × the leverage rate of cross-border financing × the macro-prudential
adjustment parameters, among which, enterprises are calculated at their net assets based on the latest audited financial statements,
the leverage rate for cross-border financing for enterprises is 2, and the macro-prudential adjustment parameter is 1.
Pursuant
to Notice of the People's Bank of China and the State Administration of Foreign Exchange on Adjustments to Macro-prudential Regulation
Parameters for Full-covered Cross-border Financing issued and implemented on March 11, 2020, the PBOC and the SAFE decided to adjust
the macro-prudential adjustment parameter specified in the Circular 9 to 1.25 from 1 in light of the current macroeconomic and international
balance of payment.
On
January 7, 2021, the PBOC and the SAFE issued Notice of People's Bank of China and State Administration of Foreign Exchange
on the Adjustment of Macro-Prudential Adjustment Parameters for Cross-border Financing of Enterprises, and decided to lower the macro-prudential
adjustment parameter for cross-border financing of enterprises from 1.25 to 1. As for Liandu WFOE and Lishui Mengxiang, the upper limit
of the risk-weighted balance for cross-border financing = the net assets based on the latest audited financial statements ×2×1.
According
to Circular 9, an enterprise shall file the information of its cross-border financing in the capital project information system with
the SAFE after signing the contract and no later than three working days before the withdrawal. The enterprise, after conducting the
contract filing for the cross-border financing, and the financial institution, after conducting information reporting for the cross-border
financing, may carry out relevant capital settlement for the borrowers according to the withdrawal and repayment arrangement, report
the relevant clearing information to the relevant systems of the PBOC and the SAFE, and complete the cross-border financing information
updating. The enterprise shall also update cross-border financing and equity-related information.
Pursuant
to the Administrative Measures for the Examination and Registration of Medium and Long-term Foreign Debts of Enterprises promulgated
by the NDRC on January 5, 2023, which came into effect on February 10, 2023, an enterprise shall, before borrowing a foreign debt, obtain
the Certificate of Examination and Registration of Foreign Debts Borrowed by Enterprises and complete examination and registration formalities.
Without examination and registration, no foreign debt may be borrowed. Medium and long-term foreign debts of enterprises referred to
in this measures shall mean debt instruments with a maturity of more than one year that are borrowed from overseas by enterprises within
the territory of the People's Republic of China and by overseas enterprises or branches controlled by them, denominated in local
or foreign currency, and of which principal is repaid with payment of interest as agreed.
According
to the Notice of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment
promulgated on October 23, 2019 by the SAFE, or Circular 28, non-investment foreign-funded enterprises are allowed to make
domestic equity investments with their capital funds in accordance with the law on the premise that the existing special administrative
measures (negative list) for foreign investment access are not violated and the projects invested thereby in China are true and compliant.
Pursuant
to the Measures on Reporting of Foreign Investment Information issued by the MOFCOM and SAIC (the renamed SAMR) on December 30,
2019, which became effective on January 1, 2020, where there is a change in information in the initial report which involves enterprise
change registration or filing, the foreign investment enterprise shall submit a change report through the Enterprise Registration System
at the time of completion of enterprise change registration.
99
Provisions
on the Merger and Acquisition of Domestic Enterprises by Foreign Investors (Revised in 2009)
Under
the Provisions on the Merger and Acquisition of Domestic Enterprises by Foreign Investors (Revised in 2009), or the M&A Rules, a
foreign investor is required to obtain necessary approvals when (i) 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 (ii) 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.
Pursuant
to the Measures on Reporting of Foreign Investment Information, or the Measures on Reporting came into effect from January 1, 2020,
for the investment activities directly or indirectly conducted by foreign investors within the territory of China, the foreign investors
or foreign-invested enterprises shall submit the investment information to the competent commercial department. Foreign investors or
foreign-invested enterprises shall submit the investment information by presenting the initial report, the change report, the cancelation
report and the annual report in accordance with the Measures on Reporting. Where a foreign investor establishes a foreign-invested enterprise
within the territory of China, it shall submit an initial report through the enterprise registration system while applying for business
establishment registration. If a foreign investor merges and acquires a domestic non-foreign-invested enterprise through the
acquisition of equity in the domestic non-foreign-invested enterprise, it shall submit the initial report through the enterprise
registration system while applying for change of registration of the merged enterprise.
Regulatory
Approval from the China Securities Regulatory Commission
On
February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises,
or the Trial Measures, which became effective on March 31, 2023. On the same date, the CSRC circulated No.1 to No.5 Supporting Guidance
Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises
and the relevant CSRC Answers to Reporter Questions on the official website of CSRC, or collectively, the Guidance Rules and Notice.
These new regulations propose to establish a new filing-based regime to regulate overseas offerings and listings by Chinese domestic
companies.
Under
the Trial Measures and the Guidance Rules and Notice, domestic companies conducting overseas securities offering and listing activities,
either in direct or indirect form, shall complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures
within three working days following its submission of initial public offerings or listing application. Since the date of effectiveness
of the Trial Measures, the domestic enterprises falling within the scope of filing that have been listed overseas or met the following
circumstances are existing enterprises: before the effectiveness of the Trial Measures, the application for indirect overseas issuance
and listing has been agreed by the overseas regulators or overseas stock exchanges (such as having passed the hearing on the Hong Kong
market or registration become effective as agreed on the U.S. market, etc.), and it is not required to perform issuance and listing supervision
procedures of the overseas regulators or overseas stock exchanges (such as rehearing on the Hong Kong market, etc.), and the overseas
issuance and listing will be completed by September 30, 2023. Existing enterprises are not required to file immediately, and filing should
be made as required if they involve refinancing and other filing matters. In such cases, where a existing enterprise issues securities
in the same overseas market after its initial public offering and listing overseas, it shall file with the CSRC within three working
days of completion of issuance; where a existing enterprise issues securities in other overseas markets after its initial public offering
and listing overseas, it shall file with the CSRC within three working days of submission of application documents for initial public
offering and listing overseas.
100
C.
Organizational Structure
The
following diagram illustrates our corporate structure, including our subsidiaries and consolidated affiliated entities as of the date
of the annual report:
101
Notes:
(1)
The
    sponsorship registration of Qingtian International School was changed to Lishui Mengxiang in August 2021. As of the date of the annual
    report, we have not received any formal notice from the competent authorities of Qingtian County requesting us to conduct the classified
    registration of private schools. However, given that Qingtian International School is a non-state public institution legal person,
    it may be directly classified as a non-profit private school by the competent authorities of Qingtian County and has no need to go
    through additional registration procedures. On April 20, 2022, Liandu WFOE entered into a series of contractual arrangements with
    respect to the operation of Qingtian International School. On January 31, 2023, due to the change of shareholders of Lishui Mengxiang,
    Liandu WFOE entered into an updated series of contractual arrangements with respect to the operation of Qingtian International School.
    The updated series of contractual arrangements replaced the series entered in April 2022 and took effect on December 16, 2022, the
    same date when the shareholders of Lishui Mengxiang signed an equity transfer agreement.
(2)
Beijing
    P.X. holds the whole sponsorship interests of Langfang School. Liandu WFOE entered into a series of contractual arrangements with
    respect to the operation of Langfang School on March 28, 2023. The contractual arrangements took effect on January 1, 2022. As of
    the date of the annual report, Langfang City has not released any detailed rules on classification registration of private schools
    and we have not received any relevant notice from the competent authorities of Langfang City since January 1, 2022 when Beijing P.X.
    began to hold the whole sponsorship interests of Langfang School.
(3)
Lishui Mengxiang holds
    43% equity interests of Beijing Xinxiang. Beijing R.R.Z. holds 42% equity interests of Beijing Xinxiang. The management team of Beijing
    Xinxiang formed Beijing Chuang'ao Technology Center (L.P.) ("Beijing C.A."), holding 15% equity interests of Beijing
    Xinxiang. Given that the board of directors of Beijing Xinxiang consists of five members, three of which shall be appointed by Lishui
    Mengxiang, we are regarded as the primary beneficiary of Beijing Xinxiang through Lishui Mengxiang under U.S. GAAP as Lishui Mengxiang
    holds more than half of the voting power in the board of directors of Beijing Xinxiang. Therefore, the financial statements of Beijing
    Xinxiang is consolidated in our annual report on Form 20-F for the year ending December 31, 2022.
(4)
According
    to PRC laws and regulations, entities and individuals who establish private schools are commonly referred to as "sponsors"
    instead of "owners" or "shareholders." The economic substance of "sponsorship" with respect to
    private schools is substantially similar to that of ownership with regard to legal, regulatory and tax matters. However, the differences
    between sponsorship and equity ownership can be found in the specific provisions of the laws and regulations applicable to sponsors
    and owners, such as provisions regarding the right to receive returns on investment and the right to the distribution of residual
    properties upon termination and liquidation.
Investors
are purchasing equity interests in Lixiang, the Cayman Islands holding company, and are not purchasing, and may never directly hold,
equity interests in the VIEs. We do not have any equity interests in the VIEs. However, because of the contractual arrangements, we control
the VIEs through our PRC subsidiary, Liandu WFOE, and are regarded as the primary beneficiary of the VIEs for accounting purposes under
U.S. GAAP. We have consolidated the results of the VIEs in our consolidated financial statements included elsewhere in this annual report
on Form 20-F in accordance with U.S. GAAP. For a more detailed discussion of the basis of presentation of our consolidated financial
statements, see "Item 5. Operating and financial Review and Prospects—A. Operating Results—Critical Accounting Policies."
These
contractual arrangements may not be as effective in providing us with control over the VIEs as equity ownership. If we had equity ownership
of the VIEs, we would be able to exercise our rights as a direct or indirect shareholder to effect changes in the board of directors
of the VIEs, which in turn could effect changes, subject to any applicable fiduciary obligations, at the management level. However, as
these contractual arrangements stand now, if the VIEs or their shareholders fail to perform their respective obligations under these
contractual arrangements, we cannot exercise shareholders' rights to direct corporate actions as direct ownership would otherwise
entail. If the parties under such contractual arrangements refuse to carry out our directions in relation to everyday business operations,
we will be unable to maintain effective control over the operations of the VIEs in China under U.S. GAAP. Losing effective control over
the VIEs may impair our access to their cash flow from operations, which may reduce our liquidity. If the VIEs or their respective ultimate
shareholders fail to perform their obligations under our contractual arrangements, we may have to incur additional costs and expend substantial
resources to enforce our contractual arrangements, temporarily or permanently lose control over our primary operations or lose access
to our primary sources of revenue.
There
are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating
to the contractual arrangements and the VIE structure. If the PRC government finds these contractual arrangements or the VIE structure
non-compliant with the restrictions on direct foreign investment in the relevant industries, or if the relevant PRC laws, regulations,
and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our
interests in the VIEs or forfeit our rights under the contractual arrangements. Lixiang and investors in the ADSs face uncertainty about
potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements, consequently,
significantly affect the financial condition and results of operations. If we are unable to claim our right to control the assets of
the VIEs, the ADSs may decline in value or become worthless. The PRC government could even disallow the VIE structure completely, which
would likely result in a material adverse change in our operations and the ADSs may significantly decline in value or become worthless.
102
Contractual
Arrangements
Foreign
ownership in the educational industry is subject to significant regulations in China, including strict licensing requirements. Specifically,
foreign ownership is prohibited in compulsory education at the primary and middle school levels, and is restricted at the high school
level . As we are a company incorporated in the Cayman Islands, our wholly-owned subsidiary in the PRC, Liandu WFOE, is viewed as a foreign-owned
enterprise thus is ineligible to apply for and hold licenses to operate, or otherwise own equity interests in, primary and middle school
campuses and to independently or jointly invest and operate high school and vocational school pursuant to the relevant laws and regulations.
Prior
to August 31, 2021, we and the VIEs primarily operated primary and secondary school in Baiyun campus and Yijing campus—Featured
Division of Lianwai School through a series of contractual arrangements with Lishui Mengxiang, which enabled us to (i) exercise
the power over our Lishui Mengxiang and Lianwai School, (ii) have the exposure or rights to variable returns from our involvement
with Lishui Mengxiang and Lianwai School, and (iii) exercise the ability to affect those returns through use of its power over Lishui
Mengxiang and Lianwai School.
Under
the 2021 Implementation Rules which took effect on September 1, 2021, social organizations and individuals are prohibited from controlling
a private school that provides compulsory 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 among Liandu WFOE and Lianwai School providing compulsory education. Therefore, we re-assessed our control over
Lianwai School. Based on the relevant accounting standard in accordance with U.S. GAAP, we have concluded that we have lost control of
Lianwai School since August 31, 2021, in view of the significant uncertainties and restrictions the 2021 Implementation Rules impose
on our ability to direct the range of ongoing activities that would most significantly impact the returns of Lianwai School. In light
of such regulatory developments, on April 20, 2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai
School and respective directors, to confirm all the terms of rights and obligations relating to Lianwai School and the directors appointed
by the sponsor under the contractual arrangements among them, and agree among the parties that such arrangements shall have been terminated
on August 31, 2021. To minimize disruptions to existing students enrolled in Lianwai School, we continued to offer essential services
to the students. We deconsolidated Lianwai School commencing from September 1, 2021 and presented it as a discontinued operation
in current and comparative period financial statements. See "Item 5. Operating and financial Review and Prospects—A. Operating
Results."
On
April 20, 2022, Liandu WFOE entered into a series of contractual arrangements, or the VIE structure, with Lishui Mengxiang, Qingtian
International School, shareholders of Lishui Mengxiang and the Council Members of Qingtian International School. On January 31, 2023,
due to the change of shareholders of Lishui Mengxiang, Liandu WFOE entered into an updated series of contractual arrangements with respect
to the operation of Qingtian International School. The updated series of contractual arrangements replaced the previous ones and took
effect on December 16, 2022, the same date when the shareholders of Lishui Mengxiang signed an equity transfer agreement. On March 28,
2023, Liandu WFOE entered into a series of contractual arrangements, or the VIE structure, with Beijing P.X. and Langfang School, shareholders
of Beijing P.X. and the Council Members of Langfang School. The series of contractual arrangements became effective on January 1, 2022.
These contractual arrangements enables us to (i) exercise the power over our Lishui Mengxiang, Qingtian International School and
Langfang School, (ii) have the exposure or rights to variable returns from our involvement with the VIEs, and (iii) exercise
the ability to affect those returns through use of its power over the VIEs.
We
do not have any equity interest in the VIEs. However, because of these contractual arrangements, we control the VIEs through our PRC
subsidiary, Liandu WFOE. We have consolidated the results of the VIEs in our consolidated financial statements included elsewhere in
this annual report on Form 20-F in accordance with U.S. GAAP. For a more detailed discussion of the basis of presentation of our consolidated
financial statements, see "Item 5. Operating and financial Review and Prospects—A. Operating Results—Critical Accounting
Policies." For a detailed description of the risks associated with our corporate structure, see "Item 3. Key Information—D.
Risk Factors—Risks Relating to Our Corporate Structure" and "Item 3. Key Information—D. Risk Factors—Risks
Relating to Doing Business in China."
103
Below
is a summary of the material provisions of these contractual arrangements with Liandu WFOE and the shareholders of Lishui Mengxiang.
For more complete information you should read these agreements in their entirety.
Exclusive
Call Option Agreement.
Under the Exclusive Call Option Agreement dated January 31, 2023, Ms. Fen Ye and Ms. Hong
Ye, or the shareholders of Lishui Mengxiang have irrevocably granted Liandu WFOE or its designated purchaser the exclusive right to purchase
all or part of the direct and/or indirect equity interests of Lishui Mengxiang, or the Equity Call Option. The purchase price payable
by Liandu WFOE or its designated purchaser in respect of the transfer of Lishui Mengxiang's direct and/or indirect equity interest
or equity interests shall be at the lowest price permitted under the PRC laws and regulations. Liandu WFOE or its designated purchaser
shall have the right to purchase such proportion of Lishui Mengxiang's interest in Qingtian International School and/or other equity
interest of Lishui Mengxiang as it decides at any time. Qingtian International School provides high school education services, in which
case the foreign investors are restricted to hold equity interests of Lishui Mengxiang, Qingtian International School's sponsor,
in accordance with the current PRC laws and regulations. If and when the PRC laws and regulations allow Liandu WFOE or us to directly
hold all or part of the school sponsor interests in Qingtian International School and/or all or part of other equity interests of Lishui
Mengxiang and operate competent education business in the PRC, Liandu WFOE shall issue the notice of exercise of such equity call option
as soon as practicable, and the percentage of interests to be purchased upon exercise of such Equity Call Option shall be no less than
the maximum percentage allowed to be held by Liandu WFOE or its designated purchaser under the PRC laws and regulations. Such equity
transfer price is not expressly provided for in the current PRC laws and regulations and it is uncertain whether it may be further regulated
by future PRC laws and regulations. Pursuant to the Exclusive Call Option Agreement, all taxes and fees associated with the equity transfer
shall be paid by Lishui Mengxiang's shareholders and/or the direct equity holders of the VIEs upon the transfer. In the absence
of written consent from Liandu WFOE, except as otherwise described in the Exclusive Call Option Agreement, Lishui Mengxiang and its shareholders
shall not sell, transfer, assign or otherwise dispose of or create any encumbrance on any of Lishui Mengxiang's assets, businesses
or equity interests or procure separation or merge with any other entities. Furthermore, without written consent from Liandu WFOE, Lishui
Mengxiang may not terminate any material contracts or enter into any other contracts which may contradict such material contracts, incur
any indebtedness or provide any loan or guarantee to a third party, except as disclosed to Liandu WFOE, or alter the nature or scope
of its business. The Exclusive Call Option Agreement will remain in force during the operation term of VIEs and any periods that are
renewable pursuant to the PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercised
their options to purchase all the equities of VIEs in accordance with this agreement. In addition, unless otherwise stipulated by laws,
this agreement may not be terminated by Lishui Mengxiang or its shareholders unilaterally, but may only be terminated by Liandu WFOE
after notice in advance.
Proxy
Agreement for School's Sponsors and Council Members.
Pursuant to the Proxy Agreement for School's Sponsors and
Council Members dated January 31, 2023, Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights
as school sponsor of Qingtian International School to the extent permitted by the PRC laws. These rights include, but are not limited
to: (a) the right to appoint and/or elect of council members of Qingtian International School; (b) the right to appoint and/or
elect the supervisors of Qingtian International School; the right to put forward the School's mission and scope of operation;(c)the
right to examine or approve the Articles of Association of Qingtian International School, development planning, major projects and budget
for revenues and expenditures;(d) the right to supervise the performance of Qingtian International School and the achievement of the
objectives set out in the bylaw;(e) the right to establish the executive school council in accordance with the authority and procedures
prescribed in the bylaw of Qingtian International School and to participate in the running and management of the School;(f) the right
to access the information about the operation conditions and financial conditions of Qingtian International School;(g) the right to consult
the resolutions, records, financial and accounting statements and reports of the school council meetings in accordance with the PRC laws;(h)
the right to obtain reasonable returns from Qingtian International School's Sponsor in accordance with the PRC laws;(i) the right
to obtain the remaining property of Qingtian International School after the liquidation in accordance with the PRC laws;(j) the right
to transfer the interests of Qingtian International School's Sponsor in accordance with the PRC laws;(k) the right to select the
profitability and non-profitability of the characteristic of Qingtian International School in accordance with the PRC laws, regulations
or regulatory documents; and(l) any other rights of Qingtian International School's Sponsor provided by other applicable laws and
regulations of the PRC and the articles of association of Qingtian International School (as amended from time to time).
The
appointed Council Members of Qingtian International School from Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE
to exercise all its rights as school sponsor of Qingtian International School to the extent permitted by the PRC laws. These rights include,
but are not limited to: (a) acting as the agent of Qingtian International School's Sponsor to attend the council meeting of
Qingtian International; enjoying the right to speak, propose, vote, elect and stand for election, and the right to know, propose and
supervise council meeting and business activities carried out by Qingtian International School; (b) exercising the voting rights
on behalf of Qingtian International School's Sponsor for all matters requiring discussion and resolution of the council; (c) proposing
to convene a council meeting of Qingtian International School; (d) signing the council meeting minutes, council meeting resolutions
or other legal documents that the Appointed Council Members has the right to sign as the council member of Qingtian International School;
(e) instructing the legal representative, the financial, business and administrative chiefs, etc. of Qingtian International School
to act in accordance with the Trustee's intention; (f) exercising other rights of the council member and council members'
voting rights under the articles of association (including any other council members' voting rights as stipulated in the amended
articles of association) of Qingtian International School; (g) handling legal procedures containing registration, examination and
approval and license of schools at the competent departments of government; and (h) any other rights of the Council Member as pursuant
to the applicable PRC laws, regulations and the articles of association (as amended from time to time) of Qingtian International School.
In addition, each of Lishui Mengxiang and the Council Members of Qingtian International School have irrevocably agreed that (i) Liandu
WFOE may delegate its rights under the Proxy Agreement for School's Sponsors and Council Members to the directors of Liandu WFOE
or its designated person, without prior notice to or approval by Lishui Mengxiang and the Council Members of Qingtian International School;
and (ii) any person as successor of civil rights of Liandu WFOE or liquidator by reason of subdivision, merger, liquidation of Liandu
WFOE or other circumstances shall have authority to replace Liandu WFOE to exercise all rights under the Proxy Agreement for School's
Sponsors and Council Members.
104
Proxy
Agreement for Shareholders.
Pursuant to the Proxy Agreement for Shareholders dated January 31, 2023, each shareholder of
Lishui Mengxiang has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as the shareholder to the extent permitted
by the PRC laws. These rights include, but are not limited to: (a) the right to attend the shareholders' meeting of our school
acting as WFOE's nominee; (b) the right to vote on behalf of the sponsors for all matters requiring discussion and resolution
of the shareholders' meeting; (c) the right to sign the shareholders' minutes, resolutions or other legal documents;
(d) the right to indicate the directors, the legal representative, etc. to act in accordance with WFOE's intention; (e) the
right to handle legal procedures containing registration, examination and approval and license of schools at the competent departments
of governments; (f) the right to decide to transfer or otherwise dispose of the equity of our school; (g) any other shareholder
rights as pursuant to the applicable PRC laws, regulations and our school's articles of association as amended from time to time.
Business
Cooperation Agreement
.
Pursuant to the Business Cooperation Agreement dated January 31, 2023, Liandu WFOE shall provide
technical services, management support and consulting services necessary for the private education business, and in return, the VIEs
shall make payments accordingly. In particular, such services include but not limited to developing curriculum, conducting market research
and offering management and marketing advice, providing technology services, providing public relations services, providing support for
teacher hiring and training and providing other services that the VIEs may need from time to time. Without the prior consent of
Liandu WFOE, none of the VIEs may accept such services provided by any third party. As part of the business cooperative agreement, VIEs
and the shareholders of Lishui Mengxiang agree that they will not take any actions except as otherwise described in the Business Cooperation
Agreement, such as incurring indebtedness, disposing of material assets, materially changing the scope or nature of the business of the
VIEs, disposing of their equity interests in the VIEs, or paying dividends or other similar payments to the sponsors or the shareholders
VIEs in the absence of written consent from Liandu WFOE. The aforementioned agreements will terminate automatically when Liandu WFOE
and/or its designated entities fully exercised their options to purchase all the equities held by Nominee Shareholders in accordance
with the Exclusive Call Option Agreement. In addition, unless otherwise stipulated by laws, this agreement may not be terminated by VIEs
or the shareholders, but may only be terminated by Liandu WFOE after notice in advance.
Exclusive
Technical Service and Business Consulting Agreement.
Pursuant to the Exclusive Technical Service and Business Consulting
Agreement dated January 31, 2023, Liandu WFOE agreed to provide exclusive technical services to Qingtian International School and Qingtian
International School's sponsor, Lishui Mengxiang. Furthermore, Liandu WFOE agreed to provide exclusive business consultancy services
to Qingtian International School and Qingtian International School's sponsor. In consideration of the technical and business consultancy
services provided by Liandu WFOE, Qingtian International School and Qingtian International School's sponsor agreed to pay Liandu
WFOE a service fee withdrawn from their respective amount of surplus from operations after deducting all costs, expenses, taxes, losses
(if required by the law) and the legally development fund of the respective school (if required by the law) and other costs and funds
that shall be retained at Qingtian International School in accordance with applicable PRC laws. Liandu WFOE has the right (but not the
obligation) to adjust the amount of such service fee by reference to the actual services provided and the actual business operations
and needs of Qingtian International School and Qingtian International School's sponsor, provided that any adjusted amount shall
not exceed the amount mentioned above. Qingtian International School and Qingtian International School's sponsor do not have any
right to make any such adjustment. Unless otherwise prescribed under the PRC laws and regulations, Liandu WFOE shall have exclusive proprietary
rights to any technology and intellectual property developed and materials prepared in the course of the provision of research and development,
technical support and services by Liandu WFOE to Qingtian International School and Qingtian International School's sponsor, and
any intellectual property in the products developed, including any other rights derived thereunder, in the course of performance of obligations
under the Exclusive Technical Service and Business Consulting Agreement and/or any other agreements entered into between Liandu WFOE
and the VIEs.
Equity
Pledge Agreement
. Pursuant to the Equity Pledge Agreement dated January 31, 2023, the shareholders unconditionally and irrevocably
pledged all of their equity interests in Lishui Mengxiang to Liandu WFOE to guarantee performance of the obligations of the VIEs under
the Exclusive Call Option Agreement, Business Cooperation Agreement, Exclusive Technical Service and Business Consulting Agreement, Proxy
Agreement for Shareholders, Proxy Agreement for School's Sponsors and Council Members and Loan Agreement, each as described above
the shareholders of Lishui Mengxiang agreed that without prior written consent of the PRC WFOE, they shall not transfer or dispose of
the pledged equity interests, or create or allow any encumbrance on the pledged equity interests. Unless otherwise stipulated by laws,
this agreement may not be terminated by Lishui Mengxiang or the shareholders of Lishui Mengxiang unilaterally, but may only be terminated
by the Liandu WFOE after notice in advance. The equity pledge agreement remains in full force and effect until all of the obligations
under the contractual arrangements have been duly performed or the guaranteed debts are duly paid. The pledge of equity interests
in Lishui Mengxiang has been duly registered with the local branch of SAIC and is effective upon such registration.
Below
is a summary of the material provisions of these contractual arrangements with Liandu WFOE and the shareholders of Beijing P.X.. For
more complete information you should read these agreements in their entirety.
105
Exclusive
Call Option Agreement.
Under the Exclusive Call Option Agreement dated March 28, 2023, Ms. Fen Ye, Ms. Hong Ye,
and Lishui Mengxiang, or the shareholders of Beijing P.X. have irrevocably granted Liandu WFOE or its designated purchaser the exclusive
right to purchase all or part of the direct and/or indirect equity interests of Beijing P.X. and Langfang School, or the Equity Call
Option. The purchase price payable by Liandu WFOE or its designated purchaser in respect of the transfer of above equity interests shall
be at the lowest price permitted under the PRC laws and regulations. Liandu WFOE or its designated purchaser shall have the right to
purchase such proportion of Beijing P.X.'s interest in Langfang School and/or other equity interest of Beijing P.X. as it decides
at any time. Langfang School provides vacational school education services, in which case the foreign investors shall be a foreign education
institution or a foreign vocational skills training institution with relevant qualifications on education services and operating high-quality
educations in accordance with the current PRC laws and regulations. If and when the PRC laws and regulations allow Liandu WFOE or us
to directly hold all or part of the school sponsor interests in Langfang School and/or all or part of other equity interests of Beijing
P.X. and operate competent education business in the PRC, Liandu WFOE shall issue the notice of exercise of such equity call option as
soon as practicable, and the percentage of interests to be purchased upon exercise of such Equity Call Option shall be no less than the
maximum percentage allowed to be held by Liandu WFOE or its designated purchaser under the PRC laws and regulations. Such equity transfer
price is not expressly provided for in the current PRC laws and regulations and it is uncertain whether it may be further regulated by
future PRC laws and regulations. Pursuant to the Exclusive Call Option Agreement, all taxes and fees associated with the equity transfer
shall be paid by Beijing P.X.'s shareholders upon the transfer. In the absence of written consent from Liandu WFOE, except as otherwise
described in the Exclusive Call Option Agreement, Beijing P.X. and its shareholders shall not sell, transfer, assign or otherwise dispose
of or create any encumbrance on any of Langfang School's assets, businesses or equity interests or procure separation or merge
with any other entities. Furthermore, without written consent from Liandu WFOE, Langfang School may not terminate any material contracts
or enter into any other contracts which may contradict such material contracts, incur any indebtedness or provide any loan or guarantee
to a third party, except as disclosed to Liandu WFOE, or alter the nature or scope of its business. The Exclusive Call Option Agreement
will remain in force during the operation term of Beijing P.X. and Langfang School and any periods that are renewable pursuant to the
PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercised their options to purchase
all the equities of Beijing P.X. and Langfang School in accordance with this agreement. In addition, unless otherwise stipulated by laws,
this agreement may not be terminated by Langfang School, Beijing P.X. or its shareholders unilaterally, but may only be terminated by
Liandu WFOE after notice in advance.
Proxy
Agreement for School's Sponsors and Council Members.
Pursuant to the Proxy Agreement for School's Sponsors and
Council Members dated March 28, 2023, Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as
school sponsor of Langfang School to the extent permitted by the PRC laws. These rights include, but are not limited to: (a) the
right to appoint and/or elect of council members of Langfang School; (b) the right to appoint and/or elect the supervisors of Langfang
School; the right to put forward the School's mission and scope of operation;(c)the right to examine or approve the Articles of
Association of Langfang School, development planning, major projects and budget for revenues and expenditures;(d) the right to supervise
the performance of Langfang School and the achievement of the objectives set out in the bylaw;(e) the right to establish the executive
school council in accordance with the authority and procedures prescribed in the bylaw of Langfang School and to participate in the running
and management of the School;(f) the right to access the information about the operation conditions and financial conditions of Langfang
School;(g) the right to consult the resolutions, records, financial and accounting statements and reports of the school council meetings
in accordance with the PRC laws;(h) the right to obtain reasonable returns from Langfang School's Sponsor in accordance with the
PRC laws;(i) the right to obtain the remaining property of Langfang School after the liquidation in accordance with the PRC laws;(j)
the right to transfer the interests of Langfang School's Sponsor in accordance with the PRC laws;(k) the right to select the profitability
and non-profitability of the characteristic of Langfang School in accordance with the PRC laws, regulations or regulatory documents;
and(l) any other rights of Langfang School's Sponsor provided by other applicable laws and regulations of the PRC and the articles
of association of Langfang School (as amended from time to time).
The
appointed Council Members of Langfang School from Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its
rights as school sponsor of Langfang School to the extent permitted by the PRC laws. These rights include, but are not limited to: (a) acting
as the agent of Langfang School's Sponsor to attend the council meeting of Langfang School; enjoying the right to speak, propose,
vote, elect and stand for election, and the right to know, propose and supervise council meeting and business activities carried out
by Langfang School; (b) exercising the voting rights on behalf of Langfang School's Sponsor for all matters requiring discussion
and resolution of the council; (c) proposing to convene a council meeting of Langfang School; (d) signing the council meeting
minutes, council meeting resolutions or other legal documents that the Appointed Council Members has the right to sign as the council
member of Langfang School; (e) exercising other rights of the council member and council members' voting rights under the
articles of association (including any other council members' voting rights as stipulated in the amended articles of association)
of Langfang School; (f) handling legal procedures containing registration, examination and approval and license of school at the
competent departments of government; and (g) any other rights of the Council Member as pursuant to the applicable PRC laws, regulations
and the articles of association (as amended from time to time) of Langfang School. In addition, each of Beijing P.X. and the Council
Members of Langfang School have irrevocably agreed that (i) Liandu WFOE may delegate its rights under the Proxy Agreement for School's
Sponsors and Council Members to the directors of Liandu WFOE or its designated person, without prior notice to or approval by Beijing
P.X. and the Council Members of Langfang School; and (ii) any person as successor of civil rights of Liandu WFOE or liquidator by
reason of subdivision, merger, liquidation of Liandu WFOE or other circumstances shall have authority to replace Liandu WFOE to exercise
all rights under the Proxy Agreement for School's Sponsors and Council Members.
106
Proxy
Agreement for Shareholders.
Pursuant to the Proxy Agreement for Shareholders dated March 28, 2023, Lishui Mengxiang, the
shareholder of Beijing P.X. has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as the shareholder to the
extent permitted by the PRC laws. These rights include, but are not limited to: (a) the right to attend the shareholders'
meeting of Beijing P.X. acting as WFOE's nominee; (b) the right to vote on behalf of Lishui Mengxiang for all matters requiring
discussion and resolution of the shareholders' meeting; (c) the right to sign the shareholders' minutes, resolutions
or other legal documents; (d) the right to indicate the directors, the legal representative, etc. to act in accordance with WFOE's
intention; (e) the right to handle legal procedures containing registration, examination and approval and license of Beijing P.X.
at the competent departments of governments; (f) the right to decide to transfer or otherwise dispose of the equity of Beijing P.X.;
(g) any other shareholder's rights as pursuant to the applicable PRC laws, regulations and articles of association of Beijing
P.X. as amended from time to time.
Business
Cooperation Agreement
.
Pursuant to the Business Cooperation Agreement dated March 28, 2023, Liandu WFOE shall provide technical
services, management support and consulting services necessary for the private education business, and in return, Beijing P.X. and Langfang
School shall make payments accordingly. In particular, such services include but not limited to developing curriculum, conducting market
research and offering management and marketing advice, providing technology services, providing public relations services, providing
support for teacher hiring and training and providing other services that Beijing P.X. and Langfang School may need from time to
time. Without the prior consent of Liandu WFOE, none of Beijing P.X. and Langfang School may accept such services provided by any third
party. As part of the business cooperative agreement, Beijing P.X., Langfang School and the shareholders of Beijing P.X. agree that they
will not take any actions except as otherwise described in the Business Cooperation Agreement, such as incurring indebtedness, disposing
of material assets, materially changing the scope or nature of the business of Langfang School, disposing of their equity interests in
the Langfang School, or paying dividends or other similar payments to Beijing P.X. or the shareholders of Beijing P.X. in the absence
of written consent from Liandu WFOE. The aforementioned agreements will terminate automatically when Liandu WFOE and/or its designated
entities fully exercised their options to purchase all the equities held by Nominee Shareholders in accordance with the Exclusive Call
Option Agreement. In addition, unless otherwise stipulated by laws, this agreement may not be terminated by Beijing P.X., Langfang School
or the shareholders of Beijing P.X., but may only be terminated by Liandu WFOE after notice in advance.
Exclusive
Technical Service and Business Consulting Agreement.
Pursuant to the Exclusive Technical Service and Business Consulting
Agreement dated March 28, 2023, Liandu WFOE agreed to provide exclusive technical services to Langfang School and Beijing P.X.. Furthermore,
Liandu WFOE agreed to provide exclusive business consultancy services to Langfang School and Beijing P.X.. In consideration of the technical
and business consultancy services provided by Liandu WFOE, Langfang School and Beijing P.X. agreed to pay Liandu WFOE a service fee withdrawn
from their respective amount of surplus from operations after deducting all costs, expenses, taxes, losses (if required by the law) and
the legally development fund (if required by the law) and other costs and funds that shall be retained at Langfang School in accordance
with applicable PRC laws. Liandu WFOE has the right (but not the obligation) to adjust the amount of such service fee by reference to
the actual services provided and the actual business operations and needs of Langfang School and Beijing P.X., provided that any adjusted
amount shall not exceed the amount mentioned above. Langfang School and Beijing P.X. do not have any right to make any such adjustment.
Unless otherwise prescribed under the PRC laws and regulations, Liandu WFOE shall have exclusive proprietary rights to any technology
and intellectual property developed and materials prepared in the course of the provision of research and development, technical support
and services by Liandu WFOE to Langfang School and Beijing P.X., and any intellectual property in the products developed, including any
other rights derived thereunder, in the course of performance of obligations under the Exclusive Technical Service and Business Consulting
Agreement and/or any other agreements entered into between Liandu WFOE, Langfang School and Beijing P.X..
Equity
Pledge Agreement
. Pursuant to the Equity Pledge Agreement dated March 28, 2023, the shareholders unconditionally and irrevocably
pledged all of their equity interests in Beijing P.X. to Liandu WFOE to guarantee performance of the obligations of Langfang School and
Beijing P.X. under the Exclusive Call Option Agreement, Business Cooperation Agreement, Exclusive Technical Service and Business Consulting
Agreement, Proxy Agreement for Shareholders, Proxy Agreement for School's Sponsors and Council Members and Loan Agreement, each
as described above the shareholders of Beijing P.X. agreed that without prior written consent of the WFOE, they shall not transfer or
dispose of the pledged equity interests, or create or allow any encumbrance on the pledged equity interests. Unless otherwise stipulated
by laws, this agreement may not be terminated by Beijing P.X. or the shareholders of Beijing P.X. unilaterally, but may only be terminated
by the Liandu WFOE after notice in advance. The equity pledge agreement remains in full force and effect until all of the obligations
under the contractual arrangements have been duly performed or the guaranteed debts are duly paid. The pledge of equity interests
in Beijing P.X. has been duly registered with the local branch of SAMR and is effective upon such registration.
107
After
consulting with our PRC legal counsel Beijing DeHeng Law offices, we are of the view that:
●
the
                                            ownership structures of Liandu WFOE and the VIEs currently will not violate any applicable
                                            PRC law, regulation, or rule currently in effect; and
●
the
                                            contractual arrangements (a) among Liandu WFOE, Lishui Mengxiang, Qingtian International
                                            School, shareholders of Lishui Mengxiang and the Council Members of Qingtian International
                                            School and (b) among Liandu WFOE, Beijing P.X., Langfang School, shareholders of Beijing
                                            P.X. and the Council Members of Langfang School, governed by PRC laws are valid, binding
                                            and enforceable in accordance with their terms and applicable PRC laws, rules, and regulations
                                            currently in effect.
However,
there are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules.
Accordingly, the PRC regulatory authorities may take a view that is contrary to us. It is uncertain whether any new PRC laws or regulations
relating to variable interest entity structures will be adopted or if adopted, what they would provide. If we or the VIE is found to
be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals,
the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See "Item
3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure."
D.
Property, Plants and Equipment
Our
headquarters are located in Lishui City, Zhejiang Province, the People's Republic of China. As of December 31, 2022, we and
the VIEs owned the land use rights for eight parcels of land in the PRC with a total site area of approximately 104,739 sq.m. We and
the VIEs also owned 25 buildings with a total gross floor area of approximately 86,518 sq.m. On December 29, 2021, Lishui Mengxiang as
the landlord entered into a lease agreement with Lianwai School. The lease covers 3 parcels of land in Liandu District and the term of
this lease is for three years from January 1, 2022 to December 31, 2024. The lease agreement is a part of the essential services we continued
to provide to Lianwai School in order to keep Lianwai School in operation and minimize the disruptions to its existing students. We have
not recognized any revenue from this lease pursuant to the 2021 Complementation Rules.
On
January 29, 2019, Qingtian Zhongyi Education Investment as the tenant entered into a lease agreement with Qingtian High School as
the landlord. The term of this lease is for three years from August 1, 2019 to July 31, 2022 and the rental fees was RMB 600,000
(including tax) each year. On July 31, 2022, the lease was extended for three years until July 31, 2025 on the same standard of rental
fees with Qingtian International School as the tenant. The lease covers the facilities and properties with a total aggregate area of
approximately 9,012 sq.m. Currently, the lease properties serve as the educational buildings, premises and campus for Qingtian International
School. The termination of this lease agreement during the lease period will be subject to further negotiation between the parties and
the approval of the local Education Bureau.
