<SEC-DOCUMENT>0001315863-21-000406.txt : 20210429
<SEC-HEADER>0001315863-21-000406.hdr.sgml : 20210429
<ACCEPTANCE-DATETIME>20210429163056
ACCESSION NUMBER:		0001315863-21-000406
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210429
DATE AS OF CHANGE:		20210429
GROUP MEMBERS:		MICHAEL RAZA IMAM
GROUP MEMBERS:		RETO MERAZZI
GROUP MEMBERS:		SILVERHORN SPC LTD

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			China Online Education Group
		CENTRAL INDEX KEY:			0001659494
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-89546
		FILM NUMBER:		21871178

	BUSINESS ADDRESS:	
		STREET 1:		6TH FLOOR DESHI BUILDING SOUTH
		STREET 2:		SHANGDI STREET, HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100085
		BUSINESS PHONE:		8610-56928909

	MAIL ADDRESS:	
		STREET 1:		6TH FLOOR DESHI BUILDING SOUTH
		STREET 2:		SHANGDI STREET, HAIDIAN DISTRICT
		CITY:			BEIJING
		STATE:			F4
		ZIP:			100085

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Silverhorn Investment Advisors Ltd
		CENTRAL INDEX KEY:			0001782806
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			K3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		22/F 100QRC
		STREET 2:		100 QUEEN'S ROAD CENTRAL
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			00000
		BUSINESS PHONE:		852-2599-9143