On
June 9, 2021, Qingtian International School as the tenant entered into two lease agreements with the third parties as the landlords.
The leases cover the properties with a total aggregate area of approximately 840 sq.m, and the leases for this space will expire in August
2024. Such leased properties serve as the teacher dormitories for Qingtian International School. We believe that there is sufficient
supply of properties in China, and thus we do not rely on existing leases for our and the VIEs' business operations. The term of
each of these leases is for three years from 26 August, 2021 and the rental fees was RMB336,000 in total for three years.
108
On
September 1, 2019, Langfang School as the tenant entered into a lease agreement with a third party. The agreement covers the campus facilities
and properties located at No.2 Yongxing road, Anci District in Langfang City, Hubei Province, which is provided to Langfang School for
its daily operation. The term of this agreement is for five years from September 1, 2019 to August 31, 2024. Langfang School agreed to
pay RMB330,000 (including tax) each month for using the campus facilities.
On
December 13, 2022, Langfang School as the tenant entered into a cooperation agreement about the facilities use with a third party. The
agreement covers the facilities located at No.63 Aiminxi road, Anci District in Langfang City, Hubei Province, and its term is from December
2022 to December 2024. Langfang School agreed to pay the rent based on the numbers of apartments used in the school years, and the annual
rent for an apartment accommodating 4 students ranges from RMB30,600 to RMB31,800.
On
December 10, 2021, Chuangmei Weiye as the tenant entered into two lease agreements with Beijing S.K. The agreements covers the facilities
and properties located at Room 403 and Room 405 of Gong Shang Lian Mansion, Bai Qiao Da Street, Dongcheng District, Beijing. The term
of the agreements is for one year from January 10, 2022 to January 9, 2023. Chuangmei Weiye paid RMB1,442,336.88 in total for using the
facilities and properties under the two agreements in this period. On March 15, 2023, the agreements were extended for one year from
January 1, 2023 to December 31, 2023 with Beijing P.X. as the tenant and the total rental fees are RMB704,944.56.
Pursuant
to the applicable PRC laws and regulations, parties to a lease agreement are required to file the lease agreements for registration and
obtain property leasing filing certificates for their leases. As of the date of the annual report, we and the VIEs had not completed
lease registration of the properties we and the VIEs leased in China. Although failure to register or file a lease does not in itself
invalidate the leases, we and the VIEs may be required by relevant government authorities to file the lease agreements to complete the
registration formalities and may be subject to a fine for non-registration within the prescribed time limit, which may range from RMB1,000
to RMB10,000 per lease agreement. See "Item 3. Key Information—D. Risk Factors— Risks Relating to Our Business and
Industry."
ITEM 4A.
UNRESOLVED STAFF COMMENTS
None.
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You
should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial
statements and the notes to those statements included elsewhere in this annual report on Form 20-F. The discussion in this annual report
on Form 20-F contains forward-looking statements based upon current expectations that involve risks and uncertainties, such as statements
of our plans, objectives, expectations and intentions. The cautionary statements made in this annual report on Form 20-F should be read
as applying to all related forward-looking statements wherever they appear in this annual report on Form 20-F. Our actual results could
differ materially from those discussed here. Factors that could cause or contribute to these differences include those discussed in "Risk
Factors," as well as those discussed elsewhere. See "Item 3. Key Information—D. Risk Factors" or in other parts
of this annual report on Form 20-F.
109
A.
Operating Results
Overview
Our
and the VIEs' private education services used to primarily include primary and middle school education, while now turn to high
school education and vocational education. We and the VIEs have established an education services network consisting of one high school,
three vocational education services providers and one comprehensive human resources services provider, covering Zhejiang Province, Hebei
Province, and Hainan Province in mainland China. The entities engaging in our main business include:
●
Qingtian
                                            International School, an educational institution specialized in providing high school education
                                            to students from overseas Chinese families returning to China who are commonly known as the
                                            overseas Chinese returnees;
●
Beijing
                                            Xinxiang, Langfang School and Hainan Jiangcai, vocational education services providers offering
                                            a variety of vocational education programs with the aim to help students to equip with practical
                                            vocational skill sets; and
●
Chuangmei
                                            Weiye, a professional comprehensive human resources service provider connecting enterprises
                                            and vocational school students, providing talents to enterprises and assisting vocational
                                            schools to provide internship opportunities to their students.
Lishui
Mengxiang completed the required registration to hold 100% sponsorship interests of Qingtian International School in August 2021, and
the acquisition was closed in November 2021. The high school curriculum programs offered at Qingtian International School are designed
for students of overseas Chinese returnees. The increasing population of overseas Chinese returnees and their immediate relatives in
Zhejiang Province provide a growing opportunity in the private education industry. Compared with local students, overseas Chinese returnees
are afforded the opportunity to attend the PRC Joint Recruitment Examination for overseas Chinese returnees and students in Hong Kong,
Macau and Taiwan as a parallel track. Qingtian International School provides PRC high school curriculum program combined with the courses
designed for the PRC Joint Recruitment Examination, using small-class teaching method and semi-military management, which enable its
students to gain admission to the most prestigious colleges and universities. As a result, we believe our outstanding admission performance
will enhance our and the VIEs' schools' reputation in the industry and improve our prospects.
We
and the VIEs offer vocational education services at the Vocational Education Services Providers, namely Beijing Xinxiang, Langfang School
and Hainan Jiangcai. Beijing Xinxiang was formed in January 2022 by Lishui Mengxiang and Beijing R.R.Z. Langfang School. Hainan Jiangcai
and Chuangmei Weiye were acquired by Lishui Mengxiang in January 2022.
Beijing
Xinxiang is a vocational education service provider in the healthcare industry, formed in January 2022 by Lishui Mengxiang and Beijing
R.R.Z. The healthcare industry in China has significant unmet demand for vocational training education to bridge the supply and demand
gap between employers and students. Beijing Xinxiang intends to cooperate with two vocational schools in Henan Province and Shandong
Province, with a goal to enroll 1,000 students in 2023.
Langfang
School is a provincial private vocational school approved by the Human Resources and Social Security Department of Hebei Province, integrating
academic education and vocational education. Langfang School was acquired by Lishui Mengxiang in January 2022. As of the date of the
annual report, the administrative procedures with the PRC governmental authorities to amend the registration reflecting the result of
the acquisition of Langfang School have not been completed due to the internal procedures of the competent authorities.
110
We
and the VIEs cooperate with Hainan Technical School, a reputable vocational education school in Haikou City, Hainan Province, through
Hainan Jiangcai, a subsidiary of Beijing P.X., to jointly design and develop curriculum programs based on the prevalent market trends
and employer preferences.
Chuangmei
Weiye is a professional comprehensive education and human resources service provider. Through Chuangmei Weiye, we aim to assist talents
with practical skills in obtaining internship opportunities and positions in well-known companies so as to bridge the supply and demand
gap between the employers and talents.
Pursuant
to the impact of the 2021 Implementation Rules, we deconsolidated Lianwai School commencing from September 1, 2021 and presented
it as a discontinued operation in current and comparative period financial statements.
Our
net revenues for continuing operation were RMB25.7 million, RMB34.4 million and RMB49.2 million (US$7.1 million) in 2020, 2021
and 2022, respectively. We had net income RMB33.6 million in 2020 and we had net loss RMB243.8 million and RMB8.1 million (US$1.2
million) in 2021 and 2022, respectively.
Major
Factors Affecting Our Results of Operations
We
believe that our results of operations are affected by the following factors:
Demand
for private education and vocational education in China
Our
and the VIEs' operations are driven by the growth of demand for private education and vocational education in China. Such demand
is primarily driven by the increasing number of Chinese students who seek quality education and aspire to gain solid practical skills,
which is in turn driven by an increasing number of affluent families in China, the rising recognition of the quality of higher education,
and various economic factors. The demand of private education and vocational education are affected by a number of factors, including
general economic conditions, diversified course offerings, quality of education, expected compensation levels, social acceptance towards
vocational graduates, and government support. Material changes to these factors will affect our operation results.
Level
of our and the VIEs' student enrollment
Our
net revenues and profitability are dependent on the level of student enrollment at our schools. The numbers of students enrolled in Qingtian
International School, Langfang School and Hainan Jiangcai were 501, 838, and 241 as of September 1, 2022, respectively.
Attracting
students and subsequent student admission largely depends on our reputation which is mainly driven by the quality of education we and
the VIEs provide. Through the years of operations, we and the VIEs have accumulated experience in developing and customizing our and
the VIEs' educational programs to continue to attract students and teachers to our schools. We believe that highly qualified and
dedicated teachers are critical to ensure our quality education and the quality of the teachers will continue to play an important role
in the success of our schools. Accordingly, we and the VIEs provide various training opportunities to the teachers, such as education
expert seminars and continuous studies. The teachers' assessments are performance-based, and we provide incentives based on the
quality of teaching. We believe that our emphasis on high quality teachers will transform into high quality education for our students
in and outside the classroom.
The
student enrollment level is also affected by the capacity of the schools. Qingtian International School recorded a utilization rate of
77.0% as of September 1, 2021. Qingtian International School, Langfang School and Hainan Jiangcai recorded a utilization rate of
61.4%, 98.4% and 80.3% as of September 1, 2022, respectively. Subject to the capacity of the schools, we expect that the number
of students will increase steadily by school year as the schools continue to recruit more students than graduates/withdrawals from the
schools.
111
Tuition,
meal and accommodation services fees
Our
net revenues from schools primarily consist of tuition, meal and accommodation fees. The tuition and accommodation service fees we and
the VIEs charge are subject to approval by the competent government pricing authorities. The pricing standards on tuition and accommodation
fees for diploma education applied to privately-run schools shall be determined by the competent authorities with reference to the operating
costs of the schools. The base price for each privately-run school shall be approved by the competent governmental departments for both
price and education. The school may determine specific charging rates within applicable floating range on its own, and implement such
rates after reporting to those governmental departments and making announcements to the public.
Qingtian
International School's approved base prices are RMB16,500 per semester for tuition and RMB770 per semester for accommodation fees
for each student. We charge tuition and fees based on the type of major that the student is enrolled at Langfang School. Langfang School's
approved average base prices are RMB8,000 per semester for tuition and RMB3,200 per semester for accommodation fees for each student.
Our
tuition and accommodation fees are within the applicable floating range based on the approved base prices. In the event that we consider
it necessary to increase the base prices based on the costs, we will initiate communications with the competent price authority which
will issue a written notice instructing us the required application materials to be submitted. The new charging rates will be determined
and issued after on-site examination and review of the materials by the competent price authority. The processing time of this procedure
is approximately one to two months. The tuition rates we and the VIEs charge are typically based on the demand for our and the VIEs'
educational programs, the cost of operations, the tuition rates charged by our competitors, our pricing strategy to gain market share
and general economic conditions in China and the areas in which our campuses are located. We believe high-quality educational resources
and school infrastructure will allow us and the VIEs to raise our tuition rates to the extent permitted by the government. We believe
that we and the VIEs remain competitive leveraging on our reputation and our ability to attract and retain students even if we and the
VIEs raise the tuition rates.
Our
ability to control operating costs and expenses
Our
cost of revenues primarily consists of salaries and welfare for the teachers, cost for food, books and uniform, depreciation and amortization,
rental fees, utilities, tax surcharges and maintenance and repairs. Our general and administrative expenses primarily consist of salaries
and welfare for our administrative staff and office expenses. Our profitability depends, in part, on our ability to control our operating
costs and expenses. We and the VIEs highly value the teachers and invest in the teachers heavily, through extensive training opportunities
and competitive compensation levels. The number of teachers employed by Qingtian International School, Langfang School and Hainan Jiangcai
were 76, 122, and 16 as of September 1, 2022, respectively. Our strategy is to maintain and attract more high-quality teachers, by continuing
to increase teachers' salaries and other benefits from time to time to maintain our competitiveness in the market. As we and the
VIEs continue to increase our student base and expand our operations, our cost of revenues and general and administrative expenses may
increase accordingly. Our capability to effectively control operating costs and expenses will continue to affect our results of operations.
Seasonality
Our
financial performance is subject to seasonality as each of the school years includes a winter holiday between December and January and
a summer holiday between July and August. Our net income and results of operations normally fluctuate from quarter to quarter as a result
of seasonal variations in our education operations. The students and their parents typically pay the tuition and other fees prior to
the commencement of a semester, and we recognize revenue generated from tuition and other fees on a straight-line basis over the semester.
We and the VIEs typically incur higher upfront operating expenses in the third fiscal quarter at the start of each school year. As a
result of the combination of the forgoing, we have historically recorded significantly lower net income in the first and third fiscal
quarters, primarily due to our school being closed due to the winter and summer holidays, when no revenue from our school operations
is recognized.
112
Key
Components of Results of Operations
Net
revenues
The
following table sets forth the contribution of revenue of continuing operations.
For
    the years ended December 31,
2020
2021
2022
Revenue
    from third parties:
Tuition
    fees
-
4,146,247
23,702,135
Comprehensive
    human resource services
-
-
7,840,844
Accommodation
-
228,526
5,920,364
Uniforms,
    learning materials and other campus necessities
2,632,611
1,986,186
3,992,076
Course
    design, development and training
-
-
3,675,953
Meals
660,020
2,014,151
2,544,884
Rental
    revenue
104,761
76,191
-
Others
12,699
61,691
751,615
Subtotal
3,410,091
8,512,992
48,427,871
Revenue
    from related party:
Rental
    revenue
1,668,572
906,667
754,285
Revenue
    from Affected Entity:
Rental
    revenue
15,284,572
14,152,381
-
Food
    procurement services
5,341,719
10,864,732
-
Subtotal
20,626,291
25,017,113
-
Total
    revenue
25,704,954
34,436,772
49,182,156
For
continuing operations, our total net revenues were RMB25.7 million, RMB34.4 million and RMB49.2 million in 2020, 2021 and 2022,
respectively.
Revenue
from third parties
In
August, 2021, Lishui Mengxiang acquired 100% of the sponsorship interests of Qingtian International School. Qingtian International School
offered high school education services and our high school curriculum programs were designed for students from overseas Chinese returnees.
Qingtian International School offers high school curriculum programs and accommodation service to the students, and generally charges
the students tuition and accommodation fees prior to the beginning of each semester. During the stay in school, students are offered
meals, and meal fees are collected each time students had meal.
On
January 1, 2022, Lishui Mengxiang entered into definitive agreements to acquire 100% equity interests of Beijing P.X., a wholly-owned
subsidiary of Beijing S.K., which in turn holds 100% equity interests of Chuangmei Weiye and Hainan Jiangcai, and the sponsorship interests
of Langfang School, to expand our and the VIEs' business into vocational education. The acquisition was completed in May 2022.
Langfang School offers vocational education programs and accommodation service to the students, and charges tuition, learning materials
fees and accommodation fees from the students prior to the beginning of each semester.
113
The
following table sets forth the number of students enrolled at Qingtian International School, Langfang School and Hainan Jiangcai as of
the dates of the beginning of school year indicated.
As
    of September 1,
2021
2022
Number
%
Number
%
Enrollment
Qingtian International
    School
524
100.0
%
501
31.7
%
Langfang School
-
-
838
53.0
%
Hainan
    Jiangcai
-
-
241
15.3
%
Total
524
100.0
%
1,580
100.0
%
In
addition, we and the VIEs sell school uniform, learning materials and other campus necessities to students. For the years ended December
31, 2022, Qingtian International School, Langfang School, and Hainan Jiangcai generated total revenue of RMB11.9 million, RMB21.8 million
and RMB3.7 million, respectively.
Chuangmei
Weiye mainly provides comprehensive service for flexible employment, which primarily focuses on recommending interns from schools to
various enterprises with human resources demand. For the year ended December 31, 2022, Chuangmei Weiye generated revenue of RMB7.8 million.
The
third parties rented our school non-education space for grocery stores, selling stationeries or snacks etc. to students which
were operated directly by the lessee. The total rental revenue for third parties rental was RMB104.8 thousands, RMB76.2 thousands and
nil for the years ended December 31, 2020, 2021 and 2022, respectively.
Revenue
from related parties
Revenue
from related parties refers to the rental income generated from premises we and the VIEs own and lease to Lishui Yuanmeng Training Company
Limited as a training venue and to Liandu Foreign Language School Kindergarten as its kindergarten facilities. We ceased to lease our
non-education space to Lishui Yuanmeng Training Company Limited after February 28, 2021, and continued to lease to Liandu Foreign
Language School Kindergarten after January 9, 2022. According to the lease agreement entered into with Lianwai Foreign Language School
Kindergarten, the term of lease is three years commencing from January 2022 to December 2024. For the years ended December 31, 2020,
2021 and 2022, revenue from related parties were RMB1.7 million, RMB0.9 million and RMB0.8 million, respectively.
Revenue
from Lianwai School
Lianwai
School was deconsolidated from September 1, 2021 due to the impact of 2021 Implementation Rules, which was disclosed as a discontinued
operation in the reporting period. In addition, a private school providing compulsory education is prohibited from conducting transactions
with its related party under the 2021 Implementation Rules. To minimize disruptions to existing students enrolled in Lianwai School,
we continued to offer essential services to the students without recognizing any revenues relating to Lianwai School from September 1,
2021.
Cost
of revenues
For
continuing operation, our cost of revenues primarily consists of salaries, welfare costs, cost for food, books and uniform, depreciation
and amortization, rental fees, utilities, tax surcharges and maintenance and repairs. Our cost of revenues was RMB10.8 million,
RMB17.4 million and RMB41.3 million (US$6.0million) in 2020, 2021 and 2022, accounting for 41.8%, 50.4% and 83.9% of our net revenues
for the same periods, respectively.
Gross
profit
Our
gross profit was RMB15.0 million, RMB17.1 million and RMB7.9 million (US$1.1 million) in 2020, 2021 and 2022, respectively.
Our gross profit margin was 58.2%, 49.6% and 16.1% in 2020, 2021 and 2022, respectively. The decrease in gross profit margin was primarily
due to the newly acquired Langfang School and Hainan Jiangcai, which required more labor costs, rental fees for school operation in 2022
compared to the essential services provided for Lianwai School in 2020 and 2021.
General
and administrative expenses
Our
general and administrative expenses primarily consist of salaries and welfare for our non-teaching staff, office expenses,
professional service fees, business entertainment fees, traveling and courier service expenses and others. Our general and administrative
expenses were RMB10.1 million, RMB18.4 million and RMB30.5 million (US$4.4 million) in 2020, 2021 and 2022, respectively,
accounting for 39.4%, 53.4% and 62.0% of our net revenues for the same periods, respectively.
114
Selling
expenses
Our
selling expenses primarily consist of advertising expenses, channel expenses including student referral and customer referral expenses,
and other miscellaneous expenses. Our selling expenses were nil, nil and RMB2.0 million (US$0.3 million) in 2020, 2021 and 2022,
respectively, accounting for nil, nil and 4.0% of our net revenues for the same periods, respectively.
Impairment
loss on goodwill
Our
impairment loss on goodwill resulted from the impairment of goodwill from acquisition of Beijing P.X.. Beijing P.X. has failed to meet
the performance requirement and we performed the quantitative impairment test for goodwill. Fair value of Beijing P.X. reporting unit
was less than its carrying amount. Our impairment loss on goodwill was nil, nil and RMB18.8 million (US$2.7 million) in 2020, 2021
and 2022, respectively, accounting for nil, nil and 38.3% of our net revenues for the same periods, respectively.
Interest
expense and interest income
Our
general and administrative expenses primarily consist of salaries and welfare for our non-teaching staff,bank borrowings. Our
interest expense was RMB0.9 million, RMB2.4 million and RMB4.7 million (US$0.7 million) in 2020, 2021 and 2022, accounting
for 3.5%, 6.9% and 9.6% of our net revenues for the same periods, respectively.
Fair
value change gain of contingent consideration
We
have a right to the return of previously transferred consideration for the acquisition of Beijing P.X. depending on Beijing P.X.'s
operation performance in 2022 as agreed in the acquisition agreement. Since Beijing P.X. has failed to meet the performance requirement
in 2022, we remeasured the fair value of the contingent consideration at the year end, and recognized fair value change gain of RMB22.9 million
(US$3.3 million) for the year ended December 31, 2022. In April, 2023, we entered into supplementary agreement to resolve the contingency
and confirm amount due from Beijing S.K. of RMB22.9 million (US$33.3 million) as the return of previously transferred consideration.
Other
(loss)/income, net
Our
other
(loss)
/
income consists of government grants and other miscellaneous (cost)/income. Government grants represented
subsidies from various government authorities in China in relation to our school operation. Other miscellaneous (cost)/income consists
of investment income, non-operating income and expenses, bank charges and others. Our other loss, net was RMB1 thousands
in 2020. Our other income, net was RMB4.6 million and RMB17.5 million (US$2.5 million) in 2021 and 2022, respectively, accounting for
nil, 13.3% and 35.6% of our net revenues for the same periods, respectively.
Taxation
Cayman
Islands
We
are incorporated in the Cayman Islands and conduct our primary business operations through the wholly foreign-owned subsidiary and consolidated
VIEs in China. Under the current laws of the Cayman Islands, we are not subject to income, corporation or capital gains taxes. In addition,
dividend payments are not subject to withholding tax in the Cayman Islands.
Hong
Kong
Our
Hong Kong subsidiary, Hong Kong Mengxiang Education Development Group Limited, is located in Hong Kong and is subject to an income tax
rate of 16.5% for its estimated assessable profit for the years ended December 31, 2020, 2021 and 2022. Dividend income received
from subsidiaries in China is not subject to Hong Kong profit tax. We made no provision for Hong Kong profits tax in our consolidated
financial statements as our Hong Kong subsidiary had no assessable profit in 2020, 2021 and 2022.
British
Virgin Islands
Under
the current laws of the British Virgin Islands, our British Virgin Islands subsidiary, Lianwai Investment Co., Ltd., is not subject to
income or capital gains taxes. In addition, dividend payments are not subject to withholding tax in the British Virgin Islands.
PRC
Pursuant
to the Enterprise Income Tax Law of the People's Republic of China amended on December 29, 2018 (the "EIT Law"),
a uniform 25% enterprise income tax rate is generally applicable to both foreign-invested enterprises and domestic enterprises except
where a special preferential rate applies, and the income of qualified non-profit organizations shall be tax-exempt. In
January 2019, the State Administration of Taxation provides a preferential corporate income tax rate of 20% and an exemption ranged from
50% to 75% in the assessable taxable profits for entities qualified as small-size enterprises (the exemption range has been changed to
from 50% to 87.5% for the period from January 1, 2021 to December 31, 2022). Beijing P.X., Chuangmei Weiye and Hainan Jiangcai are qualified
small-size enterprises for the year ended December 31, 2022. See "Item 4. Information on the Company—B. Business Overview—Regulation—Regulations
on Taxation in the PRC."
115
Results
of Operations
The
following table sets forth a summary of our consolidated results of operations by amount and as a percentage of total revenue for the
periods indicated. This information should be read together with our consolidated financial statements and related notes included elsewhere
in this annual report on Form 20-F. The results of operations in any period are not necessarily indicative of the results that may be
expected for any future period.
For
    the years ended December 31,
2020
2021
2022
RMB
% of net
revenue
RMB
% of net
revenue
RMB
US$
% of net
revenue
(in thousands,
    except for percentage, share and per share data)
Net
    revenues:
Revenue
    from third parties
3,410
13.3
%
8,513
24.8
%
48,428
7,021
98.5
%
Revenue
    from related party
1,669
6.5
%
907
2.6
%
754
109
1.5
%
Revenue
    from Affected Entity
20,626
80.2
%
25,017
72.6
%
-
-
-
Total
    net revenue
25,705
100.0
%
34,437
100.0
%
49,182
7,130
100.0
%
Cost
    of revenues
(10,752
)
(41.8
%)
(17,356
)
(50.4
%)
(41,286
)
(5,986
)
(83.9
%)
Gross
    profit
14,953
58.2
%
17,080
49.6
%
7,896
1,144
16.1
%
Operating
    expenses:
General
    and administrative expenses
(10,124
)
(39.4
%)
(18,373
)
(53.4
%)
(30,494
)
(4,421
)
(62.0
%)
Sales
    and marketing expenses
-
-
-
-
(1,974
)
(286
)
(4.0
%)
Impairment
    loss on goodwill
-
-
-
-
(18,842
)
(2,732
)
(38.3
%)
Total
    operating expenses
(10,124
)
(39.4
%)
(18,373
)
(53.4
%)
(51,310
)
(7,439
)
(104.3
%)
Operating
    income/(loss)
4,829
18.8
%
(1,292
)
(3.8
%)
(43,414
)
(6,295
)
(88.3
%)
Interest
    expense
(897
)
(3.5
%)
(2,393
)
(6.9
%)
(4,708
)
(683
)
(9.6
%)
Interest
    income
17
0.1
%
15
-
77
11
0.2
%
Fair
    value change gain of contingent consideration
-
-
-
-
22,850
3,313
46.5
%
Other
    (loss)/income, net
(1
)
-
4,591
13.3
%
17,527
2,541
35.6
%
Income/(loss)
    before income tax expense
3,946
15.4
%
920
2.6
%
(7,668
)
(1,113
)
(15.6
%)
Income
    tax expense
-
-
(671
)
(1.9
%)
(424
)
(61
)
(0.9
%)
Income/(loss)
    from continuing operations, net of tax
3,946
15.4
%
249
0.7
%
(8,091
)
(1,173
)
(16.5
%)
Income/(loss)
    from discontinued operation, net of tax
29,639
115.3
%
(244,069
)
(708.7
%)
-
-
-
Net
    income/(loss)
33,585
130.7
%
(243,820
)
(708.0
%)
(8,091
)
(1,173
)
(16.5
%)
Net
    income/(loss) attributable to the Company's ordinary shareholders
33,585
130.7
%
(243,820
)
(708.0
%)
(7,789
)
(1,129
)
(15.8
%)
Net
    loss attributable to non-controlling interests
-
-
-
-
(302
)
(44
)
(0.6
%)
Other
    comprehensive (loss)/income:
Foreign
    currency translation adjustment, net of nil tax
(7,957
)
(31.0
%)
(4,586
)
(13.3
%)
18,057
2,618
36.7
%
Comprehensive
    income/(loss)
25,628
99.7
%
(248,406
)
(721.3
%)
9,966
1,445
20.3
%
Total
    comprehensive income /(loss) attributable to non-controlling interests
25,628
99.7
%
(248,406
)
(721.3
%)
10,267
1,489
20.9
%
Segment
information
Operating
segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available
that is regularly evaluated by our chief operating decision makers in deciding how to allocate resources and assess performance.
116
For
the year ended December 31, 2020, for continuing operations, we had one reportable segment for providing essential services to Lianwai
School. For the year ended December 31, 2021, for continuing operations, we had one reportable segment for the high school education
business, provided by Qingtian International School. The reportable segment was defined as "Education services" segment for
the year 2020 and 2021.
For
the year ended December 31, 2022, we have organized its operations into three operating segments. The segments reflect the way we evaluate
its business performance and manages its operations by our chief operating decision maker ("CODM") for making decisions,
allocating resources and assessing performance. Our CODM has been identified as the chief executive officer, who reviews consolidated
results when making decisions about allocating resources and assessing performance of us.
We
have determined that it operates in three segments: (1) "Education services" segment, (2) "Comprehensive human resources
services" segment and (3) "All other" segment. The "All other" segment consisted of our headquarters and
functional departments that did not earn revenues. The other two reportable segments are strategic business units that offer different
services. They are managed separately because each business requires different operating strategies.
For
    the years ended December 31,
2020
2021
2022
RMB
% of net
    revenue
RMB
% of net
revenue
RMB
US$
% of net
revenue
(in thousands,
    except for percentage, share and per share data)
Net revenues
25,705
100.0
%
34,437
100.0
%
49,182
7,131
100.0
%
Education services
25,705
100.0
%
34,437
100.0
%
41,354
5,996
84.1
%
Comprehensive human resources services
-
-
-
-
7,828
1,135
15.9
%
Cost of revenues
(10,752
)
(41.8
%)
(17,356
)
(50.4
%)
(41,286
)
(5,986
)
(83.9
%)
Education services
(10,752
)
(41.8
%)
(17,356
)
(50.4
%)
(40,405
)
(5,858
)
(82.2
%)
Comprehensive human resources services
-
-
-
-
(881
)
(128
)
(1.8
%)
Gross profit
14,953
58.2
%
17,080
49.6
%
7,897
1,145
16.1
%
Education services
14,953
58.2
%
17,080
49.6
%
949
138
1.9
%
Comprehensive human resources services
-
-
-
-
6,948
1,007
14.1
%
Year
ended December 31, 2021 compared to year ended December 31, 2022
Net
revenues
. Our net revenues increased by 42.8% from RMB34.4 million in 2021 to RMB49.2 million (US$7.1 million) in 2022.
●
Education
                                            services. Our revenue from education services increased by 20.1% from RMB34.4 million in
                                            2021 to RMB41.4 million (US$6.0 million) in 2022, primarily due to newly acquired Langfang
                                            School, which mainly provide vocational education services, offering school curriculum programs,
                                            charging for learning materials fee and providing accommodation service to students.
●
Comprehensive
                                            human resources services. Our revenue from comprehensive human resources services was RMB7.8
                                            million (US$1.1 million) in 2022, primarily due to the newly acquired Chuangmei Weiye which
                                            mainly provides comprehensive service for flexible employment.
Cost
of revenues
. Our cost of revenues increased by 137.9% from RMB17.4 million in 2021 to RMB41.3 million (US$6.0 million)
in 2022.
●
Education
                                            services. Our cost from education services increased by 132.8% from RMB17.4 million in 2021
                                            to RMB40.4 million (US$5.9 million) in 2022, primarily due to an increase in the cost from
                                            the operation of Langfang School and Qingtian International School, such as the salary and
                                            welfare of teachers, rental fees and depreciation expenses.
●
Comprehensive
                                            human resources services. Our cost from comprehensive human resources services was RMB0.9
                                            million (US$0.1 million) in 2022, primarily due to newly acquired Chuangmei Weiye which pay
                                            the students for the internship services they provided.
117
Gross
profit
. As a result of the foregoing, our gross profit decreased by 53.8% from RMB17.1 million in 2021 to RMB7.9 million
(US$1.1 million) in 2022. Our gross margin decreased from 49.6% in 2021 to 16.1% in 2022, primarily due to the newly acquired Langfang
School, which required more labor costs, rental fees for school operation in 2022 compared to the essential services provided for Lianwai
School in 2021.
General
and administrative expenses
. Our general and administrative expenses increased by 66.0% from RMB18.4 million in 2021 to RMB
30.5 million (US$4.4 million) in 2022, primarily due to the increased salary and welfare of staffs, general office expenses and
depreciation expense newly incurred by Beijing P.X. and its subsidiaries.
Sales
and marketing expenses
. Our sales and marketing expenses increased from nil in 2021 to RMB 2.0 million (US$0.3 million) in 2022,
primarily due to the increased student referral and customer referral expenses raised by Chuangmei Weiye.
Impairment
loss on goodwill.
Our impairment loss on goodwill increased from nil in 2021 to RMB18.8 million (US$2.7 million) in 2022, primarily
due to the under-performance of Beijing P.X. in 2022.
Loss
from operations
. As a result of the foregoing, our loss from operations increased by 3,259.1% from RMB1.3 million in 2021 to
RMB43.4 million (US$6.3 million) in 2022.
Interest
expense
. Our interest expense increased by 96.7% from RMB2.4 million in 2021 to RMB4.7 million (US$0.7 million) in 2022,
primarily due to increased borrowings from banks for the ordinary course of business operation and development.
Fair
value change gain of contingent consideration.
Our fair value change gain of contingent consideration increased from nil in 2021
to RMB22.9 million (US$3.3 million) in 2022, primarily due to increased compensation receivable from Beijing S.K resulted from Beijing
P.X.'s under-performance.
Other
income, net
. Our other income, net increased by 281.8% from RMB4.6 million in 2021 to RMB17.5 million (US$2.5 million)
in 2022, primarily due to the government grants received. The increase was contributed by the government grants of RMB12.1 million received
by Langfang School and Qingtian International Schools to support the development of schools, as well as RMB5.0 million for our successful
listing on NASDAQ.
Income/(loss)
from continuing operations, net of tax
. As a result of the foregoing, our income from continuing operations, net of tax decreased
by 3,351.8% from RMB0.2 million in 2021 to our loss from continuing operations, net of tax of RMB8.1 million (US$1.2 million)
in 2022.
Net
loss.
Our net loss decreased by 96.7% from RMB 243.8 million in 2021 to RMB 8.1 million (US$1.2 million) in 2022, due to
the one-off loss upon deconsolidation of Lianwai School of RMB 244.1 million in 2021, as a result of the foregoing.
Year
ended December 31, 2020 compared to year ended December 31, 2021
Net
revenues
. Our net revenues increased by 34.0% from RMB25.7 million in 2020 to RMB34.4 million (US$5.4 million) in 2021,
primarily due to an increase in revenue from food procurement services from Xianke and the tuition fees from Qingtian International School.
Cost
of revenues
. Our cost of revenues increased by 61.4% from RMB10.1 million in 2020 to RMB17.4 million (US$2.7 million) in
2021, primarily due to an increase in the cost from the operation of Qingtian International School, such as the salary and welfare of
teachers, leasehold improvement fees of infrastructure and deprecation expenses.
Gross
profit
. As a result of the foregoing, our gross profit increased by 14.2% from RMB15.0 million in 2020 to RMB17.1 million
(US$2.7 million) in 2021. Our gross margin decreased from 58.2 % in 2020 to 49.6% in 2021, primarily due to the lower gross margin
for operation of Qingtian International School.
General
and administrative expenses
. Our general and administrative expenses increased by 81.5% from RMB10.1 million to RMB18.4 million
(US$2.9 million) in 2021, primarily due to the increased salary and welfare of staffs, newly incurred expenses raised by Qingtian International
School, increased consulting fees and property insurance fees.
Income/(loss)
from operations
. As a result of the foregoing, our income from operations decreased by 126.8% from RMB4.8 million in 2020 to
loss of RMB1.3 million (US$0.2 million) in 2021.
Interest
expense
. Our interest expense increased by 166.7% from RMB0.9 million in 2020 to RMB2.4 million (US$0.4 million) in 2021,
primarily due to increased borrowings from banks to fulfill the need of business development.
118
Other
(loss)/income, net
. Our other loss, net increased from RMB1 thousands in 2020 to net income of RMB4.6 million (US$0.7 million)
in 2021, primarily due to the government grants received and gain from the acquisition of Hangzhou Youxi.
Income
from operations, net of tax
. As a result of the foregoing, our income from operations, net of tax decreased by 93.7% from RMB3.9 million
in 2020 to RMB0.2 million (US$0.1 million) in 2021.
Income/(loss)
from discontinued operations, net of tax
. Our net income from discontinued operations decreased from RMB29.6 million in 2020
to net loss of RMB 244.1 million (US$38.3 million) in 2021, due to the one-off loss upon deconsolidation of Lianwai School.
Net
income/(loss)
. Our net income decreased from RMB33.6 million in 2020 to net loss of RMB 243.8 million (US$38.3 million)
in 2021, as a result of the foregoing.
Recent
Accounting Pronouncements
For
detailed discussion on recent accounting pronouncements, see Note 2 to our Consolidated Financial Statements.
Inflation
Since
our inception, inflation in China has not materially affected our results of operations. According to the National Bureau of Statistics
of China, the year-over-year percent changes in the consumer price index for December 2020, 2021 and 2022 were increases of 0.2%,
1.5% and 2.0%, respectively. Although we have not been materially affected by inflation in the past, we may be affected if China experiences
higher rates of inflation in the future.
Critical
Accounting Policies
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 periodically, could materially impact the consolidated financial statements.
We
prepare our financial statements in accordance with U.S. GAAP, which requires us to make judgments, estimates and assumptions. We continually
evaluate these estimates and assumptions based on the most recently available information, our own historical experiences and various
other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the
financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. Some of our accounting
policies require a higher degree of judgment than others in their application and require us to make significant accounting estimates.
The
following descriptions of critical accounting policies, judgments and estimates should be read in conjunction with our consolidated financial
statements and other disclosures included in this annual report on Form 20-F. When reviewing our financial statements, you should consider
(i) our selection of critical accounting policies, (ii) the judgments and other uncertainties affecting the application of
such policies and (iii) the sensitivity of reported results to changes in conditions and assumptions.
Consolidation
of variable interest entity (VIE)
We
account for entities qualifying as VIEs in accordance with Financial Accounting Standards Boards, or FASB, Accounting Standards Codification
Topic 810, Consolidation, or ASC 810. In order to comply with PRC regulatory requirements restricting foreign ownership of education
services in China, we have been conducting education services through VIEs.
In
2018, Liandu WFOE entered into a series of contractual arrangements, including loan agreement, exclusive call option agreement, proxy
agreements and power of attorney for shareholders, proxy agreements and power of attorney for school's sponsors and directors,
equity pledge agreements, spousal undertakings, business cooperation agreement and exclusive technical services and business consulting
agreements, with Lianwai School, Lishui Mengxiang and their respective shareholders. Before the 2021 Implementation Regulations became
effective, as a result of our direct ownership in Liandu WFOE and the contractual arrangements relating to the VIEs and their respective
shareholders, we are regarded as the primary beneficiary of the VIEs in accordance with ASC 810, and we treat them as our consolidated
affiliate Chinese entities under U.S. GAAP. We have consolidated the financial results of the VIEs in our consolidated financial statements
in accordance with U.S. GAAP.
119
Lianwai
School
Prior
to August 31, 2021, we and the VIEs primarily operated primary and secondary school in Baiyun campus and Yijing campus—Featured
Division of Lianwai School through a series of contractual arrangements with Lishui Mengxiang. Under the 2021 Implementation Rules which
took effect on September 1, 2021, social organizations and individuals are prohibited from controlling a private school that provides
compulsory 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 among Liandu WFOE
and Lianwai School providing compulsory education. Therefore, we re-assessed our control over Lianwai School. Based on the relevant accounting
standard in accordance with U.S. GAAP, we have concluded that we have lost control of Lianwai School since August 31, 2021, in view
of the significant uncertainties and restrictions the 2021 Implementation Rules impose on our ability to direct the range of ongoing
activities that would most significantly impact the returns of Lianwai School. In light of such regulatory developments, on April 20,
2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai School and respective directors, to confirm
all the terms of rights and obligations relating to Lianwai School and the directors appointed by the sponsor under the contractual arrangements
among them, and agree among the parties that such arrangements shall have been terminated on August 31, 2021. To minimize disruptions
to existing students enrolled in Lianwai School, we continued to offer essential services to the students. We deconsolidated Lianwai
School commencing from September 1, 2021 and presented it as a discontinued operation in current and comparative period financial
statements.
Qingtian
International School
On
                                            August 24, 2021, Lishui Mengxiang acquired 100% of the sponsorship interests of Qingtian
                                            International School. Thereafter, Liandu WFOE entered into a series of contractual arrangements
                                            with Lishui Mengxiang, Qingtian International School, shareholders of Lishui Mengxiang and
                                            the Council Members of Qingtian International School, including Exclusive Call Option Agreement,
                                            Proxy Agreement for School's Sponsors and Council Members, Proxy Agreement for Shareholders,
                                            Business Cooperation Agreement, Exclusive Technical Service and Business Consulting Agreement,
                                            Equity Pledge Agreement, etc., which become effective since August 31, 2021. We have
                                            consolidated the results of Qingtian International School in our consolidated financial statements
                                            since August 31, 2021, in accordance with U.S GAAP through these VIE contractual arrangements.
Langfang
School
On
March 28, 2023, Liandu WFOE entered into a series of contractual arrangements with Lishui Mengxiang, Beijing P.X., Langfang School, shareholders
of Lishui Mengxiang and the Council Members of Langfang School. The series of contractual arrangements including Exclusive Call Option
Agreement, Proxy Agreement for School's Sponsors and Council Members, Proxy Agreement for Shareholders, Business Cooperation Agreement,
Exclusive Technical Service and Business Consulting Agreement, Equity Pledge Agreement, etc., which became effective on January 1, 2022.
We have consolidated the results of Langfang School in our consolidated financial statements since January 1, 2022, in accordance with
U.S GAAP through these VIE contractual arrangements.
120
Revenue
recognition
We
adopted ASC 606, "Revenue from Contracts with Customers" for all periods presented. Consistent with the criteria of Topic
606, we follow five steps for its revenue recognition: (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 entity satisfies a performance obligation.
Education
Service
For
                                            continuing operations, we and the VIEs offer school curriculum education services, including
                                            high school curriculum and vocational school curriculum, to students. Schools also provide
                                            accommodation service, offer meals, uniforms, learning materials and other campus necessities.
●
Tuition,
                                            meal and accommodation service income
Tuition
                                            and accommodation service income that are received in advance by schools prior to the beginning
                                            of each semester of a school year are initially recorded as deferred revenue, and then are
                                            recognized over time during the service period of each semester. Amounts which will be earned
                                            within one year are reflected as a current liability, and those which will be earned beyond
                                            one year are reflected as a non-current liability. Qingtian International School offers meals
                                            to students and collects meal fees each time students have meal, and therefore, revenue is
                                            recognized at the point of time when Qingtian International School offers meals to students.
We
and the VIEs recognize service income on a gross basis, as we and the VIEs are responsible for fulfilling the promise to provide the
education, meal and accommodation services to students.
●
Financing
                                            component included in tuition
Some
contracts contain a financing component because payment by the customer occurs significantly before performance of the obligation. We
take the practical expedient and will not adjust the impact of a financing component for deferred revenue which will be earned within
one year. We do not adjust the impact of a financing component for deferred revenue which will be earned beyond one year as the portion
of financing component is immaterial.
●
Sale
                                            of uniforms, learning materials and other campus necessities
We
and the VIEs sell uniforms, learning materials and other campus necessities to students. Schools provide school uniforms and learning
materials to the students with payment made prior to the beginning of each semester. Revenue from uniform, learning materials and other
campus necessities are recognized at a point in time when control of these goods have been transferred and accepted by the students.
We
and the VIEs recognize revenue from sale of uniforms, learning materials and other campus necessities on a gross basis, as we and the
VIEs control the goods before they are transferred to the students. We and the VIEs are responsible for design of uniforms and have inventory
risk for the uniforms, learning materials and other campus necessities.
Comprehensive
human resource service
The
                                            VIE, Chuangmei Weiye, generates its revenue from providing comprehensive service for flexible
                                            employment, which primarily focuses on recommending interns from schools to various clients
                                            with human resources demand. We conclude that there is a single performance obligation to
                                            fulfill service requirements from clients. Chuangmei Weiye charges service fees from clients
                                            based on service periods at a fixed rate per day, and recognizes revenue at the point of
                                            time or overtime whenever the service requirement is satisfied.
We
                                            conclude that Chuangmei Weiye controls the service of recommending interns to its clients
                                            as (i) Chuangmei Weiye is primarily responsible for the fulfillment of the services and assuring
                                            the customers are satisfied with the services; (ii) Chuangmei Weiye needs to maintain a talent
                                            pool of sufficient interns to satisfy the service requirement from its clients on an if-needed
                                            basis; (iii) Chuangmei Weiye can direct interns to provide service to its clients on its
                                            behalf, and there is no direct cooperation relationship between the interns and the clients,
                                            and (iv) Chuangmei Weiye has the ultimate discretion to set up its service price. Therefore,
                                            we act as a principal, and recognize revenue in the gross amount of consideration to which
                                            it expects to be entitled in exchange for the specified service transferred.
121
Course
design, development and training
The
VIE, Hainan Jiangcai, jointly designs and develops curriculum and training programs with Hainan Technical School. We and the VIE conclude
that there is a single performance obligation to fulfill service requirements from Hainan Technical School and recognizes revenue over
cooperation period in a straight-line method.
Rental
income
Rental
income is recognized on a straight-line basis over the term of the lease.
We
and the VIEs entered into lease agreements as lessor with both third parties and related parties.
Income
taxes
Current
income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are
not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.
Deferred
income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax
consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial
statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount
attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated
statements of comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets
if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.
Uncertain
Tax Positions
The
guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statements recognition
and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income
tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties
associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required
in evaluating our uncertain tax positions and determining its provision for income taxes. We did not recognize any significant interest
and penalties associated with uncertain tax positions for the years ended December 31, 2020, 2021 and 2022. As of December 31,
2020, 2021 and 2022, we did not have any significant unrecognized uncertain tax positions.
Goodwill
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 December 31, or more frequently if events or changes
in circumstances indicate that it might be impaired. We have 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, 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.
122
We
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.
For
the years ended December 31, 2020, 2021 and 2022, we recognized nil, nil and RMB18.8 million (US$2.7 million) impairment loss on
goodwill.
Impact
of Foreign Currency Fluctuation
See
"Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Fluctuations in exchange rates
may result in foreign currency exchange losses and may have a material adverse effect on your investment." and "Item 11.
Quantitative and Qualitative Disclosures about Market Risk—Foreign Exchange Risk."
Impact
of Governmental Policies
See
"Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China" and "Item 4. Information
on the Company—B. Business Overview—Regulation."
B.
Liquidity and Capital Resources
Historically, we funded our
operations primarily through cash generated from our operating activities, bank borrowings and financing from related parties and shareholders.
As of December 31, 2021 and 2022, we had RMB199.4 million and RMB246.8 million (US$35.8 million), respectively, in cash.
The main reason of the increase in cash was net cash inflow from operating activities. As of December 31, 2022, our cash of RMB34.6 million
(US$5.0 million) and RMB210.8 million (US$30.6 million) were held in China and in the Cayman Islands, respectively. Our cash primarily
consist of cash in banks or other financial institutions which are unrestricted as to withdrawal or use. As of December 31, 2021
and 2022, we had short-term bank borrowings of RMB77.0 million and RMB67.5 million (US$9.8 million), respectively. Our bank
borrowings were secured by (i) the pledge of the buildings we own and the land use right we have, and (ii) personal guarantees
from related parties. As of December 31, 2022, we had net working capital of RMB195.5 million (US$28.3 million).
We believed that our current
cash and our anticipated cash flows from operations will be sufficient to meet our anticipated working capital requirements and capital
expenditures for at least the next 12 months. We may decide to enhance our liquidity position or increase our cash reserve for future
investments through additional bank borrowings.
Although
we consolidate the results of the VIEs, we only have access to the assets or earnings of the VIEs through our contractual arrangements
with the VIEs and their shareholders. See "Item 4. Information on the Company—C. Organizational Structure—Contractual
Arrangements."
123
We
have not encountered any difficulties in meeting our cash obligations to date. When considering our liquidity position and our future
capital resources and needs, we take into account price controls set by local governments that may affect the tuition and other fees
we are able to charge to students in our schools, annual enrollment numbers approved for our schools, the economic benefits we have received
from Liandu WFOE and the VIEs under our Business Cooperation Agreement and Exclusive Technical Service and Business Consulting Agreement.
Based on cash flow projections for operating activities and available loan facilities, we believe that we have sufficient funds for sustainable
operations and will be able to meet our working capital needs, payment obligations from operations and debt related commitments for the
next twelve months from the date of this annual report on Form 20-F.
Cash
Flows
The
following table presents our selected consolidated statements of cash flows for the years ended December 31, 2020, 2021 and 2022:
For
    the year ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
(in thousands)
Selected
    Consolidated Cash Flows:
Net
    cash provided by operating activities from continuing operations
46,831
63,071
40,968
5,940
Net
    cash provided by/(used in) operating activities from discontinued operation
2,624
(32,464
)
-
-
Net
    cash provided by/(used in) investing activities from continuing operations
12,069
(114,735
)
(456
)
(66
)
Net
    cash provided by/(used in) investing activities from discontinued operation
7,689
(40,316
)
-
-
Net
    cash provided by/(used in) financing activities from continuing operations
150,790
52,104
(11,219
)
(1,627
)
Net
    cash (used in)/provided by financing activities from discontinued operation
(24,000
)
63,567
-
-
Effect
    of exchange rate changes on cash
(7,957
)
(4,586
)
18,057
239
Net
    increase/(decrease) in cash
188,047
(13,358
)
47,350
4,486
Cash at beginning of the year
24,723
212,770
199,412
31,292
Cash at end of the year
212,770
199,412
246,762
35,777
Operating
activities
We
generate cash from operating activities primarily from tuition, meal and accommodation fees, all of which are typically paid in advance
before the respective services are rendered. Tuition, meal and accommodation fees are initially recorded as deferred revenue. We recognize
such amounts received as revenue proportionately over the relevant period in which the students attend the applicable programs of each
semester.
In
2022, we had net cash provided by operating activities from continuing operations of RMB41.0 million (US$5.9 million) which is primarily
attribute to net income of RMB8.1 million (US$1.2 million) adjusted by impairment loss of goodwill of RMB18.8 million (US$2.7
million), fair value change of contingent consideration of RMB22.9 million (US$3.3 million) and changes in the working capital
accounts mainly included an increase in amounts due to Lianwai School of RMB54.6 million (US$7.9 million), partly offset by
a decrease in accrued liabilities and other current liabilities of RMB7.3 million (US$1.1 million), a decrease in lease payment
liabilities of RMB3.9 million (US$0.6 million) and a decrease in accounts payable of RMB3.2 million (US$0.5 million).
In
2021, we had net cash provided by operating activities from continuing operations of RMB63.1 million (US$9.9 million). For continuing
operation, in 2021, changes in the working capital accounts mainly included an increase in amounts due to Lianwai School of RMB54.6 million
(US$8.6 million), an decrease in prepayments and other current assets of RMB17.6 million (US$2.8 million) and a decrease of
amounts due from Lianwai School of RMB8.9 million (US$1.4 million), partly offset by a decrease in accrued liabilities and other
current liabilities of RMB18.5 million (US$2.9 million) and an decrease in deferred revenue of RMB4.0 million (US$0.6 million).
124
In
2020, we had net cash provided by operating activities of RMB46.8 million (US$7.2 million) from continuing operations. In 2020,
the difference between net income and net cash from operating activities primarily resulted from non-cash items such as depreciation
of property and equipment of RMB3.9 million (US$0.6 million). Changes in the working capital accounts mainly included increase in
amounts due to Lianwai School of RMB28.3 million (US$4.3 million), an increase in accounts payable of RMB6.2 million (US$0.9
million) and a decrease of amounts due from Lianwai School of RMB3.5 million (US$0.5 million).
Investing
activities
In
                                            2022, we had net cash used in investing activities from continuing operations of RMB0.5 million
                                            (US$66.2 thousands), primarily attributable to (i) purchase of short-term investment
                                            of RMB9.0 million (US$1.3 million), and (ii) purchase of property and equipment of RMB1.3 million
                                            (US$0.2 million), and partly offset by (i) proceeds from maturity of short-term investment
                                            of RMB9.0 million (US$1.3 million), and (ii) cash acquired from the purchase of Beijing P.X.
                                            of RMB0.8 million (US$0.1 million).
In
2021, we had net cash used in investing activities from continuing operations of RMB114.7 million (US$18.0 million), primarily attributable
to (i) advance deposit for intent acquisition of Beijing S.K. of RMB100 million (US$15.7 million), (ii) and the purchase of
Qingtian International School of RMB12.2 million (US$1.9 million).
In
2020, we had net cash provided by investing activities from continuing operations of RMB12.1 million (US$1.8 million), primarily
attributable to (i) proceeds from maturity of short-term investments of RMB65.0 million (US$10.0 million), (ii) repayments
of loans by related parties of RMB28.1 million (US$4.3 million), partly offset by (i) purchase of short-term investments of
RMB55.0 million (US$8.4 million), (ii) loans lent to related parties of RMB22.2 million (US$3.4 million) and (iii) purchase
of property and equipment of RMB3.9 million (US$0.6 million) for the purposes of campus maintenance. Short-term investments include
investments in wealth management products issued by certain banks with maturities between three months and one year.
Financing
activities
In
2022, we had net cash used in financing activities from continuing operations of RMB11.2 million (US$1.6 million), primarily attributable
to repayments of short-term borrowings with banks of RMB125.1 million (US$18.1 million) and long-term borrowings with banks
of RMB2.3 million (US$0.3 milllion), partly offset by (i) proceeds from short-term borrowings with banks of RMB107.5 million
(US$15.6 million) and long-term borrowings with banks of RMB7.9 million (US$1.1 million) and (ii) contributions from non-controlling
interests of RMB0.9 million (US$0.1 million).
In
2021, we had net cash provided by financing activities from continuing operations of RMB52.1 million (US$8.2 million), primarily
attributable to proceeds from short-term borrowings with banks of RMB97 million (US$15.2 million), partly offset by repayments
of short-term borrowings with banks of RMB44.9 million (US$7.0 milllion).
In
2020, we had net cash provided by financing activities from continuing operations of RMB150.8 million (US$23.1 million), attributable
to (i) proceeds from issuance of ordinary shares upon the initial public offering of RMB208.7 million (US$32.0 million), (ii)
proceeds from short-term borrowings with banks of RMB43.4 million (US$6.7 million), partly offset by (ii) repayment of short-term
borrowings with banks of RMB63.3 million (US$9.7 million) and (ii) cash paid for initial public offering related costs of RMB38.0 million
(US$5.8 million).
125
Capital
Expenditure
We
incurred capital expenditure of RMB3.9 million, RMB2.2 million and RMB1.3 million (US$0.2 million) in 2020, 2021 and 2022,
respectively, primarily in connection with the maintenance and renovation of school facilities and purchase of educational equipment. We
intend to fund our future capital expenditure through our existing cash balance, bank borrowings, proceeds from the initial public offering
and other financing alternatives. We will continue to incur capital expenditure to support the growth of our and the VIEs' business.
Holding
Company Structure
We
are a holding company with no material operations of our own. We conduct our operations primarily through the wholly foreign-owned subsidiary
and consolidated VIEs in China. As a result, our ability to pay dividends depends upon dividends paid by our wholly foreign-owned subsidiary
in China. Our wholly foreign-owned subsidiary in China has not historically paid any dividends to our offshore entities until they generate
accumulated profits and meet the requirements for statutory reserve funds. If our wholly foreign-owned subsidiary in China 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. In addition, our wholly foreign-owned subsidiary in China is permitted to pay dividends to us only out of its retained earnings,
if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of our subsidiaries, the consolidated
VIEs in China is required to set aside at least 10% of its after-tax profits each year, if any, to fund certain statutory reserve
funds until such reserve funds reach 50% of its registered capital. In addition, our wholly foreign-owned subsidiary in China may allocate
a portion of its after-tax profits based on PRC accounting standards to enterprise expansion funds and staff bonus and welfare
funds at its discretion, and the consolidated VIEs may allocate a portion of their after-tax profits based on PRC accounting
standards to a discretionary surplus fund at their discretion. The statutory reserve funds and the discretionary funds are not distributable
as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated
by SAFE.
Furthermore,
according to the Implementing Regulations for the Law of the PRC on the Promotion of Privately-run Schools currently in force,
at the end of each fiscal year, our school is required to allocate a portion of its funds to the development fund for the construction
or maintenance of the school properties or purchase and upgrade of teaching equipment. Our school shall also withhold at least 25.0%
of our annual increase of the net assets for the same purposes.
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.
C.
Research and Development
Not
applicable.
D.
Trend Information
Other
than as disclosed elsewhere in this annual report on Form 20-F, we are not aware of any trends, uncertainties, demands, commitments or
events since January 1, 2022 that are reasonably likely to have a material adverse effect on our net revenues, income, profitability,
liquidity or capital resources, or that caused the disclosed financial information to be not necessarily indicative of future operating
results or financial conditions.
126
E.
Critical Accounting Estimates
We
consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that
were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely
to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material
impact on our financial condition or results of operations. When reading our consolidated financial statements, you should consider our
selection of critical accounting policies, the judgment and other uncertainties affecting the application of such policies and the sensitivity
of reported results to changes in conditions and assumptions. For a detailed discussion of critical accounting estimate of (i) Consolidation
of variable interest entity (VIE); (ii) Revenue recognition; (iii) Segment reporting; (iv) Income tax and uncertain tax position;
(v) Goodwill. See "—A. Operating results—Critical Accounting Policies, Judgments and Estimates."
F. Tabular
Disclosure of Contractual Obligations
The
following table sets forth our contractual obligations as of December 31, 2022:
Payment Due by Period
Less than 1 year
1-3 years
More than 3 years
Total
(in RMB)
Borrowings
71,425,000
1,606,250
-
73,031,250
Lease obligations
16,084,072
3,657,143
-
19,741,215
Amounts due to Affected Entity
23,584,906
-
216,176,563
239,761,469
Total
111,093,978
5,263,393
216,176,563
332,533,934
Operating
lease obligations consist of leases in relation to certain dormitory and school buildings for our daily operation.
Other
than those shown above, we did not have any significant capital and other commitments, long-term obligations, or guarantees as of December 31,
2022.
G.
Safe Harbor
This
annual report on Form 20-F contains forward-looking statements. These statements are made under the "safe harbor" provisions
of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among other things, the sections titled
"Item 3. Key Information—D. Risk Factors," "Item 4. Information on the Company," and "Item 5. Operating
and Financial Review and Prospects" in this annual report on Form 20-F, as well as our strategic and operational plans, contain
forward-looking statements. We may also make written or oral forward-looking statements in our filings with the SEC, in our annual report
to shareholders, in press releases and other written materials and in oral statements made by our officers, directors or employees to
third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking
statements and are subject to change, and such change may be material and may have a material and adverse effect on our financial condition
and results of operations for one or more prior periods. Forward-looking statements involve inherent risks and uncertainties. A number
of important factors could cause actual results to differ materially from those contained, either expressly or impliedly, in any of the
forward-looking statements in this annual report on Form 20-F. Potential risks and uncertainties include, but are not limited to: the
Company's strategies, future business development, and financial condition and results of operations; the expected growth of the
Chinese private education market; Chinese governmental policies relating to private educational services and providers of such services;
the Company's ability to maintain and enhance its brand. Further information regarding these and other risks is included in the
Company's filings with the SEC. All information provided in this annual report on Form 20-F and in the exhibits is as of the date
of the annual report, and we do not undertake any obligation to update any such information, except as required under applicable law.
127
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. Directors
and Senior Management
The
following table sets forth information regarding our directors and executive officers as of the date of the annual report.
Name
Age
Position with the Company
Executive Directors
    and Officers:
Fen Ye
51
Director;
    Chairlady
Biao Wei
51
Director;
    Chief Executive Officer
Zhaoxiang Wei
27
Director
Guoliang Chen
55
Director
Luoyuan Ye
41
Chief
    Financial Officer
Non-Executive Directors:
Teck Yong Heng
49
Independent
    Director
Yan Kit Lee
52
Independent
    Director
Executive
Officers
Ms. Fen
Ye
, aged 51, is our founder and has served as our chairlady and director since September 2018. Ms. Fen Ye founded the
Company in August 2001 by establishing Lishui Mengxiang. Since 2003, Ms. Fen Ye has served as a director, chairlady and legal representative
of Lianwai School. Ms. Fen Ye served as a director of Liandu Foreign Language School Kindergarten from 2014 to 2018.
Mr. Biao
Wei
, aged 51, is the spouse of Ms. Fen Ye and has served as our director since September 2018. Mr. Biao Wei joined
us in August 2001 as the general manager of Lishui Mengxiang. Mr. Wei has been a director of Lianwai School since September 2002
and a director of Lishui Yuanmeng Training Company Limited since 2014. Mr. Biao Wei served as a director of Liandu Foreign Language
School Kindergarten from 2014 to 2018. Mr. Biao Wei attended a professional program in fashion design at the Zhejiang Institute
of Silk Textiles in the PRC from September 1988 to November 1991.
Mr.
Zhaoxiang Wei
,
aged 27, is the son of Ms. Fen Ye and Mr. Biao Wei and has served as our director since December 2022. Mr. Zhaoxiang
Wei served as the assistant general manager of North Cedar Academy from February 2022 to October 2022. He served as the office assistant
of Lianwai School from February 2021 to January 2022. He received his bachelor's degree in language and literature from University
of California, Los Angeles in March 2022.
Mr. Guoliang
Chen
,
aged 55, has served as our director since December 2022. He has served as the director and principal of Lianwai School
since September 2018. Mr. Chen has over 30 years of experience in the education industry and joined us in September 2013. From September
2012 to August 2013, he served as the principal of Liandu District Chuchou High School. From September 2005 to August 2012, he served
as the principal of Liandu District Meishan High School. From September 2002 to August 2005, he was the vice principal of Tianning High
School. Prior to this, he worked as the director of educational and student affairs in Dayang Road School from September 1994 to August
2002. From February 1988 to August 1994, he was the division head of language education and research in Laozhu School for Ethnic Minorities
(formerly known as Yeling High School). Mr. Chen obtained his bachelor's degree from Zhejiang Education University in the
PRC in June 1994. He graduated from Lishui Teachers Training College in the PRC in January 1988. He completed his master's degree
in education in Zhejiang Normal University in the PRC in September 2000. Mr. Chen was qualified as a senior high school teacher
in November 2002. In September 2016, he was awarded the 26th Spring Silkworm Award by the Zhejiang Province Education Foundation. In
August 2015, Mr. Chen was awarded 2014 Excellent Principal by Lishui Liandu District Education Bureau. In September 2012, he was
awarded the first class award on education quality management by Liandu District Education Bureau and Top 10 Education Role Model by
the People's Government of Lishui Liandu District. In January 2010, Mr. Chen was awarded 2008-2009 Lishui Education and Research
Outstanding Individual. In August 2009, September 2011, September 2012 and August 2015, Mr. Chen was awarded the title of Liandu
Excellent Educator. In September 2004, he was awarded as the 2003 Liandu District Excellent Teacher 2003 by Liandu District Education
Bureau.
128
Mr. Luoyuan
Ye
,
aged 41, has served as the chief financial officer of the Company since August 1, 2021. Since April 2014, Mr. Ye
has served as the Founding Partner of Guangdong Jinshi Capital Co., Ltd., a financial advisory company, where he provides financial advisory
services for Chinese companies listed in overseas capital markets. Since April 2020, Mr. Ye has served as an independent director
of Chenghe Technology Co., Ltd. From October 2011 to March 2014, Mr. Ye served as the Investment Director of Xiangrong (Tianjin)
Investment Management Limited Partnership. From October 2008 to July 2010, Mr. Ye served as a manager of Beijing office of Marcum
Bernstein & Pinchuk LLP. From July 2004 to September 2008, Mr. Ye served as a senior auditor of PricewaterhouseCoopers
Zhong Tian LLP Guangzhou Branch. Mr. Ye received his dual bachelor degrees in business management and science from Sun Yat-sen University
and is a member of Chinese Institute of Certified Public Accountants (CICPA) and American Institute of Certified Public Accountants (AICPA).
Mr. Ye is also a China Certified Tax Agent (CICTA).
Non-executive
Directors
Mr. Teck
Yong Heng
, aged 49, has served as our independent director since September 30, 2020. Mr. Heng currently serves as the
managing partner of C
2
Partners, or C-Squared Partners, a China focused consumer sector private equity fund. Before founding
C-Squared Partners, he was the managing director in QianHai Fund of Funds ("
Qianhai FoF
"), where he led and recommended
public and private equity direct investments in addition to commitments into private equity/venture capital funds. Prior to QianHai FoF,
he worked at Temasek Holdings, Pavilion Capital, Arthur Andersen, Singapore Power and Cambridge Associates. Mr. Heng graduated from
Nanyang Technological University with a bachelor's degree in Accountancy (Honors). He is also an alumni of Harvard Business School
and attended its General Management Program. He is a Chartered Financial Analyst (CFA), Chartered Accountant (CA), Financial Risk Manager
(FRM) and a member of Singapore Institute of Directors.
Mr. Yan
Kit Lee
, aged 52, has served as our independent director since September 30, 2020. He was a director and chief executive
officer of National Arts Travel Limited (principally engaged in providing travel related products), which is a subsidiary of National
Arts Group Holdings Limited ("NA Group") (HKEx Stock Code: 8228), since February 2019 and June 2018, respectively to March
2022. Mr. Lee was appointed as the chief operating officer of NA Group from May 2020 to January 2022. Since October 2020, Mr. Lee
has also been a director of Skyyer MediaX Limited (principally engaged in provision of digital marketing, media relations and public
relations services). Meanwhile, Mr. Lee has been an independent non-executive director (also a member of audit committee, remuneration
committee and nomination committee) of C-Link Squared Limited (HKEx Stock Code: 1463) (principally engaged as outsourced document management
services provider and related software application and enterprise software solutions developer) since March 2020. Mr. Lee was an
independent non-executive director (also a member of audit committee and nomination committee, and the chairman of remuneration committee)
of Landrich Holding Limited (HKEx Stock Code: 2132) (a contractor company having a long history of undertaking construction works in
Hong Kong) from October 2020 to March 2023. Mr. Lee was a volunteer director of Sowers Action (Non-Governmental Organization) from
October 2016 to October 2018, and has been a vice chairman of its board of directors since October 2018. Mr. Lee is and has been
a founding director of Hong Kong Young Chief Officers' Association since November 2017 and was appointed as the president of the
external affairs committee since December 2018. Mr. Lee has also been awarded by Hong Kong Shue Yan University as an industrial
advisor to the bachelor of business administration (honours) in digital marketing program since July 2020. Mr. Lee was successfully
elected as the 5th "Outstanding Chinese Youth of the World" from Outstanding Chinese Culture Association in June 2020. Mr. Lee
has over 20 years of abundant experience in the banking and financial industry as well as public relations and market strategy. Mr. Lee
has been the director of Hoyan Group International Limited since September 2016. Mr. Lee served as the president of SBG Holdings
Limited (principally engaged in the operation of beauty medical centers) between September 2016 and September 2017 and the chief marketing
officer of HKST Group Holdings Limited (principally engaged in travel services and education consultancy business) between September
2016 and May 2018. Prior to 2016, Mr. Lee worked at Dah Sing Bank Limited, Standard Chartered Bank (HK) Limited, DBS (Hong Kong)
Limited, Wing Hang Bank Limited (currently known as OCBC Wing Hang Bank) and Sin Hua Bank Ltd., Hong Kong branch (currently known as
Bank of China (Hong Kong) Limited). Mr. Lee obtained his Bachelor of Arts Degree (with a major in economics and a minor in psychology)
from the University of Manitoba in May 1993 in Canada and a certificate of business management from Ryerson Polytechnic University in
June 1996 in Canada. Mr. Lee also obtained a Master of Science Degree in financial management from the University of London in the
United Kingdom in December 2000.
Board
Diversity Disclosure
The
following information was provided by our directors on a voluntary basis.
Board
Diversity Matrix (As of date of this annual report)
Country of Principal Executive Offices
China
Foreign Private Issuer
Yes
Disclosure Prohibited Under Home Country
    Law
No
Total Number of Directors
6
Female
Male
Non-Binary
Did not disclose
Part I:
Gender Identity
Directors
1
5
0
0
Part II:
Demographic Background
Underrepresented Individual in Home Country
0
LGBTQ+
0
Did Not Disclose Demographic Background
0
129
B. Compensation
For
the fiscal year ended December 31, 2022, we paid an aggregate of approximately US$0.20 million in cash to our executive officers
and directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive
officers and directors. Our PRC subsidiaries are required by law to make contributions equal to certain percentages of each employee's
salary for his or her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident
fund. For incentive share grants to our officers and directors, see "—Share Incentive Plan."
Share
Incentive Plan
2020
Equity Incentive Plan
Our
2020 Equity Incentive Plan was adopted on September 8, 2020 to attract and retain the best available personnel for positions of
substantial responsibility, provide additional incentive to employees, directors and consultants and promote the success of our business.
The equity incentive plan provides for the grant of an option, restricted shares, restricted share units and local awards.
Authorized
Shares
The maximum number of ordinary shares may be subject to awards pursuant to the 2020 Equity Incentive Plan is 5,000,000 initially.
The aggregate number of ordinary shares available for issuance under the 2020 Equity Incentive Plan will be increased (i) on January 1
of the fiscal year immediately following the fiscal year in which an initial public offering of our shares, or a Qualified IPO, is consummated,
by an amount equal to 0.5% of the total number of ordinary shares issued and outstanding on December 31 of the immediately preceding
fiscal year, and (ii) on January 1 of each fiscal year during the period beginning with the second fiscal year following the
fiscal year in which a Qualified IPO is consummated, by an amount equal to 1% of the total number of ordinary shares issued and outstanding
on December 31 of the immediately preceding fiscal year.
Administration
Our board of directors or a committee of the board or officers to which the board delegates the authority administers the 2020 Equity
Incentive Plan. The administrator will determine the participants to receive awards, the type and number of awards to be granted to each
participant and the provisions and terms and conditions of each award. In the event that any dividend or other distribution (whether
in the form of cash, shares, other securities or other property), recapitalization, share division, share consolidation, reorganization
or any change in the corporate structure of the Company affecting the shares occurs, the administrator will make adjustment with respect
to the number and class of shares that may be delivered under the 2020 Equity Incentive Plan and/or the number, price and class of shares
covered by outstanding awards, in order to prevent diminution or enlargement of the benefits intended to be made available under the
2020 Equity Incentive Plan.
Awards
under the Equity Incentive Plan
Share
Options
Share options may be granted under the 2020 Equity Incentive Plan. The administrator determines the exercise price for each
option award, which is stated in the award agreement and should in no case be lower than the par value of our ordinary shares. One-half of
the shares subject to an option will vest on each of the first and second annual anniversaries of the vesting commencement date, unless
otherwise provided in the award agreement.
Restricted
Shares
A restricted share award agreement will specify restrictions on the duration of the restricted period and the number of shares
granted. Restricted shares may not be sold, transferred or pledged until the end of the restricted period and may be subject to forfeiture
upon a termination of employment or service with us. Unless otherwise provided in the award agreement, the holder of restricted shares
will be entitled to receive all dividends and other distributions paid with respect to the ordinary shares, subject to the same restrictions
on transferability and forfeitability as the underlying shares of restricted shares. One-half of the restricted shares will
vest on each of the first and second annual anniversaries of the vesting commencement date, unless otherwise provided in the award agreement.
130
Restricted
Share Units
Awards of restricted share units may be granted by the administrator. At the time of granting restricted share units,
the administrator may impose conditions that must be satisfied, such as continued employment or service or attainment of corporate performance
goals, and may place restrictions on the grant and/or vesting of the restricted share units. A restricted share unit award agreement
will specify applicable vesting criteria, the number of restricted share units granted and the terms and conditions on time and form
of payment. Each restricted share unit, upon fulfillment of applicable conditions, represents a right to receive an amount equal to the
fair market value of one ordinary share.
Local
Awards
The administrator may cause any of our PRC subsidiaries or VIEs to grant local cash-settled awards in lieu of any other award
under the 2020 Equity Incentive Plan, which such local awards shall be paid wholly by such PRC subsidiaries or VIEs. Each local award
shall be linked to the fair market value of one ordinary share.
Change
in Control
In the event of a change in control, the administrator may provide for acceleration of awards, purchase of awards from
holders or replacement of awards.
Term
Unless terminated earlier, the 2020 Equity Incentive Plan will continue in effect for a term of ten years from the date of its adoption.
Amendment
and Termination
Subject to applicable shareholders' approval and certain exceptions, the board of directors may at any time
amend or terminate the 2020 Equity Incentive Plan. The 2020 Equity Incentive Plan will automatically terminate in 2030, unless terminated
sooner. The termination of the 2020 Equity Incentive Plan will not affect the administrator's ability to exercise the powers granted
to it with respect to awards granted under the plan prior to the date of such termination.
Granted
Options and Restricted Share Units
For the fiscal year ended December 31, 2022, no options or restricted share units under the
2020 Equity Incentive Plan had been granted.
C.
Board Practices
Our
board of directors consists of six directors, including four executive directors and two non-executive directors. We also promote gender
diversity among our board members. The powers and duties of our directors include convening general meetings and reporting our board's
work at our shareholders' meetings, declaring dividends and distributions, appointing officers and determining the term of office
and responsibilities of the officers, as well as exercising other powers, functions and duties as conferred by our articles of association.
Our directors may at their discretion exercise all the powers of our company to borrow money, and to mortgage or charge its undertaking,
property and assets (present and future) and uncalled capital or any part thereof, to issue debentures, debenture stock, bonds and other
securities, whether outright or as collateral security for any debt, liability or obligation of our Company or of any third party.
None
of our non-executive directors has a service contract with us that provides for benefits upon termination of service.
Committees
of the Board of Directors
We
have established an audit committee, a compensation committee and a nominating and corporate governance committee under the board of
directors. We have adopted a charter for each of the three committees. Each committee's members and functions are described below.
131
Audit
Committee.
Our audit committee consists of three directors, namely Mr. Teck Yong Heng, Mr. Yan Kit Lee and Mr. Guoliang
Chen. The audit committee is chaired by Mr. Teck Yong Heng. Each of Mr. Teck Yong Heng and Mr. Yan Kit Lee satisfies the
"independence" requirements under Rule 5605(c)(2) of the Listing Rules of the Nasdaq Stock Market and meets the independence
standards under Rule 10A-3 under the Exchange Act. We have determined that each of Mr. Teck Yong Heng qualifies as an "audit
committee financial expert." Our audit committee will consist solely of independent directors within one year of the initial public
offering. 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
                                            and appointing auditors and pre-approving all auditing and non-auditing services
                                            permitted to be performed by such independent auditors;
●
reviewing
                                            with the independent auditors any audit problems or difficulties and management's response;
●
reviewing
                                            and approving all proposed related party transactions;
●
discussing
                                            the annual audited financial statements with management and the independent auditors;
●
reviewing
                                            the adequacy and effectiveness of our accounting and internal control policies and procedures
                                            and any steps taken to monitor and control major financial risk exposures;
●
meeting
                                            separately and periodically with management and our independent auditors;
●
reporting
                                            regularly to the board of directors;
●
monitoring
                                            compliance with our code of business conduct and ethics, including reviewing the adequacy
                                            and effectiveness of our procedures to ensure proper compliance; and
●
other
                                            matters that are specifically assigned to our audit committee by our board of directors from
                                            time to time;
Compensation
Committee.
Our compensation committee consists of three members, namely Mr. Teck Yong Heng, Mr. Yan Kit Lee and Mr. Zhaoxiang
Wei. The compensation committee is chaired by Mr. Yan Kit Lee. Each of Mr. Teck Yong Heng and Mr. Yan Kit Lee satisfies
the "independence" requirements of Rule 5605(c)(2) of the Listing Rules of the Nasdaq Stock Market. Our compensation
committee assists the board in reviewing and approving the compensation structure of our directors and executive officers, including
all forms of compensation to be provided to our directors and executive officers. Members of the compensation committee are not prohibited
from direct involvement in determining their own compensation. Our chief executive officer may not be present at any committee meeting
during which his compensation is deliberated. The compensation committee is responsible for, among other things:
●
reviewing
                                            and making recommendations to the board of directors with respect to directors' compensation;
●
reviewing
                                            and approving to the board with respect to the compensation for our chief executive officer
                                            and other executive officers;
●
reviewing
                                            periodically and approving any incentive compensation or equity plans, programs or other
                                            similar arrangements;
●
approving
                                            guidelines for senior management salary, incentive, stock option, benefit and other compensation
                                            levels; and
●
producing
                                            an annual report on executive compensation in accordance with applicable rules and regulations.
132
Nominating
and Corporate Governance Committee.
Our nominating and corporate governance committee consists of three directors, namely Mr. Teck
Yong Heng, Mr. Yan Kit Lee and Mr. Guoliang Chen. The nominating and corporate governance committee is chaired by Mr. Teck
Yong Heng. Each of Mr. Teck Yong Heng and Mr. Yan Kit Lee satisfies the "independence" requirements of Rule 5605(c)(2)
of the Listing Rules of the Nasdaq Stock Market. The nominating and corporate governance committee assists the board of directors 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:
●
identifying
                                            and recommending nominees for election by the shareholders or appointment by the board of
                                            directors;
●
reviewing
                                            annually with the board of directors its current composition with regards to characteristics
                                            such as independence, age, skills, experience, diversity and availability of service to us;
●
advising
                                            the board of directors on the frequency and structure of board meetings and monitoring the
                                            functioning of the committees of the board; and
●
advising
                                            the board periodically with regards to significant developments in the law and practice of
                                            corporate governance as well as monitoring our compliance with applicable laws and regulations,
                                            and making recommendations to the board on all matters of corporate governance and on any
                                            remedial action to be taken.
Duties
of Directors
Under
Cayman Islands law, our directors owe fiduciary duties to our company, 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 must also exercise their powers only for a proper
purpose. 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, and the class rights vested thereunder in the
holders of the shares. Our company has the right to seek damages if a duty owed by our directors is breached. A shareholder may in certain
limited exceptional circumstances have the right to seek damages in our name if a duty owed by the directors is breached.
Our
board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions
and powers of our board of directors include, among others:
●
convening
                                            shareholders' annual and extraordinary general meetings and reporting its work to shareholders
                                            at such meetings;
●
declaring
                                            dividends and distributions;
●
appointing
                                            officers and determining the term of office and responsibilities of the officers;
●
exercising
                                            the borrowing powers of our company and mortgaging the property of our company; and
●
approving
                                            the transfer of shares in our company, including the registration of such shares in our register
                                            of members.
Terms
of Directors and Officers
Our
directors may be elected by an ordinary resolution of our shareholders, or by the affirmative vote of a simple majority of the remaining
directors present and voting at a board meeting. Our directors are not subject to a term of office and hold office until they are removed
from office by ordinary resolution of the shareholders. In accordance with our memorandum and articles of association, a director will
cease to be a director if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his
creditors, (ii) dies or is found by our company to be or becomes of unsound mind, (iii) resigns his office by notice in writing
to the company, (iv) without special leave of absence from our board, is absent from three consecutive board meetings and our directors
resolve that his office be vacated, (v) is removed from office pursuant to any other provision of our memorandum and articles of
association, as amended and restated from time to time. Our officers are elected by and serve at the discretion of the board of directors.
133
Employment
Agreements and Confidentiality Agreements
We
have entered into employment agreements and confidentiality agreements with each of our executive officers. Under these agreements, we
are entitled to terminate an executive officer's employment for cause at any time for certain acts of the officer, such as being
convicted of any criminal conduct, any act of gross or willful misconduct or any serious, willful, grossly negligent or persistent breach
of any employment agreement provision. We may also terminate an executive officer's employment by giving three-month's prior
written notice without cause. An executive officer may terminate his or her employment at any time by giving three-month's prior
written notice. In connection with the employment agreement, each executive officer will enter into an intellectual property ownership
and confidentiality agreement and agreed to hold all information, know-how and records in any way connected with the products
or services of our company, in strict confidence perpetually. Each executive officer also agree that we shall own all the intellectual
property developed by such executive officer during his or her employment.