	MAIL ADDRESS:	
		STREET 1:		22/F 100QRC
		STREET 2:		100 QUEEN'S ROAD CENTRAL
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>sc_13ga_chinaonlineedu.htm
<TEXT>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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    <div style="text-align: center; margin-top: 12pt; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-bottom: 2pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 18pt; font-size: 18pt; font-weight: bold;">SCHEDULE 13G/A</div>
    <div style="text-align: center; font-weight: bold;">(Amendment No.&#160;3)</div>
    <div style="font-size: 18pt;">&#160;</div>
    <div style="text-align: center; margin-bottom: 2pt;">&#160;</div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 18pt; font-weight: bold;">(Rule 13d-102)</div>
    <div style="text-align: center; margin-top: 12pt; font-weight: bold;">INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO</div>
    <div style="text-align: center; font-weight: bold;">RULES 13d-1(b), (c) AND (d)&#160;AND AMENDMENTS THERETO FILED</div>
    <div style="text-align: center; font-weight: bold;">PURSUANT TO RULE 13d-2(b)</div>
    <div style="text-align: center; margin-top: 12pt; font-size: 18pt; font-weight: bold;">China Online Education Group</div>
    <div style="text-align: center; font-weight: bold;">(Name of Issuer)</div>
    <div style="text-align: center; font-weight: bold;">American depositary shares, each representing 15 Class A ordinary shares, par value $0.0001 per share</div>
    <div style="text-align: center; font-weight: bold;">(Title of Class&#160;of Securities)</div>
    <div style="text-align: center; margin-top: 24pt; font-weight: bold;">16954L105</div>
    <div style="text-align: center; font-weight: bold;">(CUSIP Number)</div>
    <div style="text-align: center; margin-top: 24pt; font-weight: bold;">April 22, 2021</div>
    <div style="text-align: center; font-weight: bold;">(Date of Event Which Requires Filing of this Statement)</div>
    <div style="font-size: 18pt;">&#160;</div>
    <div style="text-align: center; margin-bottom: 2pt;">&#160;</div>
    <div><br>
    </div>
    <div style="margin-top: 18pt;">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</div>
    <div style="margin-top: 12pt;">&#9746; Rule 13d-1(b)</div>
    <div style="margin-top: 12pt;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font> Rule 13d-1(c)</div>
    <div style="margin-top: 12pt;">&#9744; Rule 13d-1(d)</div>
    <div style="margin-top: 12pt;"> <br>
    </div>
    <div style="margin-top: 12pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4f7d6a4f927b4350997429f40b280f96" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 32.99%; vertical-align: top;">
            <div>CUSIP&#160;No.&#160; 16954L105</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z6a30870e3c634c2c998333d869677262" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;1&#160;</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>NAME OF REPORTING PERSONS</div>
            <div>&#160;</div>
            <div>Silverhorn Investment Advisors Limited</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;2</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*</div>
            <div>(a)&#160;&#160;&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)&#160;&#160;&#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;3</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>SEC USE ONLY</div>
            <div> <br>
            </div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 4</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Hong Kong</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.02%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="4" colspan="3">
            <div style="text-align: center;">NUMBER&#160;OF</div>
            <div style="text-align: center;">SHARES</div>
            <div style="text-align: center;">BENEFICIALLY</div>
            <div style="text-align: center;">OWNED&#160;BY</div>
            <div style="text-align: center;">EACH</div>
            <div style="text-align: center;">REPORTING</div>
            <div style="text-align: center;">PERSON</div>
            <div style="text-align: center;">WITH</div>
            <div>&#160;</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 5</div>
          </td>
          <td style="width: 1.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 72.54%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>1,344,547</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 6</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SHARED VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 7</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>1,344,547</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 8</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>9</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>1,344,547</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>10</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*</div>
            <div>&#160;</div>
            <div>&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>11</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</div>
            <div>&#160;</div>
            <div>10.4%**</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>12</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>TYPE OF REPORTING PERSON*</div>
            <div>&#160;</div>
            <div>IA, CO</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z40b003a877bf48449448c71566654248" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div>*</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div>See instructions before filling out.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div>**</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div>See ITEM 4 for further information.&#160; Per Securities and Exchange Commission guidance, the Reporting Persons treat the ADS representing 15 Class A
              ordinary shares, par value $0.0001 per share as one class of securities.&#160; The percentage is based upon 193,953,398 Class</div>
            <div>&#160;A ordinary shares of China Online Education Group (the &#8220;Issuer&#8221;) outstanding as of December 31, 2020, as reported in the Prospectus Supplement filed
              by the Issuer with the Securities and Exchange Commission on April 7, 2021.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;1&#160;</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
              <div>NAME OF REPORTING PERSONS</div>
              <div>&#160;</div>
              <div>Silverhorn SPC Ltd</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;2</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
              <div>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*</div>
              <div>(a)&#160;&#160;&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)&#160;&#160;&#9744;</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;3</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
              <div>SEC USE ONLY</div>
              <div> <br>
              </div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160; 4</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
              <div>CITIZENSHIP OR PLACE OF ORGANIZATION</div>
              <div>&#160;</div>
              <div>British Virgin Islands</div>
            </td>
          </tr>
          <tr>
            <td style="width: 17.02%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="4" colspan="3">
              <div style="text-align: center;">NUMBER&#160;OF</div>
              <div style="text-align: center;">SHARES</div>
              <div style="text-align: center;">BENEFICIALLY</div>
              <div style="text-align: center;">OWNED&#160;BY</div>
              <div style="text-align: center;">EACH</div>
              <div style="text-align: center;">REPORTING</div>
              <div style="text-align: center;">PERSON</div>
              <div style="text-align: center;">WITH</div>
              <div>&#160;</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;</div>
            </td>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160; 5</div>
            </td>
            <td style="width: 1.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;</div>
            </td>
            <td style="width: 72.54%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>SOLE VOTING POWER</div>
              <div>&#160;</div>
              <div>1,344,547</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;</div>
            </td>
            <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160; 6</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;</div>
            </td>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>SHARED VOTING POWER</div>
              <div>&#160;</div>
              <div>0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;</div>
            </td>
            <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160; 7</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;</div>
            </td>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>SOLE DISPOSITIVE POWER</div>
              <div>&#160;</div>
              <div>1,344,547</div>
            </td>
          </tr>
          <tr>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;</div>
            </td>
            <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>&#160; 8</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;&#160;</div>
            </td>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>SHARED DISPOSITIVE POWER</div>
              <div>&#160;</div>
              <div>0</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 7.79%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>9</div>
            </td>