We
may enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify
our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made
by reason of their being a director or officer of our company.
D.
Employees
We
and the VIEs had 517, 540 and 272 full-time employees (including Qingtian International School, the Vocational Education Services Providers
and Chuangmei Weiye) as of December 31, 2020, 2021 and 2022, respectively. Approximately 91.76% of the employees in Qingtian International
School are represented by a labor union. We and the VIEs have not experienced any work stoppages, and consider our relations with the
employees and the labor union to be good. The following table sets forth the number of our full-time employees categorized by function
as of December 31, 2022:
Function
Number of
Employees
Executive Directors and senior
    management
10
Teachers
179
Counselors
0
Administrative staff
42
Campus security
3
Accounting and finance staff
15
Supporting staff
23
Total
272
We
invest resources in the recruitment of employees in support of our and the VIEs' business operations. We and the VIEs have established
comprehensive training programs, including training programs for newly hired teachers and continuing education courses for teachers and
on-the-job-training, to enhance performance and service quality.
As
required by PRC Laws and regulations, we and the VIEs participate in various employee social security plans for our PRC employees that
are administered by municipal and provincial governments, including housing, pension, medical insurance, unemployment insurance, work-related
injury insurance, maternity insurance. We and the VIEs are required under PRC law to contribute to employee benefit plans at specified
percentages of the salaries, bonuses and certain allowances of our employees up to a maximum amount specified by the local government
from time to time.
We
and the VIEs maintain various insurance policies against certain risks and unexpected events, such as school liability insurance, student
personal accident insurance and property insurance for vehicles. We and the VIEs also provide social security insurance including pension
insurance, unemployment insurance, work related injury insurance and medical insurance for our PRC employees. We and the VIEs consider
our insurance coverage to be generally in line with companies of similar industry and size in the PRC. See "Item 3. Key Information—D.
Risk Factors—Risks Relating to Our Business and Industry—We have limited insurance coverage" for further details of
risks associated with our insurance coverage.
We
and the VIEs enter into standard labor contracts with our employees. We may also enter into standard confidentiality and non-compete
agreements with the executive officers. See "—C. Board Practices—Employment Agreements and Confidentiality Agreements."
134
E. Share
Ownership
Please
refer to "Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders" and "—B. Compensation—Share
Incentive Plan."
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major Shareholders
The
following table presents information regarding the beneficial ownership of our ordinary shares as of March 31, 2023 by:
●
each
                                            person or entity that we know beneficially owns or will beneficially own more than 5% of
                                            our outstanding ordinary shares;
●
each
                                            director or executive officer who beneficially owns or will beneficially own more than 1%
                                            of our outstanding ordinary shares; and
●
all
                                            of our directors and executive officers as a group.
Beneficial
ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of ordinary shares beneficially
owned by a person and the percentage ownership of that person, we have included ordinary 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
ordinary shares, however, are not included in the computation of the percentage ownership of any other person. Unless otherwise
indicated below, to our knowledge, all persons named in the table have sole voting and investment power with respect to their shares,
except to the extent authority is shared by spouses under community property laws.
The
percentage of beneficial ownership of our ordinary shares is based on 66,667,000 ordinary shares outstanding immediately as of March 31,
2023.
Ordinary Shares
Beneficially Owned
Number
%
(2)
Directors
    and Executive Officers
(1)
:
Fen Ye
47,500,000
71.25
Biao Wei (3)
—
—
Zhaoxiang Wei (4)
—
—
Guoliang Chen
—
—
Luoyuan Ye
—
—
Teck Yong Heng
—
—
Yan Kit Lee
—
—
All directors and executive officers as
    a group
47,500,000
71.25
Principal Shareholders:
Mengxiang Holdings (5)
45,000,000
67.5
Lianwai Holdings Co., Ltd.(6)
2,500,000
3.75
Mengxiang Investment Co., Ltd.(7)
2,500,000
3.75
Notes:
(1)
The address of our directors
    and executive officers is, No. 818 Hua Yuan Street, Liandu District, Lishui City, Zhejiang Province, 323000, the PRC.
(2)
For each person and group
    included in this column, percentage ownership is calculated by dividing the number of ordinary shares beneficially owned by such
    person or group, including shares that such person or group has the right to acquire within 60 days after March 31, 2023, by
    the sum of (i) 66,667,000 which is the total number of ordinary shares outstanding as of March 31, 2023, and (ii) the number
    of ordinary shares such person or group has the right to acquire within 60 days after March 31, 2023.
(3)
Mr. Biao Wei is the
    spouse of Ms. Fen Ye.
(4)
Mr. Zhaoxiang Wei
    is the son of Ms. Fen Ye and Mr. Biao Wei.
(5)
A British Virgin Islands
    company which is wholly-owned and controlled by Ms. Fen Ye. The registered office of Mengxiang Holdings is at Coastal Building,
    Wickham's Cay II, P.O. Box 2221, Road Town Tortola, British Virgin Islands.
(6)
A British Virgins Islands
    company which is wholly-owned and controlled by Ms. Hong Ye. The registered office of Lianwai Holdings Co., Ltd. is at Coastal
    Building, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands.
(7)
A British Virgin Islands
    company which is wholly-owned and controlled by Ms. Fen Ye. The registered office of Mengxiang Investment Co., Ltd. is at Coastal
    Building, Wickham's Cay II, P.O. Box 2221, Road Town, Tortola, British Virgin Islands.
135
As
of March 31, 2023, a total of 16,667,000 ordinary shares were held by 1 record holder in the United States in the form of ADSs,
representing 25% of our total outstanding shares. We are not aware of any arrangement that may, at a subsequent date, result in a change
of control of our company.
B.
Related Party Transactions
Contractual
Arrangements with the VIEs and Their Shareholders
In
2018, Liandu WFOE entered into a series of contractual arrangements with Lishui Mengxiang, Lianwai School, shareholders of Lishui Mengxiang
and the directors of Lianwai School, which had enabled us to (i) exercise the power over our Lishui Mengxiang and Lianwai School,
(ii) have the exposure or rights to variable returns from our involvement with Lishui Mengxiang and Lianwai School, and (iii) exercise
the ability to affect those returns through use of its power over Lishui Mengxiang and Lianwai School.
Under
the 2021 Implementation Rules which took effect on September 1, 2021, social organizations and individuals are prohibited from controlling
a private school that provides compulsory 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 among Liandu WFOE and Lianwai School providing compulsory education. Therefore, we re-assessed our control over
Lianwai School. Based on the relevant accounting standard in accordance with U.S. GAAP, we have concluded that we have lost control of
Lianwai School since August 31, 2021, in view of the significant uncertainties and restrictions the 2021 Implementation Rules impose
on our ability to direct the range of ongoing activities that would most significantly impact the returns of Lianwai School. In light
of such regulatory developments, on April 20, 2022, we entered into an acknowledgment agreement of contractual agreements with Lianwai
School and respective directors, to confirm all the terms of rights and obligations relating to Lianwai School and the directors appointed
by the sponsor under the contractual arrangements among them, and agree among the parties that such arrangements shall have been terminated
on August 31, 2021. To minimize disruptions to existing students enrolled in Lianwai School, we and the VIEs continued to offer
essential services to the students. We deconsolidated Lianwai School commencing from September 1, 2021 and presented it as a discontinued
operation in current and comparative period financial statements.
Lishui
Mengxiang completed the required registration to hold 100% sponsorship interests of Qingtian International School on August 24,
2021. On April 20, 2022, Liandu WFOE entered into a series of contractual arrangements, or the VIE structure, with Lishui Mengxiang,
Qingtian International School, shareholders of Lishui Mengxiang and the Council Members of Qingtian International School. On January
31, 2023, due to the change of shareholders of Lishui Mengxiang, Liandu WFOE entered into an updated series of contractual arrangements
with respect to the operation of Qingtian International School. The updated series of contractual arrangements replaced the previous
ones and took effect on December 16, 2022, the same date when the shareholders of Lishui Mengxiang signed an equity transfer agreement.
On March 28, 2023, Liandu WFOE entered into a series of contractual arrangements with Beijing P.X., Langfang School, shareholders of
Beijing P.X. and the Council Members of Langfang School, which became effective on January 1, 2022.
The
above series of contractual arrangements enable us to (i) exercise the power over VIEs , (ii) have the exposure or rights to
variable returns from our involvement with the VIEs, and (iii) exercise the ability to affect those returns through use of its power
over the VIEs. These contractual arrangements include exclusive call option agreement, proxy agreements for school's sponsors and
council members, proxy agreements for shareholders, business cooperation agreement, exclusive technical service and business consulting
agreement, equity pledge agreements, etc. Terms contained in each set of contractual arrangements with our PRC subsidiaries, the VIEs
and their respective shareholders are substantially similar. For more details of these contractual arrangements, see "Item 4. Information
on the Company—C. Organizational Structure—Contractual Arrangements."
136
Transactions
with Certain Related Parties
Loans
to related parties
In
2019 and 2020, we provided loans to certain close family members of Ms. Fen Ye for their personal use. The financing was provided
in the form of interest-free loans. The loans did not have a fixed term and were repayable upon demand. As of December 31, 2020,
2021 and 2022, there was no remaining balance of the loans. In light of our initial public offering in October 2020 in an overseas capital
market and to improve our corporate governance, we have issued an internal policy to terminate its business practice of issuing advances
and loans to close family members of Ms. Fen Ye.
Financing
from related parties
Ms. Fen
Ye and Ms. Yushu Ye, a close family member of Ms. Fen Ye, have historically provided short-term financing for us to support
our operation. The financing was provided in the form of interest-free short-term borrowings. The short-term borrowings did not have
a fixed term and were repayable upon demand. The remaining balance of the short-term borrowings was fully settled in 2019. We have not
received any financing from related parties since the completion of our initial public offering.
Lease
agreements with related parties
We
and the VIEs leased certain properties and facilities to Lishui Yuanmeng Training Company Limited, a company controlled by Mr. Biao
Wei, our director and chief executive officer, in which the lease was terminated on February 28, 2021. Furthermore, we and the VIEs
ceased to lease our non-education space to Lishui Yuanmeng Training Company Limited after February 28, 2021. We and the VIEs
also lease the school buildings and the related properties and facilities to Liandu Foreign Language School Kindergarten. In 2020, 2021
and 2022, our rental income from related parties was RMB1.7 million, RMB0.9 million and RMB0.8 million, respectively.
The
terms of the leases are three years. Under the leasing agreements, we can terminate the lease at any time for cause.
Private
Placements
See
"Item 10. Additional Information—B. Memorandum and Articles of Association—Ordinary Shares."
Employment
Agreements and Indemnification Agreements
See
"Item 6. Directors, Senior Management and Employees—C. Board Practices—Employment Agreements and Confidentiality Agreements."
Share
Incentive Plans
See
"Item 6. Directors, Senior Management and Employees—B. Compensation—Share Incentive Plan."
C. Interests
of Experts and Counsel
Not
applicable.
137
ITEM 8.
FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information
Please
refer to Item 18.
Legal
Proceedings
From
time to time, we are subject to legal proceedings, investigations and claims during the course of our and the VIEs' business. We
are currently not 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 and the VIEs' business, financial condition or results of operations.
Dividend
Policy
Our
board of directors has discretion on whether to distribute dividends, subject to certain requirements of Cayman Islands law. In addition,
our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors.
In either case, all dividends are subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends
out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our company
being unable to pay its debts as they fall due in the ordinary course of business. Even if we decide 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 the board of directors may deem relevant.
We
do not have any present plan to pay any cash dividends on our ordinary shares in the foreseeable future. We currently intend to retain
most, if not all, of our available funds and any future earnings to operate and expand our and the VIEs' business.
We
are a holding company incorporated in the Cayman Islands. We may rely on dividends from our subsidiaries in China 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 4. Information on the Company—B. Business Overview—Regulation—PRC Laws and Regulations Relating
to Foreign Exchange" and "Item 4. Information on the Company—B. Business Overview—Regulation—Regulations
on Taxation in the PRC—Income Tax in relation to Dividend Distribution".
If
we pay any dividends on our ordinary shares, we will pay those dividends which are payable in respect of the ordinary shares underlying
our ADSs to the depositary, as the registered holder of such ordinary shares, and the depositary then will pay such amounts to our ADS
holders in proportion to ordinary shares underlying the ADSs held by such ADS holders, subject to the terms of the deposit agreement,
including the fees and expenses payable thereunder. Cash dividends on our ordinary shares, if any, will be paid in U.S. dollars. See
"Item 12. Description of Securities other than Equity Securities—D. American Depositary Shares."
B.
Significant Changes
We
have not experienced any significant changes since the date of our audited consolidated financial statements included in this annual
report on Form 20-F.
138
ITEM 9.
THE OFFER AND LISTING
A. Offering
and Listing Details
Our
ADSs, each representing five ordinary shares, have been listed on the Nasdaq since October 1, 2020. Our ADSs trade under the symbol
"LXEH."
The
last reported trading price for our ADSs on December 31, 2022 was US$2.80 per ADS. The following table provides the high and low
trading prices for our ADSs on the Nasdaq since the date of our initial public offering.
Trading Price (US$)
High
Low
Annual Highs and Lows
Fiscal Year ended December 31,
    2020
10.98
5.60
Fiscal Year ended December 31, 2021
12.50
7.19
Fiscal Year ended December 31, 2022
9.95
1.82
Quarterly Highs and Lows
Fourth Quarter of Fiscal Year ended December 31,
    2022
3.57
2.20
Monthly Highs and Lows
January 2023
4.02
2.38
February 2023
2.75
2.20
March 2023
3.53
0.50
April 2023 (through April 27, 2023)
0.80
0.43
B. Plan
of Distribution
Not
applicable.
C.
Markets
See
"Item 9. The Offer and Listing—A. Offering and Listing Details."
D.
Selling Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses of the Issue
Not
applicable.
ITEM 10.
ADDITIONAL INFORMATION
A.
Share Capital
Not
applicable.
B.
Memorandum and Articles of Association
We
were incorporated as an exempted company with limited liability in the Cayman Islands on September 6, 2018. Our affairs are currently
governed by our second amended and restated memorandum and articles of association, the Companies Act (As Revised) of the Cayman Islands,
or the Companies Act in this section, and the common law of the Cayman Islands.
139
As
of the date of the annual report, our authorized share capital is US$50,000 divided into 500,000,000 ordinary shares with a par value
of US$0.0001 each. As of the date of the annual report, there are 66,667,000 ordinary shares issued and outstanding. All of our issued
and outstanding ordinary shares are fully paid. All options, regardless of grant dates, will entitle holders to an equivalent number
of ordinary shares once the vesting and exercising conditions are met.
We
have adopted a second amended and restated memorandum and articles of association, which became effective after our initial public offering.
The
following are summaries of material provisions of our second amended and restated memorandum and articles of association and the Companies
Act insofar as they relate to the material terms of our ordinary shares. This summary is not complete, and you should read our second
amended and restated memorandum and articles of association, which has been filed as Exhibit 3.2 to our Form F-1 (File No. 333-248691),
as amended, filed with the SEC on September 30, 2020.
Registered
Office and Objects
Our
registered office in the Cayman Islands is located at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands. As set forth in article 3 of our memorandum and articles of association, the objects for which our
company is established are unrestricted.
Board
of Directors
See
"Item 6. Directors, Senior Management and Employees—C. Board Practices—Committees of the Board of Directors"
and "Item 6. Directors, Senior Management and Employees—C. Board Practices—Terms of Directors and Officers."
Ordinary
Shares
General
Our authorized share capital is US$50,000 consisting of 500,000,000 ordinary shares with par value of US$0.0001 each. Our ordinary
shares are issued in registered form and are issued when registered in our register of members (shareholders). We may not issue shares
to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and transfer their ordinary shares.
Dividends
The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors or declared by our
shareholders by ordinary resolution (provided that no dividend may be declared by our shareholders which exceeds the amount recommended
by our directors). Our memorandum and articles of association provide that dividends may be declared and paid out of our profits, realized
or unrealized, or from any reserve set aside from profits which our board of directors determine is no longer needed. Under the laws
of the Cayman Islands, our company may pay a dividend out of either profit or share premium account, provided that in no circumstances
may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.
Our
directors may also pay interim dividends, whenever our financial position, in the opinion of our directors, justifies such payment.
Our
directors may deduct from any dividend or distribution payable to any shareholder all sums of money (if any) presently payable by such
shareholder to us on account of calls or otherwise.
No
dividend or other money payable by us on or in respect of any share shall bear interest against us.
140
Voting
Rights
On a show of hands each shareholder is entitled to one vote or, on a poll, each shareholder is entitled to one vote for ordinary
share, on all matters that require a shareholder's vote. Voting at any shareholders' meeting is by show of hands of shareholders
who are present in person or by proxy or, in the case of a shareholder being a corporation, by its duly authorized representative, unless
a poll is demanded.
A
poll may be demanded by the chairman of such meeting or any shareholder present in person or by proxy.
No
shareholder shall be entitled to vote or be reckoned in a quorum at any general meeting unless such shareholder is duly registered as
our shareholder and all calls or other sums presently payable by such shareholder in respect of his voting shares to us have been paid.
An
ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching
to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the
votes cast attaching to the outstanding ordinary shares at a meeting. A special resolution will be required for important matters such
as a change of name or making changes to our memorandum and articles of association. Our shareholders may, among other things, divide
or combine their shares by ordinary resolution.
General
Meetings of Shareholders
As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders'
annual general meetings. Our memorandum and articles of association provide that we may (but are not obliged to) in each calendar year
hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it, and
the annual general meeting shall be held at such time and place as may be determined by our directors.
Shareholders'
general meetings may be convened by a majority of our board of directors. Advance notice of at least 10 calendar days is required for
the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum
required for any general meeting of shareholders consists of at least one shareholder present or by proxy, representing not less than
one-third of all votes attaching to the issued and outstanding shares in our company entitled to vote at general meeting.
The
Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association.
Our memorandum and articles of association provide that upon the requisition of any one or more of our shareholders who together hold
shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our company entitled
to vote at general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote
at such meeting. However, our memorandum and articles of association do not provide our shareholders with any right to put any proposals
before annual general meetings or extraordinary general meetings not called by such shareholders.
Transfer
of Ordinary Shares
Subject to any applicable restrictions set forth in our memorandum and articles of association as set out below,
any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form
or in a form prescribed by the Nasdaq Global Market or in another form that our directors may approve.
141
Our
directors may decline to register any transfer of any share which is not paid up or on which we have a lien. Our directors may also decline
to register any transfer of any share unless:
●
the
                                            instrument of transfer is lodged with us and is accompanied by the certificate for the shares
                                            to which it relates and such other evidence as our directors may reasonably require to show
                                            the right of the transferor to make the transfer;
●
the
                                            instrument of transfer is in respect of only one class of share;
●
the
                                            instrument of transfer is properly stamped (if required);
●
in
                                            the case of a transfer to joint holders, the number of joint holders to whom the ordinary
                                            share is to be transferred does not exceed four;
●
the
                                            shares are free from any lien in favor of the Company; and
●
a
                                            fee of such maximum sum as the Nasdaq Global Market may determine to be payable or such lesser
                                            sum as our directors may from time to time require is paid to us in respect thereof.
Liquidation
Subject to any future shares which are issued with specific rights, (1) if we are wound up and the assets available for distribution
among our shareholders are more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the
surplus shall be distributed amongst the shareholders in proportion to the par value of the shares held by them at the commencement of
the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our company
for unpaid calls or otherwise, and (2) if we are wound up and the assets available for distribution among the shareholders as such
are insufficient to repay the whole of the share capital, those assets shall be distributed so that, as nearly as may be, the losses
shall be borne by the shareholders in proportion to the par value of the shares held by them.
If
we are wound up the liquidator may with the sanction of our special resolution and any other sanction required by the Companies Act,
divide among our shareholders in kind the whole or any part of our assets (whether or not they shall consist of property of the same
kind) and may, for such purpose, value any assets and determine how such division shall be carried out as between the shareholders or
different classes of shareholders.
The
liquidator may also vest the whole or any part of these assets in trustees upon such trusts for the benefit of the shareholders as the
liquidator shall think fit, but so that no shareholder will be compelled to accept any assets, shares or other securities upon which
there is a liability.
Calls
on Ordinary Shares and Surrender of Ordinary Shares
Subject to our memorandum and articles of association and to the terms of allotment
our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary shares in a notice
served to such shareholders at least 14 days prior to the specified time of payment.
The
ordinary shares that have been called upon and remain unpaid are subject to forfeiture.
142
Redemption,
Repurchase and Surrender of Ordinary Shares
We may issue shares on terms that such shares are subject to redemption, at our option
or at the option of the holders of these shares, on such terms and in such manner as may be determined by either our board of directors
or by a special resolution of our shareholders. Our company may also repurchase any of our shares on such terms and in such manner as
have been approved by our board of directors or by an ordinary resolution of our shareholders.
Under
the Companies Act, the redemption or repurchase of any share may be paid out of our company's profits or out of the proceeds of
a fresh issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and
capital redemption reserve) if the company can, immediately following such payment, pay its debts as they fall due in the ordinary course
of business. In addition, under the Companies Act no such share may be redeemed or repurchased (1) unless it is fully paid up, (2) if
such redemption or repurchase would result in there being no shares outstanding, or (3) if the company has commenced liquidation.
In addition, our company may accept the surrender of any fully paid share for no consideration.
Variations
of Rights of Shares
If at any time, our share capital is divided into different classes of shares, all or any of the special rights
attached to any class of shares may, subject to the provisions of the Companies Act, be varied with the consent in writing of the holders
of not less than two-thirds of the issued shares of that class, or with the sanction of a resolution passed by at least a two-thirds
majority of the holders of shares of the class present in person or by proxy at a separate general meeting of the holders of the shares
of that class.
The
rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue
of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu with such existing
class of shares.
Inspection
of Books and Records
Holders of our ordinary shares have no general right under Cayman Islands law to inspect or obtain copies of
our list of shareholders or our corporate records (other than copies of our memorandum and articles of association, our register of mortgages
and charge, and any special resolution passed by our shareholders). However, we will provide our shareholders with annual audited financial
statements.
Issuance
of Additional Shares
Our memorandum of association authorizes our board of directors to issue additional ordinary shares from time
to time as our board of directors shall determine, to the extent of available authorized but unissued shares.
Our
memorandum of association also authorizes our board of directors to establish from time to time one or more series of preferred shares
and to determine, with respect to any series of preferred shares, the terms and rights of that series, including:
●
the
                                            designation of the series;
●
the
                                            number of shares of the series;
●
the
                                            dividend rights, dividend rates, conversion rights, voting rights; and
●
the
                                            rights and terms of redemption and liquidation preferences.
Our
board of directors may issue preferred shares without action by our shareholders to the extent authorized but unissued. Issuance of these
shares may dilute the voting power of holders of ordinary shares.
Anti-Takeover
Provisions
Some provisions of our memorandum and articles of association may discourage, delay or prevent a change of control of
our company or management that shareholders may consider favorable, including provisions that:
●
authorize
                                            our board of directors to issue preferred shares in one or more series and to designate the
                                            price, rights, preferences, privileges and restrictions of such preferred shares without
                                            any further vote or action by our shareholders.
●
limit
                                            the ability of shareholders to requisition and convene general meetings of shareholders.
143
However,
under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our memorandum and articles of
association for a proper purpose and for what they believe in good faith to be in the best interests of our company.
Differences
in Corporate Law
The
Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent United Kingdom statutory
enactments, and accordingly there are significant differences between the Companies Act and the current Companies Act of England.
In
addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary
of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to United States
corporations and companies incorporated in the State of Delaware.
Mergers
and Similar Arrangements.
The Companies Act permits mergers and consolidations between Cayman Islands companies and between
Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of
two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving
company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company
and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a
merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must
then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization,
if any, as may be specified in such constituent company's articles of association. The written plan of merger or consolidation
must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated
or surviving company, a declaration as to the assets and liabilities of each constituent company and an undertaking that a copy of the
certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of
the merger or consolidation will be published in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair
value of their shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) if they follow the required
procedures, subject to certain exceptions. Court approval is not required for a merger or consolidation which is effected in compliance
with these statutory procedures.
A
merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders
of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that
member agrees otherwise. For this purpose, a company is a "parent" of a subsidiary if it holds issued shares that together
represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.
The
consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived
by a court in the Cayman Islands.
Save
in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled
to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court)
upon dissenting to the merger or consolidation, provide the dissenting shareholder complies strictly with the procedures set out in the
Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which
he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or
consolidation is void or unlawful.
144
Separate
from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate
the reconstruction and amalgamation of companies by way of schemes of arrangement,
provided
that the arrangement is
approved by (a) 75% in value of the shareholders or class of shareholders, as the case may be, or (b) a majority in number representing
75% in value of the creditors or each class of creditors, as the case may be, with whom the arrangement is to be made, that are, in each
case, present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings
and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the
right to express to the court the view that the transaction ought not to be approved, the Grand Court can be expected to approve the
arrangement if it determines that:
●
the
                                            statutory provisions as to the required majority vote have been met;
●
the
                                            shareholders have been fairly represented at the meeting in question and the statutory majority
                                            are acting bona fide without coercion of the minority to promote interests adverse to those
                                            of the class;
●
the
                                            arrangement is such that may be reasonably approved by an intelligent and honest man of that
                                            class acting in respect of his interest; and
●
the
                                            arrangement is not one that would more properly be sanctioned under some other provision
                                            of the Companies Act.
The
Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient
minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares affected within
four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the
holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand
Court of the Cayman Islands, but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence
of fraud, bad faith or collusion.
If
an arrangement and reconstruction is thus approved, or, if a tender offer is made and accepted, a dissenting shareholder would have no
rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations,
providing rights to receive payment in cash for the judicially determined value of the shares.
Shareholders'
Suits.
In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company. As a general rule,
a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood
be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles
(namely the rule in
Foss v. Harbottle
and the exceptions thereto) so that a non-controlling shareholder
may be permitted to commence a class action against or derivative actions in the name of our company to challenge actions where:
●
a
                                            company acts or proposes to act illegally or ultra vires;
●
the
                                            act complained of, although not ultra vires, could only be effected duly if authorized by
                                            more than a simple majority vote that has not been obtained; and
●
those
                                            who control our company are perpetrating a "fraud on the minority."
145
Indemnification
of Directors and Executive Officers and Limitation of Liability.
Cayman Islands law does not limit the extent to which a
company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent
any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against
civil fraud or the consequences of committing a crime. Our memorandum and articles of association provide that we shall indemnify our
officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by such directors or officer, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct
of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his
duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses
or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning
our company or its affairs in any court whether in the Cayman Islands or elsewhere.
In
addition, we have entered into indemnification agreements with our directors and executive officers that provide such persons with additional
indemnification beyond that provided in our memorandum and articles of association.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling
us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
Directors'
Fiduciary Duties.
Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation
and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director
act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director
must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction.
The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation.
He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that
the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling
shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed
basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption
may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by
a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.
As
a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company
and therefore it is considered that he owes the following duties to the company—a duty to act bona fide in the best interests of
the company, a duty not to make a personal profit based on his or her position as director (unless the company permits him or her to
do so), a duty not to put himself or herself in a position where the interests of the company conflict with his or her personal interest
or his or her duty to a third party, and a duty to exercise powers for the purpose for which such powers were intended. A director of
a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not
exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her
knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required
skill and care and these authorities are likely to be followed in the Cayman Islands.
Shareholder
Action by Written Consent.
Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders
to act by written consent by amendment to its certificate of incorporation. Under Cayman Islands Law, a company may eliminate the ability
of shareholders to approve corporate matters by way of written resolution signed by or on behalf of each shareholder who would have been
entitled to vote on such matters at a general meeting without a meeting being held by amending the articles of association. Our memorandum
and articles of association provide that shareholders may approve corporate matters by way of a unanimous written resolution signed by
or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.
Shareholder
Proposals.
Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual
meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called
by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from
calling special meetings.
146
The
Companies Act provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with
any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association.
Our memorandum and articles of association allow shareholders holding at least one third of the paid-up voting share capital of the Company
to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene a general meeting.
Other than this right to requisition a shareholders' meeting, our memorandum and articles of association do not provide our shareholders
with any other right to put proposals before annual general meetings or extraordinary general meetings not called by such shareholders.
Cumulative
Voting.
Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless
the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation
of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder
is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There
are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands, but our memorandum and articles of association
do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than
shareholders of a Delaware corporation.
Removal
of Directors.
Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed
only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides
otherwise. Under our memorandum and articles of association, directors may be removed with or without cause, by an ordinary resolution
of our shareholders. A director shall hold office until the expiration of his or her term or his or her successor shall have been elected
and qualified, or until his or her office is otherwise vacated. In addition, a director's office shall be vacated if the director
(i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) is found to be or becomes of unsound
mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our
board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is
prohibited by law from being a director; or (vi) is removed from office pursuant to any other provisions of our memorandum and articles
of association.
Transactions
with Interested Shareholders.
The Delaware General Corporation Law contains a business combination statute applicable to
Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its
certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder"
for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person
or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has
the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders
would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes
an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person
becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition
transaction with the target's board of directors.
Cayman
Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business
combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders,
the directors of our company are required to comply with fiduciary duties which they owe to our company under Cayman Islands laws, including
the duty to ensure that, in their opinion, any such transactions must be entered into bona fide in the best interests of the company,
and are entered into for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.
Restructuring.
A company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the
grounds that the company:
(a)
is or is likely to become unable to pay its debts; and
(b)
intends to present a compromise or arrangement to its creditors (or classes thereof) either pursuant to the Companies Act, the law of
a foreign country or by way of a consensual restructuring.
The Grand
Court may, among other things, make an order appointing a restructuring officer upon hearing of such petition, with such powers and to
carry out such functions as the court may order. At any time (i) after the presentation of a petition for the appointment of a restructuring
officer but before an order for the appointment of a restructuring officer has been made, and (ii) when an order for the appointment
of a restructuring officer is made, until such order has been discharged, no suit, action or other proceedings (other than criminal proceedings)
shall be proceeded with or commenced against the company, no resolution to wind up the company shall be passed, and no winding up petition
may be presented against the company, except with the leave of the court. However, notwithstanding the presentation of a petition for
the appointment of a restructuring officer or the appointment of a restructuring officer, a creditor who has security over the whole
or part of the assets of the company is entitled to enforce the security without the leave of the court and without reference to the
restructuring officer appointed.
Dissolution;
Winding up.
Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve,
dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated
by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows
a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions
initiated by the board.
147
Under
Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its
members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority
to order winding up in a number of specified circumstances, including where it is, in the opinion of the court, just and equitable to
do so.
Variation
of Rights of Shares.
Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares
with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise.
Under Cayman Islands law and our memorandum and articles of association, if our share capital is divided into more than one class of
shares, we may vary the rights attached to any class with the written consent of two-thirds of holders of the issued shares of that class
or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class.
Amendment
of Governing Documents.
Under the Delaware General Corporation Law, a corporation's governing documents may be amended
with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise.
Under the Companies Act and our memorandum and articles of association, our memorandum and articles of association may only be amended
by a special resolution of our shareholders.
Rights
of Non-resident or Foreign Shareholders.
There are no limitations imposed by our memorandum and articles of association
on the rights of nonresident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions
in our memorandum and articles of association that require our company to disclose shareholder ownership above any particular ownership
threshold.
C.
Material Contracts
We
and the VIEs have not entered into any material contracts other than in the ordinary course of business and other than those described
in "Item 4. Information on the Company" or elsewhere in this annual report on Form 20-F.
D.
Exchange Controls
There
is no exchange control legislation under Cayman Islands law, and accordingly, there are no exchange control regulations imposed under
Cayman Islands law. See also "Item 4. Information on the Company—B. Business Overview—Regulation— PRC Laws and
Regulations Relating to Foreign Exchange" and "Item 4. Information on the Company—B. Business Overview—Regulation—Regulations
on Taxation in the PRC—Income Tax in relation to Dividend Distribution."
E.
Taxation
The
following summary of the material Cayman Islands, PRC and U.S. federal income tax consequences of an investment in our ADSs or ordinary
shares is based upon laws and relevant interpretations thereof in effect as of the date of the annual report, all of which are subject
to change. This summary does not deal with all possible tax consequences relating to an investment in our ADSs or ordinary shares, such
as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands,
PRC and the United States.
148
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 is not party to any double tax treaties that are applicable to any payments made
to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.
Payments
of dividends and capital in respect of the shares will not be subject to taxation in the Cayman Islands and no withholding will be required
on the payment of a dividend or capital to any holder of our ADSs or ordinary shares, nor will gains derived from the disposal of our
ADSs or ordinary shares be subject to Cayman Islands income or corporation tax.
People's
Republic of China Taxation
Under
the EIT Law and implementation regulations issued by the PRC State Council on April 23, 2019, an enterprise established outside
the PRC with "de facto management bodies" within the PRC is considered a "resident enterprise" for PRC enterprise
income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the Regulation
on the Implementation of Enterprise Income Tax Law of the PRC, a "de facto management body" is defined as a body that has
material and overall management and control over the manufacturing and business operations, personnel and human resources, finances and
properties of an enterprise. Accordingly, our holding company may be considered a resident enterprise and may therefore be subject to
a PRC income tax on our global income.
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: (i) the senior management and core management departments
in charge of daily operations are located mainly inside PRC, (ii) financial and personnel decision are subject to determination
or approval by persons or organizations located inside PRC, (iii) major assets, accounting books, company seals and minutes and
files of board and shareholders' meeting are placed or kept inside PRC, and (iv) at least half of the enterprise's directors
with voting rights or senior management customarily reside inside PRC. Although Circular 82 explicitly provides that the above standards
apply to enterprises which are registered outside the PRC and funded by PRC enterprises or PRC enterprise groups as controlling investors,
the determining criteria set forth in Circular 82 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, regardless
of whether they are controlled by PRC enterprises or PRC enterprise groups or by PRC or foreign individuals.
The
Company is a company incorporated outside the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries,
and its key assets are located, and its records (including the resolutions of its board of directors and its shareholders) are maintained,
outside the PRC. For the same reasons, we believe our other entities outside of China are not PRC resident enterprises either. However,
the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect
to the interpretation of the term "de facto management body." There can be no assurance that the PRC government will ultimately
take a view that is consistent with ours. See "Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business
in China." Such classification could result in unfavorable tax consequences to us and our non-PRC shareholders.
149
The
implementation rules of the EIT Law provide that, (i) if the enterprise that distributes dividends is domiciled in the PRC, or (ii) if
gains are realized from transferring equity interests of enterprises domiciled in the PRC, then such dividends or capital gains are treated
as China-sourced income. It is not clear how "domicile" may be interpreted under the EIT Law, and it may be interpreted as
the jurisdiction where the enterprise is a tax resident. Any dividends we pay to our overseas shareholders or ADS holders as well as
gains realized by such shareholders or ADS holders from the transfer of our shares or ADSs may be regarded as China-sourced income, if
we are considered a PRC tax resident enterprise for tax purposes, and as a result, such dividends and capital gains paid to overseas
shareholders or ADS holders that are non-PRC resident enterprises may become subject to PRC income tax at a rate of up
to 10.0%, unless otherwise exempted or reduced under relevant tax treaties or arrangements between the PRC and relevant foreign jurisdictions.
For example, for shareholders eligible for the benefits of the tax treaty between China and Hong Kong, the tax rate is reduced to 5%
for dividends if relevant conditions are met.
It
is unclear whether our non-PRC individual shareholders would be subject to any PRC tax on dividends or gains obtained by such non-PRC individual
shareholders in the event we are determined to be a PRC resident enterprise. Under the PRC Individual Income Tax Law promulgated on September 10,
1980, and amended in 2018 and its implementation rules, dividends from sources within the PRC paid to foreign individual investors who
are not residents of the PRC are ordinarily subject to a PRC withholding tax at a rate of 20% and PRC source gains realized by such investors
on the transfer of ADSs or shares would be subject to 20% PRC income tax. However, it is also unclear whether non-PRC shareholders
of the Company would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event
that the Company is treated as a PRC resident enterprise. See "Item 3. Key Information—D. Risk Factors—Risks Relating
to Doing Business in China." Such classification could result in unfavorable tax consequences to us and our non-PRC shareholders.
United
States Federal Income Taxation
The
following discussion describes the material United States federal income tax consequences to a U.S. Holder (as defined below), under
current law, of an investment in our ADSs or ordinary shares. This discussion is based on the federal income tax laws of the United States
as of the date of the annual report, including the United States Internal Revenue Code of 1986, as amended, or the Code, existing and
proposed Treasury regulations promulgated thereunder, judicial authority, published administrative positions of U.S. Internal Revenue
Service, or the IRS, and other applicable authorities, all as of the date of the annual report. All of the foregoing authorities are
subject to change, which change could apply retroactively and could significantly affect the tax consequences described below. We have
not sought any ruling from the IRS with respect to the statements made and the conclusions reached in the following discussion and there
can be no assurance that the IRS or a court will agree with our statements and conclusions. This summary does not discuss the Medicare
contribution tax on net investment income, any federal non-income tax laws, including the federal estate or gift tax laws,
or the laws of any state, local or non-United States taxing jurisdiction.
This
discussion applies only to a U.S. Holder that holds ADSs or ordinary shares as capital assets for United States federal income tax purposes
(generally, property held for investment). The discussion neither addresses the tax consequences to any particular investor nor describes
all of the tax consequences applicable to persons in special tax situations, such as:
●
banks;
●
certain
                                            financial institutions;
●
insurance
                                            companies;
●
regulated
                                            investment companies;
●
real
                                            estate investment trusts;
●
brokers
                                            or dealers in stocks and securities, or currencies;
150
●
persons
                                            who are required to use a mark-to-market method of accounting;
●
certain
                                            former citizens or residents of the United States subject to Section 877 of the Code;
●
entities
                                            subject to the United States anti-inversion rules;
●
tax-exempt organizations
                                            and entities;
●
persons
                                            subject to the alternative minimum tax provisions of the Code;
●
persons
                                            whose functional currency is other than the United States dollar;
●
persons
                                            holding ADSs or ordinary shares as part of a straddle, hedging, conversion or integrated
                                            transaction;
●
persons
                                            holding ADSs or ordinary shares through a bank, financial institution or other entity, or
                                            a branch thereof, located, organized or resident outside the United States;
●
persons
                                            that actually or constructively own 10% or more of our stock by vote or value;
●
persons
                                            subject to special tax accounting rules under Section 451(b) of the Code;
●
persons
                                            who acquired ADSs or ordinary shares pursuant to the exercise of an employee stock option
                                            or otherwise as compensation; or
●
partnerships
                                            or other pass-through entities, or persons holding ADSs or ordinary shares through such entities.
If
a partnership (including an entity or arrangement treated as a partnership for United States federal income tax purposes) holds our ADSs
or ordinary shares, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities
of the partnership. A partner in a partnership holding our ADSs or ordinary shares should consult its own tax advisors regarding the
tax consequences of holding our ADSs or ordinary shares.
The
following discussion is for informational purposes only and is not a substitute for careful tax planning and advice. Investors considering
the purchase of ADSs or ordinary shares should consult their own tax advisors with respect to the application of the United States federal
income tax laws to their particular situations, as well as any tax consequences arising under the Medicare contribution tax on net investment
income, any federal non-income tax laws, including the federal estate or gift tax laws, or the laws of any state, local or non-United States
taxing jurisdiction and under any applicable tax treaty.
For
purposes of the discussion below, a "U.S. Holder" is a beneficial owner of our ADSs or ordinary shares that is, for United
States federal income tax purposes:
●
an
                                            individual who is a citizen or resident of the United States;
●
a
                                            corporation (or other entity treated as a corporation for United States federal income tax
                                            purposes) created or organized in or under the laws of the United States, any state thereof
                                            or the District of Columbia;
●
an
                                            estate, the income of which is subject to United States federal income taxation regardless
                                            of its source; or
●
a
                                            trust, if (i) a court within the United States is able to exercise primary supervision
                                            over its administration and one or more United States persons have the authority to control
                                            all of its substantial decisions or (ii) in the case of a trust that was treated as
                                            a domestic trust on August 19, 1996 under the law in effect as of that date, a valid
                                            election is in place under applicable Treasury regulations to treat such trust as a domestic
                                            trust.
151
The
discussion below assumes that the representations contained in the deposit agreement and any related agreement is true and that the obligations
in such agreements will be complied with in accordance with their terms.
ADSs
If
you own our ADSs, then you should be treated as the owner of the underlying ordinary shares represented by those ADSs for United States
federal income tax purposes. Accordingly, deposits or withdrawals of ordinary shares for ADSs should not be subject to United States
federal income tax.
The
United States Treasury Department and the IRS have expressed concerns that intermediaries in the chain of ownership between the holder
of an ADS and the issuer of the security underlying the ADS may be taking actions that are inconsistent with the beneficial ownership
of the underlying security (for example, a pre-release of ADSs to persons that do not have beneficial ownership of the securities
underlying the ADSs). Such actions may be inconsistent with the claiming of the reduced rate of tax applicable to certain dividends received
by non-corporate U.S. Holders of ADSs, including individual U.S. Holders, and the claiming of foreign tax credits by U.S. Holders
of ADSs. Accordingly, among other things, the availability of foreign tax credits or the reduced tax rate for dividends received by non-corporate U.S.
Holders, each discussed below, could be affected by actions taken by intermediaries in the chain of ownership between the holder of an
ADS and our company, if as a result of such actions, the holders of ADSs are not properly treated as beneficial owners of ordinary shares.
Passive
Foreign Investment Company Considerations
A non-U.S. corporation,
such as our company, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year if either (i) 75% or more
of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets
(determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production
of passive income, or the asset test. Passive income generally includes, among other things, dividends, interest, rents, royalties, and
gains from the disposition of passive assets. Passive assets are those which give rise to passive income, and include assets held for
investment, as well as cash, assets readily convertible into cash, and working capital. The company's goodwill and other unbooked
intangibles are taken into account and may be classified as active or passive depending upon the relative amounts of income generated
by the company in each category. We will be treated as owning a proportionate share of the assets and earning a proportionate share of
the income of any other corporation in which we own, directly or indirectly, 25% or more (by value) of the stock. Although the law in
this regard is not entirely clear, we treat the consolidated VIEs as being owned by us for U.S. federal income tax purposes because we
control their management decisions and are entitled to substantially all of the economic benefits associated with them. As a result,
we consolidate their results of operations in our consolidated U.S. GAAP financial statements. If it were determined, however, that we
are not the owner of the consolidated VIEs for U.S. federal income tax purposes, we may be treated as a PFIC for the current taxable
year and any subsequent taxable year.
Assuming
that we are the owner of the consolidated VIEs for U.S. federal income tax purposes and based upon our current and projected income and
assets, we do not expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can be given in this
regard because the determination of whether we are or will become a PFIC is a factual determination made annually that will depend, in
part, upon the composition and classification of our income and assets. Because there are uncertainties in the application of the relevant
rules, it is possible that the IRS may challenge our classification of certain income and assets as non-passive, which may
result in our being or becoming classified as a PFIC in the current or subsequent years. Furthermore fluctuations in the market price
of our ADSs may cause us to be a PFIC for the current or future taxable years because the value of our assets for purposes of the asset
test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market price of our ADSs from
time to time (which may be volatile). Among other matters, if our market capitalization is less than anticipated or subsequently declines,
we may be or become a PFIC for the current or future taxable years. The composition of our income and assets may also be affected by
how, and how quickly, we use our liquid assets and the cash raised in the initial public offering. Under circumstances where our revenue
from activities that produce passive income significantly increases relative to our revenue from activities that produce non-passive income,
or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming a PFIC may substantially increase.
152
If
we are a PFIC for any year during which a U.S. Holder holds our ADSs or ordinary shares, we generally will continue to be treated as
a PFIC for all succeeding years during which such U.S. Holder holds our ADSs or ordinary shares unless, in such case, we cease to be
treated as a PFIC and such U.S. Holder makes a deemed sale election.
The
discussion below under "—Dividends" and "—Sale or Other Disposition" is written on the basis that
we will not be or become classified as a PFIC for U.S. federal income tax purposes. The U.S. federal income tax rules that apply generally
if we are treated as a PFIC are discussed below under "—Passive Foreign Investment Company Rules."
Dividends
Any
cash distributions paid on our ADSs or ordinary shares out of our current or accumulated earnings and profits, as determined under U.S.
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 ordinary shares, or by the depositary, in the case of ADSs. Because we
do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will
generally be treated as a "dividend" for U.S. federal income tax purposes. Dividends received on our ADSs or ordinary shares
will not be eligible for the dividends received deduction allowed to corporations in respect of dividends received from U.S. corporations.
Individuals
and other non-corporate U.S. Holders may be subject to tax on any such dividends at the lower capital gain tax rate applicable
to "qualified dividend income," provided that certain conditions are satisfied, including that (i) either (x) our
ADSs or ordinary shares on which the dividends are paid are readily tradable on an established securities market in the United States
or (y) we are eligible for the benefits of a comprehensive income 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,
(ii) we are neither a PFIC nor treated as such with respect to a U.S. Holder for the taxable year in which the dividend is paid
and the preceding taxable year, and (iii) certain holding period requirements are met. We have been approved for listing the ADSs
on the Nasdaq Global Market. Provided that this listing is approved, we believe that the ADSs should generally be considered to be readily
tradeable on an established securities market in the United States. There can be no assurance that the ADSs will be, or will in later
years continue to be, considered readily tradable on an established securities market. Because the ordinary shares will not be listed
on a U.S. exchange, we do not believe that dividends received with respect to ordinary shares that are not represented by ADSs will be
treated as qualified dividends. In the event we are deemed to be a PRC resident enterprise under EIT Law (see "—People's
Republic of China Taxation"), 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 (which the Secretary of Treasury of the United States has determined is satisfactory for this
purpose). U.S. Holders are urged to consult their tax advisors regarding the availability of the lower rate for dividends paid with respect
to the ADSs or ordinary shares.
For
U.S. foreign tax credit purposes, dividends paid on our ADSs or ordinary shares will generally be treated as income from foreign sources
and will generally constitute passive category income. The rules governing the foreign tax credit are complex and U.S. Holders are urged
to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.
153
Sale
or Other Disposition
A
U.S. Holder will generally recognize gain or loss upon the sale or other disposition of ADSs or 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 ordinary shares.
Such gain or loss will generally be capital gain or loss. Any such capital gain or loss will be long term if the ADSs or ordinary shares
have been held for more than one year. Non-corporate U.S. Holders (including individuals) generally will be subject to United
States federal income tax on long-term capital gain at preferential rates. The deductibility of a capital loss may be subject to limitations.
Any such gain or loss that the U.S. Holder recognizes will generally be treated as U.S. source income or loss for foreign tax credit
limitation purposes, which could limit the availability of foreign tax credits. Each U.S. Holder is advised to consult its tax advisor
regarding the tax consequences if a foreign tax is imposed on a disposition of our ADSs or ordinary shares, including the applicability
of any tax treaty and the availability of the foreign tax credit under its particular circumstances.
Passive
Foreign Investment Company Rules
If
we are classified as a PFIC for any taxable year during which a U.S. Holder holds our ADSs or ordinary shares, and unless the U.S. Holder
makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) 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 percent 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 ordinary shares), and (ii) any gain realized on the sale or other disposition,
including, under certain circumstances, a pledge, of ADSs or ordinary shares. Under the PFIC rules:
●
the
                                            excess distribution or gain will be allocated ratably over the U.S. Holder's holding
                                            period for the ADSs or ordinary shares;
●
the
                                            amount allocated to the taxable year of distribution or gain 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 (each, a "pre-PFIC year") will be taxable as ordinary income; and
●
the
                                            amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject
                                            to tax at the highest tax rate in effect for individuals or corporations, as appropriate,
                                            for that year, increased by an additional tax equal to the interest on the resulting tax
                                            deemed deferred with respect to each such taxable year.
As
an alternative to the foregoing rules, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election
with respect to such stock. If a U.S. Holder makes this election with respect to our ADSs, the holder will generally (i) 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 (ii) 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 such deduction will only be allowed
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 a mark-to-market election in respect of our ADSs and we cease to be classified as a PFIC, the holder
will not be required to take into account the gain or loss described above during any period that we are not classified as a PFIC. If
a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our
ADSs in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will
only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.
154
The mark-to-market election
is available only for "marketable stock," which is stock that is traded in other than de minimis quantities on at least 15
days during each calendar quarter, or regularly traded, on a qualified exchange or other market, as defined in applicable United States
Treasury regulations. We expect that our ADSs being listed on the Nasdaq Global Market, but not our ordinary shares, will be treated
as marketable stock. We anticipate that our ADSs should qualify as being regularly traded, but no assurances may be given in this regard.
Because
a mark-to-market election cannot technically be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to
be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated
as an equity interests in a PFIC for U.S. federal income tax purposes.
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 (and generally less adverse than) the general tax treatment for PFICs described above.
Dividends
that we pay on our ADS or 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. If a U.S. Holder owns our
ADSs or ordinary shares during any taxable year that we are a PFIC, the holder must generally file an annual IRS Form 8621. You should
consult your tax advisor regarding the U.S. federal income tax consequences of owning and disposing of our ADSs or ordinary shares if
we are or become a PFIC.
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"
(as defined in the Code), including shares issued by a non-U.S. 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 U.S. 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 generally apply to payments of dividends
on, and proceeds from the sale or other disposition of, ADSs or ordinary shares made 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 sale or other disposition of, ADSs or ordinary shares 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.
155
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 information reporting and backup withholding rules to their particular circumstances.
F.
Dividends and Paying Agents
Not
applicable.
G.
Statements by Experts
Not
applicable.
H.
Documents on Display
We
previously filed with the SEC our registration statement on Form F-1, as amended, to register our ordinary shares in relation to
our initial public offering. We have also filed with the SEC a related registration statement on F-6 (Registration No. 333-249010)
to register the ADSs.
We
are subject to periodic reporting and other information requirements of the Exchange Act as applicable to foreign private issuers. Accordingly,
we are required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information
filed with the SEC can be obtained over the internet at the SEC's website at
www.sec.gov
or inspected and copied at
the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of documents,
upon payment of a duplicating fee, by writing to the SEC.
As
a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content
of 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. However, we will transmit to the depositary annual and semi-annual reports prepared in accordance with the applicable
requirements of the SEC, to the extent such notices, reports and communications are not available on our website or are not otherwise
publicly available, 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, if we so request,
will provide copies thereof to all record holders of ADSs.
I.
Subsidiary Information
Not
applicable.
156
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign
Exchange 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 affect 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 initial public 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.
It
is difficult to predict how market forces, PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. Dollar
in the future.
See
"Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Fluctuations in exchange rates
may result in foreign currency exchange losses and may have material adverse effect on your investment."
Credit
and concentration risk
Financial
instruments, including cash and cash equivalents, short-term investments, prepayments and accounts receivable, potentially subject us
to credit risks. As of December 31, 2022, our cash and cash equivalents were held by reputable financial institutions with high-credit
ratings and quality. As a result, we do not have significant credit risk associated with the cash and cash equivalents and short-term
investments. We do not have significant concentrations of credit risk associated with prepayments. We have not experienced any significant
recoverability issue with respect to our accounts receivable and periodically evaluate the creditworthiness of the existing customers
in determining an allowance for doubtful accounts primarily based on the age of receivables as well as other factors.
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.
157
D.
American Depositary Shares
Fees
and Charges Our ADS Holders May Have to Pay
As
an ADS holder, you will be required to pay the following under the terms of the deposit agreement:
Service
Fees
(1)
Issuance of ADSs
    (e.g., an issuance of ADS upon a deposit of ordinary shares, upon a change in the ADS(s)-to ordinary shares ratio, or for any other
    reason), excluding ADS issuances as a result of distributions of ordinary shares)
Up to U.S.$5.00
    per 100 ADSs issued
(2)
Cancelation of ADSs (e.g.,
    a cancelation of ADSs for delivery of deposited property, upon a change in the ADS(s)-to-ordinary shares ratio, or for any other
    reason)
Up to U.S.$5.00 per 100 ADSs
    canceled
(3)
Distribution of cash dividends
    or other cash distributions (e.g., upon a sale of rights and other entitlements)
Up to U.S.$5.00 per 100 ADSs
    held
(4)
Distribution of ADSs pursuant
    to (i) stock dividends or other free stock distributions, or (ii) exercise of rights to purchase additional ADSs
Up to U.S.$5.00 per 100 ADSs
    held
(5)
Distribution of securities
    other than ADSs or rights to purchase additional ADSs (e.g., upon a spin-off)
Up to U.S.$5.00 per 100 ADSs
    held
(6)
ADS Services
Up to U.S.$5.00 per 100 ADSs
    held on the applicable record date(s) established by the depositary
(7)
Registration of ADS transfers
    (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for
    any other reason)
Up to U.S.$5.00 per 100 ADSs
    (or fraction thereof) transferred
(8)
Conversion of ADSs of one
    series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion
    of Restricted ADSs (each as defined in the Deposit Agreement) into freely transferable ADSs, and vice versa).
Up to U.S.$5.00 per 100 ADSs
    (or fraction thereof) transferred
As
an ADS holder, you will also be responsible to pay certain charges such as:
●
taxes
                                            (including applicable interest and penalties) and other governmental charges;
●
the
                                            registration fees as may from time to time be in effect for the registration of ordinary
                                            shares on the share register and applicable to transfers of ordinary shares to or from the
                                            name of the custodian, the depositary or any nominees upon the making of deposits and withdrawals,
                                            respectively;
●
certain
                                            cable, telex and facsimile transmission and delivery expenses;
●
the
                                            fees, expenses, spreads, taxes and other charges of the depositary and/or service providers
                                            (which may be a division, branch or affiliate of the depositary) in the conversion of foreign
                                            currency;
●
the
                                            reasonable and customary out-of-pocket expenses incurred by the depositary in connection
                                            with compliance with exchange control regulations and other regulatory requirements applicable
                                            to ordinary shares, ADSs and ADRs; and
●
the
                                            fees, charges, costs and expenses incurred by the depositary, the custodian, or any nominee
                                            in connection with the ADR program.
ADS
fees and charges for (i) the issuance of ADSs, and (ii) the cancelation of ADSs are charged to the person for whom the ADSs
are issued (in the case of ADS issuances) and to the person for whom ADSs are canceled (in the case of ADS cancelations). In the case
of ADSs issued by the depositary into DTC, the ADS issuance and cancelation fees and charges may be deducted from distributions made
through DTC, and may be charged to the DTC participant(s) receiving the ADSs being issued or the DTC participant(s) holding the ADSs
being canceled, as the case may be, on behalf of the beneficial owner(s) and will be charged by the DTC participant(s) to the account
of the applicable beneficial owner(s) in accordance with the procedures and practices of the DTC participants as in effect at the time.
ADS fees and charges in respect of distributions and the ADS service fee are charged to the holders as of the applicable ADS record date.
In the case of distributions of cash, the amount of the applicable ADS fees and charges is deducted from the funds being distributed.
In the case of (i) distributions other than cash and (ii) the ADS service fee, holders as of the ADS record date will be invoiced
for the amount of the ADS fees and charges and such ADS fees and charges may be deducted from distributions made to holders of ADSs.
For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions
made through DTC, and may be charged to the DTC participants in accordance with the procedures and practices prescribed by DTC and the
DTC participants in turn charge the amount of such ADS fees and charges to the beneficial owners for whom they hold ADSs. In the case
of (i) registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose ADSs are being transferred or
by the person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series for ADSs of another series, the ADS conversion
fee will be payable by the Holder whose ADSs are converted or by the person to whom the converted ADSs are delivered.
In
the event of refusal to pay the depositary fees, the depositary may, under the terms of the deposit agreement, refuse the requested service
until payment is received or may set off the amount of the depositary fees from any distribution to be made to the ADS holder. Certain
depositary fees and charges (such as the ADS services fee) may become payable shortly after the closing of the ADS offering. Note that
the fees and charges you may be required to pay may vary over time and may be changed by us and by the depositary. You will receive prior
notice of such changes.
Fees
and Other Payments Made by the Depositary to Us
The
depositary has agreed to share with us certain fees payable to the depositary by holders of ADSs. For the year ended December 31,
2022, we did not receive any payment from the depositary in reimbursements relating to the establishment and maintenance of the ADS program.
158
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—B. Memorandum and Articles of Association—Ordinary Shares" for a description
of the rights of securities holders, which remain unchanged.
Use
of Proceeds
The
following "Use of Proceeds" information relates to (i) the registration statement on Form F-1, as amended (File
Number: 333-248691) in relation to our initial public offering of 3,333,400 ADSs representing 16,667,000 ordinary shares, at an initial
offering price of US$9.25 per ADS. AMTD Global Markets Limited and Loop Capital Markets LLC were the representatives of the underwriters
for our initial public offering.
The
F-1 Registration Statement became effective on September 30, 2020. From the period from the date that the Form F-1 was declared
effective by the SEC, to December 31, 2020, the total expenses incurred for our company's account in connection with our initial
public offering was approximately US$4.8 million, which included approximately US$2.2 million in underwriting discounts and
commissions for the initial public offering, approximately US$440,000 in expenses paid to or for the underwriters as reimbursements,
and approximately US$2.2 million in other costs and expenses for our initial public offering. As a result of our initial public
offering, we raised an aggregate of approximately US$26.2 million in net proceeds, after deducting related costs and expenses. 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.
From
the period from September 30, 2020, the date that the Form F-1 was declared effective by the SEC, to December 31, 2022, we
had not used any of the net proceeds received from our initial public offering. 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.
We
still intend to use the proceeds from our initial public offering, as disclosed in our registration statement on Form F-1.
ITEM 15.
CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
Our
management, including our chief executive officer and chief financial officer, has performed an evaluation of the effectiveness of our
disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) as
of the end of the period covered by this annual report on Form 20-F, as required by Rule 13a-15(b) under the Exchange
Act.
159
Based
on that evaluation, our management concluded that, as of December 31, 2022, our disclosure controls and procedures were effective
in ensuring that the information required to be disclosed by us in the reports that we file and furnish under the Exchange Act was recorded,
processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and that the information
required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management,
including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure.
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 defined in Rules13a-15(f)
and 15d-15(f) promulgated under the Exchange Act. Internal control over financial reporting includes those policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of our assets; (ii ) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations
of our management or our board of directors; and (iii) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of our assets that could have a material effect on our interim or annual consolidated financial
statements.
Because
of its inherent limitations, internal control over financial reporting can provide only reasonable assurance with respect to consolidated
financial statement preparation and presentation and 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 that
the degree of compliance with the policies or procedures may deteriorate.
Our
management, including our chief executive officer and chief financial officer, evaluated the effectiveness of our internal control over
financial reporting using the criteria established in the framework in Internal Control-Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded that the material
weaknesses identified during the fiscal years ended December 31, 2019 and 2020 have been remediated, the internal control over financial
reporting was effective as of December 31, 2021 and 2022.
Attestation
Report of the Independent Registered Public Accounting Firm
This
annual report does not include an attestation report of our company's independent registered public accounting firm because we
qualify as an emerging growth company as such term is defined in the JOBS Act as of December 31, 2022.
An
emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally
to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley
Act of 2002, in the assessment of the emerging growth company's internal control over financial reporting.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal controls over financial reporting that occurred during the period covered by this annual report on Form
20-F that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
160
ITEM 16.
[RESERVED]
ITEM 16.A.
AUDIT COMMITTEE FINANCIAL EXPERT
Our
audit committee consists of three members and is chaired by Mr. Teck Yong Heng. Each of Mr. Teck Yong Heng and Mr. Yan
Kit Lee satisfies the "independence" requirements of the listing rules of Nasdaq Global Market and meet the independence
standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Teck Yong Heng qualifies as an "audit
committee financial expert."
ITEM 16.B.
CODE OF ETHICS
Our
board of directors adopted a code of business conduct and ethics that applies to our directors, officers, employees and advisors. We
have posted a copy of our code of business conduct and ethics on our website at
www.lixiangeh.com
.
ITEM 16.C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by the categories specified in connection with certain professional services rendered by
PricewaterhouseCoopers Zhong Tian LLP, our independent registered public accounting firm for the fiscal years ended December 31,
2020, and by WWC, P.C., our independent registered public accounting firm for the fiscal year ended December 31, 2021 and 2022.
We did not pay any other fees to our auditors during the periods indicated below.
For
    the year ended December 31,
2020
2021
2022
Audit
    fees
(1)
RMB7,224,898.57
(US$1,107,281.1)
RMB1,274,200
(US$200,000)
RMB1,862,244
(US$270,000)
Tax fees
(2)
RMB79,179.69
(US$12,135)
(1)
"Audit
                                            fees" represent the aggregate fees for professional services rendered by our principal
                                            auditors for the review of our interim consolidated financial statements, the audit of our
                                            annual consolidated financial statements and/or services that are normally provided by the
                                            auditors in connection with statutory and regulatory filings or engagements.
(2)
"Tax
                                            fees" represent the aggregate fees for professional services rendered by our principal
                                            auditors for tax compliance, tax advice and tax planning.
The
policy of our audit committee is to pre-approve all audit and non-audit services to be provided by WWC, P.C., including audit services,
audit-related services, tax services and other services as are described above, other than those for de minimis services which are approved
by the audit committee prior to the completion of the audit.
ITEM 16.D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
As
described under Item 16G, we have relied on and intend to continue relying on home country practice, our audit committee consists of
three members (two of whom are independent directors and one of whom is an executive director), although all of the members of the audit
committee must be independent under the Exchange Act within one year of the initial public offering. As the majority of the audit committee
consists of independent directors, our reliance on such exemption will not materially adversely affect the ability of the audit committee
to act independently.
ITEM 16.E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
ITEM 16.F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
On
November 10, 2021, we dismissed PricewaterhouseCoopers Zhong Tian LLP as our independent registered public accounting firm in connection
with the audit of our consolidated financial statements for the two most recent fiscal years ended December 31, 2019 and 2020. The
audit report of PricewaterhouseCoopers Zhong Tian LLP on the consolidated financial statements of the Company as of December 31,
2019 and 2020 and for the fiscal years ended December 31, 2019 and 2020 did not contain an adverse opinion or disclaimer of opinion
and was not qualified or modified as to uncertainty, audit scope or accounting principles. The decision to change independent registered
public accounting firm was recommended and approved by the audit committee and the board of directors of the Company.
161
During
the fiscal years ended December 31, 2019 and 2020 and any subsequent interim period (as applicable) preceding the dismissal, there
were no disagreements, as defined in Item 16F(a)(1)(iv) of Form 20-F, between us and PricewaterhouseCoopers Zhong Tian LLP on any matter
of accounting matters, accounting principles or practices, financial statement disclosure, or auditing scope or procedure. There were
no reportable events as defined in Item 16F(a)(1)(v)(A)-(D) of Form 20-F, other than as disclosed in this Item 16F and the material weakness
in our internal control over financial reporting as disclosed in our annual report on Form 20-F for the fiscal year ended December 31,
2020 filed with the SEC on April 30, 2021.
On
November 10, 2021, we engaged WWC, P.C., as our independent registered public accounting firm for the fiscal year ended December 31,
2021. We also appointed WWC, P.C. to re-audit the consolidated financial statements for the two most recent fiscal years ended December 31,
2019 and 2020. The engagement of WWC, P.C. was approved by our audit committee and the board of directors. During the fiscal years ended
December 31, 2019 and 2020 and any subsequent interim periods (as applicable) prior to the engagement of WWC, P.C., neither we,
nor someone on our behalf, have consulted WWC, P.C. regarding:
a.
the
                                            application of accounting principles to a specified transaction, either completed or proposed;
                                            or the type of audit opinion that might be rendered on our consolidated financial statements,
                                            and neither a written report was provided to us or oral advice was provided that WWC, P.C.
                                            concluded was an important factor considered by us in reaching a decision as to the accounting,
                                            auditing or financial reporting issue; or
b.
any
                                            matter that was the subject of a disagreement, or any reportable event as described above.
We
provided PricewaterhouseCoopers Zhong Tian LLP and WWC, P.C. with a copy of the foregoing disclosure, and requested that each of PricewaterhouseCoopers
Zhong Tian LLP and WWC, P.C. furnish us with a letter addressed to the SEC stating whether it agrees with the above statements that relate
to them, and if not, stating the respects in which it does not agree. We have received the requested letters from WWC, P.C. and PricewaterhouseCoopers
Zhong Tian LLP, copies of which are included as Exhibit 15.3 and Exhibit 15.4 to the annual report on Form 20-F for the fiscal year ended
December 31, 2021 filed with the SEC on April 29, 2022.
ITEM 16.G.
CORPORATE GOVERNANCE
As
a Cayman Islands exempted company listed on Nasdaq, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq
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 the Nasdaq corporate governance
listing standards. Currently, we have relied on and intend to continue to rely on some of our home country exemptions for corporate governance
matters. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate
governance listing standards. As a result, you may not be provided with the benefits of certain corporate governance requirements
of the Nasdaq Global Market. See "Item 3. Key Information—D. Risk Factors—Risks Relating to Our 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 the Nasdaq Global Market listing standards; these practices may afford less protection to shareholders
than they would enjoy if we complied fully with the Nasdaq Global Market listing standards."
ITEM 16.H.
MINE SAFETY DISCLOSURE
Not
applicable.
ITEM 16.I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
162
PART III
ITEM 17.
FINANCIAL STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM 18.
FINANCIAL STATEMENTS
The
consolidated financial statements of Lixiang Education Holding Co., Ltd., its subsidiaries and its consolidated Variable Interest Entities
are included at the end of this annual report on Form 20-F.
ITEM 19.
EXHIBITS
EXHIBIT INDEX
Exhibit
Number
Description of Document
1.1
Second
    Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.2
    to the Amendment No. 3 to registration statement on Form F-1 (File No. 333-248691), filed with the Securities and
    Exchange Commission on September 30, 2020)
2.1
Form
    of Registrant's Specimen American Depositary Receipt (included in Exhibit 2.3)
2.2
Registrant's
    Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit  4.2 to the Amendment No. 1 to registration
    statement on Form F-1 (File No.  333-248691), filed with the Securities and Exchange Commission on September 22, 2020)
2.3
Form
    of Deposit Agreement by and among the Registrant, the Depositary, and the Holders and Beneficial Owners of the American Depositary
    Shares (incorporated herein by reference to Exhibit (a) to the Pre-Effective Amendment No. 1 to Form F-6 registration
    statement (File No. 333-249010), filed with the Securities and Exchange Commission on September 30, 2020)
2.4*
Description
    of securities of the Registrant registered under Section 12 of the Securities Exchange Act of 1934
4.1
2020
    Equity Incentive Plan (incorporated herein by reference to Exhibit 10.30 to the registration statement on Form F-1 (File
    No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.2
Form of
    Restricted Share Agreement (incorporated herein by reference to Exhibit  10.31 to the registration statement on Form F-1
    (File No.  333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.3
Form of
    Option Agreement (incorporated herein by reference to Exhibit  10.32 to the registration statement on Form F-1 (File No. 
    333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.4
Form 
    of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated herein by reference to
    Exhibit 10.1 to the registration statement on Form  F-1 (File No. 333-248691), as amended, initially filed with the
    Securities and Exchange Commission on September 9, 2020)
4.5
Form 
    of Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.2
    to the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September 9, 2020)
4.6
English
    translation of Business Cooperation Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Liandu Foreign Languages School,
    the Kindergarten of Liandu Foreign Languages School, Zhejiang Lishui Mengxiang Education Development Co., Ltd., Ye Fen, Ye Fang and
    Ye Hong dated October 13, 2018 (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1
    (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.7
English
    translation of Supplemental Agreement of Business Cooperation Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd.,
    Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang Lishui Mengxiang Education Development
    Co., Ltd., and Ye Fen, Ye Fang and Ye Hong dated November 29, 2018 (incorporated herein by reference to Exhibit 10.4 to
    the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September 9, 2020)
4.8
English
    translation of Exclusive Technical Service and Business Consulting Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd.
    and Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang Lishui Mengxiang Education
    Development Co., Ltd. dated October 13, 2018 (incorporated herein by reference to Exhibit 10.5 to the registration statement
    on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9,
    2020)
163
4.9
English
    translation of Supplemental Agreement of Exclusive Technical Service and Business Consulting Agreement, among Zhejiang Mengxiang
    Consulting Services Co., Ltd. and Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang
    Lishui Mengxiang Education Development Co., Ltd. dated November 29, 2018 (incorporated herein by reference to Exhibit 10.6
    to the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September 9, 2020)
4.10
English
    translation of the Second Supplemental Agreement of Exclusive Technical Service and Business Consulting Agreement, among Zhejiang
    Mengxiang Consulting Services Co., Ltd. and Liandu Foreign Languages School, and Zhejiang Lishui Mengxiang Education Development
    Co., Ltd. dated March 29, 2019 (incorporated herein by reference to Exhibit 10.7 to the registration statement on Form F-1
    (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.11
English
    translation of Exclusive Call Option Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Ye Fen, Ye Fang and Ye Hong,
    and Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang Lishui Mengxiang Education
    Development Co., Ltd. dated October 13, 2018 (incorporated herein by reference to Exhibit 10.8 to the registration statement
    on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9,
    2020)
4.12
English
    translation of Supplemental Agreement of Exclusive Call Option Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd.,
    Ye Fen, Ye Fang and Ye Hong, and Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang
    Lishui Mengxiang Education Development Co., Ltd. dated November 29, 2018 (incorporated herein by reference to Exhibit 10.9
    to the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September 9, 2020)
4.13
English
    translation of Equity Pledge Agreement, among Ye Fen, Ye Fang, Ye Hong, and Zhejiang Lishui Mengxiang Education Development Co.,
    Ltd. and Zhejiang Mengxiang Consulting Services Co., Ltd. dated October 13, 2018. (incorporated herein by reference to Exhibit 10.10
    to the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September 9, 2020)
4.14
English
    translation of Supplemental Agreement of the Equity Pledge Agreement, among Ye Fen, Ye Fang, Ye Hong and Zhejiang Lishui Mengxiang
    Education Development Co., Ltd. and Zhejiang Mengxiang Consulting Services Co., Ltd. dated November 29, 2018 (incorporated herein
    by reference to Exhibit 10.11 to the registration statement on Form F-1 (File No. 333-248691), as amended, initially
    filed with the Securities and Exchange Commission on September 9, 2020)
4.15
English
    translation of Proxy Agreement for Shareholders granted by Ye Fen, Ye Fang and Ye Hong to Zhejiang Mengxiang Consulting Services
    Co., Ltd. regarding Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated October 13, 2018 (incorporated herein by
    reference to Exhibit 10.12 to the registration statement on Form F-1 (File No. 333-248691), as amended, initially
    filed with the Securities and Exchange Commission on September 9, 2020)
4.16
English
    translation of Supplemental Agreement of the Proxy Agreement for Shareholders granted by Ye Fen, Ye Fang and Ye Hong to Zhejiang
    Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated November 29,
    2018 (incorporated herein by reference to Exhibit 10.13 to the registration statement on Form F-1 (File No. 333-248691),
    as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.17
English
    translation of Power of Attorney granted by Ye Fen to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui
    Mengxiang Education Development Co., Ltd. dated October 13, 2018 (incorporated herein by reference to Exhibit 10.14 to
    the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September 9, 2020)
4.18
English
    translation of Power of Attorney granted by Ye Fang to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui
    Mengxiang Education Development Co., Ltd. dated October 13, 2018 (incorporated herein by reference to Exhibit 10.15 to
    the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September 9, 2020)
4.19
English
    translation of Power of Attorney granted by Ye Hong to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui
    Mengxiang Education Development Co., Ltd. dated October 13, 2018 (incorporated herein by reference to Exhibit 10.16 to
    the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange
    Commission on September 9, 2020)
4.20
English
    translation of Proxy Agreement for School's Sponsors and Directors, granted by Zhejiang Lishui Mengxiang Education Development
    Co., Ltd. and Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang and Shi Jixing, to Zhejiang Mengxiang Consulting Services Co., Ltd.
    regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School, dated October 13, 2018 (incorporated
    herein by reference to Exhibit 10.17 to the registration statement on Form F-1 (File No. 333-248691), as amended,
    initially filed with the Securities and Exchange Commission on September 9, 2020)
4.21
English
    translation of Supplemental Agreement of the Proxy Agreement for School's Sponsors and Directors granted by Zhejiang Lishui
    Mengxiang Education Development Co., Ltd. and Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang and Shi Jixing, to Zhejiang to Mengxiang
    Consulting Services Co., Ltd. regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School,
    dated November 29, 2018 (incorporated herein by reference to Exhibit 10.18 to the registration statement on Form F-1
    (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
164
4.22
English
    translation of Power of Attorney for the School's Sponsor granted by Zhejiang Lishui Mengxiang Education Development Co., Ltd.
    to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Liandu Foreign Languages School dated November 29, 2018 (incorporated
    herein by reference to Exhibit 10.19 to the registration statement on Form F-1 (File No. 333-248691), as amended,
    initially filed with the Securities and Exchange Commission on September 9, 2020)
4.23
English
    translation of Power of Attorney granted by Ye Fen to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages
    School dated November 29, 2018 (incorporated herein by reference to Exhibit 10.20 to the registration statement on Form F-1
    (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.24
English
    translation of Power of Attorney granted by Wei Biao to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages
    School dated November 29, 2018 (incorporated herein by reference to Exhibit 10.21 to the registration statement on Form F-1
    (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.25
English
    translation of Power of Attorney granted by Ye Fang to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages
    School dated November 29, 2018 (incorporated herein by reference to Exhibit 10.22 to the registration statement on Form F-1
    (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.26
English
    translation of Power of Attorney granted by Ye Hong to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages
    School dated November 29, 2018 (incorporated herein by reference to Exhibit 10.23 to the registration statement on Form F-1
    (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.27
English
    translation of Power of Attorney granted by Chen Guoliang to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign
    Languages School dated November 29, 2018 (incorporated herein by reference to Exhibit 10.24 to the registration statement
    on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9,
    2020)
4.28
English
    translation of Spouse Undertaking, granted by Wei Biao, the spouse of Ye Fen, to Ye Fen regarding Zhejiang Lishui Mengxiang Education
    Development Co., Ltd., dated November 29, 2018 (incorporated herein by reference to Exhibit 10.25 to the registration statement
    on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9,
    2020)
4.29
English
    translation of Spouse Undertaking, granted by Chen Jianjun, the spouse of Ye Fang, to Ye Fang regarding Zhejiang Lishui Mengxiang
    Education Development Co., Ltd. dated November 29, 2018 (incorporated herein by reference to Exhibit 10.26 to the registration
    statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on
    September 9, 2020)
4.30
English
    translation of Spouse Undertaking, granted by Ji Hongfeng, the spouse of Ye Hong, to Ye Hong regarding Zhejiang Lishui Mengxiang
    Education Development Co., Ltd. dated November 29, 2018 (incorporated herein by reference to Exhibit 10.27 to the registration
    statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on
    September 9, 2020)
4.31
English
    translation of Loan Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd. and Zhejiang Lishui Mengxiang Education Development
    Co., Ltd. regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School dated October 13,
    2018 (incorporated herein by reference to Exhibit 10.28 to the registration statement on Form F-1 (File No. 333-248691),
    as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.32
English
    translation of Supplemental Agreement of Loan Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd. and Zhejiang Lishui
    Mengxiang Education Development Co., Ltd. regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages
    School dated November 29, 2018 (incorporated herein by reference to Exhibit 10.29 to the registration statement on Form F-1
    (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
4.33
English
    translation of the Equity Transfer Agreement, between Zhejiang Mengxiang Consultancy Services Co., Ltd., Gamefield Hong Kong Limited
    and Li Qiang dated January 27, 2021 (incorporated herein by reference to Exhibit 4.33 to the annual report on Form 20-F (File
    No. 001-39559), filed with the Securities and Exchange Commission on April 30, 2021)
4.34
English
    translation of the Investment Cooperation Agreement, between Lishui Mengxiang, Beijing S.K. and certain other parties affiliated
    with Beijing S.K. regarding the acquisition of the controlling stake in Beijing S.K. dated July 27, 2021 (incorporated herein
    by reference to Exhibit 4.34 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange
    Commission on April 29, 2022)
4.35
English
    translation of the Sponsorship Interest Transfer Agreement, between Lishui Mengxiang and Qingtian Zhongyi Education Investment regarding
    the acquisition of 100% of the sponsorship interest of Qingtian International School dated August 18, 2021 (incorporated herein
    by reference to Exhibit 4.35 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange
    Commission on April 29, 2022)
165
4.36
English
    translation of the Investment Cooperation Agreement, between Lishui Mengxiang and Beijing R.R.Z. regarding the formation of Beijing
    Xinxiang dated January 18, 2022 (incorporated herein by reference to Exhibit 4.36 to the annual report on Form 20-F (File No. 001-39559),
    filed with the Securities and Exchange Commission on April 29, 2022)
4.3
7
English
    translation of Supplementary Agreement of the Investment Cooperation Agreement, between Lishui Mengxiang, Beijing S.K., Beijing P.X.
    and certain other parties affiliated with Beijing S.K. regarding the partial conversion of the previously issued convertible debt
    dated April 18, 2022 (incorporated herein by reference to Exhibit 4.37 to the annual report on Form 20-F (File No. 001-39559),
    filed with the Securities and Exchange Commission on April 29, 2022)
4.38
English
    translation of Acknowledgment Agreement of Contractual Agreements, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian
    Overseas Chinese International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. And certain other parties dated
    April 20, 2022 (incorporated herein by reference to Exhibit 4.38 to the annual report on Form 20-F (File No. 001-39559),
    filed with the Securities and Exchange Commission on April 29, 2022)
4.39
English
    translation of the Business Cooperation Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese
    International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated April 20, 2022
    (incorporated herein by reference to Exhibit 4.39 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities
    and Exchange Commission on April 29, 2022)
4.40
English
    translation of the Exclusive Technical Service and Business Consulting Agreement, between Zhejiang Mengxiang Consulting Services
    Co., Ltd. Qingtian Overseas Chinese International School and Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated April 20,
    2022 (incorporated herein by reference to Exhibit 4.40 to the annual report on Form 20-F (File No. 001-39559), filed with the
    Securities and Exchange Commission on April 29, 2022)
4.41
English
    translation of Exclusive Call Option Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese
    International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated April 20, 2022
    (incorporated herein by reference to Exhibit 4.41 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities
    and Exchange Commission on April 29, 2022)
4.42
English
    translation of the Equity Pledge Agreement, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang Mengxiang
    Consulting Services Co., Ltd., Ye Fen, Ye Fang and Ye Hong dated April 20, 2022 (incorporated herein by reference to Exhibit
    4.42 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on April 29,
    2022)
4.43
English
    translation of the Proxy Agreement for Shareholders, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang
    Mengxiang Consulting Services Co., Ltd., Ye Fen, Ye Fang and Ye Hong dated April 20, 2022 (incorporated herein by reference
    to Exhibit 4.43 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on
    April 29, 2022)
4.44
English
    translation of the Power of Attorney signed by Ye Fen as a shareholder dated April 20, 2022 (incorporated herein by reference
    to Exhibit 4.44 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on
    April 29, 2022)
4.45
English
    translation of the Power of Attorney signed by Ye Fang as a shareholder dated April 20, 2022 (incorporated herein by reference
    to Exhibit 4.45 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on
    April 29, 2022)
4.46
English
    translation of the Power of Attorney signed by Ye Hong as a shareholder dated April 20, 2022 (incorporated herein by reference
    to Exhibit 4.46 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on
    April 29, 2022)
4.47
English
    translation of the Proxy Agreement for School's Sponsor and Council Members, between Zhejiang Lishui Mengxiang Education Development
    Co., Ltd., Qingtian Overseas Chinese International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain
    other parties dated April 20, 2022 (incorporated herein by reference to Exhibit 4.47 to the annual report on Form 20-F (File
    No. 001-39559), filed with the Securities and Exchange Commission on April 29, 2022)
4.48
English
    translation of the Power of Attorney for School's Sponsor signed by Zhejiang Lishui Mengxiang Education Development Co., Ltd.