            <td style="width: 1.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>&#160;</div>
            </td>
            <td style="width: 90.69%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="4">
              <div>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
              <div>&#160;</div>
              <div>1,344,547</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>10</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*</div>
              <div>&#160;</div>
              <div>&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>11</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</div>
              <div>&#160;</div>
              <div>10.4%**</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>12</div>
            </td>
            <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div>&#160;</div>
            </td>
            <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div>TYPE OF REPORTING PERSON*</div>
              <div>&#160;</div>
              <div>OO</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div>&#160;</div>
            </td>
            <td style="width: 96%; vertical-align: top;" colspan="2">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div>*</div>
            </td>
            <td style="width: 96%; vertical-align: top;" colspan="2">
              <div>See instructions before filling out.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4%; vertical-align: top;">
              <div>**</div>
            </td>
            <td style="width: 96%; vertical-align: top;" colspan="2">
              <div>See ITEM 4 for further information.&#160; Per Securities and Exchange Commission guidance, the Reporting Persons treat the ADS representing 15 Class A
                ordinary shares, par value $0.0001 per share as one class of securities.&#160; The percentage is based upon 193,953,398 Class</div>
              <div>&#160;A ordinary shares of China Online Education Group (the &#8220;Issuer&#8221;) outstanding as of December 31, 2020, as reported in the Prospectus Supplement
                filed by the Issuer with the Securities and Exchange Commission on April 7, 2021.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z1acdb7c5e1844b17997639af0e7a5897" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 89.71%; vertical-align: bottom;">
            <div>CUSIP No. 16954L105</div>
          </td>
          <td style="width: 4.59%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 4.62%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zfb0387e51dba43569ad610f8889d2d8e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;1&#160;</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>NAME OF REPORTING PERSONS</div>
            <div>&#160;</div>
            <div>Reto Merazzi</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;2</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*</div>
            <div>(a)&#160;&#160;&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)&#160;&#160;&#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;3</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>SEC USE ONLY</div>
            <div> <br>
            </div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 4</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Swiss Citizen</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.02%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="4" colspan="3">
            <div style="text-align: center;">NUMBER&#160;OF</div>
            <div style="text-align: center;">SHARES</div>
            <div style="text-align: center;">BENEFICIALLY</div>
            <div style="text-align: center;">OWNED&#160;BY</div>
            <div style="text-align: center;">EACH</div>
            <div style="text-align: center;">REPORTING</div>
            <div style="text-align: center;">PERSON</div>
            <div style="text-align: center;">WITH</div>
            <div>&#160;</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 5</div>
          </td>
          <td style="width: 1.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 72.54%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 6</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SHARED VOTING POWER</div>
            <div>&#160;<br>
              1,344,547</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 7</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 8</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>1,344,547</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>9</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>1,344,547</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>10</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*</div>
            <div>&#160;</div>
            <div>&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>11</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</div>
            <div>&#160;</div>
            <div>10.4%**</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>12</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>TYPE OF REPORTING PERSON*</div>
            <div>&#160;</div>
            <div>IN, HC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf323f944faf349b8980f1296da2e8314" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div>*</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div>See instructions before filling out.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div>**</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div>See ITEM 4 for further information.&#160; Per Securities and Exchange Commission guidance, the Reporting Persons treat the ADS representing 15 Class A
              ordinary shares, par value $0.0001 per share as one class of securities.&#160; The percentage is based upon 193,953,398 Class</div>
            <div>&#160;A ordinary shares of China Online Education Group (the &#8220;Issuer&#8221;) outstanding as of December 31, 2020, as reported in the Prospectus Supplement filed
              by the Issuer with the Securities and Exchange Commission on April 7, 2021.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zde19cd37373f404bb0aee5785dc5f017" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 89.71%; vertical-align: bottom;">
            <div>CUSIP No. 16954L105</div>
          </td>
          <td style="width: 4.59%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 0.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 4.62%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 0.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zc21606aa646c4c39af72709363997b19" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;1&#160;</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>NAME OF REPORTING PERSONS</div>
            <div>&#160;</div>
            <div>Michael Raza Imam</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;2</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*</div>
            <div>(a)&#160;&#160;&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)&#160;&#160;&#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;3</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>SEC USE ONLY</div>
            <div> <br>
            </div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 4</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div>&#160;</div>
            <div>Swiss Citizen</div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.02%; vertical-align: middle; border-bottom: #000000 2px solid;" rowspan="4" colspan="3">
            <div style="text-align: center;">NUMBER&#160;OF</div>
            <div style="text-align: center;">SHARES</div>
            <div style="text-align: center;">BENEFICIALLY</div>
            <div style="text-align: center;">OWNED&#160;BY</div>
            <div style="text-align: center;">EACH</div>
            <div style="text-align: center;">REPORTING</div>
            <div style="text-align: center;">PERSON</div>
            <div style="text-align: center;">WITH</div>
            <div>&#160;</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 5</div>
          </td>
          <td style="width: 1.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 72.54%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SOLE VOTING POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 6</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SHARED VOTING POWER</div>
            <div>&#160;<br>
              1,344,547</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 7</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SOLE DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.7%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>&#160; 8</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;&#160;</div>
          </td>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>SHARED DISPOSITIVE POWER</div>
            <div>&#160;</div>
            <div>1,344,547</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>9</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div>&#160;</div>
            <div>1,344,547</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>10</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*</div>
            <div>&#160;</div>
            <div>&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>11</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9</div>
            <div>&#160;</div>
            <div>10.4%**</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>12</div>
          </td>
          <td style="width: 1.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 90.68%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="5">
            <div>TYPE OF REPORTING PERSON*</div>
            <div>&#160;</div>