    dated April 20, 2022 (incorporated herein by reference to Exhibit 4.48 to the annual report on Form 20-F (File No. 001-39559),
    filed with the Securities and Exchange Commission on April 29, 2022)
4.49
English
    translation of the Power of Attorney signed by Ye Fen as a counsil member dated April 20, 2022 (incorporated herein by reference
    to Exhibit 4.49 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on
    April 29, 2022)
4.50
English
    translation of the Power of Attorney signed by Ye Hong as a counsil member dated April 20, 2022 (incorporated herein by reference
    to Exhibit 4.50 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on
    April 29, 2022)
166
4.51
English
    translation of the Power of Attorney signed by Ye Fang as a counsil member dated April 20, 2022 (incorporated herein by reference
    to Exhibit 4.51 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on
    April 29, 2022)
4.52
English
    translation of the Power of Attorney signed by Li Haibo as a counsil member dated April 20, 2022 (incorporated herein by reference
    to Exhibit 4.52 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on
    April 29, 2022)
4.53
English
    translation of the Power of Attorney signed by Yao Jianwei as a counsil member dated April 20, 2022 (incorporated herein by
    reference to Exhibit 4.53 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission
    on April 29, 2022)
4.54
English
    translation of the Spouse Undertaking signed by Wei Biao dated April 20, 2022 (incorporated herein by reference to Exhibit 4.54
    to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on April 29,
    2022)
4.55
English
    translation of the Spouse Undertaking signed by Chen Jianjun dated April 20, 2022 (incorporated herein by reference to Exhibit
    4.55 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on April 29,
    2022)
4.56
English
    translation of the Spouse Undertaking signed by Ji Hongfeng dated April 20, 2022 (incorporated herein by reference to Exhibit
    4.56 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on April 29,
    2022)
4.57
English
    translation of the Loan Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Zhejiang Lishui Mengxiang Education Development
    Co., Ltd. and Qingtian Overseas Chinese International School dated April 20, 2022 (incorporated herein by reference to Exhibit
    4.57 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on April 29,
    2022)
4.58
English
    translation of the Supplemental Agreement on the Transfer of the Target Company with Beijing S.K., Beijing P.X. and certain other
    parties, in respect of the confirmation on consolidating Beijing P.X. into the 2022 consolidated financial statements dated April 24,
    2022 (incorporated herein by reference to Exhibit 4.58 to the annual report on Form 20-F (File No. 001-39559), filed with the
    Securities and Exchange Commission on April 29, 2022)
4.59*
English
    translation of the Business Cooperation Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese
    International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated January 31, 2023
4.60*
English
    translation of the Exclusive Technical Service and Business Consulting Agreement, between Zhejiang Mengxiang Consulting Services
    Co., Ltd. Qingtian Overseas Chinese International School and Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated January
    31, 2023
4.61*
English
    translation of Exclusive Call Option Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese
    International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated January 31, 2023
4.62*
English
    translation of the Equity Pledge Agreement, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang Mengxiang
    Consulting Services Co., Ltd., Ye Fen and Ye Hong dated January 31, 2023
4.63*
English
    translation of the Proxy Agreement for Shareholders, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang
    Mengxiang Consulting Services Co., Ltd., Ye Fen and Ye Hong dated January 31, 2023
4.64*
English
    translation of the Power of Attorney signed by Ye Fen as a shareholder dated January 31, 2023
4.65*
English
    translation of the Power of Attorney signed by Ye Hong as a shareholder dated January 31, 2023
4.66*
English
    translation of the Proxy Agreement for School's Sponsor and Council Members, between Zhejiang Lishui Mengxiang Education Development
    Co., Ltd., Qingtian Overseas Chinese International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain
    other parties dated January 31, 2023
4.67*
English
    translation of the Power of Attorney for School's Sponsor signed by Zhejiang Lishui Mengxiang Education Development Co., Ltd.
    dated January 31, 2023
4.68*
English
    translation of the Power of Attorney signed by Ye Fen as a counsil member dated January 31, 2023
4.69*
English
    translation of the Power of Attorney signed by Li Haibo as a counsil member dated January 31, 2023
167
4.70*
English
    translation of the Power of Attorney signed by Ye Jun as a counsil member dated January 31, 2023
4.71*
English
    translation of the Power of Attorney signed by Yan Yaomin as a counsil member dated January 31, 2023
4.72*
English
    translation of the Power of Attorney signed by Liu Fenghua as a counsil member dated January 31, 2023
4.73*
English
    translation of the Spouse Undertaking signed by Wei Biao dated January 31, 2023
4.74*
English
    translation of the Spouse Undertaking signed by Ji Hongfeng dated January 31, 2023
4.75*
English
    translation of the Loan Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Zhejiang Lishui Mengxiang Education Development
    Co., Ltd. and Qingtian Overseas Chinese International School dated January 31, 2023
4.76*
English
    translation of the Business Cooperation Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Langfang City Rail Transit
    Technical School, Beijing Pengxiang Tianxia Education Technology Co., Ltd., Zhejiang Lishui Mengxiang Education Development Co.,
    Ltd. and certain other parties dated March 28, 2023
4.77*
English
    translation of the Exclusive Technical Service and Business Consulting Agreement, between Zhejiang Mengxiang Consulting Services
    Co., Ltd., Langfang City Rail Transit Technical School and Beijing Pengxiang Tianxia Education Technology Co., Ltd. dated March 28,
    2023
4.78*
English
    translation of Exclusive Call Option Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Langfang City Rail Transit
    Technical School, Beijing Pengxiang Tianxia Education Technology Co., Ltd., Zhejiang Lishui Mengxiang Education Development Co.,
    Ltd. and certain other parties dated March 28, 2023
4.79*
English
    translation of the Equity Pledge Agreement, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Beijing Pengxiang
    Tianxia Education Technology Co., Ltd., Zhejiang Mengxiang Consulting Services Co., Ltd., Ye Fen and Ye Hong dated March 28, 2023
4.80*
English
    translation of the Proxy Agreement for Shareholders, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Beijing Pengxiang
    Tianxia Education Technology Co., Ltd., Zhejiang Mengxiang Consulting Services Co., Ltd., Ye Fen and Ye Hong dated March 28, 2023
4.81*
English
    translation of the Power of Attorney executed by Zhejiang Lishui Mengxiang Education Development Co., Ltd. as a shareholder dated
    March 28, 2023
4.82*
English
    translation of the Proxy Agreement for School's Sponsor and Council Members, between Zhejiang Mengxiang Consulting Services
    Co., Ltd., Langfang City Rail Transit Technical School, Beijing Pengxiang Tianxia Education Technology Co., Ltd. and certain other
    parties dated March 28, 2023
4.83*
English
    translation of the Power of Attorney for School's Sponsor signed by Beijing Pengxiang Tianxia Education Technology Co., Ltd.
    dated March 28, 2023
4.84*
English
    translation of the Power of Attorney signed by Ye Fen as a counsil member dated March 28, 2023
4.85*
English
    translation of the Power of Attorney signed by Wei Biao as a counsil member dated March 28, 2023
4.86*
English
    translation of the Power of Attorney signed by Mao Hailing as a counsil member dated March 28, 2023
4.87*
English
    translation of the Power of Attorney signed by Qi Yuhai as a counsil member dated March 28, 2023
4.88*
English
    translation of the Spouse Undertaking signed by Wei Biao dated March 28, 2023
4.89*
English
    translation of the Spouse Undertaking signed by Ji Hongfeng dated March 28, 2023
4.90*
English
    translation of the Loan Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Langfang City Rail Transit Technical School
    and Beijing Pengxiang Tianxia Education Technology Co., Ltd. dated March 28, 2023
8.1*
List
    of Subsidiaries and VIEs of the Registrant
168
11.1
Code
    of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit  99.1 to the registration statement
    on Form F-1 (File No. 333-248691), filed with the Securities and Exchange Commission on September  9, 2020)
12.1*
Certification
    by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2*
Certification
    by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1**
Certification
    by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2**
Certification
    by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
15.1*
Consent
    of Deheng Law Offices
15.2
Consent
    of Frost & Sullivan (incorporated herein by reference to Exhibit  23.5 to the registration statement on Form F-1
    (File No.  333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)
15.3*
Consent
    of WWC P.C., Independent Registered Public Accounting Firm
15.4
Letter
    from PricewaterhouseCoopers Zhong Tian LLP (incorporated herein by reference to Exhibit 15.4 to the annual report on Form 20-F (File
    No. 001-39559), filed with the Securities and Exchange Commission on April 29, 2022)
15.5*
Consent
    of Maples and Calder (Hong Kong) LLP
101.INS*
Inline XBRL Instance Document-the
    instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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
                                            herewith
**
Furnished
                                            herewith
169
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 the annual report on its behalf.
Lixiang Education Holding Co., Ltd.
By:
/s/ Biao Wei
Name:
Biao Wei
Title:
Director and Chief Executive Officer
Date: May
1, 2023
170
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Report
    of Independent Registered Public Accounting Firm (PCAOB ID: 1171)
F-2
Consolidated
    Balance Sheets as of December 31, 2021 and 2022
F-3
Consolidated
    Statements of Comprehensive Income/(loss) for the years ended December 31, 2020, 2021 and 2022
F-4
Consolidated
    Statements of Changes in Shareholders' Equity for the years ended December 31, 2020, 2021 and 2022
F-5
Consolidated
    Statements of Cash Flows for the years ended December 31, 2020, 2021 and 2022
F-6
Notes
    to the Consolidated Financial Statements
F-7
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of
Lixiang Education Holding Co., Ltd.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Lixiang Education Holding Co., Ltd. (the "Company") as of December
31, 2022 and 2021, and the related consolidated statements of comprehensive income/(loss), changes in shareholders' equity, and
cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes (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 December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the years in the three-year
period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
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.
/s/
WWC, P.C.
Certified
Public Accountants
PCAOB
NO.:
1171
We
have served as the Company's auditor since October 2021.
San
Mateo, California
May 1, 2023
F-
2
Lixiang
Education Holding Co., Ltd.
CONSOLIDATED
BALANCE SHEETS
As
of December 31, 2021 and 2022
(RMB,
except share data or otherwise noted)
As of December 31,
2021
2022
RMB
RMB
US$
(Note 2(g))
ASSETS
Current assets:
Cash
199,411,823
246,761,548
35,777,061
Inventories
227,600
1,163,776
168,732
Prepayments and other current assets
101,467,924
81,197,804
11,772,576
Accounts receivable, net
-
430,960
62,483
Total current assets
301,107,347
329,554,088
47,780,852
Non-current assets:
Property and equipment, net
165,058,863
160,129,657
23,216,619
Land use rights, net
36,767,329
35,820,632
5,193,503
Intangible assets, net
254,634
218,957
31,746
Goodwill
26,644,407
70,369,837
10,202,667
Deferred tax assets
2,893,183
5,252,747
761,577
Right-of-use assets
-
7,580,536
1,099,074
Total non-current assets
231,618,416
279,372,366
40,505,186
Total assets
532,725,763
608,926,454
88,286,038
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings (including short-term borrowings of the consolidated variable interest entities ("VIEs") without recourse to the Company of RMB
77,000,000
and RMB
67,500,000
as of December 31, 2021 and 2022, respectively)
77,000,000
67,500,000
9,786,580
Accounts payable (including accounts payable of the consolidated variable interest entities ("VIEs") without recourse to the Company of RMB
741,169
and RMB
960,213
as of December 31, 2021 and 2022, respectively)
6,002,448
2,929,014
424,667
Deferred revenue, current (including deferred revenue, current of the consolidated variable interest entities ("VIEs") without recourse to the Company of RMB
1,204,033
and RMB
8,640,036
as of December 31, 2021 and 2022, respectively)
1,386,607
9,368,156
1,358,255
Salary and welfare payable (including salary and welfare payable of the consolidated variable interest entities ("VIEs") without recourse to the Company of RMB
2,007,834
and RMB
3,310,211
as of December 31, 2021 and 2022, respectively)
2,126,041
3,426,908
496,855
Amounts due to a related party (including amounts due to related parties of the consolidated variable interest entities ("VIEs") without recourse to the Company of RMB
323,400
and RMB
323,400
as of December 31, 2021 and 2022, respectively)
323,400
323,400
46,889
Taxes payable (including taxes payable of the consolidated variable interest entities ("VIEs") without recourse to the Company of RMB
628,081
and RMB
842,274
as of December 31, 2021 and 2022, respectively)
649,138
850,183
123,265
Income tax payable (including income tax payable of the consolidated variable interest entities ("VIEs") without recourse to the Company of nil and RMB
57,831
as of December 31, 2021 and 2022, respectively)
-
57,831
8,385
Accrued liabilities and other current liabilities (including accrued liabilities and other current liabilities of the consolidated variable interest entities ("VIEs") without recourse to the Company of RMB
16,708,810
and RMB
17,694,499
as of December 31, 2021 and 2022, respectively)
17,392,216
18,262,186
2,647,768
Long-term loans and borrowings, current (including long-term loans and borrowings, current of the consolidated variable interest entities ("VIEs") without recourse to the Company of nil and RMB
3,925,000
as of December 31, 2021 and 2022, respectively)
-
3,925,000
569,072
Operating lease liabilities-current (including operating lease liabilities-current of the consolidated variable interest entities ("VIEs") without recourse to the Company of nil and RMB
3,866,910
as of December 31, 2021 and 2022, respectively)
-
3,866,910
560,649
Amounts
due to Affected Entity, current (including amounts due to affected entity, current of the consolidated variable interest entities ("VIEs")
without recourse to the Company of RMB
288,261,447
and RMB
21,225,707
as of December 31, 2021 and 2022, respectively)
308,782,975
23,584,906
3,419,491
Total current liabilities
413,662,825
134,094,494
19,441,876
Non-current liabilities:
Amounts
due to Affected Entity, non-current (including amounts due to affected entity, non-current of the consolidated variable interest entities
("VIEs") without recourse to the Company of nil and RMB
194,552,414
as of December 31, 2021 and 2022, respectively)
-
216,176,563
31,342,655
Long-term loans and borrowings, non-current (including long-term loans and borrowings, non-current ("VIEs") without recourse to the Company of nil and RMB
1,606,250
as of December 31, 2021 and 2022, respectively)
-
1,606,250
232,884
Operating lease liabilities, non-current (including operating lease liabilities, non-current ("VIEs") without recourse to the Company of
nil
and RMB
3,558,380
as of December 31, 2021 and 2022, respectively)
-
3,558,380
515,917
Total non-current liabilities
-
221,341,193
32,091,456
Total liabilities
413,662,825
355,435,687
51,533,332
Commitments and contingencies
Shareholders' equity:
Ordinary shares (USD$
0.0001
par value;
500,000,000
shares authorized,
66,667,000
and
66,667,000
shares issued and outstanding as of December 31, 2021 and 2022, respectively)
45,198
45,198
6,553
Additional paid-in capital
181,849,003
305,460,907
44,287,668
Statutory reserves
59,971,836
60,201,702
8,728,426
Accumulated other comprehensive (loss)/income
(
12,542,667
)
5,514,488
799,526
Accumulated deficit
(
110,260,432
)
(
118,280,159
)
(
17,149,011
)
Total Lixiang Education Holding Co., Ltd. shareholders' equity
119,062,938
252,942,136
36,673,162
Non-controlling interests
-
548,631
79,544
Total shareholders' equity
119,062,938
253,490,767
36,752,706
Total liabilities and shareholders' equity
532,725,763
608,926,454
88,286,038
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
Lixiang
Education Holding Co., Ltd.
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
For
the years ended December 31, 2020, 2021 and 2022
(RMB,
except share data or otherwise noted)
For
    the years ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
(Note 2(g))
Net
    revenues:
Revenue
    from third parties
3,410,091
8,512,992
48,427,871
7,021,381
Revenue
    from related party
1,668,572
906,667
754,285
109,361
Revenue
    from Affected Entity
20,626,291
25,017,113
-
-
Total net revenues
25,704,954
34,436,772
49,182,156
7,130,742
Cost
    of revenues
(
10,751,952
)
(
17,356,450
)
(
41,285,565
)
(
5,985,844
)
Gross
    profit
14,953,002
17,080,322
7,896,591
1,144,898
Operating
    expenses:
General
    and administrative expenses
(
10,124,428
)
(
18,372,763
)
(
30,494,239
)
(
4,421,249
)
Sales
    and marketing expenses
-
-
(
1,974,299
)
(
286,246
)
Impairment
    loss on goodwill
-
-
(
18,842,000
)
(
2,731,833
)
Total
    operating expenses
(
10,124,428
)
(
18,372,763
)
(
51,310,538
)
(
7,439,328
)
Operating
    income/(loss)
4,828,574
(
1,292,441
)
(
43,413,947
)
(
6,294,430
)
Other income/(loss)
Interest
    expense
(
897,398
)
(
2,393,178
)
(
4,707,952
)
(
682,589
)
Interest
    income
16,634
14,834
77,315
11,210
Fair
    value change gain of contingent consideration
-
-
22,850,000
3,312,939
Other
    (loss)/income, net
(
1,426
)
4,590,580
17,527,397
2,541,234
Income/(loss)
    before income tax expense
3,946,384
919,795
(
7,667,187
)
(
1,111,636
)
Income
    tax expense
-
(
670,976
)
(
424,043
)
(
61,480
)
Income/(loss)
    from continuing operations, net of tax
3,946,384
248,819
(
8,091,230
)
(
1,173,116
)
Income/(loss)
    from discontinued operation, net of tax
29,638,700
(
244,068,780
)
-
-
Net
    income/(loss)
33,585,084
(
243,819,961
)
(
8,091,230
)
(
1,173,116
)
Net income/(loss) attributable to Lixiang Education Holding Co., Ltd.
shareholders
33,585,084
(
243,819,961
)
(
7,789,861
)
(
1,129,424
)
Net
    loss attributable to non-controlling interests
-
-
(
301,369
)
(
43,694
)
Other
    comprehensive (loss)/income:
Foreign
    currency translation adjustment, net of nil tax
(
7,956,640
)
(
4,586,027
)
18,057,155
2,618,041
Comprehensive
    income/(loss)
25,628,444
(
248,405,988
)
9,965,925
1,444,923
Total
    comprehensive loss attributable to non-controlling interests
-
-
(
301,369
)
(
43,694
)
Total comprehensive income/(loss) attributable to Lixiang Education
Holding Co., Ltd. shareholders
25,628,444
(
248,405,988
)
10,267,294
1,488,617
Earnings/(loss) per ordinary share attributable to Lixiang Education
Holding Co., Ltd. shareholders from continuing operations
—Basic and diluted
0.07
0.00
(
0.12
)
(
0.02
)
Earnings/(loss) per ordinary share attributable to Lixiang Education
Holding Co., Ltd. shareholders from discontinued operation
—Basic and diluted
0.55
(
3.66
)
-
-
Weighted average number of ordinary shares outstanding
—Basic and diluted
54,166,750
66,667,000
66,667,000
66,667,000
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
Lixiang
Education Holding Co., Ltd.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
For
the years ended December 31, 2020, 2021 and 2022
(RMB,
except share data or otherwise noted)
Ordinary shares
Additional
Accumulated
other
Retained
earnings/
Total
Lixiang
Education
Holding Co.,
Ltd.
Non-
Total
Number of
shares
Amount
paid-in
capital
Statutory
reserves
comprehensive
(loss)/income
(Accumulated deficit)
shareholders'
equity
controlling
interests
shareholders'
equity
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
Balance as of December 31, 2019
50,000,000
-
11,200,000
50,807,520
-
109,138,761
171,146,281
-
171,146,281
Net income for the year
-
-
-
-
-
33,585,084
33,585,084
-
33,585,084
Issuance of ordinary shares upon Initial Public Offering ("IPO"), net of issuance cost
16,667,000
45,198
170,649,003
-
-
-
170,694,201
-
170,694,201
Provision of statutory reserve
-
-
-
7,409,675
-
(
7,409,675
)
-
-
-
Foreign currency translation
-
-
-
-
(
7,956,640
)
-
(
7,956,640
)
-
(
7,956,640
)
Balance as of December 31, 2020
66,667,000
45,198
181,849,003
58,217,195
(
7,956,640
)
135,314,170
367,468,926
-
367,468,926
Net loss for the year
-
-
-
-
-
(
243,819,961
)
(
243,819,961
)
-
(
243,819,961
)
Provision of statutory reserve
-
-
-
1,754,641
-
(
1,754,641
)
-
-
-
Foreign currency translation
-
-
-
-
(
4,586,027
)
-
(
4,586,027
)
-
(
4,586,027
)
Balance as of December 31, 2021
66,667,000
45,198
181,849,003
59,971,836
(
12,542,667
)
(
110,260,432
)
119,062,938
-
119,062,938
Net loss for the year
-
-
-
-
-
(
7,789,861
)
(
7,789,861
)
(
301,369
)
(
8,091,230
)
Provision of statutory reserve
-
-
-
229,866
-
(
229,866
)
-
-
-
Deemed shareholder's contribution (Note 18)
-
-
123,611,904
123,611,904
123,611,904
Contribution from non-controlling shareholders
-
-
-
-
-
-
-
850,000
850,000
Foreign currency translation
-
-
-
-
18,057,155
-
18,057,155
-
18,057,155
Balance as of December 31, 2022
66,667,000
45,198
305,460,907
60,201,702
5,514,488
(
118,280,159
)
252,942,136
548,631
253,490,767
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
Lixiang
Education Holding Co., Ltd.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For
the years ended December 31, 2020, 2021 and 2022
(RMB,
except share data or otherwise noted)
For the years ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
(Note 2(g))
Cash flows from operating activities
Net income/(loss)
33,585,084
(
243,819,961
)
(
8,091,230
)
(
1,173,116
)
Net income/(loss) from discontinued operation
29,638,700
(
244,068,780
)
-
-
Net income/(loss) from continuing operations
3,946,384
248,819
(
8,091,230
)
(
1,173,116
)
Adjustments for:
-
-
-
Depreciation of property and equipment
3,913,937
4,257,506
6,916,022
1,002,729
Amortization of land use rights
946,697
946,697
946,697
137,258
Amortization of intangible assets
5,000
33,120
35,677
5,173
Amortization of right-of-use assets
-
-
3,725,199
540,103
Impairment of goodwill
-
-
18,842,000
2,731,833
Fair value change of contingent consideration
-
-
(
22,850,000
)
(
3,312,939
)
Deferred tax (benefits)/expenses
-
(
91,092
)
358,745
52,013
Loss on disposal of property and equipment
-
23,884
-
-
Gain on acquisition of Youxi Software
-
(
2,823,630
)
-
-
Changes in assets and liabilities:
-
-
Accounts receivable
-
-
913,872
132,499
Inventories
(
1,577,330
)
1,349,730
(
936,176
)
(
135,733
)
Prepayments and other current assets
368,933
17,618,483
710,093
102,954
Amounts due from related parties
977,770
-
-
-
Amounts due from Affected Entity
3,482,533
8,884,600
-
-
Accounts payable
6,163,277
(
1,379,609
)
(
3,233,131
)
(
468,760
)
Amounts due to a related party
-
(
396,000
)
(
182,574
)
(
26,471
)
Amounts due to Affected Entity
28,254,761
54,631,354
54,590,398
7,914,864
Salaries and welfare payable
131,339
1,792,411
344,081
49,887
Taxes payable
249,897
417,218
(
331,781
)
(
48,104
)
Income tax payable
-
-
57,831
8,385
Deferred revenue, current and non-current
176,980
(
3,975,173
)
342,919
49,719
Accrued liabilities and other current liabilities
(
208,685
)
(
18,466,836
)
(
7,310,496
)
(
1,059,922
)
Operating lease liabilities, current and non-current
-
-
(
3,880,445
)
(
562,612
)
Net cash provided by operating activities from continuing operations
46,831,493
63,071,482
40,967,701
5,939,760
Net cash provided by/(used in) operating activities from discontinued operation
2,624,493
(
32,463,882
)
-
-
Net cash provided by operating activities
49,455,986
30,607,600
40,967,701
5,939,760
Cash flows from investing activities:
-
Purchase of short-term investments
(
55,000,000
)
(
107,500,000
)
(
9,000,000
)
(
1,304,877
)
Proceeds from maturity of short-term investments
65,000,000
107,500,000
9,000,000
1,304,877
Purchase of property and equipment
(
3,909,253
)
(
2,249,341
)
(
1,296,464
)
(
187,970
)
Purchase of Pengxiang, net of cash acquired
-
-
840,083
121,801
Loans lent to related parties
(
22,161,208
)
-
-
-
Repayments of loans by related parties
28,139,563
-
-
-
Advance deposit for intent acquisition
-
(
100,000,000
)
-
-
Purchase of Youxi Software
-
(
296,789
)
-
-
Purchase of Qingtian International School
-
(
12,188,781
)
-
-
Net cash provided by/(used in) investing activities from continuing operations
12,069,102
(
114,734,911
)
(
456,381
)
(
66,169
)
Net cash provided by/(used in) investing activities from discontinued operation
7,688,534
(
40,315,605
)
-
-
Net cash provided by/(used in) investing activities
19,757,636
(
155,050,516
)
(
456,381
)
(
66,169
)
Cash flows from financing activities:
-
Proceeds from short-term borrowings with banks
43,400,000
97,000,000
107,500,000
15,586,035
Repayments of short-term borrowings with banks
(
63,304,394
)
(
44,895,606
)
(
125,100,000
)
(
18,137,795
)
Proceeds from long-term borrowings with banks
-
-
7,850,000
1,138,143
Repayments of long-term borrowings with banks
-
-
(
2,318,750
)
(
336,187
)
Contributions from non-controlling interests
-
-
850,000
123,238
Proceeds from issuance of ordinary shares upon IPO
208,718,163
-
-
-
Cash paid for initial public offering related costs
(
38,023,962
)
-
-
-
Net cash provided by/(used in) financing activities from continuing operations
150,789,807
52,104,394
(
11,218,750
)
(
1,626,566
)
Net cash (used in)/provided by financing activities from discontinued operation
(
24,000,000
)
63,566,667
-
-
Net cash provided by/(used in) financing activities
126,789,807
115,671,061
(
11,218,750
)
(
1,626,566
)
Effect of exchange rate changes on cash
(
7,956,640
)
(
4,586,028
)
18,057,155
237,969
Net increase/(decrease) in cash
188,046,789
(
13,357,883
)
47,349,725
4,484,994
Cash at the beginning of year
24,722,917
212,769,706
199,411,823
31,292,067
Cash at the end of year
212,769,706
199,411,823
246,761,548
35,777,061
Supplemental disclosure of cash flow information:
Cash paid for interest expenses
2,148,384
-
2,615,402
379,198
Cash paid for income tax expenses
-
955,081
935,716
135,666
Supplemental schedule of non-cash investing and financing activities:
Payables for Qingtian International School acquisition
-
8,000,000
-
-
Recognition of right-of-use assets and operating lease liabilities
-
-
11,305,735
1,639,177
Payables for property and equipment
1,061,462
-
-
-
Deemed shareholder's contribution
-
-
123,611,904
17,922,041
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
Lixiang
Education Holding Co., Ltd.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
(RMB,
except share data or otherwise noted)
1.
Organization
                                            and Principal Activities
(a)
Principal
                                            activities
Lixiang
Education Holding Co., Ltd. (formerly known as Lianwai Education Group Limited, the "Company") was incorporated on September 6,
2018 under the law of the Cayman Islands as an exempted company with limited liability. The Company's original name was Lianwai
Education Group Limited. The Company changed its name to Lixiang Education Holding Co., Ltd. on May 26, 2020. The Company, through
its subsidiaries and consolidated variable interest entities ("VIEs") (collectively referred to as the "Group")
is primarily engaged in providing education services including high school and vocational education services through Zhejiang Lishui
Mengxiang Education Development Company Limited, Qingtian Overseas Chinese International School ("Qingtian International School")
and Langfang City Rail Transit Technical School ("Langfang School"), and comprehensive human resource service in the People's
Republic of China (the "PRC").
On
May 14, 2021, the General Office of the State Council of the People's Republic of China (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, referring to nine years of curriculum
education mandated by the PRC, 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. 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(c) 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 Lianwai School "Affected Entity". Accordingly, the carrying amount related to the net assets of the Affected Entity
were deconsolidated from the consolidated financial statements of the Group as of August 31, 2021.
Significant
equity transactions
On
October 1, 2020, the Company completed its IPO on the NASDAQ Global Market of
3,333,400
American Depositary Shares ("ADS").
Each ADS represents
5
ordinary shares. The offering was at a price of US$
9.25
per ADS for a total offering size of approximately US$
30.8
million. The net proceeds raised from the IPO amounted to approximately RMB
170.7
million (US$
26.2
million) after deducting underwriting
discounts and commissions and other offering expenses.
On
August 31, 2021, the Company acquired
100
% of the sponsorship interest of Qingtian International School from Qingtian Zhongyi Education
Investment Co., Ltd under the consideration of RMB
23
million.
On
January 1, 2022, the Group acquired
100
% equity interest of Beijing P.X. from Beijing Shangkun Education Technology Development Co.,
Ltd. ("Beijing S.K.") with the consideration of RMB
53.4
million.
F-
7
1.
Organization
                                            and Principal Activities (Continued)
As
of December 31, 2022, the Company's major subsidiaries and VIEs are as follows:
Name
    of subsidiaries and VIE
Date of establishment
    /
acquisition
Place
    of
incorporation
Percentage of
direct or indirect
economic
ownership
Principal activities
Wholly
    owned subsidiaries of the Company:
Lianwai
    Investment Co., Ltd. ("Lianwai investment")
Established
on
September 11, 2018
BVI
100
%
Investment
holding
Hong
    Kong Mengxiang Education Development Group Limited ("HK Mengxiang")
Established
on
September 20, 2018
Hong Kong
100
%
Investment
holding
Zhejiang
    Mengxiang Consulting Services Co., Ltd. ("Liandu WFOE")
Established
on
October 10, 2018
PRC
100
%
Investment
holding
Variable
    Interest Entities ("VIEs")
Zhejiang
    Lishui Mengxiang Education Development Company Limited ("Lishui Mengxiang VIE")
Established
on
August 20, 2001
PRC
100
%
Operation of
Liandu Foreign
Language School
Qingtian
    Overseas Chinese International School ("Qingtian International School")
Acquired
on
August 31, 2021
PRC
100
%
Operation of
high school
Langfang
    City Rail Transit Technical School ("Langfang School")
Acquired
on
January 1, 2022
PRC
100
%
Operation of
vocational education
Beijing
    Chuangmei Weiye Enterprise Management Co., Ltd. ("Chuangmei Weiye")
Acquired
on
January 1, 2022
PRC
100
%
Comprehensive human resources service
Hainan
    Jiangcai Vocational Skills Training School Co. Ltd. ("Hainan Jiangcai")
Acquired
on
January 1, 2022
PRC
100
%
Operation of
vocational education
(b)
Group
                                            history
The
Group started its business through Lishui Mengxiang VIE and Lianwai School VIE. To facilitate offshore financing, an offshore corporate
structure was formed in 2018, which was carried out as follows:
1)
On
                                            September 6, 2018, the Company was incorporated in the Cayman Islands by Ms. Fen
                                            Ye, Ms. Fang Ye, and Ms. Hong Ye (the "founders.").
2)
On
September 11, 2018
, Lianwai investment was incorporated in British Virgin Islands with
100
% ownership by the Company.
3)
On
September 20, 2018
, Mengxiang HK was incorporated in Hong Kong with
100
% ownership by Lianwai investment.
4)
On
October 10, 2018
, Liandu WFOE was incorporated in the PRC with
100
% ownership by HK Mengxiang.
5)
On
August 13, 2020
, Lishui Xianke was incorporated in the PRC with
100
% ownership by Liandu WFOE.
In
order to comply with the PRC laws and regulations which prohibit or restrict foreign investments into companies involved in restricted
businesses, the Group provides education services in the PRC through certain PRC domestic companies, whose equity interests are held
by certain management members of the Company or onshore nominees of certain investors of the Company ("Nominee Shareholders").
F-
8
1.
Organization
                                            and Principal Activities (Continued)
The
Company obtained control over these PRC domestic companies by entering into a series of Contractual Arrangements in October 2018. After
that Lishui Mengxiang VIE, Lianwai Kindergarten and Lianwai School VIE became VIEs, whose primary beneficiary is Liandu WFOE, and the
shareholders of these affiliate Chinese entities became the Nominee Shareholders at that date. Contractual Arrangements were subsequently
revised in November 2018 and March 2019 (the "VIE Agreements") with these PRC domestic companies and their respective shareholders.
As a result, Lianwai Kindergarten ceased to be VIE and the VIEs consisted of Lishui Mengxiang VIE and Lianwai School VIE ("affiliate
Chinese entities"). Reorganization is accounted for as a common control transaction under the pooling of interest method. Accordingly,
the accompanying consolidated financial statements have been prepared as if the current corporate structure had been in existence throughout
the periods.
On
August 31, 2021, the ability of Group to use its power under the contractual arrangements with Lishui Mengxiang VIE to direct the
relevant activities that would most significantly affect the economic performance of the Affected Entity had ceased due to Implementation
Rules. The Group has executed the Acknowledgment Agreement on April 20, 2022 to confirm all the terms of rights and obligations relating
to Lianwai School and the director appointed by the sponsor under the VIE Agreements, which shall be terminated on August 31, 2021. Meanwhile,
the Group has entered into a series of Contractual Agreements through Liandu WFOE, Qingtian International School and the Council Members
of Qingtian International School. On March 28, 2023, the Group has entered into a series of Contractual Agreements through Liandu WFOE,
Langfang School and the Council Members of Langfang School, (together with Qingtian School Contractual Agreements, as "new VIE
Agreements"). After that Lishui Mengxiang VIE and Qingtian International School became VIEs on August 31, 2021, and Langfang School
became VIE (collectively, "new VIEs") on March 28, 2023, whose primary beneficiary is Liandu WFOE, and the shareholders of
new VIEs became the Nominee Shareholders at that date.
These
Contractual Agreements cannot be unilaterally terminated by the Nominee Shareholders, or the new VIEs. As a result, the Company maintains
the ability to control these new VIEs, and is entitled to substantially all of the economic benefits from these new VIEs. Accordingly,
the Group had consolidated the financial position and operating results of affiliate Chinese entities, new VIEs in the consolidated financial
statements of the Company during the year ended December 31, 2020, 2021 and 2022. The Company's VIE includes (1) affiliate Chinese
entities, prior to August 31, 2021; and (2) the new VIEs after August 31, 2021.
The
principal terms of the agreements entered into amongst the VIEs, their respective shareholders and the Liandu WFOE are further described
below.
(c)
Contractual
                                            Agreements with VIEs
Loan
Agreements
Pursuant
to the loan agreements entered into between Liandu WFOE and affiliate Chinese entities, and between Liandu WFOE and new VIEs, Liandu
WFOE can grant interest-free loans to Lishui Mengxiang VIE, or Beijing P.X. with the sole purpose of providing funds necessary for the
business operations and development of Langfang School and Qingtian International School. These business loan amounts can be injected
into Langfang School and Qingtian International School as capital or other operation means, and cannot be accessed for any personal uses.
There is no fixed term for each loan under the loan agreement except that Liandu WFOE can unilaterally decide when to recover the loan
and the loan agreements shall remain effective during the operation term of Langfang School and Qingtian International School and any
periods that are renewable pursuant to PRC laws. Liandu WFOE has the right to unilaterally terminate these agreements after giving notice
in advance, including that Liandu WFOE and/or its designated entities have fully exercised their options to purchase all the (direct
and indirect) equities held by Nominee Shareholders of the relevant VIE in accordance with the Exclusive Call Option Agreements (as described
in the following paragraph), while the shareholders of such consolidated affiliated Chinese entities have no right to unilaterally terminate
these agreements. As of December 31, 2021 and 2022, no loans have been granted yet.
Exclusive
Call Option Agreements
Under
the exclusive call option agreements, each Nominee Shareholders of the affiliate Chinese entities and new VIEs granted Liandu WFOE the
exclusive and irrevocable right to purchase or to designate entities at their discretion to purchase part or all of the equity interests
in the VIEs from the Nominee Shareholders, in the case that the PRC laws and regulations allows, at any time for a purchase price subject
to the lowest price permitted by PRC laws and regulations. Liandu WFOE or its designated representatives have sole discretion as to when
to exercise such options, either in part or in full. The affiliate Chinese entities and new VIEs (collectively the "VIEs"),
and their Nominee Shareholders have agreed that without Liandu WFOE's prior written consent, their respective Nominee Shareholders
cannot sell, transfer, assign or dispose of or create any encumbrance on any of the VIEs' equity interests, assets, and business.
Also, as agreed, the VIEs cannot declare any dividend or change the capitalization structure of the VIEs and cannot enter into any loan,
guarantee or investment agreements. Furthermore, the Nominee Shareholders have agreed that any proceeds but not limited to the sales
of the Nominee Shareholders' equity interest in relevant VIEs should be gratuitously paid to Liandu WFOE or one or more person(s)
at their discretion. The agreements will remain in force during the operation terms of the relevant VIEs and any periods that are renewable
pursuant to the PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercise their options
to purchase all the equities held by Nominee Shareholders in accordance with the Exclusive Call Option Agreements. In addition, Liandu
WFOE has the right to unilaterally terminate these agreements after
30
days advance written notice, while the Nominee Shareholders and
relevant VIEs have no right to unilaterally terminate these agreements.
F-
9
1.
Organization
                                            and Principal Activities (Continued)
Proxy
Agreements and Power of Attorney for Shareholders
Pursuant
to the proxy agreements and power of attorney, each equity holder of Lishui Mengxiang VIE appointed the Liandu WFOE as their attorney-in-fact
to exercise all shareholder rights under PRC law and the relevant articles of association, including but not limited to, calling and
attending shareholders' meetings, voting on their behalf on all matters requiring shareholder approval, including but not limited
to designating and electing the directors and other senior management of the VIEs, as well as liquidating and dismantling the VIEs. Each
power of attorney will remain in force during the operation term of Lishui Mengxiang VIE and any periods that are renewable pursuant
to the PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercise their options to purchase
all the equities held by the Nominee Shareholders in accordance with the Exclusive Call Option Agreements. In addition, Liandu WFOE has
the right to unilaterally terminate these agreements after
30
days advance written notice, while the Nominee Shareholders and Lishui
Mengxiang VIE have no right to unilaterally terminate these agreements.