            <div>IN, HC</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd5aac98b9546430aa7bbd6de2ca9862e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div>*</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div>See instructions before filling out.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: top;">
            <div>**</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div>See ITEM 4 for further information.&#160; Per Securities and Exchange Commission guidance, the Reporting Persons treat the ADS representing 15 Class A
              ordinary shares, par value $0.0001 per share as one class of securities.&#160; The percentage is based upon 193,953,398 Class</div>
            <div>&#160;A ordinary shares of China Online Education Group (the &#8220;Issuer&#8221;) outstanding as of December 31, 2020, as reported in the Prospectus Supplement filed
              by the Issuer with the Securities and Exchange Commission on April 7, 2021.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>AMENDMENT NO. 3 TO SCHEDULE 13G</u></div>
    <div style="font-size: 18pt;">&#160;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">This Amendment No. 3 to the Schedule 13G (this &#8220;Amendment No. 3&#8221;) is being filed to update the information set forth
      in the initial Schedule 13G filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on July 29, 2019, as amended by Amendment No. 1 filed with the SEC on January 13, 2020 and Amendment No. 2 filed with the SEC on February 2, 2021 (the &#8220;Schedule
      13G&#8221;).&#160; This Amendment No. 3 is filed on behalf of Silverhorn Investment Advisors Limited, Silverhorn SPC Ltd., Mr. Reto Merazzi, and Mr. Michael Raza Imam to report
      their beneficial ownership of American depository shares (&#8220;ADS&#8221;), each representing 15 Class A ordinary shares, par value $0.0001 per share (the &#8220;Class A Ordinary Shares&#8221;) of China Online Education Group (the &#8220;Issuer&#8221;).&#160; The Schedule 13G is hereby
      amended and restated to read as follows:</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z72049df38c734f03807e86e4e1dd4fa0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;1(a)</div>
          </td>
          <td style="width: 91.62%; vertical-align: top;">
            <div style="font-weight: bold;">Name of Issuer.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">China Online Education Group (the &#8220;Issuer&#8221;)</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="zc4a6365ed5524c8180321ea4b0377eaf" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;1(b)</div>
          </td>
          <td style="width: 91.51%; vertical-align: top;">
            <div style="font-weight: bold;">Address of Issuer&#8217;s Principal Executive Offices.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor Deshi Building North</div>
    <div>Shangdi Street, Haidan District</div>
    <div>Beijing 100085, People&#8217;s Republic of China</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z82a072d6d412449cb6b8da669e371379" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;2(a)</div>
          </td>
          <td style="width: 91.62%; vertical-align: top;">
            <div style="font-weight: bold;">Name of Person Filing.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">Silverhorn Investment Advisors Limited, a company incorporated with limited liability in Hong Kong (&#8220;Silverhorn Advisors&#8221;), Silverhorn SPC
      Ltd, a British Virgin Islands open-ended investment company registered as a segregated portfolio company (&#8220;Silverhorn SPC&#8221;), Reto Merazzi and Michael Raza Imam (together with Silverhorn Advisors, Silverhorn SPC and Mr. Merazzi, the &#8220;Reporting
      Persons&#8221;).</div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z4f9b3a042e8441c78663588634221401" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;2(b)</div>
          </td>
          <td style="width: 91.51%; vertical-align: top;">
            <div style="font-weight: bold;">Address of Principal Business Office, or, if none, Residence.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">The address of the Reporting Persons is:</div>
    <div style="margin-top: 6pt;">18/F, 100QRC</div>
    <div>100 Queen&#8217;s Road Central, Hong Kong</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z5b085ddf33cf443fa33bb8da36d4fb6e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;2(c)</div>
          </td>
          <td style="width: 91.75%; vertical-align: top;">
            <div style="font-weight: bold;">Citizenship or Place of Organization.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Silverhorn Advisors is a company incorporated with limited liability in Hong Kong.&#160; Silverhorn SPC is a British Virgin Islands open-ended investment company
      registered as a segregated portfolio company.&#160; Mr. Merazzi is a citizen of Switzerland.&#160; Michael Raza Imam is a citizen of Switzerland.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z5dc38b41223044a68478456fd25a898b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;2(d)</div>
          </td>
          <td style="width: 91.51%; vertical-align: top;">
            <div style="font-weight: bold;">Title of Class&#160;of Securities.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">American depositary shares (&#8220;ADS&#8221;), each representing 15 Class A ordinary shares, par value $0.0001 per share (the &#8220;Class A Ordinary
      Shares&#8221;).</div>
    <div style="margin-top: 6pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zf8752f76a6e5410fb7428f0d7a036cbc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;2(e)</div>
          </td>
          <td style="width: 91.75%; vertical-align: top;">
            <div style="font-weight: bold;">CUSIP Number.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">16954L105</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z7f4f93d069f846c68adf28fa43539928" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;3</div>
          </td>
          <td style="width: 94.12%; vertical-align: top;">
            <div style="font-weight: bold;">Reporting Person.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 18pt;">For Silverhorn Advisors, Mr. Merazzi and Mr. Imam.</div>
    <div style="margin-top: 18pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-top: 18pt;">If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b), check whether the person filing is a:</div>
    <table cellspacing="0" cellpadding="0" border="0" id="zf55c28cd8bcb4d3092d5ccf3916168b1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(a)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>&#9744;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="4">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(b)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>&#9744;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="4">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(c)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>&#9744;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="4">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(d)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>&#9744;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="4">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(e)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>An investment advisor in accordance with &#167;240.13d-1(b)(1)(ii)(E).</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="4">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(f)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>&#9744;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>An employee benefit plan or endowment fund in accordance with &#167;240.13d-1(b)(1)(ii)(F).</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="4">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(g)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>A parent holding company or control person in accordance with &#167;240.13d-1(b)(1)(ii)(G).</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="4">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(h)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="4">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(i)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C.
              80a-3).</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="4">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(j)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>&#9746;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>A non-U.S. institution in accordance with &#167;240.13d-1(b)(1)(ii)(J).</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
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            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>&#160;</div>
          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
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        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 2.5%; vertical-align: top;">
            <div>(k)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
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            <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>Group, in accordance with &#167;240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with &#167;240.13d-1(b)(1)(ii)(J), please specify the
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          </td>
          <td style="width: 7.74%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 2.5%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 0.16%; vertical-align: bottom;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 2%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;4</div>
          </td>
          <td style="vertical-align: top;" colspan="11">
            <div style="font-weight: bold;">&#160;&#160;Ownership.</div>
          </td>
        </tr>

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    <div>&#160;</div>
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        <tr>
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            <div>&#160;</div>
          </td>
          <td style="width: 3.21%; vertical-align: top;">
            <div>(a)</div>
          </td>
          <td style="width: 91.49%; vertical-align: top;">
            <div>As of April 28, 2021, each of the Reporting Persons are the beneficial owners of 1,344,547 ADS representing 20,168,205 Class A Ordinary Shares.</div>
          </td>
        </tr>

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    <div>&#160;</div>
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        <tr>
          <td style="width: 3%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 3.21%; vertical-align: top;">
            <div>(b)</div>
          </td>
          <td style="width: 91.49%; vertical-align: top;">
            <div>As of April 28, 2021, each of the Reporting Persons are the beneficial owners of 10.4% of the outstanding Class A Ordinary Shares. This percentage is
              determined by dividing 20,168,205 Class A Ordinary Shares by 193,953,398, the number of Class A Ordinary Shares outstanding as of December 31, 2020, as reported in the Issuer&#8217;s Annual Report on Form 20-F filed with the Securities and Exchange
              Commission on April 7, 2021.</div>
          </td>
        </tr>

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    <div>&#160;</div>
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        <tr>
          <td style="width: 3%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 3.21%; vertical-align: top;">
            <div>(c)</div>
          </td>
          <td style="width: 91.49%; vertical-align: top;">
            <div>Each of Silverhorn SPC and Silverhorn Advisors, as the investment manager of Silverhorn SPC, have sole power to direct the voting and disposition of
              the ADS held by Silverhorn SPC reported in Item 4(a). As the directors of Silverhorn SPC and Silverhorn Advisors, Messrs. Merazzi and Imam have shared power to direct the voting and disposition of the ADS held by Silverhorn SPC reported in
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          </td>
        </tr>