Proxy
Agreements and Power of Attorney for School's Sponsors, Directors and Council Members
Pursuant
to the proxy agreements and power of attorney, Lishui Mengxiang VIE has irrevocably authorized and entrusted Liandu WFOE to exercise
all its rights as sponsor of both Langfang School and Qingtian International School to the extent permitted by the PRC laws. The agreements
shall remain effective during the operation term of Qingtian International School and Langfang School, and any periods that are renewable
pursuant to PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities fully exercise their options to
purchase all the equities held by the Nominee Shareholders in accordance with the Exclusive Call Option Agreement. In addition, the Liandu
WFOE has the right to unilaterally terminate these agreements after
30
days advance written notice, while Langfang School, Qingtian International
School and their sponsors, council members and appointed directors have no right to unilaterally terminate these agreements.
Business
Cooperation Agreement and Exclusive Technical Services and Business Consulting Agreement
Pursuant
to the Business Cooperation Agreement and Exclusive Technical Services and Business Consulting Agreement, Liandu WFOE has agreed to provide
affiliate Chinese entities and new VIEs with technical services, management support services, consulting services and intellectual property
licenses required for the conducting of private education business activities, including but not limited to preparation, selection and/or
recommendation of schools textbooks, recruitment of teachers and other staff, training support, admissions support, public relations
maintenance, market research and development, management and marketing consulting and other related services. The affiliate Chinese entities
and new VIEs shall pay to Liandu WFOE service fees withdrawn from their respective amount of surplus from operations after deducting
all costs, expenses, taxes, losses (if required by the law) and the legally development fund of the respective school (if required by
the law) and other costs and funds that shall be retained at Langfang School and Qingtian International School in accordance with applicable
PRC laws. Liandu WFOE has the right (but not the obligation) to adjust the amount of such service fee by reference to the actual services
provided and the actual business operations and needs of affiliate Chinese entities and new VIEs, provided that any adjusted amount shall
not exceed the amount mentioned above. The affiliate Chinese entities and new VIEs do not have any right to make any such adjustment.
Liandu WFOE, as appropriate, will exclusively own any intellectual property rights arising from the performance of these agreements.
The aforementioned agreements will terminate automatically when Liandu WFOE and/or its designated entities fully exercise their options
to purchase all the equities held by the Nominee Shareholders in accordance with the Exclusive Call Option Agreements. In addition, Liandu
WFOE retains the exclusive right to terminate the agreements at any time by delivering a written notice
30
days in advance to the applicable
consolidated affiliate Chinese entities and new VIEs.
Equity
Pledge Agreements
Pursuant
to the equity pledge agreements among Liandu WFOE, Lishui Mengxiang VIE and the Nominee Shareholders of Lishui Mengxiang VIE, the Nominee
Shareholders shall pledge all of their equity interests in Lishui Mengxiang VIE, and Beijing P.X. to Liandu WFOE as collateral for all
of their payments to direct, indirect and derivate losses and losses of predictable profits of the PRC subsidiaries ("Secured Debts")
and to secure their obligations under the above agreements. In the event of a breach by the affiliate Chinese entities and new VIEs or
any of their Nominee Shareholders of their contractual obligations, Liandu WFOE has the right to deal with the equity interests pledged
in the following ways: i) purchasing or designating entities at their discretion to purchase part or all of the equity interests in the
affiliate Chinese entities and new VIEs from the Nominee Shareholders, subject to the lowest price permitted by PRC laws and regulations;
ii) selling the equity interests pledged through auction or discount, and preferentially compensated from the sales price; iii) other
means agreed between Liandu WFOE and the Nominee Shareholders, after giving written notice to the Nominee Shareholders. The equity pledge
agreements will expire when the Nominee Shareholders have completed all their obligations under the above agreements or the Secured Debts
are fully settled, or when Liandu WFOE unilaterally delivers a written notice
30
days in advance.
F-
10
1.
Organization
                                            and Principal Activities (Continued)
Spousal
Undertakings
Pursuant
to the Spousal Undertakings, each Nominee Shareholder, who is a natural person, and their spouses unconditionally and irrevocably agreed
that the equity interests in the affiliate Chinese entities and new VIEs held by and registered in the name of their spouse will be disposed
of pursuant to the equity pledge agreements, the exclusive call option agreements, the loan agreement and the proxy agreement and power
of attorney. Each of their spouses agreed not to assert any rights over the equity interests in the affiliate Chinese entities and new
VIEs held by their respective spouses. In addition, in the event that any spouse obtains any equity interests in the affiliate Chinese
entities and new VIEs held by their spouse for any reason, they agreed to be bound by similar obligations and agreed to enter into similar
contractual agreements.
(d)
Combined
                                            financial information of the VIEs
The
following combined financial information of the Group's VIEs as of December 31, 2021 and 2022 and for the years ended December
31, 2020, 2021 and 2022 was included in the accompanying consolidated financial statements of the Group as follows:
As of December 31,
2021
2022
RMB
RMB
US$
(Note 2(g))
ASSETS
Current assets:
Cash
1,453,323
33,364,634
4,837,417
Amounts due from inter-company entities
51,536,540
57,331,944
8,312,351
Prepayments and other current assets
100,990,604
79,871,947
11,580,344
Accounts receivable, net
-
430,960
62,483
Inventories
-
7,148
1,036
Total current assets
153,980,467
171,006,633
24,793,631
Non-current assets:
Property and equipment, net
164,037,622
159,247,545
23,088,724
Land use rights, net
36,767,329
35,820,632
5,193,503
Intangible assets, net
6,667
1,666
242
Goodwill
26,644,407
70,369,837
10,202,667
Deferred tax assets
-
2,349,291
340,615
Right-of-use assets
-
7,580,536
1,099,074
Total non-current assets
227,456,025
275,369,507
39,924,825
Total assets
381,436,492
446,376,140
64,718,456
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings
77,000,000
67,500,000
9,786,580
Accounts payable
741,169
960,213
139,218
Deferred revenue, current
1,204,033
8,640,036
1,252,687
Salary and welfare payable
2,007,834
3,310,211
479,935
Amounts due to a related party
323,400
323,400
46,889
Tax payable
628,081
842,274
122,118
Income tax payable
-
57,831
8,385
Amount due to inter-company entities
16,754,595
35,000,000
5,074,523
Accrued liabilities and other current liabilities
16,708,810
17,694,499
2,565,460
Amounts due to Affected Entity, current
288,261,447
21,225,707
3,077,438
Long-term loans and borrowings, current
-
3,925,000
569,072
Operating lease liabilities, current
-
3,866,910
560,649
Total current liabilities
403,629,369
163,346,081
23,682,954
Non-current liabilities
Amounts due to Affected Entities, non-current
-
194,552,414
28,207,449
Operating lease liabilities, non-current
-
3,558,380
515,917
Long-term loans and borrowings, non-current
-
1,606,250
232,884
Total non-current liabilities
-
199,717,044
28,956,250
Total liabilities
403,629,369
363,063,125
52,639,204
F-
11
1.
Organization
                                            and Principal Activities (Continued)
For
    the years ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$ (Note 2(g))
Net revenues
    from continuing operations
17,070,602
20,112,033
45,924,957
6,658,493
Net revenues from discontinued
    operation
154,160,699
102,006,339
-
-
Net income/(loss) from
    continuing operations
7,894,293
(
467,382
)
(
6,777,710
)
(
982,676
)
Net income/(loss) from
    discontinued operation
29,638,700
(
244,068,780
)
-
-
Net cash provided by
    operating activities
47,477,961
29,764,431
43,586,442
6,319,440
Net cash provided by/(used
    in) investing activities
19,424,757
(
153,593,942
)
(
456,381
)
(
66,169
)
Net cash (used in)/provided
    by financing activities
(
81,928,356
)
115,671,061
(
11,218,750
)
(
1,626,566
)
Net changes in cash
(
15,025,638
)
(
8,158,450
)
31,911,311
4,626,705
In
accordance with the aforementioned agreements, the Company has the power to direct the activities of the VIEs, and have the control of
their assets. Therefore, the Company considers that there is no other asset in the VIEs that can be used only to settle obligations of
the respective VIE, except for the education facilities assets, registered capital and the PRC statutory reserves, as of December 31,
2021 and 2022. As the VIEs are incorporated as schools and limited liability company under the PRC Company Law, the creditors of the
VIEs do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the
Company to provide additional financial support to the VIEs. As the Group is conducting certain businesses in the PRC through the VIEs,
the Group may provide additional financial support on a discretionary basis in the future, which could expose the Group to a loss.
The
VIEs' assets comprise both recognized and unrecognized revenue-producing assets. The recognized revenue-producing assets mainly
include buildings, land use rights, computers and electronic devices. The unrecognized revenue-producing assets mainly consist of patents,
trademarks and assembled workforce which are not recorded in the financial statements of the VIEs as they do not meet the recognition
criteria set in ASC 350-30-25.
There
is no VIE where the Company has a variable interest, but is not the primary beneficiary.
(e)
Risks
                                            associated with VIE arrangements
Foreign
investment in the education industry in PRC is extensively regulated and subject to various restrictions. Specifically, high school is
restricted industries for foreign investors, and foreign investors are only allowed to invest in such industries in cooperative ways
with domestic investors, provided that domestic investors play a dominant role in such cooperation. In addition, foreign investment in
education institutions in the PRC must be in the form of cooperation between Chinese educational institutions and foreign educational
institutions and the foreign portion of the total investment in a Sino-foreign education institute must be below
50
%. Although foreign
investment in high schools is not prohibited, based on the operation experience, Liandu WFOE in China is still ineligible to independently
or jointly invest and operate high schools, including Qingtian International School. To comply with PRC laws and regulations, the Group
have entered into a series of contractual arrangements pursuant to which Liandu WFOE receives the economic benefits from our VIEs. If
the contractual arrangements that establish the structure for operating our business in China are found to violate any PRC laws or regulations
in the future or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities, including
the Ministry of Education of People's Republic of China, or the MOE, which regulates the education industry, the Ministry of Commerce,
or MOFCOM, which regulates the foreign investment in China, and the Civil Affairs Bureau, which regulates the registration of schools
in China, would have broad discretion in dealing with such violations, including:
●
revoking
                                            the business and operating licenses of the Company's PRC subsidiaries or VIEs;
●
discontinuing
                                            or restricting the operations of any related-party transactions among Liandu WFOE or VIEs;
●
imposing
                                            fines or other requirements with which the Company or Liandu WFOE or VIEs may not be able
                                            to comply;
●
requiring
                                            the Company to restructure operations in such a way as to compel the Company to establish
                                            new entities, re-apply for the necessary licenses or relocate the businesses, staff
                                            and assets;
●
imposing
                                            additional conditions or requirements with which the Company may not be able to comply; or
●
restricting
                                            the use of proceeds from our additional public offering or financing to finance the business
                                            and operations in China.
F-
12
1.
Organization
                                            and Principal Activities (Continued)
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 the Company's 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, the Company cannot assure that
such fines or punishments will not be imposed on the Company in the future. If any of the above fines or punishments is imposed on the
Company, the Company's business, financial condition and results of operations could be materially and adversely affected. If any
of these penalties results in the Company's 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, the Company may not be able to consolidate the VIEs and their respective subsidiaries in our financial statements in accordance
with U.S. GAAP. However, the Company do not believe that such actions would result in the liquidation or dissolution of the Company,
the wholly-owned subsidiaries in China or the VIEs or their respective subsidiaries.
On
March 15, 2019, the National People's Congress promulgated the Foreign Investment Law of PRC or the Foreign Investment Law, which
came into effect on January 1, 2020 and replaced the Law of the PRC on Chinese-Foreign Equity Joint Ventures, the Law of the PRC on Chinese-Foreign
Contractual Joint Ventures, and the Wholly Foreign-invested Enterprise Law. The Foreign Investment Law embodies an expected PRC regulatory
trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative efforts
to unify the corporate legal requirements for both foreign and domestic investments. For instance, the Foreign Investment Law does not
explicitly classify contractual arrangements as a form of foreign investment.
Conducting
operations through contractual arrangements has been adopted by many PRC-based companies, and has been adopted by the Company to establish
control of VIEs. Since the Foreign Investment Law is relatively new, uncertainties still exist in relation to its interpretation and
implementation, and failure to take timely and appropriate measures to cope with the regulatory-compliance challenges could result in
material and adverse effect on us. For instance, although the Foreign Investment Law does not explicitly classify contractual arrangement
as a form of foreign investment, it still leaves a leeway for future laws and if future laws, administrative regulations or provisions
stipulates contractual arrangements as a way of foreign investment, then whether the Company's contractual arrangements will be
recognized as foreign investment, whether the contractual arrangements will be deemed to be in violation of the foreign investment access
requirements and how the Company's contractual arrangements will be handled are uncertain. In the extreme case-scenario, the Company
may be required to unwind the contractual arrangements and/or dispose relevant business operations, which could have a material and adverse
effect on the Company's business, financial condition and result of operations.
As
of December 31, 2021, based on all relevant facts and circumstances, the Company concluded that it no longer has a controlling interest
in the Affected Entity due to the effectiveness of the Implementation Rules, which resulted to the deconsolidation of the Affected Entity.
Nevertheless, the legal enforceability of the new VIE agreements are not impacted by the Implementation Rules.
2.
Principal
                                            Accounting Policies
(a)
Basis of preparation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("US GAAP").
Significant
accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized further
below.
(b)
Use of estimates
The
preparation of the Group's consolidated financial statements in conformity with US GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance
sheet date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
The
Company believes that the consolidation and deconsolidation of VIEs, goodwill relating to business combination, allowance for doubtful
receivables, deferred tax assets and valuation allowance, discount rate for leases, depreciation of buildings and impairment assessments
of long-lived assets reflect more significant estimates used in the preparation of its consolidated financial statements.
Management
makes the estimates based on historical experience and on various other assumptions as discussed elsewhere in the consolidated financial
statements that are believed to be reasonable, the results of which form the basis for making estimates about the carrying values of
assets and liabilities. Actual results could materially differ from these estimates.
F-
13
2.
Principal
                                            Accounting Policies (Continued)
(c)
Consolidation
The
Group's consolidated financial statements include the financial statements of the Company, its subsidiaries and its VIEs for which
the Company or its subsidiaries are the primary beneficiary. All transactions and balances among the Company, its subsidiaries and its
VIEs have been eliminated upon consolidation.
Subsidiaries
are those entities in which the Company, directly or indirectly, controls more than one half of the voting powers; has the power to appoint
or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the
power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.
A
consolidated VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys
the rewards normally associated with ownership of the entity. In determining whether the Company or its subsidiaries are the primary
beneficiary, the Company considers whether it has the power to direct activities that are significant to the VIE's economic performance,
and also the Group's obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive
benefits from the VIE that could potentially be significant to the VIE. The Company, through Liandu WFOE holds all the variable interests
of the VIEs, and has been determined to be the primary beneficiary of the VIEs.
(d)
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 operation 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.
(e)
Business Combination
Business
combinations are recorded using the acquisition method of accounting. The assets acquired, the liabilities assumed, and any non-controlling
interests of the acquiree at the acquisition date, if any, are measured at their fair values as of the acquisition date. Goodwill is
recognized and measured as the excess of the total consideration transferred plus the fair value of any non-controlling interest of the
acquiree and fair value of previously held equity interest in the acquiree, if any, at the acquisition date over the fair values of the
identifiable net assets acquired. Common forms of the consideration made in acquisitions include cash and common equity instruments.
Consideration transferred in a business acquisition is measured at the fair value as of the date of acquisition. Acquisition-related
expenses and restructuring costs are expensed as incurred.
Where
the consideration in an acquisition includes contingent consideration the payment of which depends on the achievement of certain specified
conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date and is
recorded as a liability, it is subsequently remeasured at fair value at each reporting date with changes in fair value reflected in earnings.
F-
14
2.
Principal
                                            Accounting Policies (Continued)
(f)
Functional currency and foreign currency translation
The
Group uses Renminbi ("RMB") as its reporting currency. The functional currency of the Company and its subsidiaries incorporated
outside of PRC is the United States dollar ("US$"), while the functional currency of the PRC entities in the Group is RMB
as determined based on the criteria of ASC 830, Foreign Currency Matters.
Transactions
denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates
prevailing on the transaction dates. Financial assets and liabilities denominated in other than the functional currency are re-measured
at the balance sheet date exchange rate. The resulting exchange differences are included in the consolidated statements of comprehensive
income/(loss) as foreign exchange related gains /(losses).
The
financial statements of the Group are translated from the functional currency to the reporting currency, RMB. Assets and liabilities
of the Company and its subsidiaries incorporated outside of PRC are translated into RMB at fiscal year-end exchange rates, income and
expense items are translated at average exchange rates prevailing during the fiscal year, representing the index rates stipulated by
the People's Bank of China. Translation adjustments arising from these are reported as foreign currency translation adjustments
and are shown as a separate component of shareholders' equity on the consolidated financial statement. The exchange rates used
for translation on December 31, 2021 and 2022 were US$
1.00
=RMB
6.3757
and RMB
6.9646
, respectively, representing the index rates
stipulated by the People's Bank of China.
(g)
Convenience translation
The
unaudited United States dollar ("US$") amounts disclosed in the accompanying financial statements are presented solely for
the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the rate
of US$
1.00
= RMB
6.8972
on December 30, 2022, representing the noon buying rate in the City of New York for cable transfers of RMB
as certified for customs purposes by the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could
be, converted into US$ at that rate on December 31, 2022, or at any other rate.
F-
15
2.
Principal
                                            Accounting Policies (Continued)
(h)
Fair value of financial instruments
Fair
value is 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 it considers
assumptions that market participants would use when pricing the asset or liability.
The
established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level
of input that is significant to the fair value measurement.
The
three levels of inputs that may be used to measure fair value include:
Level 1:
Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:
Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.
Level 3:
Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
Accounting
guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income
approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions
involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a
single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts.
The cost approach is based on the amount that would currently be required to replace an asset.
The
Group does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements
on a recurring basis.
The
Group's financial instruments consist principally of cash, prepayments and other current assets, accounts
payable, borrowings, accrued liabilities and other liabilities.
As of December 31, 2021 and 2022, the
carrying values of cash, prepayments and other current assets, accounts payable, borrowings and other liabilities approximated their fair
values reported in the consolidated balance sheets due to the short-term maturities of these instruments.
(i)
Cash
Cash include cash in bank placed with
banks or other financial institutions.
(j)
Inventories
Inventories are stated at the lower
of cost or net realized value. Cost is determined using the weighted average method. As of each reporting date, the Group evaluates the
net realizable value based on assumptions about future customer demand and market conditions. The evaluation may take into consideration
inventory aging, expected demand, anticipated sales price, and other factors. Adjustments are recorded to write down the carrying amount
of any obsolete and excess inventory to its estimated net realizable value. As of December 31, 2021, inventories mainly included
dormitory bedding of RMB
0.17
million. As of December 31, 2022, inventories mainly included uniforms and dormitory beddings
of RMB
1.03
million and RMB
0.11
million, respectively. There was no write-down of inventories for the years ended December 31,
2020, 2021 and 2022, respectively.
(k)
Accounts receivables, net
Accounts
receivables are stated at the historical carrying amount net of the allowance for doubtful accounts. The Group reviews the accounts receivable
on a periodic basis and makes allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability
of individual accounts receivable balances, the Group considers several factors, including the age of the balance, the customer's
payment history, and current credit worthiness, and current economic trends.
F-
16
2.
Principal
                                            Accounting Policies (Continued)
(l)
Property and equipment, net
Property
and equipment are stated at historical cost less accumulated depreciation and impairment income, if any. Depreciation is calculated using
the straight-line method over their estimated useful lives. The estimated useful lives are as follows:
Category
Estimated
    useful lives
Residual
    value
Buildings
10
years to
50
years
5
%
Electronic
    devices and other general equipment
2
years to
5
years
0
%,
5
%
Leasehold
    improvements
Over the shorter of lease term or the estimated useful lives of the assets
0
%
Expenditures
for maintenance and repairs are expensed as incurred. The gain or income on the disposal of property and equipment is the difference
between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive
income/(loss).
(m)
Land use rights, net
Land
use rights are recorded at cost less accumulated amortization. Amortization is provided over the term of the land use rights agreement
on a straight-line basis over the term of the agreement, which is
50
years.
(n)
Impairment of long-lived assets
For
other long-lived assets including property and equipment, other non-current assets and land use rights, the Group evaluates for impairment
whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group
assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted
future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired
if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is
measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Group did not recognize any
impairment loss for the years ended December 31, 2020, 2021 and 2022.
(o)
Goodwill
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 December 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.
The
Group 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.
For
the years ended December 31, 2020, 2021 and 2022, the Group recognized impairment loss of
nil
,
nil
and RMB
18,842,000
on goodwill, respectively.
(p)
Deferred revenue
Cash proceeds received from customers
are initially recorded as deferred revenue and are recognized as revenues when revenue recognition criteria are met. The Group's
deferred revenue amounted to RMB
1,386,607
and RMB
9,368,156
as of December 31, 2021 and 2022, respectively. During the years ended December
31, 2021 and 2022, the Group recognized RMB
176,980
and RMB
1,386,607
revenue that was included in deferred revenue balance at January 1,
2021 and 2022, respectively. The Group expects to recognize this balance as revenue over the next 12 months.
F-
17
2.
Principal
                                            Accounting Policies (Continued)
(q)
Revenue recognition
The
Group adopted ASC 606, "Revenue from Contracts with Customers" for all periods presented. Consistent with the criteria of
Topic 606, the Group follows five steps for its revenue recognition: (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 entity satisfies a performance obligation.
The
Group is mainly engaged in providing education services including high school and vocational education services, and comprehensive human
resource services. Schools also provide accommodation service, offer meals, uniforms, learning materials and other campus necessities
to students.
Tuition,
meal and accommodation service income
Tuition
and accommodation service income that are received in advance by schools prior to the beginning of each semester of a school year are
initially recorded as deferred revenue, and then are recognized over time during the service period of each semester. All amounts of
the tuition and accommodation service income are earned within one year and reflected as a current liability. Qingtian International
School offers meals to students and collects fee each time students have meal, and therefore, revenue is recognized at a point in time
when Qingtian International School offers students the meals.
The
Group recognizes service income on a gross basis, as the Group is responsible for fulfilling the promise to provide the education, meal
and accommodation services to students.
Financing
component included in tuition fees
Some
contracts contain a financing component because payment by the customer occurs significantly before performance of the obligation. The
Group takes the practical expedient and will not adjust the impact of a financing component for deferred revenue which will be earned
within one year. The Group does not adjust the impact of a financing component for deferred revenue which will be earned beyond one year
as the portion of financing component is immaterial.
Sale
of uniforms, learning materials and other campus necessities
Schools
provide school uniforms, learning materials and other campus necessities to the students with payment also made prior to the beginning
of each semester. Revenue from uniform, learning materials and other campus necessities is recognized at a point in time when control
of the goods has been transferred and accepted by the students.
The
Group recognizes revenue from sale of uniforms, learning materials and other campus necessities on a gross basis, as the Group controls
the goods before they are transferred to the students. The Group is responsible for the design of uniforms and have inventory risk for
the uniforms, learning materials and other campus necessities.
Comprehensive
human resource service
The
Group generates its revenue from providing comprehensive service for flexible employment, which primarily focuses on recommending interns
from schools to various customers with human resources demand. The Group concludes that there is a single performance obligation to fulfill
service requirements from customers. The Group charges service fees to customers based on service periods at a fixed rate per day, and
recognizes revenue at a point of time or overtime whenever the service requirement is satisfied.
The
Group controls the service provided by interns to customers as (i) the Group is primarily responsible for the fulfillment of the services
and assures the customers are satisfied with services; (ii) the Group needs to maintain sufficient interns in order to satisfy the service
requirement from customers on an if-needed basis; (iii) the Group can direct interns to provide service to customers on its behalf, and
there is no direct cooperation relationship between interns and customers, and (iv) the Group has the ultimate discretion to set up the
price of the service with customers. Therefore, the Group acts as a principal, and recognizes revenue in the gross amount of consideration
to which it expects to be entitled in exchange for the specified service transferred.
Course
design, development and training
Hainan
Jiangcai jointly designs and develops curriculum and training programs with Hainan Technical School. The Group concludes that there is
a single performance obligation to fulfill service requirements from Hainan Technical School and recognizes revenue over cooperation
period in a straight-line method.
F-
18
2.
Principal
                                            Accounting Policies (Continued)
(r)
Leases
From
January 1, 2022, the Group adopted Accounting Standards Update ("ASU") 2016-02, Lease (FASB ASC Topic 842). The adoption
of Topic 842 resulted in the presentation of operating lease right-of-use ("ROU") assets and operating lease liabilities
on the consolidated balance sheet. 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. Lastly,
the Group elected the short-term lease exemption for all contracts with lease terms of 12 months or less.
The
Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
For
operating leases, the Group records a lease liability and corresponding ROU asset at lease commencement. Lease terms are based on the
non-cancellable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise
the option. Lease liabilities represent the present value of the lease payments not yet paid, discounted using the discount rate for
the lease at lease commencement.
The
Group estimates its incremental borrowing rate for its leases at the commencement date to determine the present value of future lease
payments when the implicit rate is not readily determinable in the lease. In estimating its incremental borrowing rate, the Group considers
its credit rating and publicly available data of borrowing rates for loans of similar amount, currency and term as the lease.
Operating
leases are presented as "Right-of-use assets" and "Operating lease liabilities". Lease liabilities that become
due within one year of the balance sheet date are classified as current liabilities. At lease commencement, right-of-use assets represent
the right to use underlying assets for their respective lease terms and are recognized at amounts equal to the lease liabilities adjusted
for any lease payments made prior to the lease commencement date, less any lease incentives received and any initial direct costs incurred
by the Group.
After
lease commencement, operating lease liabilities are measured at the present value of the remaining lease payments using the discount
rate determined at lease commencement. Right-of-use assets are measured at the amount of the lease liabilities and further adjusted for
prepaid or accrued lease payments, the remaining balance of any lease incentives received, unamortized initial direct costs and impairment
of the ROU assets, if any. Operating lease expense is recognized as a single cost on a straight-line basis over the lease term.
Leases
that have a term of 12 months or less at the commencement date ("short-term leases") are not included in right-of-use assets
and operating lease liabilities. Lease expense for the short-term leases is recognized on a straight-line basis over the lease term.
Sale-leaseback
transactions as Lessee
When
the Group enters into sale-leaseback transactions as a seller-lessee, it applies the requirements in ASC 606 by assessing whether a contract
exists and whether it satisfies a performance obligation by transferring control of an asset when determining whether the transfer of
an asset shall be accounted for as a sale of the asset. If the Group transfers the control of an asset to the buyer-lessor, it accounts
for the transfer of the asset as a sale and recognizes a corresponding gain or loss on disposal. The subsequent leaseback of the asset
is accounted for in accordance with ASC842 in the same manner as any other lease. If the Group does not transfer the control of an asset
to the buyer-lessor, the failed sale-leaseback transaction is accounted for as a financing. The Group does not derecognize the transferred
asset and accounts for proceeds received as borrowings for which the current portion is included in "long-term borrowings, current"
and the non-current portion is included in "long-term borrowings" in the consolidated balance sheets.
Operating
leases as Lessor
For
operating leases, the Group recognized rental income over the non-cancellable lease term on a straight-line basis.
The Group does not
have any sales-type or direct financing leases for the years ended December 31, 2020, 2021 and 2022
F-
19
2.
Principal
                                        Accounting Policies (Continued)
(s)
Cost of revenues
Cost
of revenues consist of expenditures incurred in the generation of the Group's revenue, includes but not limited to the salary and
welfare for teachers, food costs, uniform and learning materials cost, campus rental cost, utilities charges, depreciations and salary
and welfare for interns.
(t)
General and administrative expenses
General
and administrative expenses consist primarily of salary and welfare for general and administrative personnel, general office expenses
and professional service fees.
(u)
Selling expenses
Selling
expenses consist primarily of advertising expenses, channel expenses including student referral and customer referral expenses, and other
miscellaneous expenses.
(v)
Government subsidies
Government
subsidies primarily consist of financial subsidies received from local governments for operating a business in their jurisdictions and
compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria
necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant
government authorities. The government subsidies with no further conditions to be met are recorded as "Other income, net"
when received. The government subsidies with certain operating conditions are recorded as liabilities when received and will be recorded
as operating income when the conditions are met.
For
the years ended December 31, 2020, the Group received
nil
financial subsidies from the local PRC government authorities. For the years
ended December 31, 2021, Qingtian International School received financial subsidies of RMB
1,499,505
. For the years ended December 31,
2022, Qingtian International School, Langfang school, Chuangmei Weiye and Lishui Mengxiang VIE received financial subsidies of RMB
7,390,146
,
RMB
4,692,650
, RMB
28,000
and RMB
9,203
, respectively. All government subsidies received for the years ended December 31, 2021 and 2022
were education development and employment related financial support, which had no further conditions and were recorded as other income.
(w)
Non-controlling
interests
Non-controlling interests are recognized
to reflect the portion of the equity of a subsidiary of VIEs which is not attributable, indirectly, to the controlling shareholder.
Non-controlling interests are presented
as a separate component of equity in the consolidated balance sheets. Consolidated net loss on the consolidated statements of comprehensive
income (loss) includes the net income (loss) attributable to non-controlling interests. The cumulative results of operations attributable
to non-controlling interests are recorded as non-controlling interests in the consolidated balance sheets.
(x)
Risks
and uncertainties
After the initial outbreak of a novel
strain of coronavirus ("COVID-19"), from time to time, some instances of COVID-19 infections have emerged in various regions
of China, including infections caused by Omicron variants in early 2022, and a series of restrictions and quarantines were implemented
to contain the spread. The COVID-19 outbreak in China made adverse impact on the Group's financial condition and results of operations.
However, in December 2022, Chinese government declared to treat COVID-19 as Category B disease, and authorities dropped quarantine measures
against people infected with COVID-19 and stopped designating high-risk and low-risk areas. To cope with the policy shift and to protect
our students and teachers' health, Qingtian International School stopped on-campus teaching activities and provided off-campus online
courses for two weeks in December 2022. Besides, Langfang School provided online courses from March 7, 2022 to June 24, 2022 in the spring
semester, and continued the online courses from September 2, 2022 to December 23, 2022 in the fall semester. The management believed that
the adverse impact due to the COVID-19 was temporary. However, any future outbreak of public health epidemics may restrict economic activities
in affected regions, resulting in reduced business volume, disrupt our and the Group' business operations and adversely affect the
Group's results of operations.
(y)
Concentration
and risk
Concentration of credit risk
Financial instruments that potentially
expose the Group to concentration of credit risk consist primarily of cash, and accounts receivable.
Substantially all of the Group's
cash, term deposits, restricted cash, and short-term investments were deposited with financial institutions with high-credit ratings.
Accounts receivable are typically
unsecured and are derived from revenue earned from the customers. The Group reviews the accounts receivable on a periodic basis and makes
allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual accounts
receivable balances, the Group considers several factors, including the age of the balance, the customer's payment history, and
current credit worthiness, and current economic trends.
F-
20
2.
Principal
                                        Accounting Policies (Continued)
Currency convertibility risk
The Group primarily transacts all of
its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual
rate system and introduced a single rate of exchange as quoted daily by the PBOC. However, the unification of the exchange rates does
not imply that the RMB may be readily convertible into United States dollars or other foreign currencies. All foreign exchange transactions
continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted
by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together
with suppliers' invoices, shipping documents and signed contracts. The Company's cash denominated in RMB amounted to RMB
2,769,490
and RMB
34,603,166
as of December 31, 2021 and 2022, respectively.
Major customers and supplying channels
For the continuing operations, no single
customer represented
10
% or more of the Group's net revenues or purchase for the years ended December 31, 2020, 2021 and 2022. The
Group's customers are mainly students and the Group's suppliers are mainly faculty.
The following table sets forth a summary
of single customers who represent
10
% or more of the Group's total accounts receivable:
As of December 31,
2021
2022
Percentage of the Group's accounts receivable
Amount
%
Amount
%
Customer A
-
-
128,437
29.8
%
Customer B
-
-
128,154
29.7
%
Customer C
-
-
87,401
20.3
%
The following table sets forth a summary
of single customers who represent
10
% or more of the Group's total accounts payable:
As of December 31,
2021
2022
Percentage of the Group's accounts payable
Amount
%
Amount
%
Supplier A
-
-
672,725
23.0
%
Supplier B
-
-
581,477
19.9
%
Supplier C
-
-
399,956
13.7
%
(z)
Employee
social security and welfare benefits
Employees
of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance,
medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution
plan. The Group is required to contribute to the plan based on certain percentages of the employees' salaries, up to a maximum
amount specified by the local government.
The
PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group's
obligations are limited to the amounts contributed and no legal obligation beyond the contributions made.
(aa)
Income
taxes
Current
income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are
not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.
Deferred
income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax
consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial
statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount
attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated
statements of comprehensive income/(loss) in the period of change. A valuation allowance is provided to reduce the amount of deferred
tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.
F-
21
2.
Principal
                                        Accounting Policies (Continued)
Uncertain
tax positions
The
guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statements recognition
and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income
tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties
associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required
in evaluating the Group's uncertain tax positions and determining its provision for income taxes. The Group did not recognize any
significant interest and penalties associated with uncertain tax positions for the years ended December 31, 2020, 2021 and 2022. As of
December 31, 2021 and 2022, the Group did not have any significant unrecognized uncertain tax positions.
(bb)
Statutory reserves
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, the appropriations to statutory surplus reserve are required
until the balance reaches
50
% of the PRC entity registered capital.
In
the private school sector, the Implementing Regulations for the Law of the People's Republic of China on the Promotion of Privately-run
Schools require that annual appropriations of
25
% of after-tax income should be set aside prior to payments of dividend as development
fund. Under the Implementation Rules for the Law for Promoting Private Education of the PRC for Private Education Laws, or the 2021 Implementation
Rules, which took effect on September 1, 2021, annual appropriations of
10
% of after-tax income should be set aside prior to payments
of dividend as development fund. The statutory reserve is applied against prior year income, if any, and may be used for general business
expansion and production or increase in registered capital of the entities. For the years ended December 31, 2020, 2021 and 2022, the
Group made apportions of RMB
7,409,675
, RMB
1,322,803
and RMB
54,144
to the development fund, respectively. For the year ended December
31, 2022, the Group's other subsidiaries made RMB
175,722
statutory reserves in addition to development fund.
(cc)
Related parties
Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject
to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.
(dd)
Dividends
Dividends
are recognized when declared. No dividends were declared for the years ended December 31, 2020, 2021 and 2022, respectively. The Group
does not have any present plan to pay any dividends on ordinary shares in the foreseeable future. The Group currently intends to retain
the available funds and any future earnings to operate and expand its business.
(ee)
Earnings/(loss) per share
Basic
income/(loss) per share is computed by dividing net income/(loss) attributable to holders of ordinary shares by the weighted average
number of ordinary shares outstanding during the year.
Diluted
income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders as adjusted for the effect
of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding
during the year. Dilutive equivalent shares are excluded from the computation of diluted income per share if their effects would be anti-dilutive.
(ff)
Comprehensive income/(loss)
Comprehensive
income/(loss) is defined as the change in shareholders' equity of the Company during a period arising from transactions and other
events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders.
Comprehensive
income/(loss) is reported in the consolidated statements of comprehensive income/(loss). Accumulated other comprehensive loss of the
Group includes the foreign currency translation adjustments.
F-
22
2.
Principal
                                        Accounting Policies (Continued)
(gg)
Segment reporting
Operating
segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available
that is regularly evaluated by the Group's chief operating decision makers in deciding how to allocate resources and assess performance.
For
the year ended December 31, 2020, the Group had one reportable segment for the primary and middle school education business from grade
1 to grade 9, provided by Lianwai School VIE. For the year ended December 31, 2021, for continuing operations, the Group had one reportable
segment for the high school education business, provided by Qingtian International School VIE. In response to Implementation Rules, the
reportable segment for the primary and middle school education business from grade 1 to grade 9, qualifies for discontinued operation
reporting and is not required to disclose the information in segment reporting required by ASC 280.
For
the year ended December 31, 2022, the Group has organized its operations into three operating segments. The segments reflect the way
the Group evaluates its business performance and manages its operations by the Group's chief operating decision maker ("CODM")
for making decisions, allocating resources and assessing performance. The Group's CODM has been identified as the chief executive
officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group.
The
Group has determined that it operates in three segments: (1) "Education services" segment, (2) "Comprehensive human
resources services" segment and (3) "All other" segment. The "All other" segment consisted of the Group's
headquarters and functional departments that did not earn revenues. The other two reportable segments are strategic business units that
offer different services. They are managed separately because each business requires different operating strategies.
As
the Group's long-lived assets are substantially all located in the PRC and all of the Company's revenue and expense are derived
from within the PRC, no geographical segments are presented.
(hh)
Recently issued accounting pronouncements
In
June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments, which requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The
amortized cost basis of financial assets should be reduced by expected credit losses to present the net carrying value in the financial
statements at the amount expected to be collected. The measurement of expected credit losses is based on past events, historical experience,
current conditions and forecasts that affect the collectability of the financial assets. Additionally, credit losses relating to available-for-sale
debt securities should be recorded through an allowance for credit losses. The guidance replaces the incurred loss impairment methodology
with an expected credit loss model, which will mainly have an impact on credit losses in connection with loans recognized as a result
of payments under the guarantee liabilities and guarantee liabilities. In 2019, the FASB subsequently issued ASU 2019-04, ASU 2019-05,
and ASU 2019-11, respectively, which contained updates to ASU 2016-13. The Group is qualified as Emerging Growth Company, so the Group
elected to use the extended transition period for complying with new or revised financial accounting standards and will not adopt this
new guidance until 2023.
In
November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), to increase the transparency of government assistance
including the disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the
assistance on an entity's financial statements. The amendments in this ASU are effective for all entities within their scope for
financial statements issued for annual periods beginning after December 15, 2021. An entity should apply the amendments in this ASU 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.
Early application of the amendments is permitted. The Group has adopted ASU 2021-10 from January 1, 2020, and the adoption had no material
impact on the Group's consolidated financial statements.
F-
23
3.
Discontinued
                                        operation
As
refer to Note 1, in connection with the deconsolidation of the Affected Entity, the Group evaluated and concluded that the Affected Entity
should be accounted as discontinued operation during the year ended and as of December 31, 2021. There were no carrying amounts of major
classes of assets and liabilities from the discontinued operation in the consolidated balance sheets as of December 31, 2021 and 2022.
Pursuant
to the Implementation Rules, the Group lost control of Lianwai School on August 31, 2021. Therefore, the Group accounted Lianwai School
as discontinued operation and recognized one-off loss of RMB
249,359,993
for this deconsolidation.
4.
Business
                                        combination
Acquisition
of Hangzhou Youxi Information Technology Co., Ltd. ("Youxi Software")
On
January 31, 2021, the Group acquired
100
% equity interest of Youxi Software, with a total consideration of RMB
300,000
(approximately
$
46,500
) in cash for the layout of online education of the Company. The acquisition of
100
% equity interest of Youxi Software has been
accounted for using the acquisition method of accounting, and accordingly, the acquired assets and liabilities were recorded at their
fair value at the date of acquisition. The Group engaged a third-party valuation firm to assist with the valuation of assets acquired
and liabilities assumed in this business combination. The result of acquired entity's operation has been included in the consolidated
financial statements since the date of acquisition. The purchase price was allocated as of February 1, 2021, the date of acquisition,
as follows:
Amount
RMB
Fair value of total consideration
    transferred:
Cash consideration
300,000
Cash acquired from business
    combination
(
3,211
)
Subtotal
296,789
Recognized amounts of identifiable
    assets acquired and liability assumed:
Current assets
45,440
Intangible asset - computer software
276,087
Current liabilities
(
3,200
)
Deferred tax assets
2,802,091
Total identifiable net
    assets
3,120,419
Other income*
2,823,630
*
The excess of the total consideration over the fair value of the assets acquired was recorded as other income, which was due to the deferred tax assets recognized since the management considered it more likely than not that Youxi Software could generate sufficient pre-tax profit in the next 5 consecutive years and the deferred tax assets will be utilized in the future.
The
net revenue and net loss of Youxi Software since the acquisition date and that were included in the Group's consolidated statements
of operations and comprehensive income/(loss) for the year ended December 31, 2021 are
nil
and RMB
364,366
, respectively.
Based
on the Group's assessment, the revenues and net earnings of Youxi Software were not considered material prior to the acquisition
date. Thus, the Group's management believes that the presentation of pro forma financial information with respect to the results
of operations of the Group for the business combination is immaterial.
F-
24
4.
Business
                                        combination (Continued)
Acquisition
of Qingtian Overseas Chinese International School ("Qingtian International School")
On
August 31, 2021, the Group acquired
100
% equity interest of Qingtian International School, with a total consideration of RMB
23
million
(approximately $
3
.6million) in cash. Qingtian International School is an educational institution specialized in providing high school
education to returned overseas Chinese students. As of December 31, 2022, the total unpaid consideration was RMB
8
million, which will
be paid in
1
year and was recorded in other payables. The acquisition of
100
% equity interest of Qingtian International School has been
accounted for using the acquisition method of accounting, and accordingly, the acquired assets and liabilities were recorded at their
fair value at the date of acquisition. The Group engaged a third-party valuation firm to assist with the valuation of assets acquired
and liabilities assumed in this business combination. The result of acquired entity's operation has been included in the consolidated
financial statements since the date of acquisition. The purchase price was allocated as of August 31, 2021, the date of acquisition,
as follows:
Amount
RMB
Fair value of total consideration
    transferred:
Cash consideration
23,000,000
Cash acquired from business combination
(
2,811,219
)
Subtotal
20,188,781
Recognized amounts of identifiable
    assets acquired and liability assumed:
Current assets
15,799,304
Non-current assets
6,230,107
Current liabilities
(
28,485,037
)
Total identifiable net liabilities
(
6,455,626
)
Goodwill*
26,644,407
*
The goodwill was primarily attributable to the synergy from the joint students recruiting events and channel, program design, development and marketing, and teacher training and recruitment opportunities. The goodwill is not deductible for tax purposes.
Based
on the Group's assessment, the revenues and net earnings of Qingtian International School were not considered material prior to
the acquisition date. Thus, the Group's management believes that the presentation of pro forma financial information with respect
to the results of operations of the Group for the business combination is immaterial.
F-
25
4.
Business
                                        combination (Continued)
Acquisition
of Beijing Pengxiang Tianxia Education Technology Co., LTD ("Beijing P.X.")
On
July 27, 2021, the Company entered into an investment cooperation agreement with Beijing S.K., pursuant to which the Company may gradually
acquire the controlling stake in Beijing S.K. upon the Company's prepayment in the total amount of RMB
300
million to Beijing S.K.
The Company had prepaid in the amount of RMB
100
million to Beijing S.K.
On
April 18, 2022, as part of the arrangements with Beijing S.K., the Company entered into an investment supplemental agreement with Beijing
S.K. Pursuant to such agreement, the Company acquired
100
% equity interests of Beijing P.X., a wholly-owned subsidiary of Beijing S.K.,
which in turn holds
100
% equity interests of Chuangmei Weiye and Hainan Jiangcai, and the sponsorship interests of Langfang School, from
Beijing S.K. (the "Acquisition", or the "Business Combination"). The Company completed the Acquisition by utilizing
the prepayment in the amount of RMB
53.4
million.
The
Acquisition was accounted for as a business combination using the acquisition method of accounting in conformity with U.S. GAAP. Under
this method, the assets acquired and liabilities assumed have been recorded based on preliminary estimates of fair value. In the preliminary
purchase price allocation, the difference between the purchase consideration and book value of assets acquired and liabilities assumed
by the Company was allocated based on management's judgement and assumptions. The net identifiable assets acquired and preliminary
purchase price allocation are as follows:
Amount
RMB
Fair value of total consideration
    transferred:
Cash consideration
53,400,000
Cash acquired from business combination
(
840,083
)
Subtotal
52,559,917
Recognized amounts of identifiable
    assets acquired and liability assumed:
Current assets
13,222,667
Non-current assets
3,108,661
Current liabilities
(
25,463,841
)
Non-current liabilities
(
875,000
)
Total identifiable net liabilities
(
10,007,513
)
Goodwill*
62,567,430
*
The goodwill was primarily attributable to the synergy from the joint students recruiting events and channel, intern program design and human resources services fulfillment. The goodwill is not deductible for tax purposes.
Pro
forma results of acquisitions (unaudited)
The
following table summarizes the unaudited pro forma consolidated results of operations for the years ended December 31, 2021, assuming
that the Acquisition occurred as of the beginning of the comparable annual reporting period. The 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.
For
    the Year Ended
December 31,
2021
Pro forma net income from continuing
    operations
1,608,904
Pro forma net loss from discontinuing operation
(
244,068,780
)
Basic weighted average shares outstanding
66,667,000
Earnings per share from continuing operations-basic
    and diluted
0.02
Loss per share from discontinuing operations-basic
    and diluted
(
3.66
)
F-
26
5.
Cash
Cash represent cash on hand and demand
deposits placed with banks or other financial institutions, which are unrestricted as to withdrawal or use. The following table sets forth
a breakdown of cash by currency denomination and jurisdiction as of December 31, 2021 and 2022.
RMB equivalent (US$)
RMB
Total
    in RMB
Overseas
China
Non VIE
VIEs
December 31, 2021
196,642,333
1,316,167
1,453,323
199,411,823
December 31, 2022
212,158,382
1,238,532
33,364,634
246,761,548
6.
Prepayments
                                        and Other current assets
Prepayments
and other current assets consisted of the following:
As of December 31,
2021
2022
Advance deposit for intent acquisition
    (1)
100,000,000
46,600,000
Receivables from third parties (2)
-
29,640,939
Deductible input value-added tax
297,028
2,737,802
Receivables of over-paid income tax
193,015
1,175,455
Prepayments of services
300,000
456,848
Prepaid rental fees
656,011
-
Others
21,870
586,760
Total
101,467,924
81,197,804
(1)
On July 27, 2021, the Group entered into investment cooperation agreement with Beijing S.K. Pursuant to the agreement, the Group prepaid RMB
100,000,000
for the intent acquisition of Beijing S.K. The Group completed the acquisition of Beijing P.X. by utilizing the prepayment in the amount of RMB
53,400,000
. The Group is in the process of evaluating Beijing S.K.'s other subsidiaries that are suitable as future acquiring targets. The remaining balance of prepayment will be used for the acquisition when targets are selected and finished internal restructuring.
(2)
Receivables from third parties included (i) amounts due from Beijing S.K. of RMB
22,850,000
fair value gain from contingent consideration of acquisition (Note22); (ii) amounts due from Beijing Shanghui Human Resource Management Consulting Co., LTD ("Beijing Shanghui") of RMB
5,000,000
; and (iii) amounts due from Beijing S.K. of RMB
1,790,939
as Beijing S.K. collected tuition, accommodation and other miscellaneous fees on behalf of Langfang School and Chuangmei Weiye before the acquisition of Beijing P.X. Receivables from third parties were interest free, unsecure and the Group expected to collect the receivables within one year.
7.
Property
                                        and equipment, net
Property
and equipment consisted of the following:
As
    of December 31,
2021
2022
Cost:
Buildings
184,813,833
184,813,833
Electronic devices and
    other general equipment
5,491,675
6,536,680
Leasehold
    improvements
6,337,234
6,637,234
Total cost
196,642,742
197,987,747
Less: Accumulated depreciation
(
31,583,879
)
(
37,858,090
)
Property
    and equipment, net
165,058,863
160,129,657
Depreciation
expense recognized for the years ended December 31, 2020, 2021 and 2022 were RMB
3,913,937
, RMB
4,257,506
and RMB
6,916,022
. The net book
amount of buildings pledged as collateral for the continuing operations' borrowings (Note 13) as at December 31, 2021 and
2022 was RMB
18,049,651
and RMB
73,856,520
, respectively. The net book amount of buildings pledged as collateral for the Lianwai School's
borrowings as at December 31, 2021 and 2022 was RMB
65,403,271
and RMB
5,349,559
, respectively. The net book amount of buildings pledged
as collateral for the Lianwai Kindergarten's borrowings as at December 31, 2021 and 2022 was RMB
4,732,232
and RMB
4,612,282
,
respectively.
F-
27
8.
Land
                                        use rights
Land
use rights consisted of the following:
As
    of December 31,
2021
2022
Cost:
Land
    use rights
47,334,839
47,334,839
Less: Accumulated amortization
(
10,567,510
)
(
11,514,207
)
Land
    use rights, net
36,767,329
35,820,632
The
amortization expenses recognized for the years ended December 31, 2020, 2021 and 2022 were RMB
946,697
, RMB
946,697
and RMB
946,697
,
respectively. The Group expects to record estimated amortization expenses RMB
946,697
, RMB
946,697
, RMB
946,697
, RMB
946,697
and RMB
946,697
for the years ending December 31, 2023, 2024, 2025, 2026 and 2027, respectively.
The
net book amounts of land use rights as collateral for the continuing operations' borrowings (Note 13) as of December 31, 2021
and December 31, 2022 were RMB
14,889,646
and RMB
29,646,281
, respectively. The net book amounts of land use rights as collateral
for the Lianwai School's borrowings as of December 31, 2021 and December 31, 2022were RMB
18,176,686
and RMB
3,044,431
,
respectively.
9.
Goodwill
Qingtian
    School
Beijing
    P.X.
Total
RMB
RMB
RMB
Balance as of December
    31, 2020
-
-
-
Goodwill gained from acquisition
26,644,407
-
-
Balance as of December
    31, 2021
26,644,407
-
26,644,407
Goodwill gained from acquisition
-
62,567,430
-
Impairment
-
(
18,842,000
)
-
Balance as of December
    31, 2022
26,644,407
43,725,430
70,369,837
The
Group performed a qualitative assessment for the Qingtian School reporting unit for the years ended December 31, 2021 and 2022 based
on the requirements of ASC 350-20. The Group evaluated all relevant factors, weighed all factors in their entirety and concluded that
it was not more-likely-than-not that the fair value of the Qingtian School reporting unit was less than its carrying amount. Therefore,
further impairment testing on goodwill was unnecessary as of December 31, 2021 and 2022.
For
the year ended December 31, 2022, the Group performed a qualitative assessment and quantitative assessment for the Beijing P.X. reporting
unit by estimating the fair value of the reporting unit based on an income approach which involved significant management judgment, estimates
and assumptions such as the discount rate, revenue growth rates and operating margin. Goodwill impairment related to the Beijing P.X.
reporting unit was recorded and amounted to RMB
18,842,000
as of December 31, 2022 due to the lower than expected performance in Beijing
P.X.
10.
Taxes
                                         payable
As
    of December 31,
2021
2022
Value-added tax
530,980
748,102
Surtaxes
84,187
34,284
Withholding individual
    income tax
33,971
67,797
Total
649,138
850,183
F-
28
11.
Accrued
                                         liabilities and other current liabilities
As
    of December 31,
2021
2022
Qingtian International School acquisition
    payable (1)
8,000,000
8,000,000
Deposits related to the Group staff apartment
    sales (2)
3,290,500
3,290,500
Deposits related to internship (3)
-
3,285,946
Payables to third parties (4)
4,500,000
1,328,691
Audit fee payable
642,925
567,687
Interests payable
55,289
387,434
Leasehold improvement payables
390,000
290,000
Others
513,502
1,111,928
Total
17,392,216
18,262,186
(1)
On August 31, 2021, the Group acquired
100
% equity interest of Qingtian International School, with a total consideration of RMB
23
million in cash. According to payment schedule agreed in the equity transfer agreement, the remaining balance of acquisition payable will be settled within 2022. In 2022, both parties agreed to extend the payable to 2023 given the Group suffered loss from operation.
(2)
Deposit prepaid to the Group for intention of purchasing the Group's staff apartments which can be freely withdrawn before final approval of the ownership transfer.
(3)
The Group collected deposits from the internship cooperation companies which will be returned to after students have completed the internship.
(4)
Payables to third parties consisted of: (i) loans for daily operational purposes with
1.5
% interest rate and due within
one year
and, (ii) miscellaneous fee collected on behalf of Hainan Advanced Technical School of Communications.
12.
Ordinary
                                         shares
In
June 2020, the Company changed its authorized capital to US$
50,000
(
500,000,000
ordinary shares), with par value of $
0.0001
per share.
The Company retroactively reflected this change in capital structure for all periods presented.
On
October 1, 2020, the Company completed its IPO on the NASDAQ Global Market of
3,333,400
American Depositary Shares ("ADS").
Each ADS represents
5
ordinary shares. The offering was at a price of US$
9.25
per ADS for a total offering size of approximately US$
30.8
million. The net proceeds raised from the IPO amounted to approximately RMB
170.7
million (US$
26.2
million) after deducting underwriting
discounts and commissions and other offering expenses. The excesses of offering price over par value were recorded in additional paid-in
capital.
As
of December 31, 2021 and 2022, the Company had
66,667,000
ordinary shares (US$
6,667
) issued and outstanding.
F-
29
13.
Loans
                                         and borrowings
Annual
Interest
Rate
Maturity
(Months)
As
    of
December 31, 2021
As
    of
December 31, 2022
Short-term borrowings:
China CITIC Bank
4.70
%
March,2023
27,000,000
27,000,000
Bank of Ningbo
4.80
%
December, 2023
50,000,000
34,000,000
Bank of China
3.75
%
August, 2023
-
5,000,000
PingAn Bank
9.00
%
April,2023
-
1,000,000
Webank
12.24
%
April,2023
-
500,000
Subtotal
77,000,000
67,500,000
Long term loans and borrowings,
    current:
Haier Financial Leasing Co. LTD (1)
7.16
%
April,2024
-
2,500,000
Tianjin Jincheng
    Bank Co., LTD
14.40
%
March,2024
-
1,425,000
Subtotal
-
3,925,000
Long term loans and borrowings,
    non-current:
Haier Financial Leasing Co. LTD (1)
7.16
%
April,2024
-
1,250,000
Tianjin Jincheng Bank
    Co., LTD
14.40
%
March,2024
-
356,250
Subtotal
-
1,606,250
Total
77,000,000
73,031,250
(1)
During the year ended December 31, 2022, the Group sold certain equipment to Haier Financial Leasing Co. LTD (the "purchaser-lessor") and simultaneously entered into contracts to lease back these assets from the purchaser-lessor for
two years
. Pursuant to the terms of the contracts, the Group is required to pay lease payments to the purchaser-lessor quarterly over the contract periods and is entitled to obtain the ownership of these equipment at a nominal price upon the expiration of the leases. Through the leaseback, the Group substantially retains all of the benefits and risks incident to the ownership of the equipment sold and the Group does not transfer the control of the asset to the purchaser-lessor. Therefore, the lease transaction did not qualify as sale-leaseback transaction. Accordingly, the Group identified the transaction as financing arrangement and recorded as borrowings.
The
weighted average interest rate per annum for the Group's bank loans was
5.01
%,
4.82
% and
5.52
% respectively for the years ended
December 31, 2020, 2021 and 2022. The Group's bank loans were secured by the pledge of Group's buildings and land use rights
plus personal guarantees provided by related parties. As of December 31, 2021 and 2022, the total net book amounts of pledged assets
were RMB
32,939,297
and RMB
103,502,801
, respectively (Note 7 and 8). As of December 31, 2021, the total guaranteed amounts provided by
related parties were RMB
70,000,000
within the period from
July 29, 2020 to July 29, 2023
. As of December 31, 2022, the total
guaranteed amounts provided by related parties were RMB
80,000,000
within the period from
March 17, 2022 to March 17, 2027
.
The
fair values of personal guarantee provided by the related parties for the Company's loan were not significant as of December 31,
2021 and 2022 respectively.
F-
30
14.
Revenue
For
the years ended December 31, 2020, 2021 and 2022, all of the Group's revenue was generated in the PRC. The disaggregated revenues
were as follows:
For
    the years ended December 31,
2020
2021
2022
Revenue from third parties:
Tuition
    fees
-
4,146,247
23,702,135
Comprehensive human
    resource services
-
-
7,840,844
Accommodation
-
228,526
5,920,364
Uniforms, learning materials
    and other campus necessities
2,632,611
1,986,186
3,992,076
Course design, development
    and training
-
-
3,675,953
Meals
660,020
2,014,151
2,544,884
Rental revenue
104,761
76,191
-
Others
12,699
61,691
751,615
Subtotal
3,410,091
8,512,992
48,427,871
Revenue from related
    party:
Rental revenue
1,668,572
906,667
754,285
Revenue from Affected
    Entity (1):
Rental revenue
15,284,572
14,152,381
-
Food
    procurement services
5,341,719
10,864,732
-
Subtotal
20,626,291
25,017,113
-
Total
    revenue
25,704,954
34,436,772
49,182,156
(1)
For the fiscal year ended December 31, 2020 and for the eight months ended August 31, 2021, the Group provides operation services including rental services and procurement services for Lianwai School. Although private schools providing compulsory education should not conduct any transaction with any related party under the Implementation Rules, to keep Lianwai School in continuing daily operation, the Group continued to provide essential services without recognizing any revenues relating to such activities to Lianwai School.
Tuition and accommodation fees, revenue from course design, development
and training, and rental revenue were recognized overtime, amounted to RMB
1,773,333
, RMB
5,357,631
and RMB
34,052,737
for the years ended
December 31, 2020, 2021 and 2022, respectively. Other types of revenue were recognized at a point of time.
As
of December 31, 2022, revenue for unsatisfied performance obligations expected to be recognized in year 2022 is RMB
9,368,156
, which
primarily relates to education services and accommodation services to be delivered in the future to the students.
15.
Income
                                         taxes
(a)
Cayman
                                            Islands
Under
the current tax laws of Cayman Islands, the Company is not subject to income, corporation or capital gains tax, and no withholding tax
is imposed upon the payment of dividends.
(b)
Hong
                                            Kong profits tax
One
of the Company's subsidiaries incorporated in Hong Kong is subject to Hong Kong profits tax rate of
16.5
% on its estimated assessable
profit for the years ended December 31, 2020, 2021 and 2022. Dividends income received from Liandu WFOE is not subject to Hong Kong profits
tax.
(c)
British
                                            Virgin Islands
Under
the current laws of the British Virgin Islands ("BVI"), the Company's subsidiary in BVI is not subject to tax on its
income or capital gains. In addition, upon any payment of dividends by the Company, no British Virgin Islands withholding tax is imposed.
(d)
PRC
                                            Enterprise Income Tax ("EIT")
On
March 16, 2007, the National People's Congress of the PRC enacted an Enterprise Income Tax Law ("EIT Law"), under
which Foreign Investment Enterprises ("FIEs") and domestic companies would be subject to EIT at a uniform rate of
25
%. The
EIT law became effective on January 1, 2008.
According
to the Article 14 of Guofa 2016 No. 81 released by the State Council non-profit private schools are eligible to enjoy the same preferential
tax treatment as public schools. As a result, non-profit private schools providing academic qualification education are eligible to enjoy
income tax exemption treatment. Qingtian International School has been granted corporate income tax exemption from relevant local tax
authorities until December 31, 2021. Starting from January 1, 2022, Qingtian International School was subject to EIT at a uniform rate
of
25
%.
F-
31
15.
Income
                                         taxes (Continued)
According
to the Financial management system scheme of Lishui Development Zone (Park), Lishui Xianke is eligible to enjoy
40
% income tax reduction
treatment, subjecting to the PRC income tax at the rate of
15
%.
According
to Taxation [2019] No. 13 which was effective from January 1, 2019 to December 31, 2021, an enterprise is recognized as a small-scale
and low-profit enterprise when its taxable income is less than RMB
3
million. A small-scale and low-profit enterprise receives a tax preference
including a preferential tax rate of
2.5
% on its taxable income below RMB
1
million and another preferential tax rate of
10
% on its taxable
income between RMB
1
million and RMB
3
million in 2021. According to Taxation [2022] No. 13 which was effective from January 1, 2022 to
December 31, 2024, an enterprise is recognized as a small-scale and low-profit enterprise when its taxable income is less than RMB
3
million.
A small-scale and low-profit enterprise receives a tax preference including a preferential tax rate of
2.5
% on its taxable income below
RMB
1
million and another preferential tax rate of
5
% on its taxable income between RMB
1
million and RMB
3
million in 2022. For the years
ended December 31, 2021 and 2022, Changmei Weiye, Hainan Jiangcai and Langfang school were qualified as small-scale and low profit enterprise.
The
EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose "de facto management
body" is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income
tax at the rate of
25
% for its global income. The implementing Rules of the EIT Law merely define the location of the "de facto
management body" as "the place where the exercising, in substance, of the overall management and control of the production
and business operation, personnel, accounting, properties, etc., of a non-PRC company is located."
The
EIT Law also imposes a withholding income tax of
10
% on dividends distributed by a FIE to its immediate holding company outside of China,
if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the
received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate
holding company's jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement.
The Cayman Islands, where the Company is incorporated, does not have such a tax treaty with China. According to the arrangement between
Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August
2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of
no more than
5
% if the immediate holding company in Hong Kong owns directly at least
25
% of the shares of the FIE and could be recognized
as a Beneficial Owner of the dividend from PRC tax perspective.
Composition
of income tax expense
For
    the years ended December 31,
2020
2021
2022
Current
-
762,067
65,299
Deferred
-
(
91,091
)
358,744
Total
    income tax expenses
-
670,976
424,043
A
reconciliation between the effective income tax rate and the PRC statutory income tax rate is as follows:
For
    the years ended December 31,
2020
2021
2022
%
%
%
PRC Statutory income tax rates
25.0
%
25.0
%
25.0
%
Effect of preferential tax rates
(
25.0
)%
28.1
%
7.7
%
Effect of non-taxable gain (1)
-
(
381.2
)%
-
Effect of non-taxable loss (2)
-
-
61.4
%
Effect of favorable tax rates on small-scale
    and low-profit entities
-
-
(
6.9
)
%
Change of valuation
    allowance
-
401.0
%
(
31.7
)%
Effective tax rate
-
72.9
%
55.5
%
(1)
Non-taxable gain was primarily due to gain from the acquisition of Youxi Software.
(2)
Non-taxable loss was primarily due to goodwill impairment loss of Beijing P.X..
Deferred
tax assets
The
significant components of the deferred tax assets are summarized below:
As
    of December 31,
2021
2022
Deferred tax assets:
Net operating loss carry-forwards
6,581,225
4,690,987
Allowance of doubtful accounts (1)
-
2,098,876
Less: valuation allowance
(
3,688,042
)
(
1,537,116
)
Net
    deferred tax assets
2,893,183
5,252,747
(1)
Allowance of doubtful accounts was from the acquisition of Beijing P.X..
F-
32
15.
Income
                                         taxes (Continued)
As
of December 31, 2021 and 2022, the Group had net operating loss carryforwards of approximately RMB
26,324,999
and RMB
27,509,816
, respectively,
which arose from the Group's subsidiaries, VIE and the VIEs' subsidiaries established in the PRC. As of December 31, 2021
and 2022, deferred tax assets from the net operating loss carryforwards amounted to RMB
6,581,225
and RMB
4,690,987
, respectively.
As
private schools providing compulsory education should not conduct any transaction with any related party under the Implementation Rules,
some of the Group's subsidiaries and Lishui Mengxiang VIE were confronted with the adjustment of business. Thus, the Group considered
it more likely than not that those subsidiaries and Lishui Mengxiang VIE could not generate sufficient pre-tax profit in the next 5 consecutive
years and the deferred tax assets will not be utilized in the future. As of December 31, 2021 and 2022, the Group provided valuation
allowance of RMB
3,688,042
and RMB
1,537,116
, respectively.
The
movement of valuation allowance is as follows:
As
    of December 31,
2021
2022
Balance at beginning
    of the year
-
3,688,042
Acquisition of subsidiaries
-
278,582
Additions
3,688,042
470,051
Decrease
-
(
2,899,559
)
Balance
    at end of the year
3,688,042
1,537,116
As
of December 31, 2022, the net operating loss carryforwards will expire, if unused, as follows:
Net operating loss carryforwards
2023
-
2024
8,859,516
2025
3,083,020
2026
14,145,655
2027
1,421,625
Total
27,509,816
16.
Leases
The
Group as a lessor
The
Group entered into lease agreements as lessor with both third parties and related parties.
For the years ended December 31,
2020
2021
2022
Rental Income：
Lianwai
    Kindergarten
754,285
754,285
754,285
Lishui Yuanmeng Training
    Company Limited
914,287
152,382
-
Grocery
    stores
104,761
76,191
-
Total
1,773,333
982,858
754,285
The
third parties rented the school non-education space mainly for grocery stores, which sell mainly stationary or snacks etc. to students
which were operated directly by the lessee, and the lease term ended in August, 2021.
The
Group leased certain non-education space to the related party, Lishui Yuanmeng Training Company Limited from December 1, 2016 to
February 28, 2021. In addition, the Group continued leasing its space to Lianwai Kindergarten for their operation of kindergarten care
service after the disposal on November, 2018, and the lease term will be ended in December 2024 (Note 17).
The
Group as a lessee
As
    of December 31,
2021
2022
Operating right-of-use assets
-
7,580,536
Operating lease payment liabilities, current
-
3,866,910
Operating lease payment
    liabilities, non-current
-
3,558,380
Total
-
7,425,290
F-
33
16.
Leases
                                         (Continued)
The weighted average discount rate of the operating
lease was
4.58
% as of December 31, 2022. The weighted average remaining lease term was
1.83
years as of December 31, 2022. Cash paid for
operating lease was RMB
3,880,445
and operating right-of-use assets obtained in exchange for operating lease payment liabilities was RMB
11,305,735
for the year ended December 31, 2022.
For
the years ended December 31 2020, 2021 and 2022, the lease expense was as follows:
For the years ended December 31,
2020
2021
2022
Operating leases expense
-
238,251
4,454,857
Short-term lease expense
-
-
11,741,215
Total
-
238,251
16,196,072
Because
most of the leases do not provide an implicit rate of return, the Group used the incremental borrowing rate based on the information
available at lease commencement date in determining the present value of lease payments.
The
following is a schedule of future minimum payments under the Group's operating leases as of December 31, 2022:
For
    the years ended December 31,
RMB
2023
4,342,857
2024
3,085,714
2025
571,429
Total lease payments
8,000,000
Less: imputed interest
(
574,710
)
Total
    operating lease liabilities
7,425,290
17.
Commitments
                                         and contingencies
(a)
Commitments
As
of December 31, 2022, the Group entered into lease agreements as lessee with third parties for the operation of Qingtian International
School and Langfang school. The Group has total future lease payment of RMB
19,741,215
. As of December 31, 2022, the Group did not
have any purchase commitments or capital commitments.
(b)
Litigation
In
the ordinary course of the business, the Group is subject to periodic legal or administrative proceedings. As of December 31, 2021 and
2022, the Group is not a party to any legal or administrative proceedings which will have a material adverse effect on the Group's
financial position, results of operations and cash flows.
18.
Related
                                         party transaction and balances
Name
and relationship with related parties:
Name
    of related parties
Relationship
Ms. Fen Ye
Controlling shareholder
Mr. Biao Wei
A close family member of Ms. Fen Ye
Ms. Chun E Ye
A close family member of Ms. Fen Ye
Mr. Wu Wei
A close family member of Mr. Biao Wei
Lishui Yuanmeng Training Company
    Limited ("Yuanmeng")
Controlled by Mr. Biao Wei
Lianwai Kindergarten
Controlled by Ms. Fen Ye
(a)
Significant
                                            transactions with related parties for continuing operations
For
    the years ended December 31,
2020
2021
2022
Rental revenue:
–Yuanmeng
914,287
152,382
-
–Lianwai
    Kindergarten
754,285
754,285
754,285
Total
1,668,572
906,667
754,285
F-
34
18.
Related
                                         party transaction and balances (Continued)
For
    the years ended December 31,
2020
2021
2022
Loans lent to related parties:
Mr. Wu Wei
661,208
-
-
Ms. Chun E
    Ye
21,500,000
-
-
Total
22,161,208
-
-
For the years
    ended December 31,
2020
2021
2022
Repayments of loans to related
    parties:
Mr. Wu Wei
661,208
-
-
Ms. Chun E Ye
27,478,355
-
-
Total
28,139,563
-
-
For
the years ended December 31, 2020, 2021 and 2022, all loan amounts with related parties were non-interest bearing, unsecured and repayable
on demand.
(b)
Balances
                                            with related parties for continuing operations
As
    of December 31,
2021
2022
Due to a related party:
Lianwai
    Kindergarten
323,400
323,400
Total
323,400
323,400
(c)
Balances
                                            with Affected Entity for continuing operations
As of December 31,
2021
2022
Due to Affected Entity:
Payables to Affected Entity, current
308,782,975
23,584,906
Payables to Affected Entity, non-current
-
216,176,563
Total
308,782,975
239,761,469
For the years ended December 31, 2020,
2021 and 2022, other receivables from and payables to Affected Entity were non-interest bearing, unsecured and repayable on demand for
normal business course.
As of December 31, 2022, the Group
reached an agreement with Affected Entity to repay payables under the following schedule:
Nominal
Payment
Unamortized
Finance
Costs
RMB
2023
25,000,000
1,415,094
2024
-
-
2025
-
-
2026
-
-
2027
50,000,000
12,637,091
Thereafter
288,373,373
109,559,719
Total
363,373,373
123,611,904
The long-term repayment schedule affected the
fair value of payables and the Group recalculated the fair value as of December 31, 2022 using
6
% discount rate. Since the Affected Entity
and the Group were under common control, the Group recognized the difference between proceeds and the fair value as deemed shareholder
contribution. The payables will be subsequently carried at amortized cost.
For
the year ended December 31, 2020 and for the eight months ended August 31, 2021, account receivables and advance from Affected Entity
arouse from the goods and services provided by the Group. Revenue transaction amount were recognized in the consolidated financial statements
(Note 14).
F-
35
19.
Non-controlling
                                         interests
In
January 2022, the Group entered into an agreement of establishing a joint venture company Beijing Xinxiang future technology development
Co., Ltd ("Xinxiang") with Beijing Renren Intelligent Technology Co., Ltd ("Renren") and Beijing Chuang'ao
Technology Center LLP. ("Chuangao"). The Group directly held
43
% equity interests for a total consideration of RMB
4,300,000
.
Given that the board of directors of Xinxiang consists of five members, three of which shall be appointed by Lishui Mengxiang, the Group
controlled Xinxiang as Lishui Mengxiang holds more than half of the voting power in the board of directors of Xinxiang. The remaining
57
% interests held by Renren and Chuangao were accounted for as non-controlling interest. The Group recognized non-controlling interests
of RMB
548,631
for the year ended December 31, 2022.
20.
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. In addition, Liandu WFOE and Lishui Mengxiang VIE are required to annually appropriate
10
% of their net after-tax income to the statutory general reserve fund prior to payment of any dividends, unless such reserve funds
have reached
50
% of their respective registered capital. In addition, for private schools such as the School, PRC laws and regulations
require that annual appropriations of at least
25
% of after-tax income should be set aside as development funds. Under the Implementation
Rules for the Law for Promoting Private Education of the PRC for Private Education Laws, or the 2021 Implementation Rules, which took
effect on September 1, 2021, annual appropriations of
10
% of after-tax income should be set aside prior to payments of dividend as development
fund. The sponsor of non-profit private schools shall not receive proceeds from the running of the school, and the cash surplus of the
non-profit private schools shall be retained for the running of the school development only. As a result of these and other restrictions
under PRC laws and regulations, the Group's subsidiaries and the VIEs incorporated in the PRC are restricted in their ability to
transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. There are no significant differences
between US GAAP and PRC accounting standards in connection with the reported net assets of the legally owned subsidiary in the PRC
and the VIE. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working
capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business
conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to the shareholders.
Except for the above, there is no other restriction on use of proceeds generated by the Group's subsidiaries and the VIEs to satisfy
any obligations of the Company.
As
of December 31, 2022, the total restricted net assets of the Company's subsidiaries and VIEs incorporated in PRC subjected
to restriction, including the registered capital, the PRC statutory reserves and certain education facilities assets, exceeded the
25
percent
threshold. This restriction results in a corresponding requirement to provide the Company's financial information.
21.
Segment
                                         reporting
For
the year ended December 31, 2020, the Group had
one
reportable segment for the primary and middle school education business from grade
1 to grade 9, provided by Lianwai School VIE. For the year ended December 31, 2021, for continuing operations, the Group had
one
reportable
segment for the high school education business, provided by Qingtian International School VIE.
For
the year ended December 31, 2022, the Group has organized its operations into
two
operating segments: (1) "Education services"
segment, (2) "Comprehensive human resources services" segment and (3) "All other" segment. The "All other"
segment consisted of the Group's headquarters and functional departments that did not earn revenues.
The
following table presents summary information by segment:
Education
    services
Comprehensive
    human resources services
Others
Elimination
    adjustment
Total
RMB
RMB
RMB
RMB
RMB
Net revenue
41,353,741
7,828,415
-
-
49,182,156
(Loss) /income before income tax expense
(
7,518,721
)
2,204,192
(
2,352,658
)
-
(
7,667,187
)
Net (loss)/income
(
7,573,746
)
1,835,174
(
2,352,658
)
-
(
8,091,230
)
Assets
497,225,087
8,730,595
212,869,438
(
109,898,666
)
608,926,454
22.
Subsequent
                                         events
The Group has evaluated events subsequent to the balance sheet date
of December 31, 2022 through May 1, 2023, the date on which the consolidated financial statements were issued.
On April 6, 2023, the Group entered
into agreement as supplemental of acquisition agreement dated April 18, 2022, to confirm amount due from Beijing S.K. of RMB
22,850,000
as the return of previously transferred consideration due to the under-performance of Beijing P.X. in 2022. Pursuant to the acquisition
agreement, the performance requirements of Beijing P.X. included enrollment in Langfang School and Hainan Jiangcai, and the operating
net profit of Chuangmei Weiye in 2022.
F-
36
23.
Information:
                                         Condensed financial statements of the Company
Rules
12-04(a) and 4-08(e) (3) of Regulation S-X require condensed financial information as to the financial position, cash flows and
results of operations of a parent company as of and for the same periods for which the audited consolidated financial statements have
been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed
25
% of consolidated
net assets as of the end of the most recently completed fiscal year.
The
following condensed financial statements of the Company have been prepared using the same accounting policies as set out in the Company's
consolidated financial statements except that the Company used the equity method to account for its investment in its subsidiaries and
VIEs. Such investment is presented on the separate condensed balance sheets of the Company as "Investment in subsidiaries and VIEs".
The Company, its subsidiaries and VIEs were included in the consolidated financial statements whereby the inter-company balances and
transactions were eliminated upon consolidation. The Company's share of income from its subsidiaries and VIEs is reported as its
share of income from subsidiaries and VIEs in the condensed financial statements.
The
Company is a Cayman Islands company and, therefore, is not subject to income taxes for all years presented. The footnote disclosures
contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction
with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.
As
of December 31, 2022, there were no material commitments or contingencies, significant provisions for long-term obligations or guarantees
of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.
Condensed
Financial Information of the Company
BALANCE
SHEETS
As of December 31,
2021
2022
RMB
RMB
US$
(Note 2(g))
ASSETS
Current assets:
Cash
194,729,331
210,769,439
30,558,696
Investment gain in subsidiaries and VIEs
-
84,528,603
12,255,495
Amounts due from subsidiaries and VIEs
644,607
7,686
1,114
Total current assets
195,373,938
295,305,728
42,815,305
Total assets
195,373,938
295,305,728
42,815,305
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accrued liabilities and other current liabilities
244,166
55,717
8,078
Investment deficit in subsidiaries and VIEs
35,769,964
-
-
Amounts due to subsidiaries and VIEs
40,296,870
42,307,875
6,134,065
Total current liabilities
76,311,000
42,363,592
6,142,143
Total liabilities
76,311,000
42,363,592
6,142,143
Shareholders' equity:
Ordinary shares (USD$0.0001 par value;
500,000,000
and
500,000,000
shares authorized,
66,667,000
and
66,667,000
shares issued and outstanding as of December 31, 2021 and 2022, respectively)
45,198
45,198
6,553
Additional paid-in capital
181,849,003
305,460,907
44,287,668
Statutory reserves
59,971,836
60,201,702
8,728,426
Accumulated other comprehensive (loss)/income
(
12,542,667
)
5,514,488
799,526
Accumulated deficit
(
110,260,432
)
(
118,280,159
)
(
17,149,011
)
Total shareholders' equity
119,062,938
252,942,136
36,673,162
Total liabilities and shareholders' equity
195,373,938
295,305,728
42,815,305
F-
37
23.
Information:
                                         Condensed financial statements of the Company (Continued)
STATEMENTS
OF COMPREHENSIVE INCOME/(LOSS)
For
    the years ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
(Note 2(g))
Operating expenses
General
    and administrative expenses
(
3,666,937
)
(
1,059,294
)
(
2,360,615
)
(
342,257
)
Total operating expenses
(
3,666,937
)
(
1,059,294
)
(
2,360,615
)
(
342,257
)
Other expenses
-
-
(
12,107
)
(
1,755
)
Equity
    in profit/(loss) of subsidiaries and VIEs, net
37,252,021
(
242,760,667
)
(
5,417,139
)
(
785,412
)
Income/(loss)
    from subsidiaries and VIEs
37,252,021
(
242,760,667
)
(
5,429,246
)
(
787,167
)
Net
    income/(loss)
33,585,084
(
243,819,961
)
(
7,789,861
)
(
1,129,424
)
Net
    income/(loss) attributable to the Company's ordinary shareholders
33,585,084
(
243,819,961
)
(
7,789,861
)
(
1,129,424
)
Net income/(loss)
Other
    comprehensive (loss)/income, net of nil tax
(
7,956,640
)
(
4,586,027
)
18,057,155
2,618,041
Comprehensive
    income/(loss)
25,628,444
(
248,405,988
)
10,267,294
1,488,617
STATEMENTS
OF CASH FLOWS
For
    the years ended December 31,
2020
2021
2022
RMB
RMB
RMB
US$
(Note 2(g))
Cash flows
    used in operating activities
-
(
2,290,367
)
(
1,900,037
)
(
275,479
)
Cash flows used in investing
    activities
(
653,250
)
-
-
-
Cash flows provided
    by financing activities
208,718,163
-
-
-
Effect of exchange rate
    changes on cash
(
7,956,640
)
(
3,088,575
)
17,940,145
2,601,077
Net changes in cash
200,108,273
(
5,378,942
)
16,040,108
2,325,597
Cash at the beginning
    of year
-
200,108,273
194,729,331
28,233,099
Cash at the end of year
200,108,273
194,729,331
210,769,439
30,558,696
F-38