    </table>
    <div style="font-size: 18pt;">&#160;</div>
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        <tr>
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          </td>
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            <div style="font-weight: bold;">Ownership of Five Percent or Less of a Class.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">Inapplicable.</div>
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        <tr>
          <td style="width: 5.88%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;6</div>
          </td>
          <td style="width: 94.12%; vertical-align: top;">
            <div style="font-weight: bold;">Ownership of More Than Five Percent on Behalf of Another Person.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">Inapplicable.</div>
    <div style="font-size: 18pt;">&#160;</div>
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        <tr>
          <td style="width: 5.88%; vertical-align: top;">
            <div style="font-weight: bold;">Item&#160;7</div>
          </td>
          <td style="width: 94.12%; vertical-align: top;">
            <div style="font-weight: bold;">Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">Inapplicable.</div>
    <div style="font-size: 18pt;">&#160;</div>
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        <tr>
          <td style="width: 5.88%; vertical-align: top;">
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          </td>
          <td style="width: 94.12%; vertical-align: top;">
            <div style="font-weight: bold;">Identification and Classification of Members of the Group.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">Inapplicable.</div>
    <div style="font-size: 18pt;">&#160;</div>
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        <tr>
          <td style="width: 5.88%; vertical-align: top;">
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          <td style="width: 94.12%; vertical-align: top;">
            <div style="font-weight: bold;">Notice of Dissolution of Group.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">Inapplicable.</div>
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          <td style="width: 6%; vertical-align: top;">
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          </td>
          <td style="width: 93.06%; vertical-align: top;">
            <div style="font-weight: bold;">Certification.</div>
          </td>
        </tr>

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    <div style="margin-top: 6pt;">For Silverhorn Advisors and Messrs. Merazzi and Imam:</div>
    <div style="margin-top: 6pt;">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the
      ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a
      participant in any transaction having that purpose or effect.</div>
    <div style="margin-top: 6pt;">By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to investment advisors is
      substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Securities and Exchange Commission staff, upon request, information that would otherwise be disclosed
      in a Schedule 13D.</div>
    <div style="margin-top: 6pt;">For Silverhorn SPC:</div>
    <div style="margin-top: 6pt;">By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held
      for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.</div>
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    </div>
    <div>&#160;</div>
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    <div style="text-align: center; font-weight: bold;"><u>SIGNATURE</u></div>
    <div style="margin-top: 12pt;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true,
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    <div style="margin-top: 12pt;">Date: April 29, 2021</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 2%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="5">
            <div>Silverhorn Investment Advisors Limited</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>By:</div>
          </td>
          <td style="vertical-align: bottom;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 92.35%; vertical-align: top;">
            <div><u>/s/ Michael Raza Imam<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt">&#160;</font></u></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 92.35%; vertical-align: top;">
            <div>Michael Raza Imam, Director</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="5">
            <div>&#160;</div>
            <div> <br>
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            <div>Silverhorn SPC Ltd</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: middle;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: middle;" colspan="3">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>By:</div>
          </td>
          <td style="vertical-align: bottom;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 92.35%; vertical-align: top;">
            <div><u>/s/ Michael Raza Imam<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt">&#160;</font></u></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom;" colspan="2">
            <div>&#160;</div>
          </td>
          <td style="width: 92.35%; vertical-align: top;">
            <div>Michael Raza Imam, Director</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="5">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="5">
            <div>
              <div><u>/s/ Reto Merazzi</u></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="5">
            <div>Reto Merazzi</div>
            <div>&#160;</div>
            <div><u>/s/ Michael Raza Imam</u></div>
          </td>
        </tr>
        <tr>
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            <div>Michael Raza Imam</div>
          </td>
        </tr>

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    <div style="font-family: 'Times New Roman',Times,serif; clear: both;">&#160;</div>
    <div style="margin-top: 10pt; margin-bottom: 10pt;"><br>
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